How to Buy Polkadot (DOT) Right Now • [Easy Steps] • Benzinga

The easiest way to buy and sell Polkadot today is on Coinbase or Binance.US. If you don’t have an account with either of these exchanges, you’ll want to set one up to purchase Polkadot.

Creating an account with both of these exchanges is relatively simple as long as you’re ready to comply with the SEC’s know-your-customer (KYC) guidelines. You’ll need to authenticate your identity for tax purposes via your SSN, drivers license, address and a quick selfie.

This shouldn’t take more than 5 minutes, and once you’re approved you can connect your bank account and get trading!

A cryptocurrency wallet is a mobile or desktop app that allows you to safely store your cryptocurrency with a private set of keys. For the highest possible level of security, we recommend investing in a cold wallet. Cold wallets are devices that you can buy from sites like Amazon. Most models work like a flash drive, allowing you to connect to your computer or mobile device via Bluetooth to transfer your coins into a more secure wallet. Your cold wallet stores your coins offline, which ensures that only you have access to your coins.

The final step to investing in cryptocurrency is to place a buy order through your broker’s trading platform. There are a few different types of buy orders, and each buy order gives your broker a specific set of instructions to follow when they carry out your trade. Some of the most common types of buy orders you’ll see may include:

Market orders. Market orders are executed as soon as possible. They give you less control over the price paid for each asset, but they can be useful for those who need a quick purchase.

Limit order. Limit orders are executed as soon as possible at a specific price. For example, you could set a limit order with a price limit of $5 per token. If the price of the token you’re investing in falls to $5 or less, your broker will fill the order. If the price doesn’t fall to $5, your broker won’t fill the order.

Recurring order. Some brokers offer recurring orders, which allow you to invest on a set schedule. For example, you might set an order to buy $500 worth of Polkadot on the first day of every month. Depending on the broker you’re buying through, you might be able to set recurring orders on an annual, monthly, weekly or even daily basis.

Stop-limit order. A stop-limit order is a conditional order that is only executed under a specific price umbrella. For example, you might set a stop-limit order for Polkadot with a stop price of $5 and a limit price of $5.25. In this circumstance, your broker would begin filling your order as soon as the price of each token reaches $5. So long as the broker can fill the order below $5.25 per token, your order will continue to be filled until its completed. If the price of Polkadot rises above $5.25, your broker will stop executing the order.

After your broker fills your order, you can transfer your coins to a wallet if you plan on becoming a long-term investor. You might want to start by transferring a small amount of money before you send your entire purchase to be 100% sure that you have your wallet address correct. If you send your cryptocurrency to an incorrect wallet address, it is very difficult to get your tokens back.