How to Buy Polygon? A Step by Step Guide for Beginners 2024
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The cryptocurrency market is similar to the stock market, where you buy and sell. Like basic economics, you buy when the price is low, hold on to the coin and sell when the price is high. While this does not happen every time as some coins continue to diminish in value, buying and selling coins in crypto is the idea.
Many traders, especially beginners, have often had difficulty getting where to buy their preferred crypto coins. Most of them have been trading CFDs and other offerings in the stock market and think their brokerage platforms would provide for that. Still, they could not find the popular BTC, ETH, and others in the listed derivatives and offerings their brokerage platforms have. They would have to get those coins from other brokerage platforms that focus mainly on cryptocurrency. Cryptocurrency is relatively new compared to other offerings, so traditional brokerage platforms have not fully warmed up to having them all on their offerings.
This article will explain in simple terms how to buy Polygon, which is our primary interest in this write-up, the advantages of purchasing crypto coins from those cryptocurrency brokerage, how good of an investment Polygon is, and so on.
How to Buy Polygon: What Is a Polygon (MATIC)?
Ethereum is the largest cryptocurrency coin after Bitcoin. The number of persons interested in trading this coin is high, mainly because of its volume. However, the number of transactions per second (TPS) that the network processes is on the low side (30 TPS), making getting trading done tough. The commission or gas fee paid for a transaction worth $1 became as high as $20. It was not as attractive as it was supposed to be.
Because of this, several persons sat down to develop a solution where there will be an increase in the TPS and low transaction fees will be required for transactions in the ethereum network. This brought about MATIC. MATIC is a platform that hosts interconnected blockchain networks based on the Ethereum network.
MATIC uses all Ethereum coding but ensures it is better. It helps solve many Ethereum problems such as high transaction fees, slow TPS, bad user experiences, etc. Other networks process as high as 65,000 TPS which makes Ethereum’s TPS a prolonged one. MATIC started in 2017 and recently changed its name to Polygon, though the coin is still named ‘Matic Coin’.
Polygon (MATIC) is a four-layer system based on the Ethereum, security, polygon networks, and execution layers.
Security Layer provides extra security to the Polygon (MATIC) platform. However, the Ethereum layer and the Security Layer are not compulsory for the Polygon (MATIC) ecosystem to work.
The central layer is the Polygon Network Layer. It is the ecosystem where blockchain networks are produced. There is a community where conversations and agreements are held before projects are carried out.
Where to buy Polygon?
securely through Coinbase website
securely through Binance website
Sign Up Bonuses
securely through Crypto.com website
The Polygon network works with Coinbase as one of the cryptocurrency exchanges it is integrated into, and you can buy and sell the Matic Coin on this platform. Coinbase is a digital currency brokerage and app that allows you to trade about 50 different coins, including Matic coins. The exchange allows for the trading of fiat currency to a crypto coin and vice versa. It also provides for the trading of a crypto coin to other cryptocurrency coins. It also shows the current prices of the Matic Coin and allows for different order types which the trader can explore, such as market price, etc.
securely through Coinbase website
Binance is another cryptocurrency exchange from which traders can trade or invest in Matic Coin. In July 2021, the exchange completed the wallet integration for the Polygon (MATIC) mainnet token allowing for trading. Using the Binance account, you can buy the cryptocurrency token, sell it, stake it, earn rewards, spend it, etc. Also, on this platform, you can trade the Matic network against other stable coins. You can buy it using your fiat currency or directly through your bank account, credit, or debit card, assuming this is allowed by your country’s regulations.
securely through Binance website
Crypto.com is a cryptocurrency exchange platform that allows for the trading and investing of digital currencies. Currently, the exchange trades over 150 coins, especially with the integration of its DeFi wallet. It also has integrated the Polygon (Matic) network and allows trading the Matic coin on its platform.
This exchange is a secured wallet also with Multi-factor authentication, biometric, a private key, etc. You can buy and sell the Polygon (Matic) coin on the platform and can trade it on the polygon or Ethereum networks. You can also withdraw, receive and send it to other traders.
securely through Crypto.com website
Buying Polygon Pros and Cons
- Low Gas Fee
- Higher Transaction Per Second than Ethereum.
- It produces a suitable security layer.
- It improves the user experience.
- There are other scaling competitors like Polkadot, Solana, etc.
- Ethereum 2.0 will reduce the dependence on Polygon.
Reason to Purchase Polygon?
Polygon has the potential to keep increasing in value, following its association with Ethereum. From the beginning of the year, it has risen by 5,000% in value. During the mid-year dip, it was not as affected as several other coins. This is because of its viability as a future coin used to pay for gas fees, staking, and mainly when it concerns Ethereum.
