How To Buy Polygon (MATIC)?

Polygon 500x286 1 - How To Buy Polygon

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).
We recommend the following based on functionality, reputation, security, support and fees:

1

 Binance

Create Binance Account - How To Buy Polygon

Fees (Maker/Taker)            0.075%*-0.1%*

Cryptocurrencies
Available for Trade                             500
+

Sign-up bonus
 10% reduced trading fees*

Available in
Europe, Asia, Oceania, Africa

2

 MEXC

Create MEXC Account

Fees (Maker/Taker)                    0.2%*-0.2%*

Cryptocurrencies
Available for Trade                             1500
+

Sign-up bonus
 10% reduced trading fees & up to $170 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa

3

 Coinbase

Create Coinbase Account - How To Buy Polygon

Fees (Maker/Taker)             1.49%*-3.99%*

Cryptocurrencies
Available for Trade                              150
+

Sign-up bonus
 $10 sign-up bonus*

Available in
North America, South America, Europe, Asia, Oceania, Africa

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.

How to create a Binance account

Create Binance Account

Show Detailed Instructions

Step 1: Go to the Binance website.

Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.

How To Create a Binance Account Step 2

Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.

Step 3: Complete the Security Verification.

How To Create a Binance Account Step 3

Step 4:
The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How To Create a Binance Account Step 4
Congratulations, you have successfully registered on Binance.

How to complete KYC (ID Verification) on Binance

Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
 

How To Complete KYC ID Verification on Binance Step 1 - How To Buy Polygon

Step 2: click “Start Now” to verify your account.

How To Complete KYC (ID Verification) on Binance Step 2

Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.

How To Complete KYC ID Verification on Binance Step 3 - How To Buy Polygon

You will then see the list of verification requirements for your specific country/region. Click “Continue”.
How To Complete KYC (ID Verification) on Binance Step 4

Step 5: Enter your personal information and click “Continue.”

Make sure that all the information entered is consistent with your ID documents.
You won’t be able to change it once confirmed.
How To Complete KYC ID Verification on Binance Step 5 - How To Buy Polygon
Step 6: Next, you will need to upload pictures of your ID documents. Choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license.
Refer to the respective options offered for your country.
How To Complete KYC (ID Verification) on Binance Step 6

Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.
How To Complete KYC (ID Verification) on Binance Step 7
Step 8: After uploading the document photos, the system will ask for a selfie. Click “Upload File” to upload an existing photo from your computer.
How To Complete KYC ID Verification on Binance Step 8 - How To Buy Polygon
Step 9: After that, the system will ask you to complete face verification. Click “Continue” to finish face verification on your computer. Alternatively, you can move your mouse to the QR code on the bottom right to complete the verification on your phone instead. Scan the QR code via your phone’s camera to finish the face verification process.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
How To Complete KYC ID Verification on Binance Step 9 - How To Buy Polygon
After completing the process, please wait patiently.
Once your application has been verified, you will receive an email notification.

How to buy cryptocurrency on Binance

Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”. 

How To Buy Cryptocurrency on Binance Step 1

Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Binance Step 2 - How To Buy Polygon

Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.

How To Buy Cryptocurrency on Binance Step 3 - How To Buy Polygon

Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.

How To Buy Cryptocurrency on Binance Step 4

How to Conduct Spot Trading on Binance

Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.

How to Conduct Spot Trading on Binance Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Binance Step 2 - How To Buy Polygon

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.

(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Binance Step 3 - How To Buy Polygon

Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.

How to Conduct Spot Trading on Binance Step 4

Hide Detailed Instructions

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.

Still, you may have heard about the Polygon Network, a Proof of Stake (PoS) sidechain and one of the first live products in the Polygon ecosystem. A sidechain is essentially a parallel chain that’s connected to another blockchain.

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.

But what can you do as a user on Polygon? Unsurprisingly, similar things as you can on Ethereum, but much cheaper and faster. Some of the most popular DeFi dapps have already been deployed on it, such as Aave, 1inch, Curve, and Sushi. But there are also some native applications on it that don’t exist elsewhere, such as QuickSwap and Slingshot.

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.

Jaynti played an integral role in implementing Web3, Plasma and the WalletConnect protocol on Ethereum. Prior to his blockchain involvement, Jaynti worked as a data scientist with Housing.com.

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.

In the future, the Polygon platform aims to support a wider variety of scaling solutions, including zero-knowledge (zk) rollups, optimistic rollups, and Validum chains. Once more of these scaling solutions are available, developers will have more tools to develop innovative applications, solutions, and products. Also, we can expect all of these to be compatible with existing Ethereum tools and wallets, such as MetaMask.

What Are Layer-2 Solutions and Why Do We Need Them?

A layer-2 solution is a blockchain that runs parallel to a mainnet — in Polygon’s case, Ethereum — but processes transactions outside of the mainnet, resulting in an increased throughput (transaction speed) and lower gas fees.

In other words, layer-2s create a communication channel between the two blockchains and send the information package (the transaction data) from the mainnet to the parallel blockchain to execute the transaction for a fraction of the cost and at a much faster rate, all while not jeopardizing the Ethereum mainnet.

