How to Buy Polygon (POL-MATIC): Steps to Take in 2024

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Mileva Stankovic, Ramsha Naushad

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Intro

Today, we’ll dive into Polygon, a token that's causing a stir in the crypto world. 

Learning how to buy MATIC can seem daunting if you're new to the world of cryptocurrencies. But, the process is simpler than you might think. 

Today’s guide will walk you through the steps needed to buy MATIC. From selecting the right exchange to securing your tokens, I’ll cover everything you need to know to make your investment.

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Huobi Global

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Binance, established in 2017, stands as a leading global cryptocurrency exchange, providing a diverse range of trading pairs and innovative features.

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As a major international exchange, Binance adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

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Binance has a strong reputation in the cryptocurrency domain, recognized for its reliability, liquidity, and constant innovation. It is one of the largest and most trusted crypto exchange.

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Disclaimer: The information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.
 

Key Takeaways

 

  • MATIC is a Layer 2 scaling solution for Ethereum
  • Explore exchanges like Binance and Huobi Global, considering available cryptocurrencies and user ratings
  • Provide accurate information and undergo identity verification for added security
  • Be mindful of fees for bank transfers, credit cards, and cryptocurrencies, choosing based on preferences and budget
  • Move MATIC to a personal wallet for added security

 

Pros and Cons of Using Polygon


 
Before acquiring MATIC, you should familiarize yourself with its pros and cons:
 

Pros and Cons of Polygon (MATIC)
Pros Cons
Widespread availability on numerous cryptocurrency platforms Varying fees, including trading and withdrawal fees, depending on the exchange
Diverse trading pairs against cryptocurrencies and fiat currencies Regulatory uncertainties may impact the services provided by exchanges
High liquidity minimizes slippage risks during MATIC trades Potential vulnerability to hacking attempts despite security measures
Support for advanced features like margin trading and futures contracts KYC requirements compromise user anonymity on many platforms
Robust security measures implemented by reputable platforms Customer service quality varies among exchanges
User-friendly interfaces cater to both beginners and experienced traders  

 

 

Selecting a MATIC Exchange


 
While you learn how to buy MATIC, you'll also need to pick an exchange. There are many cryptocurrency exchanges out there, and finding the right one might feel overwhelming. But don't worry, here's a guide to assist you.

Think about the following:
 

  • Does the platform support Polygon currency (MATIC)?
  • Are the fees reasonable?
  • How secure is the crypto exchange you plan to use?

Two of the most reliable crypto exchanges are Coinbase and Binance. They support many cryptocurrencies, including Polygon, and have user-friendly apps for trading on the go.

Remember, these are just a couple of examples from many exchange platforms available. Feel free to explore and find the one that suits you best.
 
 

Setting Up Your Account

You've chosen your platform. Now, it's time to create your account. Most exchanges ask for basic details like your name, email, contact number, and a secure password.

Some platforms might need an ID verification for extra security. Take your time with this step; remember, this account will hold your money and crypto. It’s crucial to have it secured.
 
 

Picking How to Buy Polygon


 
You've decided to add Polygon to your crypto portfolio. Let's break down your options when it comes to buying it.

 

Comparing fees across exchanges

 
Exchange Withdrawal Fees Deposit Fees
Binance $11.51
15 MATIC
Free
Huobi Global $6.30
8.21076117 MATIC
Free
Binance.US - Free
Poloniex $3.2467242
4.23515638MATIC
Free
Bitmax $1.7632089
2.3MATIC
Free
WazirX $24.224958
31.6MATIC
Free
FTX - -

Fees on different exchanges 

 

Ways to buy MATIC on exchanges

Most exchanges give you different ways to purchase crypto. You can use regular payment methods, like debit cards, or credit cards, or even transfer money from your bank account.

For example, if you choose Coinbase, you can connect your debit card with ease. Just put in the amount of Polygon you want, check your order, and hit 'buy.'

Most exchanges also support deposits in the form of popular cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). Once you deposit crypto, search for the MATIC trading pair you're interested in (e.g., MATIC/USD, MATIC/BTC, MATIC/ETH) and place an order to purchase.

Once your order is filled, you'll see your MATIC tokens in your exchange wallet.
 

Peer-to-Peer (P2P) transactions

You also have a Peer-to-Peer (P2P) transaction option. This is when you buy Polygon right from another MATIC holder.

P2P has its perks. It can sometimes be cheaper because you skip the fees from crypto exchanges.

But remember, lower fees don't always mean it's safer. You have to be sure the seller is trustworthy, as P2P safety can vary.

The trick here is to do your research. If the P2P platform has a rating system for users, check it to see how reliable the seller is.