Ethereum 2.0 is expected to be active in 2022. However, Polygon (Matic) will still be functional and useful before and even after it comes. This is because of the low gas fee the polygon (Matic) network brings to the cryptocurrency markets. Ethereum has smart contracts capability, but many of the decentralized applications hinging on the network has moved to the Polygon (Matic) network because of its low gas fee, fast TPS, and improved user experience. Ethereum 2.0 will improve the present Ethereum network, but that does not ultimately diminish the importance and use of the Polygon (Matic) network. It will continue to support the Ethereum blockchain in making TPS done as fast as possible.
How to Buy Polygon?
Open an online account.
To buy Matic tokens, you need to have a cryptocurrency account. We have listed some of the online digital platforms you can purchase the tokens from. However, you need to have an account with these digital platforms before you can buy the coin.
You go online, search for the digital platform, fill out the necessary personal information contained in the form, enable you to be a user of that platform, and scale through the required security. You also provide the verification code needed, scan all the required documents (e.g., driver’s license) and collect your identification name and details.
Download a crypto wallet
While some digital platforms have integrated crypto wallets, some are linked with other crypto wallets. Whatever the case is, you should download the required cryptocurrency wallet for your digital platform and set it in.
Many crypto wallets have private keys that you must safely store and other security engagements you have to scale before successfully having a wallet you can save your coins in. Most cryptocurrency wallets have a mobile app that you can use on your mobile phone.
Make your purchase
After opening an online account and downloading the crypto wallet, the next thing is funding your wallet in the required currency. This would enable you to make your purchase. Many cryptocurrency brokers allow for the wallet’s funding through several fiat currencies such as USD, EUR, JPY, etc.
You should pick the currency you prefer and deposit funds through your preferred payment methods like your bank account, credit, or debit card, unlike the Ethereum wallet, where you cannot use your debit card to fund your wallet. You can also deposit crypto to make your MATIC purchase. After this, you can follow the digital platform instructions, buy Polygon (Matic) tokens, and save them in your wallet. You can use several deposit methods to buy Polygon (Matic) tokens, such as your bank account for bank transfer, wire transfer, etc.
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Conclusion: Is Buying Polygon a Good Investment?
In the world of cryptocurrency, it will be difficult to confidently say a coin or network is a good investment because of the significant risks that arise there. A coin may have a prospect to be a good investment that keeps yielding profit but midway nosedived and becomes a bad investment. So, for coins, you can only project as far as you can see.
For Polygon, many features do the project and coin an excellent investment for beginner and experienced investors.The interoperability feature of the Matic network with the Ethereum blockchain, using the EVM, makes it a good investment than its many counterparts because it does not need a third-party system to connect, interact and communicate with the Ethereum blockchain technology. Since Ethereum is the second biggest cryptocurrency blockchain, the Matic network serves as a good investment.
The Polygon framework hosts several projects using its decentralized applications platforms, such as the upcoming non-fungible tokens. As long as new projects hinged on the Ethereum network continue to come up, the MATIC network will continue to be a good investment. The projects are further ways in which the digital currency world keeps expanding in possibilities and capabilities.
The MATIC network provides multiple scaling solutions using the plasma framework and proof-0f-stake blockchain architecture. It does this to help reduce gas fees and limit entry barriers for new traders and businesses.
Blockchains like Ethereum will continue to need layer 2 networks such as Polygon (Matic) for their transactions because of their blockchain’s increasing frequent network congestions. When rating cryptocurrencies according to market caps, Polygon (Matic) market cap is rated among the top 50 cryptocurrencies in the world.
However, it is crucial that traders consider the market risk that comes with investing in the MATIC network. They should consider the risk-reward ratio and determine whether the investment and market risk can afford where everything goes south with the investment. Putting this in perspective will aid traders to make the right choices applicable to them personally.
Buying Polygon FAQs
What is Polygon network?
Polygon network is the network the Ethereum token, Matic, is run on. Since Polygon is similar in codes to Ethereum, some digital platforms provide the ‘Ethereum Mainnet’ as the Polygon (Matic) token network.
In summary, it is the network from which Polygon or Matic coin is bought, transferred, or sold.
What is meant by retail investor accounts?
Retail investor accounts are those accounts managed by individuals for their personal use. These individuals are called retail investors. They are not professionals who invest and trade for organizations such as Mutual Funds but go to the market to trade their accounts.
For example, they trade the Matic token themselves on various digital platforms from their accounts.
What is the best investment advice?
The best investment advice comes from the acronym ‘DYOR’, which means ‘Do Your Own Research. Some individuals thrive on hype and buy coins only because several people hype it without determining the viability of these coins. In the end, the coins dip, and they count losses instead of profits.
This is why it is essential to do your own research on any coin before delving into it to ensure you know why and how you wish to carry out your trading strategy, considering your own circumstances. Your own advice is the best. It is important to check relevant regulatory requirements to determine the relationship of the coin with the necessary regulator and the future of the coin from a legal perspective.