This content represents the writer’s opinions and research and is not intended to be taken as financial advice. The information presented is general in nature and may not meet the specific needs of any individual or entity. It is not intended to be relied upon as a professional or financial decision-making tool.
Polkadot connects blockchains so that data may be shared and a decentralized network can be formed. It can be thought of as a layer 0 platform that connects layer 1 platforms, same to how Ethereum, Solana, and Polygon are layer 1 platforms.
The goal of Polkadot is to build a “decentralized web – decentralized network.” Polkadot is focused on two major Blockchain issues: interoperability and scalability.
Table of Contents
- How to Buy Polkadot on eToro
- Where to Keep Your Polkadot?
- Why Buy Polkadot?
- Buy Polkadot with Credit Card
- Buy Polkadot with PayPal
- Best Place to Buy Polkadot Token
- How to Buy Polkadot Tokens with PayPal?
- How to Buy Polkadot Tokens with Credit Card?
- Safe Storage
- Alternate Ways to Buy Polkadot Tokens
- Conclusion
How to Buy Polkadot on eToro
Polkadot is a potential cryptocurrency project that enables competing blockchain networks to communicate with one another, such as Bitcoin and Ethereum.
This unique solution to the shortfalls of legacy blockchains, known as ‘interoperability,’ is one of the key reasons why many investors are now wanting to obtain exposure to Polkadot.
If you want to trade the Polkadot coin right now, simply follow the steps below to create an eToro account and begin the buying process.
Step 1: Open an Account
To purchase Polkadot coins, you must first register for an account with a cryptocurrency exchange provider that supports the fund’s exchange. You can use the eToro app to keep track of the coin’s market value fluctuations and sell a variety of cryptocurrencies. Go to eToro homepage.
It will require you to fill in only the basic information, which only takes a couple of minutes.
You should check out eToro’s terms, conditions, and policies before proceeding to the next step. Additionally, rereading your information to make sure it doesn’t have any errors is also a good idea.
Step 2: Upload ID
Since there are so many swindle platforms out there, you need to guarantee that the one you’re trusting is safe. Otherwise, there is no way to make sure that your assets are secure.
In this case, eToro wants to ensure the safety of the users’ cryptos and money. Therefore, everyone needs to go through a verification process, and if you don’t complete it, you’re not able to access the features that the platform offers.
Verifying your identity is not very challenging. You have to upload an ID picture and prove your residence by adding a photo of any utility bill that’s less than three months old.
Step 3: Make a Deposit
If you already verified your account, it’s fantastic! It means you’re ready to fund it and get started with examining all of its features.
To fund your account, just go to the ‘Deposit’ option and choose the specific features of how you want to invest your money, for example, the amount and payment method.
Step 4: Search for Polkadot
With an account that has some money, you’re able to go through eToro and examine all the options that it gives you. Search for Polkadot and explore everything that this platform offers you!
Step 5: Buy Polkadot
That’s all there is to it. Now that your account has been approved and financed, all you have to do is go to eToro’s crypto trading site, search for Polkadot, and place a buy order.
Where to Keep Your Polkadot?
You’ll need a safe place to store your Polkadot once you’ve purchased it.
Although Kraken is safe, it’s always a good idea to keep your Polkadot in a wallet, which is a software or hardware device that contains the public and private keys needed to conduct crypto transactions.
Furthermore, Polkadot wallets come in a variety of styles. Mobile and web wallets make transactions simple, but hardware wallets are preferable for secure, long-term storage.
Why Buy Polkadot?
Polkadot’s popularity has skyrocketed since the beginning of the year. The coin has risen over 300 percent in just two months, climbing from $9.36 in 2021 to about $25 now. Polkadot currently has a total market capitalization of little more than $34 billion, making it the world’s sixth-largest cryptocurrency by market capitalization.
As a result, Polkadot is a hybrid blockchain that can lower expenses dramatically when compared to other networks such as Bitcoin, TRON, EOS, and Ethereum. The vast majority of Polkadot users are developers, which is largely owing to the platform’s sophisticated open-source technology.
Buy Polkadot with Credit Card
This process is straightforward: create an account with eToro and link your credit card to it, whether it’s a Visa or Mastercard. Your funds will show quickly, and you’ll be able to trade in Polkadot immediately. It’s that simple.
Buy Polkadot with PayPal
PayPal, a well-known online payment company, has entered the Bitcoin industry as well. It launched a service in 2020 that lets users buy, hold, and sell cryptocurrencies straight from their PayPal accounts. If you want to buy DOT currencies with PayPal, you can do so through eToro. In addition to being convenient, all on its own, Polkadot coins can be purchased using AUD and USD.
Best Place to Buy Polkadot Token
With an easy-to-use interface and a simple setup process, it’s a terrific alternative for investors of all levels. You will pay no commission costs when you open a non-leveraged position with eToro. Furthermore, the portal provides access to over 2000 financial assets as well as the ability to purchase over 30 different cryptocurrencies. The platform is FCA-regulated, which means that all deposits are covered by the Financial Services Compensation Scheme.
The fact that eToro encourages social investing is a huge plus. This feature connects investors with over 20 million other users in 140 countries. Furthermore, eToro offers the popular copy trader, which lets you replicate some of the platform’s most successful portfolios.
How to Buy Polkadot Tokens with PayPal?