And always make sure the transaction happens within the platform as much as possible, to keep your account and money safe.
 

Using gift cards

If Peer-to-Peer (P2P) trading feels a bit unfamiliar, how about getting Polygon with gift cards? Some crypto exchanges let you buy crypto using gift cards from big stores.

Buying MATIC with gift cards is generally less straightforward than using traditional payment methods like bank transfers or credit/debit cards. However, it is possible through a series of steps that usually involve converting the gift card to cryptocurrency first and then exchanging that cryptocurrency for MATIC. Here's how you might go about it:
 

  • Find a platform: Look for a platform where you can sell or trade your gift cards for cryptocurrencies like Bitcoin or Ethereum
  • Verify trustworthiness: Always verify the credibility of the service or individual
  • Trade gift card for crypto: Complete the process of exchanging your gift card for a more liquid cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH)
  • Transfer to exchange: Once you have BTC or ETH, you'll need to transfer it to a cryptocurrency exchange that lists MATIC
  • Exchange for MATIC: Once the transferred funds are in your exchange wallet, proceed to trade them for MATIC
  • Withdraw to wallet: For added security, consider withdrawing your newly acquired MATIC tokens to a personal, secure wallet

Take your time with each step, do some research, and keep your crypto safe.
 
 

Setting Up A Payment Method

Now that you’ve started exploring and learning how to buy MATIC, it’s time to discover the best payment methods.

You've got your account ready on the platform you picked. Let's say you're using Coinbase, a top-notch cryptocurrency exchange known for its easy-to-use interface and support for many cryptocurrencies.

How will you pay for Polygon? The good news is, you have choices. You can use Visa, PayPal, Bitcoin (BTC), Dogecoin (DOGE) or link your bank account. Be aware that exchanges typically charge fees for trading and sometimes for deposits and withdrawals.

Additionally, some payment methods have higher fees than others, so choose wisely. 
 

Placing your order

With your payment method ready, it's time to make an order.

On the exchange you chose—let's stick with Coinbase—you'll head to the buying page. Here, you'll see plenty of cryptocurrencies. Find Polygon (MATIC) on the list.

Enter the amount you want to buy. You'll see the price and trading info right there, so you know exactly how much MATIC you're getting and at what price. Once you're happy with it, click 'Buy,' and in just a second, Polygon will be yours.

Remember, crypto prices can go up and down fast. But don't let that scare you. With a good plan and strategy, you can navigate these ups and downs and still keep your investment
 
 

Choosing a Wallet for Your MATIC Investment


 
Remember, crypto exchanges can sometimes get hacked. So, once you have your Polygon tokens, it's a good idea to move them from the exchange to your wallet. This way, you make sure your hard-earned crypto is as safe as it can be.
 

Software wallets

Apps like Trust Wallet or MetaMask's mobile version offer convenience but may not be as secure as hardware wallets. They’re easy to use and offer quick access. But, these wallets are susceptible to phone hacks or malware.

Desktop wallets, like Exodus or Atomic Wallet, offer a balance between ease of use and security. Finally, you have browser-based wallets like the web version of MetaMask, which are still somewhat risky if your device is compromised.
 

Hardware wallets

Hardware wallets are physical devices that store your crypto offline. These wallets provide high security as they’re immune to online hacks. Still, they tend to be less convenient for quick transactions and may be costly.
 

Paper wallets

Paper wallets are literally paper containing your public and and private keys. They are completely offline, with no risk of online hacking. However, these wallets are easy to lose or damage, and are inconvenient for regular trading.

And there you have it! You're all ready to jump into the thrilling world of cryptocurrency. Just remember, while we used Polygon as an example, these steps work for almost any cryptocurrency (like Polkadot, Solana, or USDT) you want to buy.
 

Keeping your Polygon safe

For added security, it's advisable to move your MATIC tokens to a personal wallet, especially if you plan to hold them for a long period. 

Whether you use a hardware wallet or a software wallet, put security first. Write down your private keys, be mindful of phishing attempts, and don’t share this information with anyone.
 
 

What are the Fastest Methods to Purchase Polygon?

After setting up your account on the preferred exchange, the next step is to add funds for buying MATIC. You have the option to deposit your local currency through a bank account or credit card, or you can transfer coins from another exchange or wallet. Here are some popular avenues to buy MATIC:
 

Bank account

Transferring funds from your local bank account is often free, but remember to confirm this with your chosen exchange. You can find this information in our table by clicking on 'view details.'
 

Credit or debit card

Linking your card to your account is a convenient way to fund it, but keep in mind that it usually comes with an extra fee. The advantage is that you can use your card for quick purchases or even set up regular buying.
 

