5 Things to Consider if you Want to Buy Polygon MATIC
Before you decide to buy Polygon MATIC, you should do a bit of research into the MATIC token and the preferred platform. Here are 5 things you must keep in mind:
Carefully choose your preferred secure 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.
Will you need to set up your own wallet for MATIC?
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 may 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 token takes place.
You might need to transfer your Polygon MATIC from one wallet to another eventually and this will cost you. 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 the energy-efficient and overall better Proof of Stake (PoS). At the same time, Polygon also 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.
Your Cryptocurrency exchange or broker will be running its own set of securities too. Apart 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 of addresses can also be offered, where you can only withdraw your MATIC coins to pre-agreed wallet addresses.
Can you understand and navigate the platform?
Any platform, whether a Cryptocurrency exchange or a broker, will have its own interface. There might be commonalities such as order placement, charts and graphs, 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.
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:
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.
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.
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 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.
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.
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.
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 an 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.