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How To Buy Polygon Online in 2022

Last updated 22nd May 2022
Disclosure

Polygon is a protocol and framework to help build and support cross-chain compatibility on the Ethereum network. It looks to solve core problems the Ethereum network has like low throughput, high gas fees, and reduced levels of sovereignty. Polygon advocates for a network of connected Ethereum-compatible blockchains to solve these issues; it is often dubbed as “Ethereum’s Internet of Blockchains”.

Polygon certainly has some competitors to achieve this goal which ultimately may affect its market valuation, but many believe it will significantly increase in value. Its low market cap has good room to grow, and there is a significant space between MATIC and its industry competitors suggesting a pump is possible.

We will detail everything you need to know about trading Polygon, including where to buy it, how to buy it, and our top tips when doing so.

Best Brokers To Buy Polygon in 2022

There are a few different ways you can purchase Polygon, so we have put together a list for you with the best providers available.

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers

Key Takeaways

  • Polygon’s primary use-case is to connect blockchains, lower fees and increase throughput capabilities.

  • You can buy Polygon outright or as a CFD using a broker like eToro.

  • You can buy Polygon using an exchange, broker, DEX or P2P marketplace.

  • Polygon is more likely to buy a long-term hold.

  • Newcomers may be better suited to an exchange, and experienced traders to a DEX.

What Is the Difference Between Owning Polygon VS a Derivative Product

There are two core ways in which you can purchase a cryptocurrency.

The first is via physical ownership – you buy the asset for a specified price and then store it in your wallet. You own the asset and you hold it.

The second is through other financial products like CFDs, futures, and EFTs. CFDs are a contract you agree to when you complete your purchase. They pay you rewards if the asset price rises or you incur losses if it goes down. You do not own or hold the asset with derivatives.

Most derivative products are only for the core group of coins, meaning altcoins are often not supported or applicable. You need to check with the relevant brokerage to see if they offer these products.

Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Different Ways To Buy Polygon

You can buy Polygon using any of the following platforms:

Brokerage:

  • Polygon is available on a good range of brokerages. Some include eToro and Libertex.

Exchange:

  • Almost all exchanges will list Polygon because of its popularity; they provide slightly lower fees than most brokerages but can be more complicated. Two of the most popular exchanges with Polygon are Binance and Coinbase.

Decentralized Exchange (DEX):

  • These operate in the same way as a traditional exchange, but are unregulated and are not owned/operated by a singular entity. Two of the most popular are PancakeSwap and UniSwap.

P2P:

  • Person-to-person exchanges offer great rates as they have no middle man; it's best to think of this as swapping rather than trading. There are a few platforms designed just for this (Paxful) and the main exchanges also offer P2P services (Binance).

Where To Buy Polygon

Here are two of the best ways you can buy Polygon:

Binance

The world's largest cryptocurrency exchange. You can buy over 500 cryptocurrencies on the platform and access several tools to improve your trading experience.

Pros

Some of the most competitive fees of any exchange or broker on the market
A platform that specializes in crypto trading
Insurance on some of your purchases

Cons

Centralized
Can be difficult and costly to transfer funds into external wallets
Not as trusted or regulated as eToro

eToro

One of the most accessible and well-recognised brokerages on the market, eToro is great for beginners and experienced traders.

Pros

Highly respected and regulated
Easy to store your funds with no need for a wallet
Highly accessible, offering services to over 100 countries

Cons

High non-trading fees
Spreads can be more costly than fees found on exchanges
Customer support is below the industry average

How To Buy Polygon Online?

The process of buying a cryptocurrency can be complicated, especially if you are new to the space. Check out this step by step guide for how to buy Polygon on Binance:

Step 1: Sign up for an account
Step 2: Provide ID for the KYC regulation process
Step 3: Deposit funds
Step 4: Choose your desired pair
Step 5: Enter the amount of MATIC you want to buy and then click "buy"

How To Trade Polygon?

Here are all of the steps you need to follow to trade Polygon. You can do this on any of the platforms mentioned on Different Ways To Buy Polygon. It's worth noting that it might be easier to use a broker if you’re new to the space, but exchanges like Binance offer better rates and also have good educational content specifically for crypto trading.

We've used Binance as our example:

Step 1: Select your pair
Step 2: Sset a limit order
Step 3: Find your new cryptocurrency

Crypto Investment Strategy

There are two principal investment strategies with cryptocurrency: long-term holds or short-term swing trades.

