How to Buy Polygon in Singapore - Beginner's Guide (2024)

How to Buy Polygon in Singapore - Tutorial

Our guide focuses on eToro as it is our overall best place to buy Polygon in Singapore. However, these steps can be applied to other crypto exchanges in this guide.

1. Open an account

Click on the Start Investing button on the homepage to get started. Fill in your details on the sign-up form and create an account. You can also download the mobile app from the Play Store/App Store and do the same.

2. Verify your account

You’ll receive an email verification link when you create an account. Click on it to start the process. Complete your profile by submitting details like your date of birth and a passport photo, after which you submit KYC documents. These documents include proof of ID (National ID or driver’s licence) and proof of residence (utility bill).

3. Make a deposit

Once your account has been verified, click on Deposit Funds on the left pane of your dashboard. The deposit options available will be displayed. Choose one and set the amount you’d like to deposit. You can deposit Singapore dollars directly using credit/debit cards, PayPal, Skrill, Neteller, or a bank transfer.

4. Buy Polygon Singapore

Search for Polygon in the Discover tab. An interface like the one below should load. You can buy immediately at market price or set a price you’d like to buy at.

Is Polygon a Good Investment?

We cannot outright say whether or not Polygon is a good investment. However, we can give pointers to help you arrive at that decision yourself.

Decentralisation

Firstly, Polygon is decentralised. It does not depend on governments to legitimise it or companies to run and maintain its blockchain infrastructure. Cryptocurrency transactions are free from many of the controls and drawbacks of traditional finance networks, like high fees for international transfers.

As the digital age progresses, more components of our lives will be moved to the digital space. Crypto technology mathematically safeguards digital assets and places ownership with users, making it crucial for a free digital future.

Liquidity

Cryptos are generally very liquid and portable assets. They can be bought on one crypto exchange, moved to another cryptocurrency exchange in a different country and sold in a matter of minutes, creating a way to move wealth easily.

High Return Potential

Polygon has a track record of delivering high returns on investment, either due to its volatility or more fundamental reasons like growing adoption and institutional interest. Combine this with the fact that blockchain technology is still in its early stages, and the growth (and profit) potential is significant.

Store of Value

Crypto can be used as a long-term store of value, especially those that are scarce, like Polygon. Because supply is capped, the value of finite coins is projected to grow over time, provided demand grows. This makes Polygon a possible long-term alternative to gold.

Portfolio Diversification Option

Polygon is a digital asset that can be used as an asset class when building a diversified portfolio. Its equity potential (the possibility to increase in value) makes it worthy of consideration for modern portfolios.

Risks of Buying Polygon

There are downsides to buying Polygon. The first is its volatility. Crypto is known to swing wildly, losing significant portions of its value within a few weeks and often leaving investors reeling from losses.

There is also a risk of rug-pulls, blockchain attacks, and wallet hacks. These are technological risks that involve an attacker hacking a crypto’s blockchain network or your wallet and usually end with funds getting stolen.

Finally, crypto at large is still the target of legal crackdowns and harsh regulatory policies that could stunt its growth and adoption rate.

What Payment Methods Can I Use to Buy Polygon in Singapore?

Ideal payment methods should support the Singapore dollar natively, and while not all platforms allow deposits in SGD, these are the methods you can easily use to buy Polygon in Singapore.

Credit/Debit Cards

Credit or debit cards are probably the most accepted payment method across platforms but also the most expensive. eToro doesn’t charge fees but fees on Coinbase are 2.49%. On other platforms, fees generally range between 1% – 3%.

Bank Transfers

Local transfers through a Singapore bank account are available for some platforms. It is free on eToro, though other platforms may charge fees. A conversion fee may be charged for deposits in currencies other than the account-denominated fiat currency. You can also use FAST to make bank transfers to Oanda and Independent Reserve.

PayPal

PayPal is one of the most popular payment services and electronic wallets in use today. However, it is not as widely supported as the first two payment methods. For example, Coinbase does not support PayPal as a direct funding method in this region, but Oanda does.

Ways to Invest in Polygon in Singapore

There are several ways to gain exposure to Polygon and profit from its price movements in Singapore. This section dives into them and how they relate to Polygon.

