How to Buy Polymath: A Beginner’s Guide | finder.com
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How to buy, sell and trade Polymath: A beginner’s guide

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

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 Polymath

POLY tokens are available on the following exchanges:

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.
Huobi Cryptocurrency Exchange
Cryptocurrency
-
BTC, ETH, HT, LTC, PAI, BCH, XRP, DASH, IOST, EOS, TRX, ETC, OCN, ONT, ELF, ABT, CMT, ELA, ZEC, XZC, OMG & 75+ more
Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bittrex Digital Currency Exchange
Cryptocurrency
Wire transfer
USD
BTC, ETH, BOXX, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, QTUM, ZCL, RDD, LTC, NEO, XRP, TRX, ZEC & 120+ more
Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
KuCoin Cryptocurrency Exchange
Cryptocurrency
-
BTC, BCH, DAG, ETH, XRP, EOS, LTC, ADA, TRX, NEO, ONT, STEEM, BTM, BCD, ZINC, VET, OLT, NUSD, LOC, ZEN & 50+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-
EOS, RFR, CS, AUC, BEE, BANCA, CNN, EOSDAC, FSN, NBAI, TRAC, VET, XBP & 60+ more
DDEX Cryptocurrency Exchange
DDEX Cryptocurrency Exchange
Cryptocurrency
-
EOS, XYO, NPXS, HOT, CNN, ZRX, KIN, NCT, BAX, ZCO, NBAI, POLY, POE, TFD, REN, LBA, TOMO, LND, REQ, IOST, ORI, & 20+ more
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 US 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 will 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 $6.3 billion in funding. Token fundraising is undoubtedly a huge growth area, but the global securities market hasn’t yet caught up with 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 traders 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 the necessary regulatory requirements into the tokens themselves. The protocol also verifies crypto wallet addresses to ensure that only authorized traders 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 it.

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

  • Supply. According to CoinMarketCap, at the time of this writing (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 trader 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 white paper.
  • 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 positioned 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.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping people find the right products for them. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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2 Responses

  1. Default Gravatar
    rwsmSeptember 19, 2018

    New to crypto, don’t have wallet, or any crypto.Do have couple hundred dollars in Bit Gold for about two years. Is this a good place to start. To buy Polymath to begin process ? Really don’t know what I am doing. But do see the logic in Polymath

    • finder Customer Care
      JoshuaSeptember 24, 2018Staff

      Hi RWSM,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Since you’re new to cryptocurrencies, it would be a good idea to read our guide here. You’ll learn a lot from that page such as exchanges, wallets, real-time coin value, history of crypto, and a lot more.

      We can’t provide specific advice to our users. However, after reading as many information as possible about Polymath and other alternative crypto coins and you felt this is the right direction for you, then the decision is for you to make.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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