Kraken
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- Trade DOT and 276 other cryptos.
- Instant funding & advanced trading options.
- Join 9M+ users around the world.
Polkadot (DOT) is the 27th largest cryptocurrency by market cap, valued at US$7,525,814,920.
Polkadot is a highly volatile asset capable of major price swings in a single day. Today the price of DOT is $4.94 USD, which is higher than yesterday's trading price of $4.89 USD. Over the past year, Polkadot's price has seen a decrease of -35%.
So before you buy Polkadot, make sure you understand these unique risks as well as its legal and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions on how you can buy Polkadot.
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Find an exchange to buy, sell and trade DOT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the exchange - simple.
DOT is the native token of the Polkadot network.
Polkadot is a unique network that allows the transfer of data, money and assets between different blockchains.
Polkadot is different from other networks such as Ethereum because it uses various blockchains instead of smart contracts, allowing developers a more granular approach to design. DOT tokens are the native currency of the Polkadot ecosystem and are used for proof of stake and governance.
At Polkadot's core is a universe of blockchains, both public and private, that can all interact with each other through a process known as interoperability. Instead of using smart contracts to run applications, Polkadot uses parallel blockchains, known as parachains, to serve a similar purpose. Whereas a developer on Ethereum would use a collection of smart contracts to program a dapp, developers on Polkadot use parachains instead.
By programming individual blockchains to host dapps instead of smart contracts – which are bound to the parent blockchain's rules – developers are able to exercise greater control over design, including key features such as speed, fees and whether data is public or private. Smart contracts are still supported on Polkadot, although they must exist within a parachain.
For example, a bank might want to host customer data on a private blockchain that only employees can alter. Customers could then access this data using a third-party payments app that operates on a public blockchain. Permission to access either parachain could be moderated by a digital ID held on a smart contract parachain.
Tying these parachains together is the relay chain, which can be thought of as the central blockchain within Polkadot. By managing a network of parachains from a central relay chain, friction is reduced, enabling a faster and more efficient network for both the user and those that operate it.
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Canada to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Polkadot.
Once you've created an account, you will need to deposit funds to buy DOT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy DOT:
The easiest way to buy DOT is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying DOT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Polkadot has been performing recently.
You can keep your DOT on the exchange you purchased it on, or move it to a personal wallet:
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
The Web3 Foundation, responsible for developing Polkadot, has stated that the DOT token is primarily used for the following, which may influence whether or not you wish to add Polkadot to your portfolio.
Compare today's price of Polkadot ($4.94 USD) against its all-time-high price of $54.98 USD on 04 November 2021. The closer the bar is to 100%, the closer DOT is to reaching its ATH again.
Disclaimer: Cryptocurrencies, including Polkadot, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DOT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Polkadot or any other cryptocurrency discussed.
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