Unfortunately, buying cryptocurrencies with PayPal is still difficult and time-consuming. However, if you insist on purchasing (DOT) Polkadot through PayPal, you have two options. To begin, create a Binance account and use PayPal to trade peer-to-peer (P2P). If you’re unfamiliar with P2P, it’s simply an internal platform that allows users to buy and sell cryptocurrencies directly with other users on the network.
Binance accepts PayPal as a payment method, but Polkadot currency cannot be purchased on the Binance P2P network. Instead, you must first purchase crypto using a P2P exchange, and then, once you have the coins on Binance, go to the Markets option on the top menu bar and search for DOT.
eToro is another method for buying crypto with PayPal. You can buy Bitcoins with PayPal and save them on this FCA-regulated platform’s multi-crypto-safe digital wallet. The eToro wallet, which is available on the App Store and Google Play, allows you to store, buy, receive, and transfer over 110 cryptocurrencies.
Then, via your eToro mobile app wallet, send your Bitcoin to Binance and swap it into Polkadot.
How to Buy Polkadot Tokens with Credit Card?
Though several crypto exchanges now accept credit and debit cards as payment, Libertex — an online Forex and CFD broker licensed by CySEC and FSC – is the easiest and most cost-effective way to buy the Polkadot tokens using fiat currency.
All you must do is open a Libertex account, deposit funds with a credit or debit card, then search for Polkadot on Libertex’s trading dashboard. Furthermore, Libertex does not charge any additional fees for depositing or withdrawing funds through a credit or debit card, so the only cost you’ll have to consider is the fee charged by your credit card.
If your card issuer and payment network approve the transaction, you can buy cryptocurrency with a credit card. Cryptocurrency purchases are permitted with American Express; however, they are handled as cash advances and may be restricted to a cash advance limit. Chase began classifying cryptocurrency purchases as cash advance transactions in April 2021.
The reasons why credit card companies refuse to let you buy cryptocurrency differ. To protect customers from fraud, losses, and market volatility, Capital One, for example, has decided to refuse cryptocurrency transactions. Before making a transaction, check with your credit card company to see whether they’ve blocked cryptocurrency purchases.
Safe Storage
If you keep your (DOT) Polkadot tokens in cold storage, they will be saved on an offline medium that will only be accessible when you need them. Because you are in charge of the private keys to your coins, cold storage wallets provide higher protection for cryptocurrency tokens than other storage wallets. Also, because cold wallets are offline, they are not vulnerable to hacking or other security breaches.
You can use the following to save your (DOT) Polkadot tokens in cold storage:
- User Interface for Polkadot.js
Polkadot.js is a wallet built on the Polkadot.js stack that acts as a browser-based vault for storing DOT tokens. You can make an account and save your access data outside of the platform. The wallet only allows you to use DOT tokens through a browser interface. This wallet helps to manage your account keys, maintain several wallet accounts, and view the balances of your various wallet accounts.
The wallet is non-custodial, which means it has no access to or control over your (DOT) Polkadot currencies’ private keys. You can also participate in holding DOT tokens for further gains using the wallet.
- Polkadot Browser Extension
Essentially, Polkadot is the most popular wallet, and it works with all Chromium-based browsers (Chrome, Brave, Edge), as well as Firefox. Instead of using the Polkadot-JS UI directly, it is suggested for most users.
While the extension handles your keys and allows you to sign transactions, you must view all blockchain data (such as account balances) through the polkadot.js.org website. However, the plugin also allows you to use your account with any Polkadot Web 3.0 app.
- Cold Storage Wallets
Polkadot is supported by the Ledger wallet if you’re looking for a hardware wallet. It works with Ledger Live natively, as well as with Polkadot-JS UI and the Polkadot extension.
Another safe alternative is to install Parity Signer on an old smartphone that has been reset to factory settings and is kept in airplane mode. You can use this method to convert an old phone into a cold storage wallet.
Alternate Ways to Buy Polkadot Tokens
Crypto ATMs are handy and familiar fiat kiosk that allows consumers to purchase and trade cryptocurrency with cash or debit cards, as well as an extra service offering for establishments that host them.
Some machines are one-way only, and they only accept purchases. Others are bidirectional, allowing crypto to be sold as well. Because (DOT) Polkadot is part of a new generation of crypto assets, not all crypto ATMs will offer DOT services right now, but it will certainly become more of a priority in the future.
A broker or trading platform is the most convenient way to buy and trade in (DOT) Polkadot. Trading platform apps like eToro are especially helpful for people who are just getting started with cryptocurrency (Availability subject to regulation). Polkadot is one of the newest assets to catch the cryptocurrency market’s interest, and the good news is that DOT can be traded on eToro.
Face-to-face cash transactions are another anonymous option to conduct Bitcoin transactions without ID. This service is provided by companies such as Localcryptos.
The interchange or sharing of information, data, or assets between parties without the intervention of a central authority is referred to as peer-to-peer. P2P contact is characterized by decentralized interactions between people and groups. DOT tokens can also be purchased on decentralized exchanges (DEX) such as Binance DEX or 1inch (only over BSC — Binance Smart Chain).
Conclusion
Polkadot was created with the goal of becoming the “Internet of blockchain,” allowing individual chains to function on the same network, assisting in the resolution of present scalability and interoperability issues, and making crypto applications more accessible.
Further, (DOT) Polkadot will enable the growth of chains to become more specialized by producing an efficient network because there is no perfect blockchain that can support all activities in the crypto world. Its capability in the future is worth the trust because it was built by professionals who know everything there is to know about crypto development.
Polkadot has an SEC-regulated status and extremely low fees — you only need to deposit $10 to get started.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.
Read More
