How To Buy Polkadot: Easy 5 Steps Guide

Polkadot (DOT) is on a mission to provide a scalable and interoperable blockchain network. If you're interested in buying Polkadot, there are several ways to do so. In this article, we'll focus on how to buy Polkadot on Binance. By the end of this guide, you'll have a better understanding of how to buy Polkadot and start buying with confidence.

Where To Buy Polkadot?

Some of the most popular exchanges to buy DOT include Binance, Coinbase, KuCoin, and Kraken. When choosing an exchange to purchase DOT, it's essential to consider factors such as fees, security, user interface, and supported payment methods. It's also important to note that some exchanges may only be available in some countries or regions.

Step-By-Step Guide On How To Buy Polkadot:

Follow the below steps to buy Polkadot using the Binance exchange.

Step 1: Register for a Binance account

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The first step is to register for a Binance account; if you already have a Binance account, you can skip this step.

To register, visit the Binance website and click on the "Register" button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also use the main sign-up with an email or phone option.

After completing this step, you will receive an email confirmation from Binance.

Create an account using your personal phone number or email address on Binance. Registering as an entity if you want to buy Polkadot as a Limited company business on the Binance exchange is also an option.

Step 2: Verify your identity on Binance

Before you can buy DOT on Binance, you will need to verify your identity. To do this, click the "Profile" button on the top right-hand corner of the page and select "Identity Verification."

Follow the instructions provided by Binance to complete the verification process.

To complete your Binance registration process and start buying crypto on the Binance platform, you must submit a valid government-issued passport or Driving license based on your country of residence.

Step 3: Buy DOT

There are numerous ways to buy Polkadot on the Binance exchange, and it all comes down to your preference. We will explore some popular methods to buy Polkadot on Binance.

Option 1: Fund your Binance account with crypto

This method is helpful for anyone who owns crypto on other platforms or wallets. Once you have transferred your Bitcoin to a Binance account, you can buy Polkadot with Bitcoin as Binance supports trading BTC/DOT pair.

After verifying your identity, you can fund your Binance account with crypto. To do this, click the "Deposit" button on the top right-hand corner of the page. You will then be prompted to select the cryptocurrency you want to deposit. Select the cryptocurrency you wish to deposit and follow the instructions provided by Binance. Once your cryptocurrency has been deposited, you can proceed to buy DOT.

On the deposit Crypto page, choose the crypto (in this case, we selected bitcoin) and its network. Binance will generate a bitcoin address to deposit your BTC. Copy the deposit address and initiate a withdrawal on the withdrawal platform. Once the transaction is confirmed, Binance will credit the crypto.

Convert Bitcoin Crypto to Polkadot (DOT)

After transferring your crypto Binance account, hover over the Trade menu at the top menubar and click on Binance Convert, where you can convert your crypto to DOT.

There are two ways to convert your crypto to DOT: Market order or Limit order.

Buying DOT with market order: Market order allows you to convert your assets at the current market price based on the quoted price in the conversion.

Buying DOT with limit order: A limit order allows you to place an order to convert your assets at a specified limit price. However, limit orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.

The above screenshot shows an example of placing a limit order to buy Polkadot using BNB. You can click on the bars icon next to the limit button to display the price chart of your selected crypto convert pair. Click on Confirm order to get 900 DOT tokens into your account.

Congrats! You have now bought Polkadot by funding your Binance account with crypto and using Binance Convert.

Option 2: Fund your Binance account with Fiat

This option will benefit you if you prefer to fund your account with your preferred fiat currency beforehand. Customers can fund their Binance account with fiat currency via direct bank transfer or credit/debit card.

When using the Bank transfer method to fund your account, make sure to follow the below tips:

Your bank account name must match the name registered to your Binance account.

Please include your full name in your bank transfer's Reference/Remark section.

If the deposited amount exceeds your daily limit, Binance will divide the total payment based on your maximum daily limit.

After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool.

As shown above, buy Polkadot immediately with your preferred fiat currency! You will get an estimated price of DOT based on the currency of choice, and you enter the desired amount of DOT to buy and confirm the order.

Congrats! You have now bought DOT by funding your Binance account with fiat currency and using a Binance Cash balance.

Option 3: Buy Polkadot with a Credit/Debit Card (Popular method to buy Polkadot)

To buy DOT on Binance using a Credit or Debit card, navigate to the Buy crypto via card page using the top navigation menu.

On the buy crypto with card page, you will see various options to choose the fiat currency to buy Polkadot. Enter the desired amount of DOT tokens to purchase and click Continue.