Buy and Hold Polygon

The buy-and-hold strategy involves buying Polygon and holding it for a long time, usually as long as you can. This strategy is popular in the industry as it has proven to be effective over long periods, usually years.

This strategy can be varied using a buying technique called dollar cost averaging (DCA), where you buy a set dollar amount of Polygon at fixed intervals regardless of price.

Trade Polygon

This strategy profits from Polygon’s volatility. Trading MATIC involves relatively short-term buying and selling, usually from as little as a day to as long as a year. Positions held for longer are often classified as investments.

Trading creates an opportunity to explore other financial derivatives like futures, options, and CFDs that give traders exposure to MATIC’s price movement without the need to buy the coin. It also allows for leverage facilities that can magnify traders’ wins (or losses).

Choosing a Polygon Wallet in Singapore

Wallets are important because they store your valuable cryptos, so choosing the right one is crucial. Crypto wallets are generally split into hardware and software wallets. Hardware wallets store cryptos offline on a device, while software wallets store cryptos online and are always connected to the internet.

Software Wallets

• Web wallet: These wallets come as either browser extensions or web apps that store your private keys in your browser. Web app variants are accessible through any browser, but the extension variant must be installed on a new browser, and a seed phrase must be used to recover your wallet. eToro and Coinbase provide free web wallets that store Polygon.

• Mobile wallet: This wallet is a mobile app downloadable from the Play/App stores or the internet. Binance’s mobile wallet is called Trust Wallet and it supports Polygon.

• Desktop wallet: This is an application that runs on your computer and stores your private keys on your hard drive. There are several desktop wallets available depending on the level of control you want and your familiarity with blockchain technology. However, a good option for beginners is the Electrum wallet, available for Windows, Mac, and Linux PCs.

Physical and Hardware Wallets

• Hardware wallet: A hardware wallet is a physical device that stores private keys offline. They are much harder to hack and are currently the safest storage option. Hardware wallets that support Polygon include Trezor and Ledger.

• Paper wallet: A paper wallet is a piece of paper with public and private keys printed on them. While they are a good way to keep your private key offline, they are not recommended as you may lose the paper or the ink could wear off with age. Paper wallets have gone out of fashion since the advent of hardware wallets.

Wallet Combinations

You can combine two or more crypto wallets for added security or a better user experience. For example, you can use a hardware wallet like Ledger with a web wallet extension to buy coins on a decentralised exchange and immediately send them to your hardware wallet.

Should I Buy Polygon Now? - Things to Consider Before Buying Polygon in Singapore

Whether or not you should buy Polygon now depends on the state of the economy, your investment goals, your risk tolerance, and the cost of investments. Consider these factors when making a decision.

Polygon Fees

The total cost of buying Polygon is made up of trading fees, network fees, exchange fees, and deposit fees across cryptocurrency exchanges.

The network fee is the charge the blockchain takes for processing cryptocurrency transactions. This fee usually goes to computers that help secure and run the Polygon network. It could rise and fall based on the volume of transactions for certain blockchains. However, newer networks are built to accommodate high volumes without significant changes to transaction fees.

Exchange fees are charged for conversion, trading, or other related services. Some platforms are cheaper than others in certain regards. For example, conversions on Coinbase are cheaper than eToro at 0.6% per trade compared to the 1% charged by the latter.

There are other fees that may be worth comparing, too, such as spreads, deposit fees, withdrawal fees, and overnight fees.

Aggregate the costs of using various components of an exchange to obtain a holistic view of the cost of using that exchange, then compare it with others to find a cheap option.

Polygon Price

Polygon’s price is known to change rapidly and swing wide, i.e. change quickly and by a considerable amount. For traders, this is good news as it presents opportunities to profit from this volatility.

Long-term investors, on the other hand, may not be too bothered by short-term fluctuations as price historicals show an overall uptrend with pocket downtrend periods. In the long-term investment case, a simple buy-and-hold strategy, or one combined with a DCA, may prove effective.

Buying Polygon in Singapore Safely

Security is of the utmost concern when dealing with cryptocurrencies and the exchanges that sell them. The first thing you should observe is the exchange’s regulatory status. The ideal situation is when the exchange is registered in its country of operation.

