How To Buy Polygon (MATIC)?
A common question you often see on social media from crypto beginners is “Where can I buy Polygon?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Polygon on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports Polygon (MATIC)
First, you will need to open an account on a cryptocurrency exchange that supports Polygon (MATIC).
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Fees (Maker/Taker) 1.49%*-3.99%*
Available for Trade 75+
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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 Polygon (MATIC) 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 Polygon (MATIC)
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 Polygon (MATIC) or Polygon (MATIC) trading pairs. Look for the section that will allow you to buy Polygon (MATIC), and enter the amount of the cryptocurrency that you want to spend for Polygon (MATIC) or the amount of fiat currency that you want to spend towards buying Polygon (MATIC). The exchange will then calculate the equivalent amount of Polygon (MATIC) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Polygon (MATIC) 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.
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.
What Is Polygon (MATIC)?
Polygon is a framework for creating Ethereum-compatible blockchain networks and scaling solutions. Polygon is more of a protocol than a single solution. This is why one of the main offerings of the ecosystem is the Polygon SDK, which allows developers to create these Ethereum-compatible networks.
Sidechains can offer several benefits – most notably, increased transaction throughput and low fees. If you’ve used the Polygon Network, you’ll know that it’s incredibly fast and very low-cost compared to Ethereum. Even so, there are some trade-offs to be made for this performance. We’ll get into these later.
As Polygon supports the Ethereum Virtual Machine (EVM), existing applications can be ported to it with relative ease. This can give users a comparable experience to Ethereum, only with the previously mentioned high throughput and low fees.
Who Are the Founders of Polygon?
Polygon (formerly Matic Network) was launched in October 2017. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and a business consultant. Before moving to its network in 2019, the Polygon team was a huge contributor in the Ethereum ecosystem. The team worked on implementing the Plasma MVP, the WalletConnect protocol and the widely-used Dagger event notification engine on Ethereum. The team included co-founder of Polygon, Jaynti Kanani. Jaynti, a full-stack developer and blockchain engineer currently serves as the CEO of Polygon.
Co-founder and chief operations officer of Polygon, Sandeep Nailwal is a blockchain programmer and entrepreneur. Before jointly starting Polygon (formerly Matic), Sandeep had served as the CEO of Scopeweaver, and the chief technical officer of Welspun Group.
Anurag Arjun is the only non-programming co-founder of Polygon. As a product manager, he has had stints with IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.
How does Polygon work?
The Polygon framework supports two major types of Ethereum-compatible networks: secured chains and stand-alone chains. An example for a secured chain is a rollup, while an example for a stand-alone chain is a sidechain.
Secured chains rely on the infrastructure of the chain they are attached to, so they don’t have to adopt their own security model. In contrast, stand-alone chains have to take care of their own security. This means that secured chains tend to offer a higher level of security, while stand-alone chains offer more flexibility for specific needs.
So, what about the Polygon Network? The Polygon sidechain is secured by its own set of validators (validator pool), and it has to submit checkpoints to Ethereum from time to time. This is why some people say that sidechains are not a “pure” Layer 2 solution. They have to take care of their own security instead of leveraging Ethereum’s security. This can be a crucial distinction, and we’ll get into it in a bit more detail later when discussing rollups.
Once it’s complete, however, you can enjoy the low fees and fast transactions that Polygon has to offer. Otherwise, some centralized exchanges (CEX) also offer direct withdrawal to the Polygon Network.
Official website: https://polygon.technology/