In the payment method section, if you just created your Binance account, add the card details you will use to purchase DOT.

Once you have entered the card details, you must review the order details to ensure they are correct. If everything looks good, click the "Buy DOT" button to complete the purchase.

Congrats! You have now bought DOT by funding with your Credit/Debit card!

Recurring Plan

Alternatively, you have the choice to buy Polkadot on a recurring basis.

The recurring model typically allows you to regularly invest in cryptocurrency with a pre-determined amount and accumulate your crypto holdings over time. If you are committed to the long-term growth of a coin/token and bullish on its future price movements, it is an excellent way to DCA into the project.

Step 4: Buy Polkadot - Payment Methods

Buy Polkadot with Paypal: Binance does not currently support purchasing Polkadot (DOT) directly with PayPal. However, you can still use PayPal to buy cryptocurrencies on other platforms and transfer those funds to your Binance account to purchase Polkadot. Other exchanges, such as Coinbase support Paypal payment methods to buy crypto. If you have an existing PayPal account, you can start transactions on Coinbase immediately.

Buy Polkadot with a credit card on Binance exchange: To Add a credit card, Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your credit card details.

Buy Polkadot with Debit Card: To Add a debit card: Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card." Follow the prompts to add your debit card details.

How to Buy Polkadot with Apple Pay and Google Pay on Binance

The following steps will guide you through how to buy Polkadot using Apple Pay & Google Pay.

1. Log in to your Binance account and click Buy Crypto with Credit/Debit Card.

2. Select the fiat currency according to your country and then select Polkadot crypto to buy from the list. Enter the amount and click Continue.

3. Select Apple Pay or Google Pay as the payment method after choosing DOT to Buy.

4. Once you have successfully added/chosen your credit/debit card, click Confirm to proceed. Check the payment details carefully and confirm your order within 1 minute, or else after the 1-minute mark, the price and the amount of crypto will be recalculated. You can click Refresh to see the latest market price.

Congrats! You have now bought Polkadot on Binance using your preferred Google or Apple pay.

Step 5: Withdraw DOT from Binance

After buying DOT on Binance, withdraw it to a hard or soft wallet you control. To do this, click the "Withdraw" button on the top right-hand corner of the page. You will then be prompted to enter the wallet address to which you want to withdraw your DOT. Ensure you enter the correct address, as transactions on the blockchain are irreversible.

You must also enter the amount of DOT you want to withdraw. Once you have entered the correct wallet address and the amount of DOT you wish to withdraw, click on the "Submit" button. Binance will then process your withdrawal request, and your DOT will be sent to the wallet address you provided.

Tips for buying DOT on Binance

1. Always double-check your order details before placing a trade to ensure everything is correct.
2. Consider using the "Limit" order type instead of the "Market" one when buying DOT. With a limit order, you can set the price you are willing to pay for DOT, whereas with a market order, you will pay the current market price for DOT, which may not be the best price.
3. Consider using two-factor authentication (2FA) to enhance security after registration.

10 Reasons To Buy Polkadot Right Now

Should I buy Polkadot? If you are considering whether you should buy Polkadot or not, then the below points may provide some clarity about the project.

1. Scalability: Polkadot's unique architecture allows for high scalability. It can handle a large number of transactions per second without compromising performance.
2. Interoperability: Polkadot is designed to enable interoperability between different blockchains. It effectively facilitates communication and transactions between different cryptocurrency networks.
3. Governance: Polkadot has a robust governance system that allows token holders to participate in the decision-making process for network upgrades and changes.
4. Security: Polkadot uses a sophisticated consensus mechanism called GRANDPA (GHOST-based Recursive ANcestor Deriving Prefix Agreement), which is designed to provide high security and prevent attacks on the network.
5. Decentralization: Polkadot is a decentralized network that is not controlled by any central authority, which means that it is resistant to censorship and manipulation.
6. Active community: Polkadot has a strong and active community of developers, investors, and users, which provides support and resources for the network.
7. Diverse ecosystem: Polkadot's interoperability allows for a diverse ecosystem of applications and services, which can create new opportunities for developers and users alike.
8. Low fees: Polkadot's transaction fees are generally lower than other major cryptocurrencies, which can reduce costs for users.
9. Team and development: Polkadot is developed by a talented team of developers and experts in the blockchain space. They have a proven track record of delivering innovative and high-quality projects.
10. Growth potential: Polkadot has significant potential for growth and adoption, especially as more applications and services are developed on the network.