Initiated as a quick sidechain to Ethereum, Polygon aims to lower costs and increase the speeds of transactions of the mainstream blockchain. Due to being compatible with many popular crypto apps that used to be Ethereum-exclusive, it has managed to carve its path to the top ranks of the market.
You can buy MATIC, the native token of Polygon, using a regulated cryptocurrency exchange platform, such as BYDFi.
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About Polygon
What is Polygon (MATIC)?
As a smart contracts network, Ethereum provides for various economic activities, such as DeFi, DAOs, and NFTs. This popularity comes with the cost of added gas fees.
Cue Polygon, a Layer 2 scaling solution that runs parallel to the Ethereum blockchain. Many cryptocurrency apps that used to be exclusive to Ethereum can be interacted with in the Polygon blockchain. Its purpose is dual, to relieve the jammed platform of some traffic congestion and provide its own fast lane to the system.
MATIC is Polygon’s native token and can be used to pay fees on the platform, for staking purposes, and for the right to vote on the governance of the coin.
Where to buy Polygon (MATIC)?
Polygon offers solutions to many issues associated with cryptocurrencies, which is a green flag for a community of investors. The coin is, therefore, a frequent investment asset, with most cryptocurrency exchanges listing it.
You can invest in Polygon by buying MATIC: either for active day trading and trying to capitalize on price fluctuations or for ‘hodling‘ and waiting for the price to rise. In any case, the best way to buy MATIC is through BYDFi, a popular and competitive crypto investing platform that gives traders the following:
- Over 400 different crypto assets;
- Copy trading;
- Advanced features such as pot, leveraged pairs, and perpetual with up to 150x leverage;
- A significant degree of regulation (such as MSB and FINTRAC registration for the US and Canada);
- User-friendly interface.
Furthermore, BYDFi follows solid security measures and relies on the ‘Know Your Customer’ policy, making it a safe platform to trade cryptocurrencies.
Let’s go over the whole process and explain each of the steps in detail:
How to buy Polygon coin (MATIC) in 2 minutes: step-by-step
Buying MATIC with BYDFi is accomplished in two minutes via a simple and quick procedure.
Step 1: Create a free account on BYDFi website or app
Go to the BYDFi website and click the [Get Started] button in the top right corner of the screen.
An alternate way is to start the process through an email sign-up prompt in the middle of the page. Type in your email address and press the [Get Started] button.
The platform will then present you with two different account registration paths: the first with an email address and the second with a phone number.
Email registration:
If you choose registration via email, input the address and press [Send] to initiate the verification process. After this, BYDFi will send you an email with a six-digit verification code – copy and paste it into the box.
Continue to create a login password. Check the circle next to the terms and conditions. Optionally, type in an invitation code in the respective field.
After that, click the orange [Get Started] button.
Mobile registration:
The steps are near-identical if you choose to register via phone number. BYDFi will send the verification code by SMS; follow the rest of the above steps.
You should now have a new BYDFi account and are one step closer to buying MATIC. Let’s proceed to fund your account.
Step 2: Decide on the amount and buy Polygon
Once you create an account and log in, the next step is to transfer the funds and purchase MATIC.
1. Click the [Buy Crypto] button on the top left side of the main navigation bar.
2. Find and choose MATIC as the receiving token and select the fiat currency you want to purchase it with.
3. Scroll down to see all payment channels. Pick your preferred method. Bear in mind that third-party services may charge a fee for fiat deposits, as BYDFi itself does not process such transfers.
4. Depending on your choice, when you click on [Buy Now], you will get several payment options:
- Credit card payment;
- Apple Pay;
- Google Pay;
- CashApp;
- Bank wire.
Decide on the amount of MATIC you want to buy. Transfer times will depend on your preferred payment method. As for BYDFi’s part, the transaction is complete within 2-10 minutes.
Step 3: Review the fees and confirm your order
The BYDFi platform will show the fees, costs, and number of Polygon altcoins you get once you confirm the order and execute the transaction.
