How to buy Polygon(Matic) in three steps
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What is Matic?
The Matic network, which is now better known as Polygon, aims to be an ecosystem for different types of blockchains. Matic is a side chain of the popular Ethereum network. The current end goal of Polygon is to become an internet of Ethereum blockchains, providing a harmonious and seamless bridge between unique networks. The Polygon network also acts as a layer two solution alleviating pain points such as gas fees and slow speeds.
The native currency of Polygon is the Matic coin, which is used to pay gas fees, payout staking rewards, and as a governance tool.
Buying Matic in three steps
Determine which exchange to buy Matic coins:
Picking the correct cryptocurrency exchange may be difficult at first but it’s definitely important to choose what’s best for you.
Where to store Matic coins:
There are a few choices such as cold wallets, hot wallets, or even on an exchange.
Purchasing Matic coins:
Deciding how much to invest into Matic.
Determine which exchange to buy Matic coins
Since Matic is a top fifty cryptocurrency by market cap, most people will be spoiled for choice in selecting an exchange; however, there are factors such as exchange fees, region exclusion, and deposit/withdrawal limits that might swing you in a different direction than you might have previously thought. Here are three exchanges that you might want to check out.
Binance :
Arguably the biggest and most well-known exchange on the list, Binance is the first thought when talking about cryptocurrency exchanges. With cheap base level exchange fees at 0.02% and even lower fees when holding BNB coin, Binance has traditionally lower fees than other exchanges. For more experienced traders, Binance also has advanced integrated charting and data tracking tools. Unfortunately, regulators have recently banned Binance in the U.K and for American users, you will need to use Binance.US instead.
Coinbase:
By historical events, Coinbase hasn’t had any real hiccups or controversy. Having a clean sheet is great for buyer confidence and trust. The exchange is also widely popular amongst U.S. investors, the ability to link a bank account and set up a trading account is also relatively smooth. A unique approach to security, Coinbase also offers insured custodial wallets for their coins in case of hacking and data breaches.
Kraken:
Kraken is an American-founded cryptocurrency exchange. One great benefit of Kraken is the ability to easily set up a trading account and get stuck into it very quickly. Newer users will appreciate the clean and simple UI layout on both the Kraken trading app and the Kraken domain. With cheaper maker/taker fees than most competitors, Kraken is a great choice for both newer investors and veterans.
Where to store Matic coins
The general consensus is not to leave your Matic or any other type of cryptocurrency on an exchange after purchasing unless you intend to sell in the near future. Many exchanges risk the chance of being hacked, with some already having gone down that road. No matter how secure online exchanges may seem, it’s always safer on a cold or hot wallet.
Cold Wallet:
A cold wallet is a physical-digital device that is securely encrypted and allows you to “download” and carry your Matic. Cold wallets are usually the safest form of crypto storage however a great amount of responsibility is required due to its self-banking nature. A loss of password and security keys will mean the coins will usually be unretrievable.
Hot Wallet:
Most hot wallets are free to download making them a great choice for investors that want to get their feet wet. These online wallets can be used on both a smartphone and a pc. Keep in mind that hot wallets, although very secure, are still connected to the internet and as a result are not as safe as cold wallets. Similar to cold wallets, losing security keys and passwords will most likely result in a loss of funds.
Purchasing Matic
Polygon is currently rank #16 in market capitalization and is sitting at around $1.12 at the time of writing. Since the peak price on May the 18th 2021, Polygon has discounted down over 50%. It’s important to do your own research when deciding if you want to buy Matic, anything can happen in crypto no matter how good a project sounds, so having investment strategies such as dollar-cost averaging and only using expendable cash is going to ultimately tell you how much to purchase.
