How to Buy Polkadot Coin in the UK – Beginner’s Guide

Polkadot is one of the leading cryptocurrency tokens available in the UK and the global market today. The Polkadot network is a shared blockchain that enables different blockchains to communicate with one another. This makes it an ideal choice for those looking to invest in a cryptocurrency that has the potential to scale.

Polkadot is also one of the most secure blockchains, as it uses a form of proof-of-stake called Nominated Proof-of-Stake (NPoS). Polkadot’s native token is called DOT, which governs the Polkadot network. Users also earn rewards with DOT for validating transactions on the network.

Although the global cryptocurrency market is volatile, Polkadot has shown substantial growth since its launch in May 2020. Industry analysts have forecasted that the DOT token will reach $11.74 by 2022 and $15.30 by 2023, making it one of the best-performing assets in the market and a solid option to buy in the UK.

We will take you through the steps to buy Polkadot in the UK and where you can buy DOT coins.

Ways To Invest In Polkadot In The UK

There are several ways to buy or invest in Polkadot in the UK. First, you can simply head to a cryptocurrency exchange available in the UK and buy Polkadot to store in your wallet. Alternatively, you can opt for an ICO or Initial Coin Offering.

If you want to invest in a cryptocurrency project that uses Polkadot technology, you can do so via an exchange that offers DOT trading pairs. For example, Binance offers DOT/BTC and DOT/USDT pairs, meaning you can trade DOT tokens with either Bitcoin or Tether.

There are quite a few crypto exchanges in the UK, like Binance, Coinbase, Kraken, CoinMama, and others, where you can buy DOT. Consider their pros and cons carefully before choosing the right one for you. 

Another option to buy polkadot coin UK is to purchase it directly from another individual through a P2P exchange. A few P2P exchanges, like LocalCryptos, Paxful, KuCoin, Binance, and Huobi, facilitate such transactions. P2P exchanges offer great anonymity and confidentiality. 

Why Invest In Polkadot in The UK?

There are several reasons to buy Polkadot in the UK: 

• Transparent governance

A team of developers led by Gavin Wood runs the Polkadot network. Gavin Wood is also the creator of the widespread programming language Rust. The Polkadot network has a unique governance model that allows for transparent decision-making. The network is also upgradeable without the need for hard forks. 

• Scalability

The Polkadot network can handle thousands of transactions per second without any issues. The network is also designed to be scalable in the future. 

• Interoperability

Polkadot is designed to be interoperable with other blockchains. It can easily connect to other blockchains and exchange data with them.

• Security

A network of validators is responsible for ensuring the security of the Polkadot network. The validators are known as Relay Chain validators, who also benefit by leasing a parachain slot to the Polkadot relay chain.  

• Decentralization 

Being a decentralized network means that any single entity does not control it. The network is run by a network of nodes spread across the world, making it less vulnerable to any external attack or cybercrimes. Apart from the validators, you will also find nominators and collators participating in network and transaction security. 

• Fast transactions

The Polkadot network can perform over 1,000 transactions per second, according to its creator Gavin Wood, making it a high-speed network. As a comparison, the number for Bitcoin and Ethereum only stands at 7 and 30, respectively. The transaction speed will even get faster as more parachains will join the Polkadot network. 

• Return potential

Investing in Polkadot could potentially offer a great return as the network continues to grow and develop. The price of DOT has already increased significantly since its launch in August 2020, and it is expected to continue to grow in the future.

Payment Methods For Investing In Polkadot In The UK

When it comes to payment methods, there are a few options available for you to choose from. You can buy DOT with GBP, EUR, and USD. The most popular payment method is bank transfer, but you can also use credit/debit cards, Paypal, and other methods.

• Bank transfer: All of the exchanges that are regulated locally in the UK accept bank transfer as a payment method. It is very secure and convenient. The only downside is that the process usually takes a few days to complete. 

• Credit/debit card: Using your credit or debit cards lets you buy Polkadot coins instantly from any UK-based or global cryptocurrency exchange. Credit card issuer companies and banks usually implement multiple steps of authentication when a transaction takes place.

• PayPal: Paypal is one of the most convenient payment methods. You can use it to buy DOT on some of the big exchanges like Kraken and Coinbase.

• Crypto Wallet: You can also use a cryptocurrency wallet or e-wallet to buy DOT. Some of the popular wallets that support DOT include Metamask, Binance, Trust Wallet, and Atomic Wallet. You will typically enjoy lower transaction fees when you are paying with cryptocurrencies directly from a crypto wallet compared to other conventional payment methods.

