Polkadot (DOT) is the 16th largest cryptocurrency by market cap, valued at US$9,381,676,947.
Polkadot is a highly volatile asset capable of major price swings in a single day. Today DOT is trading for $6.87 USD, which is higher than yesterday's trading price of $6.82 USD. Over the past year, Polkadot's price has seen an increase of 30%.
So before you buy Polkadot, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Polkadot.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Polkadot in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Polkadot is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Polkadot
You can now exchange your funds for Polkadot. On beginner-friendly exchanges, this is as simple as entering the AUD or DOT amount you want to purchase and clicking "buy".
Secure your Polkadot
Consider transferring your DOT to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Polkadot in
Australia
Find an exchange to buy, sell and trade DOT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Polkadot guide up-to-date
DOT price data is regularly updated through data feeds so you always have the latest information.
What is Polkadot?
DOT is the native token of the Polkadot network.
Polkadot is a unique network that allows the transfer of data, money and assets between different blockchains.
Polkadot is different from other networks such as Ethereum because it uses various blockchains instead of smart contracts, allowing developers a more granular approach to design. DOT tokens are the native currency of the Polkadot ecosystem and are used for proof of stake and governance.
At Polkadot's core is a universe of blockchains, both public and private, that can all interact with each other through a process known as interoperability. Instead of using smart contracts to run applications, Polkadot uses parallel blockchains, known as parachains, to serve a similar purpose. Whereas a developer on Ethereum would use a collection of smart contracts to program a dapp, developers on Polkadot use parachains instead.
By programming individual blockchains to host dapps instead of smart contracts – which are bound to the parent blockchain's rules – developers are able to exercise greater control over design, including key features such as speed, fees and whether data is public or private. Smart contracts are still supported on Polkadot, although they must exist within a parachain.
For example, a bank might want to host customer data on a private blockchain that only employees can alter. Customers could then access this data using a third-party payments app that operates on a public blockchain. Permission to access either parachain could be moderated by a digital ID held on a smart contract parachain.
Tying these parachains together is the relay chain, which can be thought of as the central blockchain within Polkadot. By managing a network of parachains from a central relay chain, friction is reduced, enabling a faster and more efficient network for both the user and those that operate it.
How do I find the best places to buy Polkadot?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Polkadot?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Polkadot.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing DOT with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Polkadot?
Once you've created an account, you will need to deposit funds to buy DOT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy DOT:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase DOT by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for DOT on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Polkadot?
The easiest way to buy DOT is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying DOT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Polkadot has been performing recently.
Buy DOT with zero fees
You can buy and sell DOT fee-free with the Finder app, stay up to date with the latest market movements and easily track and manage your crypto assets. Pop in your phone number below to get your download link.
Best Polkadot wallets to store your DOT
You can keep your DOT on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your DOT below.
December 2021: Polkadot's first parachains are now live, completing Polkadot's official launch. The first five auction winning parachains, Acala, Moonbeam, Astar, Parallel Finance and Clover, have successfully onboarded and are now producing blocks. The next parachains will be incorporated in March, 2022.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Polkadot a good investment?
The Web3 Foundation, responsible for developing Polkadot, has stated that the DOT token is primarily used for the following, which may influence whether or not you wish to add Polkadot to your portfolio.
Governance. Governance is the process whereby DOT token holders are given the ability to vote on how the blockchain is managed. For instance, token holders may vote on things like protocol upgrades and changes to the relay chain. Votes are proportional to the amount of DOT token a user has staked. In the event that a DOT token holder does not exercise their right to vote, their stake will be allocated to a special council of 6-24 members who are elected to vote on behalf of absent DOT holders.
Staking. Polkadot uses a proof-of-stake mechanism which means that DOT holders can lock up their tokens and help secure the network, in return for staking rewards. Staking can be performed in one of two ways, either by acting as a nominator or a validator. Both nominators and validators receive rewards for their participation. Nominators will be the most common type of stakers on Polkadot, as their role is essentially limited to electing validators. Validators on the other hand perform a critical role in the health of the network. Validators run a node which operates 24/7 to validate transactions on the network and ensure its efficient operation. Additional tokens will also operate on the Polkadot network, similar to how Ethereum supports tokens such as the famous ERC-20 token standard.
Bonding. DOT can be used to launch new blockchains on the network, known as parachains. In order to launch a parachain, DOT must be deposited in a process known as bonding. If a parachain is retired, DOT tokens are returned.
Today's Polkadot price versus ATH
Compare today's price of Polkadot ($6.87 USD) against its all-time-high price of $54.98 USD on 04 November 2021. The closer the bar is to 100%, the closer DOT is to reaching its ATH again.
Polkadot's price: $6.87 USD ATH date: November 04, 2021
12.50%
Polkadot ATH: $54.98 USD
How to trade, convert or sell Polkadot
You can convert or sell your DOT with the same exchange you bought it through:
Sign in to the exchange you have DOT on.
If you store your Polkadot in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of DOT you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Polkadot.
Complete your transaction and move your DOT to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Polkadot, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DOT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Polkadot or any other cryptocurrency discussed.
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