However, this is not always the case. Crypto exchanges sometimes offer services to users in certain geographical regions using entities registered in a nearby jurisdiction or in a jurisdiction where regulations allow them to onboard users from other countries.

In this case, ensure the regulatory agency is transparent and enforces industry-standard security and legal practices.

Buying Polygon in Singapore Anonymously

Buying Polygon anonymously is not as easy as some may assume due to widespread regulation on all major cryptocurrency exchanges and platforms. The key to remaining anonymous is to refrain from providing personally identifiable data. Platforms do this to varying degrees.

Crypto ATMs are a way to buy crypto anonymously. They only require the money with which you buy crypto and the wallet address you want to send it to. Currently, most ATMs are limited to Bitcoin, Ethereum, Litecoin, but more are popping up with support for more coins.

Another method is using prepaid cards to purchase cryptos on peer-to-peer markets. You send the code to the counterparty and they send your crypto. Visa offers prepaid cards but you’ll need to ensure you won’t have to give up personal details to obtain one.

Is Buying Polygon Legal in Singapore?

Yes, buying Polygon is legal in Singapore. Cryptocurrencies are not considered legal tender, and they are not regulated by the Monetary Authority of Singapore (MAS). Instead, they are viewed as property, making them legal to buy and sell.

The MAS has warned the public of the risks of speculating with cryptocurrency, and Singaporeans aren’t protected in the case of loss or theft of MATIC. In 2019, the Payment Services Act (PSA) was passed, which requires exchanges and crypto businesses to obtain an operating licence from MAS.

What Banks Let You Buy Polygon in Singapore?

Some of the most popular banks in Singapore are listed below, along with their views on crypto.

DBS

DBS is one of the most crypto-friendly banks in Singapore. It even has its own digital exchange, DDex, where accredited investors can trade Polygon and a few other cryptocurrencies. You can use a DBS bank account to make deposits on Independent Reserve.

OCBC

OCBC is another crypto-friendly bank based in Singapore. It was the first bank in Southeast Asia to use blockchain technology for inter-bank payments, and it has been looking into creating its own crypto exchange to satisfy customer demand.

United Overseas Bank

UOB accounts can be used to make deposits on crypto platforms. The bank has published various pieces of research on digital assets and has hired a VP for crypto security administration.

Is Polygon Taxable In Singapore?

The Inland Revenue Authority of Singapore (IRAS) classes Polygon as a Digital Payment Token. There is no tax when buying Polygon, but any profits from selling it may be taxed depending on your activity.

Profits made in the regular course of business are subject to income tax, while losses made in this way are deductible. If, however, you make a capital gain from a long-term investment in Polygon, you won’t need to pay any tax.

If you are trading regularly, you should keep detailed records of your cryptocurrency transactions to make sure you report your profits and losses correctly. These should include the date, type of transaction, SGD value of your crypto at the time of the transaction, and the other party involved.

Final Thoughts

In conclusion, there are many factors to consider before buying Polygon, such as payment methods, strategy, and storage. First and foremost, however, you will need to decide where to buy it.

Our number one recommendation is eToro, which is a regulated platform with strong security. It has a user-friendly interface and beats its competitors when it comes to deposit fees and social investing features.

More Cryptocurrency Guides in Singapore

Check out more of our popular crypto guides for Singapore below.

• How to Buy Litecoin in Singapore
• How to Buy TRON in Singapore
• How to Buy Filecoin in Singapore
• How to Buy Basic Attention Token in Singapore

Methodology - How We Picked the Best Platforms to Buy Polygon in Singapore

We decided on the best platforms by first testing them individually. Our criteria for assessment include fees, deposit and withdrawal methods, reputation, credibility, security, ease of use, trading features, coin selection, and competitive edge.

The platforms listed on this page are ones that we found to be the best at the features we listed them under, e.g. cheapest way to buy Polygon. All platforms have a track record of providing value to users.

We also placed an onus on security and credibility. These platforms have millions of users and employ some of the highest security measures in the industry.

Finally, we considered fees and limits. These platforms have various fees and deposit/withdrawal limits, but they are all within reasonable limits.

To learn more about how we test and choose platforms, visit our why trust us and how we test pages.