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How to buy Polkadot (DOT) in India
Learn how to buy Polkadot (DOT) on 21+ crypto exchanges in our step-by-step guide.
You can buy Polkadot (DOT) on a cryptocurrency exchange like FTX. These specialised marketplaces allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. DOT is the native token of the Polkadot network.|Polkadot is a unique network that allows the transfer of data, money and assets between different blockchains.|Polkadot is different from other networks such as Ethereum because it uses various blockchains instead of smart contracts, allowing developers a more granular approach to design. Here's how to buy Polkadot.
How to buy Polkadot in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
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.
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.
Make a deposit
Once verified, you can deposit Nu. using the payment method that best suits you – credit card, wire transfer, silvergate exchange network (sen) and signature signet payments are widely accepted.
You can now exchange your funds for Polkadot. On easier-to-use exchanges, this is as simple 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 in India
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.
How do I find the best places to buy Polkadot?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in India to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Polkadot?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Polkadot.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing DOT with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy Polkadot with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy DOT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy DOT on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase DOT by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for DOT on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Polkadot?
The easiest way to buy DOT is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying DOT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Polkadot has been performing recently.
Best Polkadot wallets to store your DOT
You can keep your DOT on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Recent Polkadot developments
Is Polkadot a good investment?
The Web3 Foundation, responsible for developing Polkadot, has stated that 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. 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.
Additional information about Polkadot can be found using our DOT analysis tools.
Today's Polkadot price versus ATH
Compare today's price of Polkadot ($6.33 USD) against its all-time-high price of $54.98 USD on 04 November 2021. The closer the bar is to 100%, the closer DOT is to reaching its ATH again.
ATH date: November 04, 2021
Polkadot ATH: $54.98
How to trade, convert or sell PolkadotYou can convert or sell 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 convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of DOT you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Polkadot.
- Complete your transaction and move your DOT to a wallet for storage.
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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