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How to Buy Polygon Online in 2024
Polygon is a protocol and framework to help build and support cross-chain compatibility on the Ethereum network. It looks to solve core problems the Ethereum network has like low throughput, high gas fees, and reduced levels of sovereignty. Polygon advocates for a network of connected Ethereum-compatible blockchains to solve these issues; it is often dubbed as “Ethereum’s Internet of Blockchains”.
Polygon certainly has some competitors to achieve this goal which ultimately may affect its market valuation, but many believe it will significantly increase in value. Its low market cap has good room to grow, and there is a significant space between MATIC and its industry competitors suggesting a pump is possible.
We will detail everything you need to know about trading Polygon, including where to buy it, how to buy it, and our top tips when doing so.
Key Takeaways
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Polygon’s primary use-case is to connect blockchains, lower fees and increase throughput capabilities.
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You can buy Polygon outright or as a CFD using a broker like eToro.
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You can buy Polygon using an exchange, broker, DEX or P2P marketplace.
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Polygon is more likely to buy a long-term hold.
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Newcomers may be better suited to an exchange, and experienced traders to a DEX.
What Is the Difference Between Owning Polygon VS a Derivative Product
There are two core ways in which you can purchase a cryptocurrency.
The first is via physical ownership – you buy the asset for a specified price and then store it in your wallet. You own the asset and you hold it.
The second is through other financial products like CFDs, futures, and EFTs. CFDs are a contract you agree to when you complete your purchase. They pay you rewards if the asset price rises or you incur losses if it goes down. You do not own or hold the asset with derivatives.
Most derivative products are only for the core group of coins, meaning altcoins are often not supported or applicable. You need to check with the relevant brokerage to see if they offer these products.
Different Ways to Buy Polygon
You can buy Polygon using any of the following platforms:
Brokerage: Polygon is available on a good range of brokerages. Some include eToro and Libertex.
Exchange: Almost all exchanges will list Polygon because of its popularity; they provide slightly lower fees than most brokerages but can be more complicated. Two of the most popular exchanges with Polygon are Binance and Coinbase.
Decentralized Exchange (DEX): These operate in the same way as a traditional exchange, but are unregulated and are not owned/operated by a singular entity. Two of the most popular are PancakeSwap and UniSwap.
P2P: Person-to-person exchanges offer great rates as they have no middle man; it’s best to think of this as swapping rather than trading. There are a few platforms designed just for this (Paxful) and the main exchanges also offer P2P services (Binance).
Where to Buy Polygon
Here are two of the best ways you can buy Polygon:
Binance
The world’s largest cryptocurrency exchange. You can buy over 500 cryptocurrencies on the platform and access several tools to improve your trading experience.
- Some of the most competitive fees of any exchange or broker on the market
- A platform that specializes in crypto trading
- Insurance on some of your purchases
- Centralized
- Can be difficult and costly to transfer funds into external wallets
- Not as trusted or regulated as eToro
eToro
One of the most accessible and well-recognised brokerages on the market, eToro is great for beginners and experienced traders.
- Highly respected and regulated
- Easy to store your funds with no need for a wallet
- Highly accessible, offering services to over 100 countries
- High non-trading fees
- Spreads can be more costly than fees found on exchanges
- Customer support is below the industry average
How to Buy Polygon Online?
The process of buying a cryptocurrency can be complicated, especially if you are new to the space. Check out this step by step guide for how to buy Polygon on Binance:
Step 1: Sign Up for an Account
Go on the official Binance website and sign up for an account. You will need to enter an email address and password.
Step 2: Provide ID for the KYC Regulation Process
After entering your details, you need to provide an ID for the KYC regulation process. This includes an official ID, proof of address, and a picture of yourself.
Step 3: Deposit Funds
Once your account has been accepted, you can deposit funds using any of the available deposit methods; you can use a credit/debit card, bank transfer, or cryptocurrency.
Step 4: Choose Your Desired Pair
Click the “trade” tab; here, you can browse and search for all available coins, tokens and pairs Binance offers using the search bar in the top left. Type the ticker symbol MATIC and choose your desired pair (12 available).
Step 5: Enter the Amount of MATIC You Want to Buy and Then click “Buy”
Once you have selected which pair you are trading, you’ll need to choose between a limit order (set an amount) or a market order (live amount). Enter the amount of MATIC you want to buy and then click “buy”.
How to Trade Polygon?
Here are all of the steps you need to follow to trade Polygon. You can do this on any of the platforms mentioned on Different Ways To Buy Polygon. It’s worth noting that it might be easier to use a broker if you’re new to the space, but exchanges like Binance offer better rates and also have good educational content specifically for crypto trading.
We’ve used Binance as our example:
Step 1: Select Your Pair
Go to the ‘Trade’ tab. As with buying, you need to search for the pair you wish to trade, so use the search bar in the top left of the screen and select your pair.
Step 2: Set a Limit Order
Once your pair is selected, set a limit order or market order with the amount you want to trade on ‘Sell’. Enter the quantity of Polygon you would like to trade and click ‘Sell MATIC’.
