Debuted in 2020, Polkadot is a distributed computing open-source blockchain platform. The network employs a proof-of-stake method to reach a consensus. Polkadot includes several revolutionary technological elements, such as running two blockchains, including relay chains and para-chains.
In this article, we’ll review the best Polkadot exchanges and brokers. Read on the reviews of each exchange and decide The best DOT Exchange for you.
Since multiple platforms are listing Polkadot, selecting the best one might become a difficult task to do. However, you can use the following guideline to make the right choice.
Undoubtedly, buying or selling DOT coins involves transactions and the associated cost that matters. Therefore, it is crucial to confirm the relevant prices from the broker and compare them with other recommended platforms. Try to sign up with an exchange that seems affordable. Not to mention, choosing a high-cost platform can make you compromise on profitability.
Your prospective crypto exchange or brokerage firm should be offering multiple payment methods, making it easy for you to pay. Look for the availability of your preferred payment method and the associated cost. Also, do not overlook the time your desired payment method takes to process a transaction to avoid inconvenience.
Newbies should make sure that their selected platform is user-friendly. Most crypto intermediaries also provide a demo account. You can sign up for a demo account with your preferred trading platform and explore its services and features to assess if it is worth your investment.
Finally, checking out a platform’s reputation is also unavoidable. You should check the company’s reputation and collect as much information as possible. Start by reading online reviews and seeing what people say about the prospective firm. Avoid platforms with a history of hacking and other malpractices.
eToro is one of the leading social trading platforms founded in 2007. The firm is based in Israel and serves clients worldwide through its multiple regional offices. While clients can trade numerous financial instruments, including currencies, stocks, CFDs, commodities, ETFs, and cryptocurrencies, the brokerage firm is primarily famous for its state-of-the-art social trading services. Whether you are a novice trader or a veteran crypto enthusiast, generating passive income by replicating successful trades on eToro shouldn’t be an issue.
Moreover, eToro’s user interface is pretty straightforward. The signing-up process is relatively quick, but you’ll need to submit proof of identity, which may take up to a day or two. The broker holds multiple regulations from top-tier regulatory bodies such as FCA, CySEC, and ASIC.
After signing up with the platform, you have multiple options to fund your account. The best part is that eToro doesn’t charge fees on deposits. The broker is a hybrid platform that allows clients to buy real DOT coins or open a CFD position using the leverage of 1:2 along with competitive spreads (i-e 1% on buying or selling all crypto assets). However, residents of some countries such as the U.K. can only purchase real crypto assets after FCA banned trading crypto derivatives. In addition to DOT, clients can trade more than 50 crypto coins on eToro, including BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM.
Although eToro offers 14 crypto-crosses, it currently doesn’t support DOT trading against any other crypto. Therefore, you can only trade DOT against USD (DOT/USD) at the moment.
Clients can seek customer support in multiple languages via all social media channels, such as Facebook, Twitter, and Instagram, except for the live chat feature primarily available for eToro club members.
To find more details, please read our full 2024 eToro review.
Note: Clients can deposit a maximum of $2250 without I.D. verification. Also, eToro allows clients to move non-leveraged tokens between their wallets and their eToro account.
Capital.com is a multi-asset broker offering trading services across numerous financial markets, including stocks, indices, commodities, and cryptocurrencies. Capital Com (U.K.) Limited is approved and regulated by the Financial Conduct Authority (FCA). It stands out for its low trading costs and AI-powered trading platform. Not to mention, the broker is best known for its seamless trading conditions to trade CFDs.
The broker accepts clients from almost all parts of the world, except a few jurisdictions, including the United States. Signing up with Capital.com is quick and easy. The company has multiple deposit methods, making it convenient for clients to start.
Capital.com’s cost structure is also outstanding. While there are no hidden fees or charges for deposits or withdrawals, the minimum deposit is $20, which is pretty much affordable. Since the broker employs variable spreads, calculating the exact cost to trade Polkadot and other crypto assets on Capital.com is difficult. Not to mention, the broker also charges excessive fees on positions held overnight.
The company offers leverage of up to 1:2 for trading crypto CFDs. Capital.com allows clients to trade more than 12 cryptocurrencies, including but not limited to Ripple, Cardano, Ethereum, Bitcoin, Dogecoin, Shiba Inu, MATIC, VeChain, Litecoin, TRON, etc. You can see the complete list of offerings and read the full 2024 Capital.com review.
Capital.com customer service is also up to the mark, allowing clients to raise their concerns round-the-clock seven days a week.
Note: Capital.com exclusively offers DOT CFD trading; tokens are non-transferable.
Coinbase is a decentralized crypto exchange that has been around for almost a decade. The company has grown into one of the world’s largest and most trusted crypto exchanges. It is also the world’s first crypto exchange to go public. Clients from almost all parts of the world can sign up with the exchange. The crypto platform comes in two versions. While newbies can use Coinbase’s regular exchange, skilled traders and institutions can opt for the Coinbase PRO.
The signup process is simple and fast but needs you to complete the KYC process. Also, unless your account is verified, the company doesn’t allow clients to buy DOT coins or other crypto assets. Whether you wish to trade on the primary exchange or prefer accessing Coinbase PRO, you can buy DOT tokens using multiple payment methods. Available options include debit cards and credit cards, e-Wallets (Skrill, PayPal, and Neteller), Bank transfers, SEPA (U.K.), Ideal, Sofort (Europe), and ACH (U.S.). When you buy or sell cryptocurrencies on Coinbase, the company employs a built-in spread in the crypto prices.
