This fixed supply model is common among many cryptocurrencies and is designed to create scarcity and potentially drive up demand over time. Launched by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic in 2017, Polygon was developed as a way to solve the persistent scalability issues on the Ethereum blockchain. Learn more about what Polygon does, where and how to buy MATIC, and how to store your MATIC tokens. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Polygon has been performing recently. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications.
It offers a multi-chain system, providing faster and cheaper transactions on Ethereum-compatible blockchains. Polygon achieves this by using technologies like Layer 2 solutions, which help what is a cryptocurrency matching engine and how does it work reduce congestion and high fees on the Ethereum network. Fortunately, today’s top-rated brokers all offer easy alternatives like debit and credit card payments.
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Buying and securely storing Polygon involves selecting a reliable exchange, depositing funds, placing a buy order, and storing the asset in a secure wallet. For long-term protection, a hardware wallet is recommended to safeguard your Polygon from online threats. Once you deposit funds via your chosen method, you can easily place a buy order, selecting either a market or limit order based on your buying strategy. Polygon (MATIC) can be bought through major cryptocurrency exchanges like Coinbase, Binance, or Kraken using fiat currency or other cryptocurrencies.
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- Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
- To register, visit the Binance website and click on the “Register” button at the top right-hand corner of the page.
- The Plasma framework and the sidechain ecosystem allow Polygon to host many DApps on the platform.
- As a beginner, you can also avoid this hassle by choosing a regulated online broker like eToro that comes with integrated wallet services.
Currently, Marc Boiron is in charge of Polygon Labs, the company handling the Polygon ecosystem. Sandeep Nailwal, one of the Polygon co-founders, is India’s first crypto billionaire. Nailwal is a part of the founding team that also includes Jaynti Kanani and Anurag Arjun. However, to proceed with trading, you should be sure that you are working with the right asset. As far as the name goes, your aim should be to trade MATIC and not anything that is named “Polygon coin”. On Binance, you can purchase MATIC via P2P channels or a standard trading interface.
Like opening a bank account, you’ll need to provide your contact details, proof of address and identification such as a driver’s licence or passport. Note that APYs are subject to change based on network conditions, validator performance, and platform-specific fees or reward structures. Before staking, research your chosen validator’s reputation, uptime, commission rates, and community feedback to ensure you’re maximizing your earnings while helping secure the network. Several platforms mentioned earlier, except MEXC (Bybit, Binance, Kraken, and Ledger), support scrum software development wikipedia POL staking. Once your purchase is complete, the tokens will be credited to your account.
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One common option is staking your POL to earn passive rewards by supporting network security. You can also use POL within decentralized apps (dApps) built on the Polygon ecosystem, including DeFi protocols like lending platforms, DEXs, and NFT marketplaces. If you’re comfortable with more advanced strategies, consider providing liquidity to earn trading fees.
If you are committed to the long-term growth of Polygon and bullish on its coinbase review and tutorial 2021 future price predictions, this is a great way to DCA into the Polygon project. 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. If you want to stake your Polygon to get yield, check out our guide on the best staking platforms for Polygon in 2023. You can also store (and often stake) your MATIC tokens in a hardware wallet. These look like USB keys and store your MATIC tokens offline for ultimate security.
POL is the updated version of the MATIC token, designed to support the network’s key features. Use your Polygon to purchase goods and services from any participating merchant that accepts MATIC and cryptocurrency. There are many custodial and non-custodial options to choose from, such as Ledger, MetaMask, and Trust Wallet. Once you have your Polygon (MATIC) tokens secure in your preferred wallet, you’re ready to use them to participate in the Polygon ecosystem. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
- Ensure you enter the correct address, as transactions on the blockchain are irreversible.
- As time goes on, the Polygon network will experience a massive cut down in its user base, resulting in long-term adverse effects for MATIC.
- The best crypto brokers hold at least one license and sometimes are regulated by multiple authorities – like eToro.
- Many CEXs allow their users to buy MATIC coins with a credit card or debit card, as long as their bank supports crypto purchases, which not all do.
- You will need a compatible cryptocurrency already in a wallet in order to swap on a DEX, so make sure you know which coins your DEX allows you to swap MATIC for before you go about it.
Step #1: Select a Crypto Exchange
You can buy Polygon (POL) on many popular cryptocurrency exchanges, including Binance, Kraken, and Bybit. These platforms support fiat deposits and offer POL trading pairs with USDT or BTC. If you prefer a non-custodial option, you can also buy POL through decentralized exchanges (DEXs) like Uniswap on the Polygon network. For added security, some users can learn how to buy Polygon crypto directly through Ledger Live when using a hardware wallet such as Ledger Flex. Always double-check the supported network (Polygon PoS or zkEVM) to ensure a safe transfer of your POL. The best place to buy MATIC or POL at the lowest rate is through budget-friendly centralized exchanges – the ones offering low trading fees and promotions.
Binance, Kraken, and MEXC, for example, provide competitive rates and discounts if you use their native token for fees (e.g., BNB on Binance). To reduce costs even further, use bank transfers instead of credit cards and avoid platforms that charge high spreads or third-party payment fees. Also, consider buying POL in larger quantities to minimize the impact of flat transaction fees. Always compare fee structures before buying, and avoid last-minute conversions that may cost more in the long run. To buy Polygon, you first need to deposit funds into your exchange account. This can be done by transferring fiat currency via methods like bank transfers, credit cards, or other accepted payment options.
If you’re buying Polygon on decentralized apps, specifically, be cautious and practice cold wallet security measures, as many hacks exploit flaws1 at the protocol or smart contract layer. You then verify the receiving address on your Ledger device’s screen and physically confirm the transaction. If you prefer maximum security when buying and storing your crypto, using a Ledger hardware wallet like Ledger Flex or Ledger Stax is a great choice. With Ledger Live, the official companion app, you can buy Polygon (POL) directly and have it sent securely to your wallet, where only you control the private keys.
Step-By-Step Guide On How To Buy Polygon:
Then, make sure your account is verified by uploading a photo of yourself and your ID card. Click the dropdown menu in the Spend field and select your preferred currency. Then, scroll through the list on the Receive section to find “POL”. Find all the answers to your MoonPay questions and start swapping cryptocurrency with confidence. How much Polygon (MATIC) you can buy will depend on your account limit, with higher purchases requiring increasing/different KYC levels. Whether you’re a seasoned trader or buying Polygon for the first time, the MoonPay app gives you the tools to get it done.
Once you do that, you can place a sell order to complete the process. If you are looking to buy Polygon right away, it would be best to pay via a debit card or credit card as the transaction will be completed immediately. In the earlier days, you could add money to your trading account only using wire transfer – which could take up to seven business days to complete. As you know, in the world of cryptocurrencies, the market can turn upside down in this time period. The most important factor that sets apart trustworthy brokers from shady cryptocurrency exchanges is their regulatory standing.
To buy Polygon, start by selecting a trusted cryptocurrency exchange, such as Coinbase, Binance, Kraken, or Gemini. These platforms support purchasing Polygon with fiat currencies (like USD or EUR) or other cryptocurrencies. Polygon is a decentralized Ethereum scaling platform designed to enhance the scalability and performance of blockchain networks.
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. But for investors chasing both early entry and exponential upside, BlockchainFX ($BFX) stands out above the rest.