Step 3: Find Your New Cryptocurrency
Find your new cryptocurrency in your wallet/account.
Crypto Investment Strategy
There are two principal investment strategies with cryptocurrency: long-term holds or short-term swing trades.
Long Term Holds: Often known in the crypto community as HODLing, it refers to holding your crypto for a long time and waiting for the price to appreciate. This strategy means ignoring the market’s volatility and just sitting on your assets until they gain significant value. The wider crypto community idolizes this strategy based on its bullish faith (HODL = hold on for dear life).
Short Term Trades: Often referred to as swing trading, this strategy relates to trying to make gains by trading within the volatility cycles. You buy at a dip and sell at a peak. Short-term trades are risky and require an ability to analyze and read market trends.
How to Store Polygon?
Once you have purchased Polygon, you will need to store it in a wallet. There are two main choices available — and your trading volumes, plus how long you’re holding your coins will influence your decision.
Hot Storage
Hot storage refers to wallets that you need to sign in using an app or website. This method is a better choice if you’re trading in the short term.
Coinbase and Binance are two examples of native hot wallets you can use to store Polygon.
- Easy-to-use
- Better for short term trading
- Vulnerable to hacking
Cold Storage
Cold storage refers to wallets that require offline verification before you sign in, and it’s better for holding larger amounts — or keeping your money for an extended period. Ledger is an example of a wallet that falls into this category.
- Extremely secure
- Good for large amounts
- Not good for short term trading
- Inaccessible without the password
What Are the Different Ways to Pay for Polygon?
To buy MATIC on any platform you will need to use one of its deposit methods. Here are some of the most common:
Credit /Debit Cards: Use your card to directly buy cryptocurrency. Can incur some fees but is extremely convenient.
Bank Transfer: Transfer funds directly from a bank account linked with your chosen platform. One of the most expensive ways to deposit funds but very convenient and accessible to beginners.
Crypto Transfer: Connect a wallet to your platform that already has crypto funds. By far the cheapest method but can be difficult for beginners.
PayPal: Connect your account to some supported platforms and top-up your exchange wallet; Paypal now also accepts crypto.
What to Consider When Buying Polygon?
Before buying MATIC, you should consider some market factors that affect trades and the amount of money they cost. Here are some we suggest researching:
Different Fees: Different platforms have different fee structures which directly affect your returns. Fees to look out for are deposit/withdrawal, maker/taker, commissions, and non-trading fees.
Volatility: Crypto markets often rise and fall large amounts over short periods of time; while this means there are big gains to be made, you must be extremely careful with your money. MATIC has hit heights of $2.90 and lows of $0.03 in the last year – but this is mostly due to its first big pump.
Investment Strategy: Your strategy is your tool to manage the volatility of this market; utilize market trends and analysis to navigate through the peaks, troughs, and support levels of an asset.
Regulations and Taxes: The regulation around cryptocurrency is ever-changing. We advise you to constantly keep in check with the relevant taxes and regulations for your country. For example, some countries have now banned crypto trading, and others have enforced rules like double-taxation.
Is It Safe to Buy Polygon Online?
Your purchase is as secure as the platform you use.
Here are some of the ways you can make your trade as safe as possible:
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Use a regulated broker like Coinbase or Binance
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Use two-factor authentication with your accounts
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Store holdings in a cold wallet
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For hot wallets, complete KYC to ensure access to insurance
How to Sell Polygon?
Step 1: Select Your Pair
Go to the ‘Trade’ tab. As with buying, you need to search for the pair you wish to trade, so use the search bar in the top left of the screen and select your pair.
Step 2: Set a Limit Order
Once your pair is selected, set a limit order or market order with the amount at which you want to trade on ‘Sell’. Enter the quantity of MATIC you would like to trade and then click ‘Sell MATIC’.
Step 3: Find Your New Cryptocurrency
Find your new cryptocurrency in your wallet/account.
Is It Worth Buying Polygon Right Now?
Polygon is currently the 13th biggest coin in terms of the market cap; MATIC has huge potential to change on-chain interactions and certainly has a lot of space to move up in terms of its market cap.
Polygon is a complex tool that requires a great deal of technical analysis to understand how it functions but its potential is undeniable. It has only just started to find its place among the biggest coins on the market in the past year, so it is still growing and has likely not stopped yet. However it is completely reliant upon a successful Ethereum network – so trade with care and be sure to do your own research.
Final Thoughts
The best method for buying Polygon depends on your experience level. For newcomers to the space, we recommend an exchange like Binance. For experienced traders, we recommend a DEX for cheaper fees.
FAQs
Can I buy MATIC in the US?
Yes, but it will depend on which platform you use.
Do I have to be 18 to buy cryptocurrency?
You have to be 18 to verify your account with a registered broker/exchange.
Can I buy MATIC without an ID?
Yes, if you use a DEX.
Read More About Blockchain Coins
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