Because of its vast and secure infrastructure and innovative tooling, Ethereum is the go-to ecosystem for most software developers looking to launch their dApps (decentralized applications).

However, high demand for dApps and subsequent supply clogged the network, and its throughput has significantly decreased — it’s not uncommon to see gas fees rise to two or three digits in USD equivalent, which can be quite expensive depending on how much you interact with the network, leaving the Ethereum blockchain only for the ‘big players.’

This is why Layer 2 solutions have become critical to the DeFi ecosystem, as they improve Ethereum’s scalability and throughput while maintaining its security.

Polygon Bridge

The Polygon Bridge is the most convenient way to bring your funds from another blockchain network to the Polygon sidechain. Note that you’ll still have to pay mainnet transaction fees since the bridging transaction is on the mainnet.

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.

What is MATIC

What is the MATIC Token?

MATIC is the Polygon network’s native cryptocurrency, and it is used to drive network development as well as for staking and payment of transaction fees.

MATIC tokens can be earned by providing computational resources and services to the Polygon network. This can be accomplished by validating transactions or running smart contracts on the network.

Furthermore, by owning and staking MATIC cryptocurrency, users gain the ability to vote on network upgrades, with each vote proportional to the amount of MATIC cryptocurrency staked.

MATIC tokens, like many other cryptocurrencies, have a limited supply, which means that according to the software’s rules, there will only ever be 10 billion MATIC coins in circulation.

How do you use the Polygon network?

The Polygon network allows you to do many of the same things as the main Ethereum network, but for a fraction of the cost. Try decentralized exchanges such as QuikSwap or SushiSwap, yield-generating lending and savings protocols such as Aave, NFT markets such as OpenSea, or even “no-loss prize games” such as Pooltogether.

To test the Polygon network, send some cryptocurrency to a compatible crypto wallet, such as the Coinbase Wallet. You can then “bridge” some of your crypto to the Polygon network — stablecoins are a popular choice for this. To make transactions, you’ll also need to bridge some MATIC, but even a dollar’s worth is plenty because the fees are so low.

The Polygon network is an excellent way to gain real-world experience testing DeFi protocols due to its low fees and near-instant transactions. (Keep in mind that DeFi can be highly volatile, so start small and invest no more than you can afford to lose, especially as a beginner.)

Polygon Development Updates in 2023

Polygon has made several significant strides in its development throughout 2023. Here’s a summary of the key updates:

  • Increased Network Activity: Polygon has seen a considerable increase in network activity. The total number of unique addresses on the network reached 200 million, a 54% year-over-year growth. Additionally, the network processed 960 million successful transactions. These metrics indicate a robust and expanding usage of the Polygon blockchain.

  • Launch of Polygon zkEVM: A major highlight for Polygon in 2023 was the launch of its ultimate scaling solution, Polygon zkEVM, on the testnet. This development is crucial as it aims to enhance Polygon’s scalability, making it more efficient for a wide range of applications.

  • Strategic Partnerships: Polygon has formed partnerships with globally renowned companies such as Adobe, Disney, Meta, the NFL, NuBank, Reddit, Robinhood, and Starbucks. These collaborations are expected to bring more utility and visibility to the Polygon network.

  • Focus on DeFi and Gaming: Polygon predicts that 2023 could be a pivotal year for DeFi (Decentralized Finance). The platform is expanding its foray into gaming, and some of the announcements made by established game development studios are expected to materialize this year.

  • Polygon ID Project: The Polygon ID project aims to rethink digital identity in Web 3. This initiative could lead to innovative applications and use cases on the Polygon network.

  • Polygon Connect Event and ZK Product Demo: In December, Polygon Labs announced the Polygon Connect event in India and a public demo of their next-generation ZK product. These events are part of their ongoing effort to enhance the network’s capabilities and showcase their advancements in technology.

  • Acentrik Partnership: An initiative by Mercedes-Benz, Acentrik, is building a decentralized data marketplace on Polygon. This partnership could open new opportunities for data sharing and monetization across different sectors.

  • Polygon 2.0 Developments: The Nansen report highlighted Polygon’s network resilience and a developer-friendly environment, making it a leading choice for building scalable applications. Polygon’s upcoming developments, particularly the Polygon 2.0 update, are expected to further boost its capabilities and appeal.

Overall, Polygon has had a dynamic and productive year, with significant advancements in technology, partnerships, and network activity, solidifying its position as a key player in the blockchain and cryptocurrency space.

Official website: https://polygon.technology/

Best cryptocurrency wallet for Polygon (MATIC)

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 Polygon (MATIC)?

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).

Ledger Hardware Wallet
Trezor Hardware Wallet

Polygon (MATIC) Price & Charts

Find the latest Polygon (MATIC) price charts, trade volume, market cap, historical price performance and other vital information to help you with your cryptocurrency trading and investing on CoinMarketCap.
Here you can see the following:
  • Market Capitalization And Daily Trading Volume
  • Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
  • Circulating And Total Supply
  • Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
CoinMarketCap
Last updated Dec 9, 2023

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