• Cash: Few exchanges in the UK will also allow you to pay in cash through GBP or other currencies. The transactions will take up to a few days to complete. You may also need to submit additional verification documents to comply with regulatory requirements. 

How To Invest in Polkadot – Step By Step

Here is a step-by-step guide on how you can start buying Polkadot in the UK:

Step 1: Find a reputable exchange that lists DOT 

Binance is one of the most popular cryptocurrency exchanges in the world and it lists DOT. You will find plenty of options. Exchanges have their features and fee structure. Do your research well before choosing the right exchange.  

Step 2: Sign up 

You will need to provide some personal information to sign up for an account on an exchange. Information includes email address, phone number, and name. In some cases, you will need to submit a valid identification document.

Step 3: Deposit funds into your account

You will need to deposit funds into your account in order to buy DOT. You can do this by transferring funds from your bank account or using a credit/debit card. Each method has its pros and cons. For example, a wired transfer is the safest but slowest. On the other hand, credit card transactions take place instantly, but there are risks.

Step 4: Buy DOT

Once you have deposited funds into your account, you can buy DOT. Simply select DOT from the list of assets and enter the amount you want to buy. The exchange will deduct the equivalent amount from your account balance.

Step 5: Store your DOT in a secure wallet 

The next task is to store your DOT in a secure wallet to keep your investment safe. One option is to store your DOT on the exchange you purchased it from. However, this is not the most secure one. Instead, you can transfer it to an external hardware wallet or software wallet. Almost all the exchanges support integration with many hardware and software wallets. 

Where To Buy Polkadot In The UK

Kraken

Founded in 2011, Kraken is one of the top crypto exchanges of the world that is available to almost every country including the United Kingdom. Kraken is a top choice for you to buy Polkadot in the UK as the platform supports a good variety of coins and offers a competitive price. 

One of the advanced features of Kraken is margin trading, where you can buy Polkadot out of borrowed money. Margin trading comes really handy when you want to make a quick profit from the day-to-day market price movements. 

Key features:

• Simplicity of the UI: Kraken’s user interface is incredibly simple, which contributed to the platform’s successful accumulation of over nine million clients from more than 190 countries. 

• Learning resources: Kraken has invested years of effort to build a comprehensive crypto learning resource on its website. Even if you are a beginner, you can learn all you need to know to start investing in DOT in the UK. 

• Availability of support: Kraken’s support center is always accessible through live chat and email. 

• Crypto staking: You can invest in Polkadot and other cryptocurrencies to earn a reward on Kraken. Kraken offers 9-12% yearly rewards for holding Polkadot in the UK. 

• Future trading: Future trading is an excellent way of benefiting from the price movement. Kraken lets you do future trading of several currency pairs. 

• Secure storage: Kraken stores 95% of its crypto fund in offline storage to remain safe in case of a power loss or cybercrime. SSL encryption is available throughout the platform.  

Fees:

• Trading fee: 0.9% of spot trading

• Withdrawal fee: 0.5% to 3.75% depending on withdrawal method

• Inactivity fee: Zero

eToro

Founded in 2007 as a community-driven trading platform, eToro is a multi-asset trading platform. The Financial Conduct Authority (FCA) regulates eToro’s operations in the UK. You can start trading Polkadot on eToro with as little as a £10 minimum deposit, which is a welcoming feature for entry-level investors.

eToro facilitates the philosophy of learning by doing, through its strong community of users. You can see how the experienced traders within the community are analyzing the market and anticipating the pricing behavior to adjust their trading activities. You may then replicate their trading behavior on eToro. 

eToro Review

Key features:

• Multi-asset trading: You get full access to trading various assets on eToro, including crypto, ETFs, stocks, indices, commodities, and fiat currencies. 

• Virtual account for practice: One of the prime eToro features is its virtual portfolio, where you can practice trading and discuss strategies with fellow investors. 

• Copy trading: If you are a beginner with crypto investment in the UK, you can get a lot of help through eToro’s copy trading, where you can replicate the trading strategies of top players. 

• Comprehensive statistics: eToro’s website and application dashboard provided you with real-time industry data, customizable insights, analytics, and detailed pricing history for each industry and coins. You can make informed and data-driven decisions smoothly.

• Built-in wallet: When using eToro in the UK, you won’t have to worry about storing the DOT coins you purchased. The exchange comes with an internal wallet as well. 