BYDFi’s fees are simple, straightforward, and affordable – crypto spot trading fees are between 0.1% to 0.3% of the transaction amount, depending on the traded cryptocurrency. BYDFi does not charge deposit fees, just a flat fee per transaction to make up for the maintenance costs. Third-party crypto markets and fiat transfer services may set their own rates depending on your preferred trading method.
Step 4: Set up storage
The gist of the procedure is now complete; you have confirmed your order and got (or are about to get) the tokens. The purchased MATIC can be held in your BYDFi account or kept in a personal crypto wallet.
As for storage, BYDFi securely stores your crypto portfolio in offline devices called cold wallets. However, you can manage security yourself and use a crypto wallet of your own. Either way, you should contain or eliminate potential access points to your digital property.
Ultimately, even if the platform experiences a hacking attack, intruders cannot escape with your tokens, as BYDFi’s cloud servers do not keep a record of private keys.
MATIC price today
Pros and cons of buying Polygon (MATIC)
Pros
- Low transaction fees: Polygon’s driving purpose is to lower crypto transaction (gas) fees. It has shown success in this domain and continues to seek more innovation and optimization;
- High transaction throughput: Unlike its bigger brother, MATIC does not stutter when faced with increased exposure and traffic. It boasts a very high transaction throughput rate when compared to Ethereum;
- Developer-friendly environment: Polygon boasts compatibility with Ethereum’s decentralized apps without its already-mentioned downsides. Developers are therefore incentivized to rely on, use, and advance the cause of this blockchain platform.
Cons
- Volatile: Cryptocurrencies are a volatile financial instrument and must be managed with care;
- Less adaptability and security than Ethereum: Although it has shown some improvement, Polygon still needs to meet Ethereum’s security and adaptability criteria;
- Lower market cap and TVL than Ethereum: Ethereum has the second largest market cap (as of December 2023) and the highest total value locked (TVL) out of all blockchains and cryptocurrencies. Polygon performs worse in both fields.
Mistakes to avoid when investing in cryptocurrencies
Mistakes are common in this industry, and while they hurt, they should not hinder you from investing. The fewer mistakes you make, though, the better. Also, you potentially get to earn more. Learning from common investing mistakes others have made before you hurts less than experiencing them first-hand. Some of the most common mistakes include:
- Not doing research: Many factors influence the conditions of the crypto market. Thorough research is needed to stay informed and ahead of rival investors;
- Not considering their budget: No one can guarantee any outcome in investing. Cryptocurrency prices tend to be volatile, and Polygon is not an exception. Invest only what you can afford to lose;
- Falling for fraud: Rug pulls and pump and dump schemes are frequent in the crypto market, especially for beginners. Buy and sell crypto through regulated services only and exercise extreme caution;
- Neglecting security: The security of your investments is equally important as growth. Consider using a crypto wallet;
- Impulsive decision-making: Choices under emotional pressure can lead you astray from your investment goals. Make decisions with a cool head and a steady hand.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy Polygon instantly:
How to buy Polygon token?
To buy Polygon online in two minutes, crypto traders can use a professional and competitive cryptocurrency exchange that provides this altcoin, such as BYDFi.
Where to buy Polygon?
You can find several crypto exchange platforms online that sell MATIC. Consider BYDFi as a recommended candidate.
How to buy Polygon with a credit card?
You can trade for Polygon using a credit card on BYDFi. It is a standard procedure and is available for every payment method on the platform.
How to buy Polygon in the US?
Several US-based platforms offer Polygon, and you can purchase MATIC through many international exchanges.
Where to buy Polygon in the US?
You can buy MATIC via most crypto exchanges using a third-party crypto exchange platform like BYDFi. The token is a frequently traded asset within the community of American traders.
How to buy Polygon in the UK?
You can purchase MATIC in the UK via many cryptocurrency exchanges. You will have to go through an online cryptocurrency brokerage like BYDFi.
All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes
-
Multiple Licenses - Reliable and Regulated
-
Service Diversification - One-Stop Trading Platform
-
Copy Trading - Get Copied, Get Paid
-
Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy
