Polkadot is one of the newly developed blockchain projects and is known as one of the leading projects in the market. Polkadot’s token is called DOT. Buying Polkadot (DOT) on Binance is quite simple. However, it cannot be easy for those who are new to the platform. How to buy Polkadot on Binance? Let’s find out in the article below.
Table of Contents:
What is Polkadot coin?
Polkadot is a multi-chain protocol that connects several blockchains and is a proof-of-stake blockchain that does not require mining.
Polkadot is a smart contract like Ethereum but it can process many transactions in parallel. Polkadot is the blockchain blockchain for creating DApps, managing or storing data, and building new blockchain projects… Polkadot is also known as Web3, hoping to make the Internet a better, decentralized, and censorship-resistant network.
The Polkadot (DOT) cryptocurrency was born in 2017, after a successful ICO with a Polkadot price of $ 0.29. Currently, DOT’s total market capitalization is nearly $30 billion and is trading about 30 USD/DOT, equal to 1.3% of the entire market.
Currently, users can easily buy Polkadot on popular cryptocurrency exchanges such as Binance, Huobi Global, OKEx, Coinbase, KuCoin, and more.
Why buy Polkadot coin on Binance?
Binance is one of the safest exchanges and has the most significant trading volume globally. Currently, Binance has advantages over other cryptocurrency exchanges such as:
- It has the widest liquidity in the cryptocurrency market, offering various trading pairs.
- Users can easily purchase DOT with a credit card or convert from another coin to DOT on Binance.
- Binance users can choose to exchange DOT for 12 other currencies and cryptocurrencies such as DOT/BTC, DOT/BNB, DOT/USDT, DOT/EUR, DOT/GBP, DOT/BUSD… Users can easily buy Polkadot in 1 of the 12 currencies, cryptocurrencies.
- To purchase DOT on Binance, users need to open a Binance account and make purchases in many simple ways. If you don’t have an account, register by following the link below:
How to buy Polkadot coin by credit card?
After logging into your Binance account, click on the Buy Crypto tab and select Credit/Debit Card on the toolbar.
- In the Spend box, select the credit card payment unit, enter the amount you want to buy DOT.
- In the Receive box, select DOT and click Continue.
- If you want to purchase DOT periodically, turn on the Buy Recurring button
Next, the user must perform some steps to fill in the following credit card information to complete the DOT purchase process.
How to Buy Polkadot on Binance Using Trade?
Deposit or buy cryptocurrency that to trade with DOT on your account. Cryptocurrencies to buy DOT include USDT, BUSD, BNB, BTC, ETH. Users can purchase fiat coins via P2P Trading or transfer coins from another crypto wallet to the Binance Funding wallet.
To purchase DOT on Binance, users need to transfer the newly purchased/uploaded coin from the financing wallet to the Fiat and Spot wallet: click Wallet, select Financing Wallet, choose Transfer.
- From the select Financing box, box To select Fiat and Spot.
- In the Coin box, choose the type of coin you bought/loaded in step 2.
- In the Amount box, enter the amount that you want to transfer
- Click Confirm to complete.
How to Buy Polkadot Coin with Convert on Binance Feature?
Click Trade and select Convert to access the coin conversion feature with the Convert feature.
- In the From box, select the type of coin loaded/purchased in step 2, enter the number of coins you want to convert to DOT.
- In the To box, select DOT and click Preview Conversion.
The screen shows the converted DOT number corresponding to the number of coins entered. If accepted, click Convert to complete. The purchased DOT is displayed in the Fiat and Spot portfolio.
How to buy Polkadot coin using Spot Binance?
Users can use the Classic or Advanced interface depending on their preferences. The following instructions are based on the classic interface.
- On the toolbar, click on the Trade tab and select Classic to access the classic spot trading interface.
- In the search bar in the right corner of the screen, type DOT to find the trading pairs available on Binance.
- Click on the DOT pair and cryptocurrency purchased in step 2 (example DOT/USDT if step 2 purchased USDT)
Click Market to buy DOT at the current market price in the trading window below the chart. Enter the number of coins you want to use to purchase DOT in the Total box. Then click Buy DOT. The account is displayed DOT in the Fiat and Spot wallet.
If you want to buy DOT at a better price than the current price traded, you can use the Limit order to place a pending order. The BUY order will be executed when the DOT price reaches the desired price.
Conclusion:
Above are a few ways to buy DOT on Binance that are pretty simple. Buying DOT with a credit card is not recommended due to the high exchange rate and possible additional transaction fees for the card provider. The conversion feature can be easy and suitable for Binance newbies. However, to buy DOT at the best desired price, users can use the Spot trading feature and use limit orders.
