Since its inception in mid-2020, Polkadot coin has climbed over 500%. Although crypto markets are currently taking a beating, now could actually be a great time to add Polkadot coin to a portfolio. More broadly, the crypto market has swelled in recent years, currently sitting at a 1.7 trillion-dollar market capitalisation.
If you want to gain a stake in this rapidly expanding market, then read on for our beginner’s guide on how to buy Polkadot in the UK. We will cover how and where to buy Polkadot, and also its price history and predictions.
How to Buy Polkadot – Quick Steps
Firstly, let’s take a quick 4-point guide to buying Polkadot coin
- Open an eToro account – Visit the homepage and follow the onscreen instructions.
- Deposit funds – Verify your eToro account and deposit funds into your wallet.
- Search for Polkadot coin – Use the search bar on the eToro homepage to select Polkadot coin.
- Buy Polkadot – Fill out an order form and add Polkadot coin to your wallet!
It’s as simple as that!
Where to Buy Polkadot Coin
Now we have taken a look at how to buy Polkadot coin in the UK. Let’s look at some of the best places to buy Polkadot.
1. eToro – Best Place to Buy Polkadot in 2022
In our opinion, eToro is the best place to buy DOT coin – especially for beginners. The platform is easy to navigate around, and accounts can be easily set up by visiting either the smartphone app or website. eToro has heaps of financial assets and 50 cryptos for investors to choose from, and what’s more, it is FCA regulated.
Two notable functions that eToro has are copy and social trading. Social trading allows investors to share tips, tricks, and insights to eToro’s 23 million registered users worldwide. Copy trading is great as it allows investors to copy some of the platforms’ best-performing portfolios.
Regarding costs, eToro is also a great option. It charges low fees and tight spreads on crypto trades. However, there is a $5 withdrawal fee and a $10 inactivity fee (charged if accounts are left inactive for over 12 months) that investors should be aware of.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
2. Huobi
Huobi is a global crypto exchange, founded in 2013. Since then, it has grown to serve over 10 million users in 170+ countries. It is available on both IOS and Android and setting up an account can be done by visiting the website. A great point to note about Huobi is that when setting up an account, users will be given $20 to trade with. In addition to this, if they deposit within two days, a further $40 will be added to their account.
When using Huobi, investors can trade with up to 5X leverage. This is great for amplifying returns, however, it should be noted that this can lead to pretty devastating losses if not managed correctly. Huobi also offers investors access to a whopping 320 coins, which is a great point.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
3. Crypto.com
Our third leading crypto exchange is Crypto.com. The platform has over 10 million users worldwide, who gain access to over 150 crypto coins when trading. Like eToro and Huobi, it is available on both IOS and Android, and accounts can be set up easily by visiting the online website.
A cool feature of Crypto.com is that users can request a physical Crypto.com card which can be used with select retailers. When payments are made using this card, users can receive up to 8% cashback. This cashback is in the form of crypto and will be sent directly to your wallet.
Crypto.com fees are as follows:
– 0.04 – 0.4% market maker fees.
– 0.1 – 0.4% taker fees.
– 2.99% credit card deposit fees.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
What is Polkadot?
Ever wondered how to buy DOT? DOT is the decentralised token powering the Polkadot protocol. The Polkadot protocol is designed to allow different blockchains to securely interact with each other. For example, data between the Bitcoin and Ethereum blockchain’s could easily flow without the need for an intermediary with Polkadot. What’s more, it has been designed so that it is highly scalable. This has been done through the use of multiple parallel blockchains, called ‘parachains’ which take much of the processing stress off of the main blockchain.
Putting this into modern-day practice, a school’s private documents stored on a private blockchain could automatically send proof to a degree verification smart contract on the public chain. Scenarios like this highlight the real-world utility of DOT and Polkadot.
Is Polkadot a Good Investment?
Real-world utility
As explained above, the real-world utility that Polkadot yields could make it a great long-term investment. Decentralised data is becoming a hot commodity, and decentralised applications such as Polkadot are primed to benefit from this. What’s more, the high scalability of the product means that it is not limited in its reach and is ready for mass consumption. This utility will likely mean that Polkadot could outlive some of its low utility altcoin competition.
Current crypto market
The current crypto climate could be a blessing and a curse for Polkadot coin. At current, the market seems to be very bearish, with market leader (and proxy) Bitcoin falling 22% over the past 6 months. Whilst this may be bad news for Polkadot coin in the short term, it could provide the opportunity to grab some Polkadot at a discounted price. This could help magnify returns in the future.
Polkadot Price
The current Polkadot price is £12.53. This is down over 8% over the past 7 days and over 30% in the past 30 days.
Polkadot Price Prediction
As mentioned, multiple times, one of the biggest things to look for in any crypto investment is the real-world utility that the coin and project provide. In this case, Polkadot seems perfectly placed to reap the rewards of an exponentially expanding world of decentralised data. If such a trajectory continues, then it seems like Polkadot coin could climb in price in the future.
As the 9th most popular coin on Coinbase, Polkadot consistently has high volumes traded. At current, 75% of users rate it a buy as opposed to a sell. This signals a bullish market sentiment towards the coin.
However, with the crypto market being so risky, all of the great points that Polkadot has could be outshone by bearish wider price moves. Therefore, there is no guarantee that Polkadot will be able to consistently rise.
Best Polkadot wallet
In order to purchase Polkadot, you must set up a wallet. This is a secure place where you can buy, sell, and hold your crypto. Different wallets boast different features and tools to help you get the most out of your crypto trading.
If you are looking for a wallet, we recommend using the eToro Money crypto wallet. It is easy to use, highly secure and allows users access to over 500 crypto pairs. This makes the wallet a great choice for any investor.
How to Buy Polkadot Crypto Tutorial
Let’s now take a closer look at how to set up an account with eToro and how to invest in Polkadot coin:
Step 1: Set up an eToro account
The first step is to set up your eToro account. To do this, simply visit the eToro homepage and follow the onscreen prompts. You will be required to enter some basic personal information at this stage.
Step 2: Verify your account before adding funds
In order to add funds to your account, you will need to verify it. In order to do this, you must provide two forms of identification. eToro will aim to have these verified within minutes.
Step 3: Deposit your funds
Now you have a verified account, you can add funds to your wallet. Funds can be added using a variety of payment methods including debit/credit cards, bank transfers, and e-wallets such as PayPal and Skrill.
Step 4: Buy Polkadot coin
Simply navigate to the search bar and click ‘Trade’ when you see Polkadot. Then fill out an order form and your crypto will be added to your wallet!
Conclusion
With the crypto market having expanded over recent years, now could be the perfect time to invest for future growth. Polkadot offers a great opportunity to add some real-world, high growth exposure to your portfolio.
If you are interested in where to buy Polkadot coin in the UK, we recommend doing so through eToro. It is easy to set up, has tight spreads, and is FCA-regulated.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
This article is part of a paid partnership with Finixio on behalf of financial services company eToro.