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How to buy Polkadot (DOT) in Canada

Learn how to buy Polkadot (DOT) easily by following a step-by-step guide and compare 10+ crypto exchanges.

Bitbuy Digital Currency Exchange

Bitbuy Digital Currency Exchange logo
  • Based in Toronto
  • Lets you make quick buys and sells or actively trade
  • Bitbuy dashboard makes it easy to manage and track your crypto
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How to buy Polkadot

Look for an exchange that supports both fiat and cryptocurrency to simplify buying Polkadot.

  1. Open an account on an exchange that supports DOT.
    Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
  2. Deposit funds into your account.
    Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Polkadot.
  3. Buy Polkadot.
    Complete your Polkadot purchase and then find the best wallet to store DOT.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Polkadot?

DOT is the native token of the Polkadot network.

Polkadot is a unique network which allows the transfer of data, money and assets between different blockchains.

Polkadot is different from other networks such as Ethereum, as it uses various blockchains instead of smart contracts, allowing developers a more granular approach to design. DOT tokens are the native currency of the Polkadot ecosystem and are used for proof-of-stake and governance.

At Polkadot's core is a universe of blockchains, both public and private, which can all interact with each other through a process known as interoperability. Instead of using smart contracts to run applications, Polkadot uses parallel blockchains, known as parachains, to serve a similar purpose. Whereas a developer on Ethereum would use a collection of smart contracts to program a dapp, developers on Polkadot use parachains instead.

By programming individual blockchains to host dapps instead of smart contracts – which are bound to the parent blockchain's rules – developers are able to exercise greater control over design, including key features such as speed, fees and whether data is public or private. Smart contracts are still supported on Polkadot, although they must exist within a parachain.

For example, a bank might want to host customer data on a private blockchain that only employees can alter. Customers could then access this data using a third-party payments app which operates on a public blockchain. Permission to access either parachain could be moderated by a digital ID held on a smart contract parachain.

Tying these parachains together is the relay chain, which can be thought of as the central blockchain within Polkadot. By managing a network of parachains from a central relay chain, friction is reduced, enabling a faster and more efficient network for both the user and those that operate it.

Polkadot (DOT) is the 10th largest cryptocurrency in the world by market cap, valued at $23,298,129,669. The current price of Polkadot is $21.51, which is -15.753% lower than yesterday. Prices have ranged between $25.6 and $21.33 over the past 24 hours. All prices are listed in US dollars and accurate as of January 21, 2022 03:01 UTC.

Where to buy Polkadot

Find an exchange to buy, sell and trade DOT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

16
cryptocurrencies

Get a $20 bonus when you open an account and deposit at least CAD$250. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Wealthsimple Crypto
Bank transfer (EFT)
CAD

34
cryptocurrencies

Get a $50 cash bonus and commission-free trades when you open a Wealthsimple Trade or Crypto account and deposit and trade at least $150. Sign-up today to take advantage of this offer!
Buy and sell a range of cryptocurrencies instantly with no deposit or withdrawal fees.
NDAX Cryptocurrency Exchange
Bank transfer (ACH)
CAD

24
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

214
cryptocurrencies

Buy 200+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency
USD, GBP, EUR, CAD, MXN, HKD, RUB, NZD, SGD, JPY & 40+ more

156
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

960
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in random tokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

354
cryptocurrencies

New users earn up to USD $500 in bonus rewards on qualified deposits and trades. Valid until December 31, 2021. T&Cs apply.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
CA residents: Binance is not currently available to Ontario-based users.
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Polkadot at a glance

Information last updated January 21, 2022 03:01 UTC.
Coin symbol DOT
Coin Marketcap US$23,298,129,669
Total DOT supply 1,156,965,639
Circulating DOT 1,076,018,126
Current price US$21.51
All time high US$54.98

Polkadot price performance over time

Historical prices compared with the price of US$21.51.

1 hour -0.75%
24 hours -15.75%
7 days -16.75%
14 days -19.79%
30 days -14.90%
60 days -49.49%
200 days 34.19%
1 year 19.69%

Recent Polkadot developments

December 2021: Polkadot's first parachains are now live, completing Polkadot's official launch. The first five auction winning parachains, Acala, Moonbeam, Astar, Parallel Finance and Clover, have successfully onboarded and are now producing blocks. The next parachains will be incorporated in March, 2022.

How to sell Polkadot

You can cash out your DOT with the same exchange you bought it through:

  1. Sign in to the exchange you have DOT on.
    If you store your Polkadot in a digital wallet, compare crypto exchanges to sell it on.
  2. Place a sell order.
    Choose the amount of DOT you'd like to sell.
  3. Complete your transaction.
    Confirm the sell price and fees and close your sale of Polkadot.

What to consider when buying Polkadot

The Web3 Foundation, which is responsible for developing Polkadot, the DOT token is primarily used for the following, which may influence whether or not you wish to add Polkadot to your portfolio.
  • Governance. Governance is the process whereby DOT token holders are given the ability to vote on how the blockchain is managed. For instance, token holders may vote on things like protocol upgrades and changes to the relay chain. Votes are proportional to the amount of DOT token a user has staked.In the event that a DOT token holder does not exercise their right to vote, their stake will be allocated to a special council of 6-24 members who are elected to vote on behalf of absent DOT holders.
  • Staking. Polkadot uses a proof-of-stake mechanism which means that DOT holders can lock up their tokens and help secure the network, in return for staking rewards. Staking can be performed in one of two ways, either by acting as a nominator or a validator. Both nominators and validators receive rewards for their participation. Nominators will be the most common type of stakers on Polkadot, as their role is essentially limited to electing validators. Validators on the other hand perform a critical role in the health of the network. Validators run a node which operates 24/7 to validate transactions on the network and ensure its efficient operation. Additional tokens will also operate on the Polkadot network, similar to how Ethereum supports tokens such as the famous ERC-20 token standard.
  • Bonding. Lastly, DOT can be used to launch new blockchains on the network, known as parachains. In order to launch a parachain, DOT must be deposited in a process known as bonding. If a parachain is retired, DOT tokens are returned.

Disclaimer: Cryptocurrencies, including Polkadot, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DOT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Polkadot or any other cryptocurrency discussed.


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