Fees:

• Trading fee: 1%

• • Withdrawal fee: £5 + Conversion Fees

• Inactivity fee: £10 per month after 12 months of inactivity

Binance

Founded in China in 2017, Binance revolutionized the crypto trading industry globally with a focus on high-frequency trading, beginner-friendly policies and building a complete crypto ecosystem. Over 90 million have trusted Binance with their crypto trading, and at present, the platform enjoys a 24-hour trading volume of $76 billion. 

Binance aims to make crypto trading easy and accessible for everyone on the planet, which is why they offer one of the lowest transaction fees in the industry at less than 0.1%. For those reasons, Binance is one of the best options if you are wondering where to buy Polkadot coin UK. Apart from Polkadot, you will also have access to trading over 350 crypto coins at Binance.  

Binance Review

Key features:

• Credible market information: Binance offers one of the most credible and updated sources of information about the crypto market through its subsidiary Coinmarketcap. You will get everything you need to know about the current status of the market. 

• Various trading options: Binance comes with various trading options and features for investors. You can do P2P trading, future trading, margin trading, spot trading, limit ordering, and many more. 

• Convenient deposit options: There are several ways to deposit money in your Binance account in the UK. Payment methods include wired transfer, ACH, credit/debit cards, gift cards, and even external crypto wallets. 

• Complete ecosystem: Binance has worked relentlessly for years to build a complete crypto ecosystem that includes all you need—wallet, payment gateway, marketplace, resource library, and trading zone. Binance pay lets you make secure crypto payments to the external website, while the Binance marketplace offers you many crypto-related services and NFTs. 

Fees:

• Trading fee: 0.1%

• Withdrawal fee: 0.08 DOT (for Polkadot)

• Inactivity fee: Zero

Crypto.com

Hong Kong-based Crypto.com is one of the most trusted and versatile crypto exchanges globally, which is an excellent option for you to buy Polkadot coin in the UK. Over 50 million users have registered on Crypto.com, where they can trade over 250 carefully-vetted cryptocurrencies and coins. 

Crypto.com has implemented simple and intuitive trading options in its web and mobile apps. You can also sign up for a Crypto.com Visa card that you can use globally. Competitive pricing and versatile services have made Crypto.com both long-term investors and day traders. 

Crypto.com Review

Key features:

• Competitive trading fees: Crypto.com offers variable trading fees depending on how much you use the platform. The high-volume traders enjoy highly reduced transaction fees. 

• Strong security: Crypto.com complies with all the regulatory requirements and industry standards regarding securing the platform. They have secure cold storage facilities and strong security protocols. That said, you will still need to be careful when buying DOT in the UK because you cannot reverse any crypto transaction.

• Earn from deposits: If you are not looking for day trading, want to invest, and hold a currency for the long-term, Crypto.com offers you a solid interest. The amount varies for different currencies. At present they will pay you up to 12.5% per annum for your Polkadot savings.

• DeFi ecosystem: The platform has its own DeFi wallet, DeFi earning protocols and DeFi swapping facilities so that you won’t have to connect any external service providers with your account.  

Fees:

• Trading fee: 0.75% of the price

• Withdrawal fee: 0.1 DOT

• Inactivity fee: $6.95 (approximately £6.04)  after twelve months of inactivity

Gemini

Established in 2014, the US-based Gemini has earned a solid reputation as a crypto exchange from its several years of operations. Whether you are a beginner with crypto trading or a seasoned professional, Gemini has great features that are helpful when you want to buy DOT coins in the UK.

The New York State Department of Financial Services regulates Gemini and ensures that the company complies with all the good industry practices. Gemini does not have a minimum deposit requirement, so you can get started by depositing as little as £1. 

Gemini Review

Key features:

• Own NFT marketplace: Gemini has its own NFT marketplace known as Nifty Gateway. You can easily use the DOT balance from your account to purchase NFTs. 

• Gemini Mastercard: Gemini has partnered with Mastercard to offer you a Gemini Mastercard, which you can use in any global Mastercard-supported shops and vendors. You will also earn a reward point of up to 3% on your usage. 

• UK regulations: The Financial Conduct Authority regulates the UK operations of Gemini. 

• Several payment methods: You can deposit money to Gemini directly from your UK bank accounts and debit cards. As Gemini is connected with the UK banks, the deposits happen in real-time. 

• Solid security: Gemini has both cold and hot storage. All the assets in the hot storage get insurance protection. You won’t have to worry at all about the safekeeping of your crypto assets. The platform complies with SOC 1 Type 2 and SOC 2 Type 2 security protocols, which go above and beyond the regulatory requirements. 

Fees:

• Trading fee: Maker/Taker: 0.4%/0.2%

• Withdrawal fee: 0.05 DOT

• Inactivity fee: Zero

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