Polkadot hit the market in 2020. But within a couple of years, it has become one of the most popular cryptocurrencies. 

The Polkadot network allows multiple blockchains to interact with each other, which provides interoperability. This sets Polkadot apart from the other cryptocurrencies and makes it unique. 

The rising popularity of Polkadot has led to an increase in the demand for DOT tokens. If you are among one of the many who are looking for DOT tokens, you are at the right place.  In this article, we take a look at the various ways you can get your hands on DOT.

1

What to Consider When Buying DOT?

Sure, owning Polkadot is the new trend in town. But that does not mean that you go ahead and buy DOT tokens without thinking your decision through. Before you purchase DOT, consider the following factors:

The cost of buying DOT

Firstly, consider how much you can spend on Polkadot. Since it is one of the most popular cryptocurrencies in the market, the rates are often high. Before investing, consider your financial statements. Cryptocurrencies are volatile, so don’t go out of your way to invest in them. Only buy what you can afford. Cryptocurrency investments are beneficial only in the long run. So, there is no point in overspending.

Finding a reputable exchange 

When dealing with fiat currency, you make sure it is not counterfeit. Similarly, cryptocurrencies can have counterfeits too. Hackers and scammers are waiting for an opportunity to dupe people. So, make sure you get your DOT from reputable exchanges. Then, you can rest easy knowing that your cryptocurrency will not be counterfeit if it comes from a reputable business.

Bonuses at crypto platforms

One of the benefits of using cryptocurrency is the bonus offers. Nowadays, you get multiple payment options at most sites. Some of these sites offer special bonuses on cryptocurrency transactions. So, check whether there are special offers on DOT transactions or not. The more bonuses there are for Polkadot, the better it is for you.

Is the platform user-friendly?

If dealing with your cryptocurrency drives you mad, it might be time to consider changing your platform. No one likes to operate complex cryptosystems. Check whether Polkadot is user-friendly or not before you invest in it. Since the Polkadot network uses parachains, the working is comparatively more complex than other networks.

2

Where to Get Polkadot?

After considering everything, if you still want to acquire DOT, it is time to come to real action. But, first, look for places from where you can get DOT tokens.

Cryptocurrency exchanges

These are exchange platforms where you can exchange assets for cryptocurrency. You can use anything on those platforms from fiat currency to other cryptocurrencies. For example, most of the popular cryptocurrency exchanges offer Polkadot. These include Binance, CoinBase, KuCoin, etc.

Trading apps

These are apps where you can trade your cryptocurrencies. However, you can only use other cryptocurrencies on these platforms. So, if you want to buy DOT, you must have some other cryptocurrency handy, which you can trade it for. Some popular trading apps that support Polkadot include Bittrex, Pionex and eToro.

Polkadot ATM

Polkadot established itself as one of the prominent cryptocurrencies in the market. In just two years, it has received investments worth $293.7M. This popularity led to the formation of Polkadot ATMs.

Cryptocurrency ATMs added Polkadot to their list of available cryptocurrencies, so people can easily avail DOT. Polkadot ATMs are kiosks where you can buy or sell DOT using your debit or credit card.

Brokerages

Brokerage firms act as third-party mediators in crypto transactions. They conduct the transactions on behalf of the individuals who want to acquire cryptocurrencies.

People have to pay extra brokerage fees to these brokers. But the advantage is that people don’t need to understand the market. The brokerages firm does all the work.

3

The Steps of Acquiring DOT tokens

Polkadot is one of the most popular cryptocurrencies in the market nowadays. After you decide that you wish to own DOT tokens, follow these steps to acquire them:

  1. Choose a platform to buy DOT tokens from

Decide the platform from where you will buy the DOT tokens. Choosing a secure platform to buy your DOT tokens from is essential. Since DOT is such a popular cryptocurrency, most exchanges offer it.

Popular cryptocurrency exchanges like Binance, Kraken, Bitfinex, Huobi and FTX offer Polkadot. You can choose a platform that provides facilities that cater to your needs.

  1. Decide on a payment option to pay for DOT 

Once you have decided on a platform, you have to choose a payment option. Most crypto platforms offer a wide range of payment options to their users.

You can use credit/debit cards or bank transfers to pay for your DOT coins. On certain crypto exchange platforms, you can also pay using cryptocurrencies. Choose a payment platform that you use frequently.

  1. Place your order

Finally, place your order. Decide how many tokens you want to buy, and place your order. Complete the process by following the required steps.

  1. Receive and safely store your DOT 

Once your transaction gets processed, you will receive the DOT tokens. Have a crypto wallet ready to accept your DOT tokens, and store them safely. Choose a good crypto wallet.

FAQ

Is DOT safe to use?

DOT is a blockchain-based cryptocurrency, so it is a pretty secure currency. In addition, blockchain is complicated to hack, which makes blockchain payments safe.

When was DOT launched?

It was in 2020 that Polkadot was launched. The developer was Gavin Wood, one of the co-founders of Ethereum.

Where do I get DOT?

The most popular cryptocurrency exchanges and trading apps like Kraken, Binance, Bitfinex, Huobi, and others, offer DOT.

How do I store DOT?

To store your DOT tokens, you need to have an account at a crypto wallet service. Make sure to register at a site that supports Polkadot. 

What are parachains? 

Parachains are parallel blockchain networks used to run between the main grid. They are user-based networks. 

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