How to Buy Polygon 2024 - Best Places to Buy MATIC

How to Buy Polygon in 3 easy steps

1. Create a free account

Find a good broker or cryptocurrency exchange and sign up for an account. Below are some excellent exchanges to consider. You’ll need some sort of photo ID such as a passport or driver’s licence and you may need to complete a face scan for added security using your phone. This process is known as KYC.

2. Fund your account

Now that your account is set up, you’re nearly ready to buy some MATIC. Before you can do this, however, you’ll need to transfer some funds. In your exchange, go to your crypto wallet and find the section dedicated to deposits and withdrawals. Next, pay in some money with a debit or credit card taking into consideration the platform fees. There may also be an option to make a bank transfer along with other payment methods such as PayPal etc.

3. Buy Polygon (MATIC)

Find the search bar of the exchange and type in MATIC. You’ll see a list of MATIC pairs. Choose the appropriate pair for you. For example, if you have Bitcoin, choose MATIC/BTC. Here, MATIC is the base currency and BTC is the quote currency. If you don’t have the quote currency yet, you’ll need to buy this first. The most popular quote currencies include stablecoins such as USDC and USDT, Bitcoin (BTC), and Ethereum (ETH). Now that you have your quote currency, use it to buy MATIC.

5 Things to Consider if you Want to Buy Polygon MATIC

Before you decide to buy Polygon MATIC, you should research the MATIC token and your preferred platform. Here are 5 things you must keep in mind:

Payment Method

The platform you select will offer multiple payment options. Evaluate all possible payment options before selecting the one that suits your budget and needs. You should also consider various aspects such as security and transfer speed while selecting a payment option. For example, a bank transfer offers the cheapest mode of payment but takes a long time to process the transfer.

Storage

Crypto platforms will always provide you with their internal crypto wallet that supports the Polygon MATIC token, but this might not be the best option. Cryptocurrency exchanges always run the risk of being hacked or shut down abruptly, meaning you can always lose your investment. A private Polygon MATIC wallet is always recommended to avoid such unpleasant scenarios.

If you are going to use a broker and enter into agreements such as a contract for difference (CFD), you needn’t worry about a wallet at all since no actual transfer of tokens takes place.

Costs

You might need to transfer your Polygon MATIC from one wallet to another eventually and this comes at a cost. Cryptocurrencies are designed to be more efficient than fiat and you will find that the transaction fees are small in comparison. As a second-layer solution, Polygon MATIC is extremely cheap and only costs a fraction of a cent.

Safety and Security

Every blockchain network has a security and consensus method that ensures the safety of assets and the ecosystem. As opposed to Ethereum’s Proof of Work (PoW), Polygon employs an energy-efficient Proof of Stake (PoS). Polygon simultaneously relies on the Plasma Framework which allows it to piggyback on the Ethereum network’s security. Developers of dApps can even combine both to form a hybrid, giving unprecedented safety and security.

Where crypto exchanges are concerned, you will need an exchange with robust security measures. Aside from the basic username and password that you will need to securely access your account, platforms also offer a range of secondary securities. 2FA is the most common, where you will need to enter a second password or code that is sent to your mobile or email. Whitelisting addresses can also be offered, where you can only withdraw your MATIC coins to pre-agreed wallet addresses.

User Interface and Experience

Any platform, whether a Cryptocurrency exchange or a broker, will have its interface. There might be commonalities such as order placement, charts and graphs, and order books but even then, you will need to fully understand the functions and learn how to go about buying Polygon MATIC on your selected platform.

Where to Store Polygon After Buying?

If you plan on staking your MATIC tokens you’ll need to keep your tokens on the cryptocurrency exchange. In this case, the tokens would be held in your exchange wallet.

The other option is keeping your MATIC in a non-custodial wallet such as Metamask. This is seen by many traders as a more secure way to store cryptocurrencies.

Undoubtedly, the most secure way of storing your MATIC, however, is in a hardware wallet. They are relatively cheap and are considered an essential investment for all cryptocurrency holders. Think of your hardware wallet as an impregnable vault that only you can access.

What Makes Polygon a Good Cryptocurrency to Buy?

Polygon’s MATIC is considered one of the most important and best cryptos to buy. Its rapid escalation to top 20 crypto fame by market cap happened in 2021, and it has remained there ever since. What makes it a good crypto to buy is that it solves a thorny problem for the world’s leading smart contract blockchain platform, Ethereum.

A lot of people wonder what will happen after Eth 2, aka The Merge, when Ethereum makes the final transition from Proof of Work (PoW) to Proof of Stake (PoS). At this point, through sharding technology, it is believed by many that Ethereum will have solved its own congestion issues? However, it’s important to debunk the myth that The Merge is a Layer 2 killer. In short, it certainly won’t make Polygon redundant.