Cryptocurrency

Another option is to purchase MATIC by trading it for another cryptocurrency like Bitcoin or a stablecoin. However, this can vary from exchange to exchange, so search for MATIC on the spot market to see which cryptocurrencies you can use for trading.
 
 

What Do I Need to Acquire Polygon?

To get started on any cryptocurrency exchange and pass a Know Your Customer (KYC), you'll require an email address, a phone number, and a photo ID, so it's advisable to have your documents on hand.

KYC typically requires providing a photo ID along with the use of a webcam or smartphone. 

Additionally, you may be asked to confirm your address by uploading a recent bank statement or utility bill.

While some exchanges permit cryptocurrency deposits and trading without completing KYC, they won't allow you to transfer local currency from your bank account. Therefore, if you intend to purchase MATIC with your local currency, you'll need to undergo KYC.

After verifying your identity, enable two-factor authentication (2FA) before making any deposits. This step will enhance the security of your account and help safeguard your funds.
 

What is Polygon (MATIC)?

MATIC is a cryptocurrency that has gained significant attention and popularity in the world of blockchain and digital assets. It is a Layer 2 scaling solution for the Ethereum blockchain. Polygon is aiming to address some of the key limitations and challenges that Ethereum faces:

  • Scalability
  • Transaction speed
  • Cost efficiency

Polygon seeks to enhance the functionality of Ethereum. It provides a framework for building and connecting various blockchain networks. This connection is known as "sidechains." 

It employs a unique architecture that combines the security and decentralization of Ethereum with the flexibility and efficiency of its sidechains.

These sidechains are designed to facilitate faster and cheaper transactions. They allow developers to create decentralized applications (dApps). These dApps offer better user experiences without congesting the Ethereum network.

Developers can also optimize their dApps for specific use cases, such as gaming, finance, and NFT marketplaces.

Polygon provides a seamless experience for both developers and end-users. By utilizing Polygon, developers can concentrate on building innovative and engaging applications. 

Meanwhile, users enjoy faster transaction confirmations and significantly reduced fees compared to using the Ethereum mainnet directly.

MATIC has garnered attention due to its strong community support and great partnerships. It integrates with various projects within the broader blockchain and cryptocurrency landscape. Its versatility and potential applications have attracted not only dApp developers but also established companies looking to leverage blockchain technology.
 

How To Buy MATIC: Final Thoughts

Now that you’ve learned how to buy MATIC, all that remains is securing your holdings. Cryptocurrency investing comes with risks, and the market can change a lot. Before you dive in, make sure you select the right payment method and are aware of the possible risks.

Keep in mind that buying Polygon should be just one part of your investment plan. Diversify your portfolio and invest only what you are ready to lose. 

Frequently Asked Questions

Can I buy Matic with fiat currency?

Yes, you can buy Matic with fiat currency. Choose a reputable exchange supporting Matic/fiat pairs, create an account, deposit fiat, navigate to the Matic trading pair, and place a buy order. Always use secure exchanges with proper verification.

 

How long does it take to complete a purchase of Matic?

The duration varies, typically taking minutes to hours. Create an account, deposit funds, and place a buy order on a Matic-supported exchange. Processing times depend on deposit methods, market conditions, and order execution.

What are the best ways to store MATIC?

After acquiring MATIC, you can either leave it on the exchange where you bought it or transfer it to a personal wallet. Many individuals prefer using their own wallets for full control over their assets or integration with other services like DeFi. Hardware wallets are generally regarded as the most secure type of cryptocurrency wallet. 

How can I buy Matic?

To buy Matic, get a digital wallet, choose a reputable exchange like Binance or Coinbase, create an account, deposit funds, find the Matic trading pair, enter purchase details, and confirm the transaction. Ensure security and use reliable exchanges.

 

Who accepts MATIC as a form of payment?

MATIC, or Polygon, is widely accepted as a form of payment. Twitch, Amazon, or AMC Theatres, as well as travel agencies now integrate MATIC, so you can book a flight. Some food delivery platforms also accept MATIC, providing users with diverse options for using this cryptocurrency.

Who provides secure wallets for storing MATIC?

Secure wallets for MATIC include the Matic Wallet, designed with advanced encryption and multi-factor authentication. It seamlessly integrates with Matic network dApps. Another trusted option is the Ledger Nano S hardware wallet, offering offline storage to protect MATIC tokens from online threats.

Written by

Mileva Stankovic

When Mileva invested in Bitcoin at the end of 2017, she never believed she’d end up becoming so focused on crypto. Today, she's investing in various coins and playing Texas Hold 'em with passion. 

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