How to buy, sell and trade Polymath (POLY)

A beginner’s guide to buying, selling and trading Polymath in Canada.

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Polymath is a securities token platform designed to act as an interface between financial securities and the blockchain. Its aim is to simplify and streamline the complex technical and legal challenges of conducting a token launch.

To issue securities on Polymath and interact with the platform, you’ll need its native POLY tokens. If you’re thinking of buying any POLY tokens, either to use on Polymath or simply in the hope that they’ll increase in value, read on to find out how.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy POLY

POLY tokens are available on the following exchanges:

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 5+ more
BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & 160+ more
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.
Cryptocurrency
Bank transfer (SEPA)
SWIFT
Wire transfer
Faster Payments Service
GBP, EUR, USD, CAD, SGD, AUD, JPY, MXN
BTC, ETH, BCH, XRP, LTC, EOS, XLM, USDT, ADA, XMR, TRX and 50+ more
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Credit card
Cryptocurrency
USD
BTC, BCH, MIOTA, XVG, NEO, ADA, XRP, TRX, ONT, ZIL & 365+ more
CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Cryptocurrency
-
BTC, XMR, DAG, ETH, XRP, EOS, LTC, TRX, NEO, ONT & 100+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Credit card
Debit card
USD, EUR, GBP
BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE & 100+ more
Access competitive crypto-to-crypto exchange rates for more than 35 cryptocurrencies on this global exchange.
AdvCash
Cryptocurrency
Payeer
Perfect Money
USD, RUB
BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX & 1400 + more
Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Cryptocurrency
-
BTC, ETH, XRP, BCH, EOS, XVG, LTC, ADA, MIOTA, TRX, & 100+ more
Buy and trade 100+ cryptocurrencies on this global cryptocurrency exchange.
Huobi Cryptocurrency Exchange
Cryptocurrency
-
BTC, ETH, HT, LTC, PAI, BCH, XRP, DASH, IOST, EOS, TRX, ETC, OCN, ONT, ELF, ABT, CMT, ELA, & 78+ more
Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Cryptocurrency
Wire transfer
KRW
BTC, ETH, XRP, BCH, LTC, EOS, BSV, XLM, TRX, XMR & 95+ more
A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
Poloniex Digital Asset Exchange
Credit card
Cryptocurrency
Bank Wire
-
BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB & 40+ more
Trade various coins through a global crypto to crypto exchange based in the US.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-
EOS, RFR, CS, AUC, BEE, BANCA, CNN, EOSDAC, FSN, NBAI, TRAC, VET, XBP & 60+ more
A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Ethfinex Cryptocurrency Exchange
Cryptocurrency
USD
OMG, TRX, ZRX, SAN, ATMI, AID, BAT, SNT, FUN, & 20+ more
With a focus on tokens linked to the Ethereum network, Ethfinex is an exchange listing several ERC-20 compatible tokens and is owned by the team behind Bitfinex.
EtherDelta Cryptocurrency Exchange
EtherDelta Cryptocurrency Exchange
Cryptocurrency
-
VERI, EOS, KIN, PLR, PPP, SXDT, POLY, ASTRO, OMG, EDT, NAS, ZIL, GMT, MAN, REAL, PAY, VEE, MYST, & 30+ more

Compare up to 4 providers

Quick guide to buying POLY

  1. Register for an account with Kucoin.
  2. Verify your account.
  3. Enable 2-factor authentication.
  4. Click “Assets” at top of the screen.
  5. Select “Deposit”
  6. Search for the currency you want to deposit (BTC or ETH).
  7. Generate a new address.
  8. Transfer BTC or ETH to this wallet address.
  9. Click “Markets” at top of the screen.
  10. Search for the pair you want to trade (e.g. POLY/BTC).
  11. Enter transaction details.
  12. Click “Buy Poly”.

Step-by-step guide to buying POLY

Want to buy POLY but don’t know what you need to do? Follow these three steps:

Step 1. Register for an account with an exchange that lists POLY.

Compare the features and fees of the exchanges that list POLY in one or more currency pairs. Once you’ve found a platform you like, provide your email address and create a password to register for an account.

Depending on the site you choose, you may also need to provide proof of ID and other personal details (like your name, address and contact information). This is often required to satisfy Know Your Customer and anti-money laundering (KYC/AML) requirements.

Make sure you also enable 2-factor authentication (if available) on your account for increased security.

Step 2. Deposit funds into your account.