For a start, Ethereum’s sharding technology, which increases transactional throughput, won’t be ready until at least a year after The Merge happens. And Ethereum’s transposition to PoS won’t immediately solve its scalability issues or significantly reduce the network’s transaction fees, either.

The Polygon sidechain, however, is insanely fast—up to 65,000 transactions per second—and incredibly cheap, trumping Ethereum on both counts. For this reason, for the foreseeable future, Ethereum’s developers and users will still need to use Polygon and other blockchains like it.

When is the Best Time to Buy Polygon?

The best time to buy Polygon is usually when the price is starting to go up. It’s notoriously tricky to time bottoms and tops, so buying the token at regular intervals in a downtrend is one of the safest options, and is also one practised by seasoned investors.

If you’re not sure which direction the trend is, look at long term charts including monthly, weekly and daily charts and this should help you get a good idea of the general direction of price.

To increase your chances of buying MATIC at a discount, wait for downtrends to stabilise. This is known as buying the dip. These are the safest times to accumulate any digital asset as the likelihood of the cryptocurrency being oversold and ready to move in the opposite direction, i.e. up, is greatly increased.

What Fees are Involved in Buying Polygon MATIC?

No matter which platform you buy your Polygon from, there will always be a fee associated with it. There are three kinds of fees you will face at one time or another, and you’ll never find zero fees with crypto:

Deposit Fees

To be able to purchase Polygon’s MATIC tokens, you will need to fund your account. Using fiat methods will not only run up charges from your provider but depending on the method you choose, you might need to pay extra to the platform. Crypto deposits may carry no charge by the platform, but you will still need to pay the token’s network transaction fee.

Withdrawal Fee

The withdrawal fee will depend on your platform’s policy. The best way to find out is to check with your selected platform. Most sites usually charge on a flat fee basis.

Transaction Fees

Remember the transaction fees we talked about in the deposit subsection for funding with cryptos? Similarly, if you are going to move your Polygon MATIC tokens from one wallet to another, you will need to pay the transaction fees. Luckily, the transaction charges are very low within the Polygon ecosystem.

Safely Storing Your Polygon

Safely storing your Polygon tokens should be a priority and there are many kinds of wallets you can use. These are discussed below.

Web Wallet

Web wallets can be accessed through browsers. The most common example of MATIC web wallets are the ones provided by Cryptocurrency exchanges. Any Polygon MATIC purchased through a site is automatically stored in the platforms’ web wallets. Though extremely convenient, this can be risky since the wallet is ultimately controlled by the exchange and any incident such as a hack can result in loss of assets.

Mobile Wallet

Self-explanatory in nature, these wallets are small apps that you can install on your mobile devices to store and send Polygon MATIC tokens. Mobile wallets can be made secure by the simple act of using your mobile security features such as password protection, making it difficult for someone to gain access. Atomic Wallet is a popular mobile wallet option.

Desktop Wallet

While being less convenient than other forms of wallets, desktop wallets have their advantages over others. With a range of different security software available, desktops can be made more secure by using 2FAs, tougher passwords, firewalls, antivirus and other security options. Popular options include Mist and MyCrypto.

Hardware Wallet

Also known as cold wallets, these devices offer the best security. All data is stored internally in hardware wallets and owners can choose to disconnect from the Internet after they are done with transactions. Trezor and Ledger Nano S are the most famous hardware wallets.

What Other Coins Can I Trade or Use to Buy Polygon MATIC?

Crypto exchanges offer multiple tokens that can be bought and sold and as such, you will find that you can buy MATIC using cryptocurrencies that you already hold. For example, you will be able to buy Polygon with Ethereum and Bitcoin. Being the most popular cryptocurrencies, they are almost always offered as alternate payment options.

What’s the Smallest and Largest Amount of Polygon MATIC I Can Buy?

If you are wondering what’s the minimum purchase for MATIC, the answer lies in your choice of Cryptocurrency exchange or broker. Normally, MATIC can be fractionalised, but some platforms may impose a limit on the minimum amount that you need to purchase.

On the other end of the spectrum, technically there is no upper MATIC buy limit, but in reality how much MATIC you can buy depends on several factors, such as the order book size and any limits imposed due to regulatory requirements and your KYC level.

Can I Buy Polygon MATIC Anonymously with no ID? Is it Safe and Legal to Buy Polygon MATIC?

