How to buy Polkadot (DOT)
With the opening of parachain auctions in the Polkadot ecosystem, the DOT coin is flying.
Crowdloans on Polkadot’s “canary network” Kusama have been a huge success, with the Moonriver (MOVR) auction in particular providing investors with an all-time high reward of $6,920 per KSM token.
Now it’s DOT’s time to shine! In this article, we will explain a few different options on how to buy Polkadot (DOT), and where to buy the DOT token.
How to buy Polkadot using Bitcoin, Ethereum or other cryptocurrencies
Buying DOT (the native coin of the Polkadot ecosystem) using crypto is easy.
If you have already downloaded the Exodus wallet you can do everything within Exodus, from buying DOT to exchanging DOT, and storing DOT securely.
If not, you can download Exodus wallet here, click on the ‘Exchange’ tab at the top of the interface, and then check the list of available assets that you can trade with DOT from the drop down menu.
Once you have selected the asset you wish to exchange for DOT, simply check that the amount is correct, click ‘Exchange’, and then the process will begin:
After a short wait, your shiny new DOT coins will be waiting for you in your wallet! Exchanging assets on the Exodus mobile app is a very similar process.
You can also try our brand new feature - exchanging assets with FTX exchange, from within Exodus itself!
How to buy Polkadot using fiat if you don’t already have crypto
The Exodus wallet is for cryptocurrencies only, so you’ll need to convert your fiat currency (dollars, pounds etc.) before you can send it into the wallet.
iPhone and iPad users can use Apple Pay to purchase Bitcoin in Exodus, so long as they are using the most up to date version of the Exodus wallet. You can then use the process above to exchange some or all of your BTC to DOT.
You can also buy DOT using USD, GBP and EUR in Coinbase, which is one of the easiest and most accessible exchanges to use, although the exchange fees are quite high.
Another option is Binance, or Binance.US, where you can buy Polkadot using credit card or bank transfer payments in USD, GBP, EUR and RUB, although the Binance exchange has limited the amount of crypto that users can move around without having to submit identification and go through the KYC process, so this option may not work so well for people planning to buy large amounts of DOT.
How to store Polkadot DOT safely in your wallet
While Coinbase and Binance are excellent sources of liquidity for buying DOT, storing your crypto on a centralized exchange is not a good idea in the long term, because of the increased risk of hacks, which may result in loss of funds.
The Exodus wallet not only allows you to send, receive and exchange DOT within a beautifully-designed wallet, but it also allows users to store their own private keys, keeping them away from the cloud, and even from our own internal servers.
Being responsible for your own financial assets is the most foolproof way to protect your funds, because you don’t have to put your trust in third parties. But it’s super important that you write down and safely store your 12 word secret phrase!
The Exodus wallet is updated every two weeks, allowing us to fix bugs, strengthen our security, and introduce new assets to the wallet. There are currently over 145 assets supported on Exodus, and we offer 24/7 customer support from helpful (human!) support staff.
We hope this guide on how to buy Polkadot was helpful. Don’t forget to subscribe to our blog updates for more useful content.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.