Long Term Holds

Often known in the crypto community as HODLing, it refers to holding your crypto for a long time and waiting for the price to appreciate. This strategy means ignoring the market's volatility and just sitting on your assets until they gain significant value. The wider crypto community idolizes this strategy based on its bullish faith (HODL = hold on for dear life).

Short Term Trades

Often referred to as swing trading, this strategy relates to trying to make gains by trading within the volatility cycles. You buy at a dip and sell at a peak. Short-term trades are risky and require an ability to analyze and read market trends.

How To Store Polygon?

Once you have purchased Polygon, you will need to store it in a wallet. There are two main choices available — and your trading volumes, plus how long you're holding your coins will influence your decision.

Hot Storage

Hot storage refers to wallets that you need to sign in using an app or website. This method is a better choice if you're trading in the short term.

Coinbase and Binance are two examples of native hot wallets you can use to store Polygon.

Pros

Easy-to-use
Better for short term trading

Cons

Vulnerable to hacking

Cold Storage

Cold storage refers to wallets that require offline verification before you sign in, and it's better for holding larger amounts — or keeping your money for an extended period. Ledger is an example of a wallet that falls into this category.

Pros

Extremely secure
Good for large amounts

Cons

Not good for short term trading
Inaccessible without the password

What Are the Different Ways To Pay for Polygon?

To buy MATIC on any platform you will need to use one of its deposit methods. Here are some of the most common:

Credit and Debit Cards:

  • Use your card to directly buy cryptocurrency. Can incur some fees but is extremely convenient.

Bank Transfer:

  • Transfer funds directly from a bank account linked with your chosen platform. One of the most expensive ways to deposit funds but very convenient and accessible to beginners.

Crypto Transfer:

  • Connect a wallet to your platform that already has crypto funds. By far the cheapest method but can be difficult for beginners.

PayPal:

  • Connect your account to some supported platforms and top-up your exchange wallet; Paypal now also accepts crypto.

What To Consider When Buying Polygon?

Before buying MATIC, you should consider some market factors that affect trades and the amount of money they cost. Here are some we suggest researching:

Different Fees:

  • Different platforms have different fee structures which directly affect your returns. Fees to look out for are deposit/withdrawal, maker/taker, commissions, and non-trading fees.

Volatility:

  • Crypto markets often rise and fall large amounts over short periods of time; while this means there are big gains to be made, you must be extremely careful with your money. MATIC has hit heights of $2.90 and lows of $0.03 in the last year - but this is mostly due to its first big pump.

Investment Strategy:

  • Your strategy is your tool to manage the volatility of this market; utilize market trends and analysis to navigate through the peaks, troughs, and support levels of an asset.

Regulations and Taxes:

  • The regulation around cryptocurrency is ever-changing. We advise you to constantly keep in check with the relevant taxes and regulations for your country. For example, some countries have now banned crypto trading, and others have enforced rules like double-taxation.

Is It Safe To Buy Polygon Online?

Your purchase is as secure as the platform you use.

Here are some of the ways you can make your trade as safe as possible:

  • Use a regulated broker like Coinbase or Binance

  • Use two-factor authentication with your accounts

  • Store holdings in a cold wallet

  • For hot wallets, complete KYC to ensure access to insurance

How To Sell Polygon?

Step 1: Select your pair
Step 2: Set a limit order
Step 3: Find your new cryptocurrency

Is It Worth Buying Polygon Right Now?

Polygon is currently the 13th biggest coin in terms of the market cap; MATIC has huge potential to change on-chain interactions and certainly has a lot of space to move up into in terms of its market cap.

Polygon is a complex tool that requires a great deal of technical analysis to understand how it functions but its potential is undeniable. It has only just started to find its place among the biggest coins on the market in the past year, so it is still growing and has likely not stopped yet. However it is completely reliant upon a successful Ethereum network - so trade with care and be sure to do your own research.

Final Thoughts

The best method for buying Polygon depends on your experience level. For newcomers to the space, we recommend an exchange like Binance. For experienced traders, we recommend a DEX for cheaper fees.

FAQs

Can I buy MATIC in the US?
Do I have to be 18 to buy cryptocurrency?
Can I buy MATIC without an ID?
Joshua Sherrard-Bewhay

Joshua Sherrard-Bewhay

Josh is a finance and Blockchain technical writer with experience in project design, consultancy and reporting. He is well-versed in white paper design, blog construction and freelance journalism. His academic credentials are in International Relations, Environmental Regulation and International Law. In his spare time he works as a sustainability analyst for a FinTech start-up Oxari and a private English tutor.