There currently aren’t any exchanges that let you buy POLY directly with Canadian dollars. As a result, you’ll need to first own or obtain a cryptocurrency that’s listed in a trading pair alongside POLY. Bitcoin (BTC) and Ether (ETH) are the two most popular options, so check out our how to buy BTC and how to buy ETH guides if you need advice on how to acquire either of these coins.

To transfer BTC or ETH into your account you’ll need to copy the relevant address for your exchange wallet. For example, if you’re using Kucoin, you would select “Assets” in the top of the screen and search for the currency you want to deposit (BTC or ETH). A new address would then be generated. Alternatively, if you’re using Bittrex, click “Wallets” at the top right of the screen and search for the wallet you want to deposit to (BTC or ETH). You can then click the green deposit icon next to the wallet, peruse the terms and conditions and generate a new address.

Use this generated wallet address to transfer the necessary funds to the exchange.

Step 3. Buy POLY.

The final step is to navigate your way to the exchange page on your chosen platform, find the pair you want to trade and specify the details of your transaction. If you’re using Kucoin, you’ll need to click the “Markets” link at the top of the screen and search for the pair you want to trade, such as BTC/POLY or ETH/POLY.

In the “Buy” box, select your order type and enter your transaction details. Make sure you review all the details of your purchase, including the total cost, before you click “Buy POLY” and finalize the transaction.


How to sell POLY

If you want to sell your POLY tokens, the process you’ll need to follow is fairly similar to that detailed in step 3. However, after navigating to the “Markets” page and searching for your chosen currency pair, make sure you enter your transaction details in the “Sell” box.

Also remember that POLY is only available in a handful of currency pairs, so you may not be able to directly exchange it for the currency you want.


Which wallets can I use to hold POLY?

After you’ve purchased your tokens, you’ll need to find a safe place to store them. While storing them in your exchange wallet is quick and convenient, the security risks associated with exchanges mean that it’s generally not a recommended course of action. Instead, most users advise moving your tokens into a private and secure wallet.

POLY is an Ethereum-based ERC20 token, so you’ll need to find a wallet compatible with these types of tokens. Examples worth considering include the MyEtherWallet web interface, or a hardware wallet like the Ledger Nano S.

Learn more about storing cryptocurrency in our ultimate guide to wallets.


How Polymath works

In the first quarter of 2018 alone, cryptocurrency ICOs raised a remarkable US$6.3 billion in funding. Token fundraising is undoubtedly a huge growth area, but the global securities market hasn’t yet been caught up in the boom. One of the key premises of Polymath is the belief that financial securities like stocks, bonds, venture capital, private equity and more will soon be replaced by tokens that live on the blockchain.

Polymath aims to provide a link between Wall Street and blockchain, providing a scalable platform where companies can issue securities on the blockchain using a standardized token protocol known as ST-20. The goal behind tokenizing these previously illiquid assets is to provide investors with easier access and higher liquidity, and to open capital markets to the world’s two billion unbanked adults.

Founded in 2017, Polymath offers a decentralized protocol that embeds all of the necessary regulatory requirements into the tokens themselves. The protocol also verifies crypto wallet addresses to ensure that only authorized investors are able to transact with a particular security token.


What to consider if buying POLY

Cryptocurrencies are complicated digital assets known for their volatility. Buying any digital coin or token is a speculative move, so you’ll need to carefully consider anything that could affect the price of a currency before deciding whether or not to buy.

If you’re thinking of buying POLY tokens, make sure you take the following factors into account:

  • Supply. According to CoinMarketCap, at time of writing in May 2018, the circulating supply of POLY tokens was 276,420,107, out of a total supply of 1 billion tokens. No additional POLY tokens will ever be minted.
  • Use. Though Polymath is a securities token platform, POLY tokens are utility tokens rather than security tokens. They’re needed to access the Polymath ecosystem and can be used to issue securities on the platform. Other uses for POLY tokens include:
    • Token issuers can post bounties in POLY tokens to attract the services of developers and legal delegates
    • Developers can earn POLY for creating security token contracts
    • KYC providers will need to pay a fee in POLY to join the network
    • Any investor who wants to purchase security tokens will need to pay a fee in POLY to KYC providers to complete the verification process
  • Whitepaper. If you want to know more about how Polymath works and the problems it aims to solve, check out the project’s whitepaper.
  • Partnerships. Polymath has secured a few key partnerships to help streamline the token issuance process. Notable partners include IdentityMind, SelfKey and BnkToTheFuture.

Will Polymath be able to migrate the multi-trillion dollar securities industry to the blockchain? Do your own research to decide whether the project is well placed to achieve this goal, and whether or not POLY tokens represent a good purchase.


Picture: Shutterstock


At the time of writing, the author holds IOTA and XLM.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

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