How To Buy Polkamarkets (POLK)?

A common question you often see on social media from crypto beginners is “Where can I buy Polkamarkets?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Polkamarkets (POLK)

First, you will need to open an account on a cryptocurrency exchange that supports Polkamarkets (POLK).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Polkamarkets (POLK) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Polkamarkets (POLK)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Polkamarkets (POLK) or Polkamarkets (POLK) trading pairs. Look for the section that will allow you to buy Polkamarkets (POLK), and enter the amount of the cryptocurrency that you want to spend for Polkamarkets (POLK) or the amount of fiat currency that you want to spend towards buying Polkamarkets (POLK). The exchange will then calculate the equivalent amount of Polkamarkets (POLK) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Polkamarkets (POLK) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Polkamarkets (POLK)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Polkamarkets (POLK)?

Polkamarkets is an Autonomous Prediction Market Protocol built for multi-chain information exchange and trading, where users take positions on outcomes of real-world events in a decentralized and interoperable platform on an EVM-based Protocol that can be used on any EVM.

Forecasting and providing liquidity to Polkamarkets will earn users $POLK, the platform’s native utility token. By joining the power of DeFi and liquidity incentives to prediction markets, Polkamarkets aims to be the premier forecasting tool on the blockchain.

Launched on 28/01/2021, by a fully remote team based in Bali, London and Lisbon, Polkamarkets aims to solve problems in the Prediction Markets industry such as lack of liquidity & markets, lack of traders, and duplicate or confusing markets by incentivizing liquidity providers and traders to facilitate & take large positions, while a system for curation and resolution ensures efficient and trustworthy markets.

Polkamarkets allows users to enjoy a new type of trading experience by using a protocol designed to allow any user to comprehend its technicalities, find new ways to maximize their portfolio, and even create their own prediction markets based on real-world events.

What is the POLK token?

POLK is used as a curation mechanism and a settlement & dispute system in the protocol – where you are able to perform:

• Prediction Markets Creation: POLK is required for users to open new markets on Polkamarkets. If you want to know the future and receive the wisdom of the crowd, you must use POLK.

• Oracle Dispute: POLK is used in a bonding system that leverages the wisdom of the crowd to arrive at a truthful event resolution based on distributed consensus.

Polkamarkets Protocol for Developers

Polkamarkets’ customizable open-source platform makes it fast and cheap for development teams to deploy their own infrastructures.

Developers can implement their favorite frameworks and focus on creating their own Autonomous Prediction Markets platforms. Polkamarkets allows you to forecast and own a part of the future by leveraging the power of the wisdom of the crowd.

Polkamarkets development updates in 2023

In 2023, Polkamarkets has continued to evolve as a platform, focusing on enhancing its infrastructure and broadening its applicability in the decentralized finance (DeFi) and prediction market sectors. Here’s a summary of the most significant developments:

• Expansion for Developers: Polkamarkets has made substantial advancements in supporting developers. The platform offers an open-source codebase, enabling developers to deploy or customize the entire Polkamarkets Protocol for their own decentralized prediction marketplaces. The integration is facilitated using the Polkamarkets JS SDK, allowing for seamless integration of prediction markets into various decentralized applications (dApps)​​.

• Integration and Extension Capabilities: The platform has focused on enhancing its extensibility by leveraging partner technologies. This allows for the integration of additional features such as automated market resolution, KYC, compliance, dispute courts, and more, using technology from Polkamarkets Partners. These integrations contribute to creating a more robust and versatile platform, suitable for a wide range of uses in prediction markets and beyond​​.

• Protocol and Technology Enhancements: Polkamarkets’ Smart Contracts cover essential aspects such as the prediction markets mechanism, resolution mechanism, and an automated achievements mechanism that rewards activity with NFTs. The Polkamarkets Data API has been developed to cache blockchain data, enhancing the resilience and performance of the Web API and allowing for analytical queries on Polkamarkets deployments​​.

• Marketplace and Use Cases: Polkamarkets continues to offer ready-to-go prediction marketplaces, encouraging users to create their own Prediction DEXes (Decentralized Exchanges). The platform supports deployment on any EVM-compatible blockchain, highlighting its flexibility and adaptability to different blockchain environments. The use cases of Polkamarkets extend beyond just prediction markets, including various business applications where forecasting is crucial​​.

These developments in 2023 illustrate Polkamarkets’ commitment to enhancing its platform’s capabilities, particularly in terms of developer support and integration flexibility. The platform’s focus on extensibility and broad applicability positions it as a key player in the prediction markets and DeFi sectors.

Official website: https://www.polkamarkets.com/

Best cryptocurrency wallet for Polkamarkets (POLK)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Polkamarkets (POLK)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).