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How to buy Polkadot (DOT) in the US
Learn how to buy Polkadot (DOT) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
How to buy Polkadot
1. Compare crypto exchanges
The easiest way to buy Polkadot is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
2. Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – cryptocurrency, paypal, wire transfer and credit or debit card payments are all widely accepted.
4. Buy Polkadot
You can now exchange your funds for Polkadot. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your Polkadot to your personal wallet.
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.
Steps on how to buy Polkadot
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Polkadot.
- Compare cryptocurrency exchanges that supports DOT.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- 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.
- Buy Polkadot.
Complete your Polkadot purchase and then find the best wallet to store DOT.
What to consider when buying PolkadotThe 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.
How to sell Polkadot
You can cash out your DOT with the same exchange you bought it through:
- 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.
- Place a sell order.
Choose the amount of DOT you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Polkadot.
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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