Though it is possible to buy Polygon MATIC without ID, we would advise this approach. You can buy Polygon MATIC anonymously and with no verification at all if you decide to use a decentralised or a peer-to-peer exchange, but you will also stand to lose all your funds if you’re not careful. The best option is to use a regulated and reputable platform for your purchases. While the prospect of being able to buy Polygon MATIC tokens without the hassle of going through KYC and AML procedures is attractive, it is also a risky approach. Using verified platforms that are in line with the law will give you protection against any fraud.

The legality of MATIC will depend on where you are situated and the local laws prevailing in the jurisdiction.

Will Buying Polygon MATIC Make Me Money?

Although historically, MATIC Polygon price has shown immense growth (the token was hardly over a cent at the start of this year and is currently trading at $1.38 at the time of writing, which is more than an 8,000% gain), nothing definite can be said about the future.

If you do an extensive fundamental and technical analysis, you might be able to better predict the market and decide on the best price to buy MATIC. If you want more detailed information on the history and specific events that have (and can) trigger price movements, we suggest you check out our Polygon MATIC Price Page.

How to Spend Your Polygon MATIC

As a token that powers the Polygon network, there are several services within the ecosystem where you can use your MATIC token as a means of payment. It also acts as the fuel and all transactions made on the network, regardless of the token being sent, is paid in MATIC.

Though Polygon MATIC is much smaller in comparison to other large cryptos such as Bitcoin and Ethereum in terms of acceptability by merchants, you may still find people who will accept it. Several online crypto payments platforms have integrated Polygon into their platform, allowing merchants all over the world to accept it for goods and services rendered. You can always convert your MATIC tokens for fiat currency and spend it if you don’t find a vendor who accepts MATIC.

How to Sell Polygon MATIC

You will need to transfer the tokens to a broker or exchange platform that supports MATIC. You can then place an order to sell Polygon and convert your tokens into fiat. The fiat is held on the platform and you can initiate a withdrawal request to a credit or debit card if allowed, or a bank transfer.

If you are using a broker to trade a CFD, it’s much easier. As soon as you close the CFD position, the broker will deposit fiat currency in your account.

Are There Other Ways to Make Money from Polygon?

Many traders make money speculating on the price of MATIC. They do this by using technical indicators to decide when the market will move up or down, and they either go long (buy) or go short (sell) respectively. There are no hard and fast rules about the best way to do this and make consistent profits (there are as many strategies as there are traders) but if this is something you would like to do, it’s well worth buying a few books on technical analysis.

Another way to profit from your MATIC tokens is to stake them and earn a yield on a staking platform. Staking is where you add your MATIC to a staking pool in return for regular rewards, usually paid to you in the same token. The rewards are paid for your contribution to securing the network and providing computing resources.

3 Things to Avoid When Buying Polygon (MATIC)

When buying Polygon (MATIC), there are a few things to consider. Here are the top three:

1. Understand your personality type. Are you compulsive with a large risk appetite, or are you cautious and risk-averse? The reason you should know this is so you can get an idea of how you will trade or invest in crypto. Some people like to use leverage on short timeframes and jump in and out of markets to maximise their returns. Others prefer to buy slowly and hold, spreading their risk across a wider portfolio. Knowing yourself and understanding your emotions and what drives you will help you develop the right trading strategy and prevent you from making costly mistakes.

2. Don’t believe the hype. Before buying MATIC, do your own research. For every cryptocurrency, there is a YouTuber rattling on about it’s about to 100x  or ‘moon’. If you listen to these people, many of whom get a kick out of shilling their own holdings, you will most likely miss out on the pump and buy in on the dump. To avoid this happening, study the token you want to buy for yourself, understand its value and utility then be patient, invest only when you’re ready, and never, ever FOMO in.

3. Don’t put all of your capital into one crypto. Similarly, don’t put all of your crypto tokens into one exchange. Even the best cryptos can turn out to be fundamentally flawed and go ‘to zero’, and even the most liquid exchanges can run into trouble and fold. To avoid the possibility of your entire fund being flushed out in a bear market, spread your risk across cryptos and other assets, and spread your capital across exchanges. If you’re not staking, keep your crypto in a hardware wallet.

Key Takeaways

Polygon is an EVM compatible sidechain that brings true scaling capabilities to users of Ethereum. It helps increase transactional throughput, reduces gas fees for users and leverages Ethereum’s existing security. By connecting blockchains together, Polygon encourages the increased usage of decentralised applications and tools by providing wider channels for more data to flow through.

Ultimately, by providing developers with flexible, user-friendly tools, Polygon is helping Ethereum achieve its transformation into becoming a multi-chain, cross-chain platform. And with more than 7000 dApps available on Polygon and many businesses migrating from Ethereum’s Layer 1 to Polygon’s EVM compatible layer 2 to take advantage of its speed and low cost, Polygon’s future seems assured.