Therefore, it becomes difficult to ascertain the exact spread charge for a specific coin, including Polkadot. Since the platform doesn’t support derivative trading, you can’t open a CFD position on Coinbase. The crypto exchange offers a wide range of cryptocurrencies, including but not limited to Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Aave (AAVE), Cardano (ADA), USD Coin (USDC), Dash (DASH), Dogecoin (DOGE). Available crypto-crosses on Coinbase.com for trading Polkadot include DOT/USD, DOT/EUR, DOT/GBP, DOT/USDT, DOT/BTC.
Coinbase asks for low minimum deposits. Clients can start as low as $50. While the exchange does not impose deposit fees, it may charge transactional fees depending on the selected currency and trading volume. In addition to offering clients seamless trading exposure, the company pays special attention to customer service. A multilingual customer support team always remains available to address clientele issues on a timely basis.
Check out our comprehensive Coinbase review 2024.
Note: Coinbase offers you a built-in exchange wallet to hold your DOT coins. However, it is better to move them to a cold storage place after buying them from the exchange.
Binance is by far the largest cryptocurrency exchange in the world. It serves clients in over 200 countries and jurisdictions. Recently, Binance introduced a peer-to-peer crypto trading platform, making it easy for clients to find the best deals. The world’s most liquid exchange allows you to fill up your orders instantly without significant price gaps. Whether you buy DOT tokens or enter futures contracts, the platform offers you complete control over your trading preferences. Available DOT crosses on Binance include DOT/BTC, DOT/USDT, DOT/BUSD, DOT/BNB, DOT/ETH, DOT/AUD, DOT/BIDR, DOT/BRL, DOT/GBP, DOT/USD, DOT/EUR. Depending on the Maker/Taker fees tier, the platform charges between 0.10% and 0.15% when buying DOT coins on Binance. However, clients can avail 25% discount using BNB tokens. There are currently no leveraged products available for trading Polkadot on Binance. However, the crypto exchanges allow you to opt for margin trading using borrowed funds up to 10 times in value of collaterals.
Creating a Binance account is simple. While the crypto exchange usually accepts crypto deposits, clients can use the P2P platforms or third-party exchanges like Simplex, Shapeshift, or Moonpay to purchase DOT tokens on Binance. Clients can also buy more than 1000 cryptocurrencies on the exchange. Our detailed Binance review 2024 lists them, check it out.
The minimum deposit amount into Binance varies depending on your selected third-party exchange. However, the most negligible trading value is $1, and the maximum is $150. Binance doesn’t charge any fees on deposits and withdrawals; However, third-party exchanges may charge you a modest transaction fee.
While clients can’t buy crypto assets without I.D. verification, the company sets the maximum limit for each digital currency depending on the user’s verification level. The company also offers a hot wallet to keep your investment. Customer support at Binance appears a bit slower than most other competitive firms.
1. Go to www.binance.com. US-based clients can access Binance.US to sign up.
2. Click the “Register Now” option available on the top-right edge of the website. Enter your details on the registration form and proceed to the next step.
3. Create a Binance account and verify it on the official website. To complete the KYC procedure, you must prove your identity. Fill out the registration form completely.
4. Log in and select the “Buy Crypto” button available in the dashboard to add funds to your account. Select your currency and payment method from the list of available options, including debit/credit cards, bank transfers, P2P trading, and third parties like Simplex. (We used credit/debit cards for this article.)
5. Find DOT using the search bar, enter the amount of DOT coins you wish to purchase and provide authentication details. Ensure the name on your Binance account matches the name printed on your card. Else the company might decline your payment in compliance with AML guidelines.
6. After the payment is successful, your DOT tokens will appear in your account right away.
Kraken is a well-known name for trading cryptocurrencies, especially in strict regulatory jurisdictions, such as the United States. With dedicated measures for security assurance, the company offers instant trade execution, taking clientele experience to the next level. Besides spot trading, the crypto exchange allows you to trade DOT futures with a leverage of up to 1:5.
Kraken serves customers all around the world, including the U.S. Kraken lists more than 50 crypto assets, including but not limited to Monero, XMR, Monero; Moonbeam, GLMR, Polkadot; Moonriver, MOVR, Kusama; Nano, NANO, Nano; Ocean, OCEAN, and ERC-20. Available crypto-crosses on Kraken for trading Polkadot include DOT/BTC, DOT/ETH, DOT/USDT, DOT/USD, and DOT/EUR.
While the company has a seamless registration process, clients can choose between different payment methods to add funds to their accounts. Some popular options available on Kraken include debit cards, credit cards, wire transfers, bank transfers, and e-Wallets (Skrill, PayPal, Neteller).
The minimum deposit required to open an account with Kraken is $10 only. Clients can access the basic exchange version or switch to the Pro trading mode depending on personal preferences. Kraken charges trading fees, depending on factors, such as selected pair, the volume traded in the last 30 days, and your maker or taker status. Spreads between 0% and 2% are typical for most trading pairs on Kraken. However, the exact trading cost is shown at the time of order placement.
Note: Kraken exchange will transfer your DOT coins to your wallet right away.
Aside from buying DOT from brokerages, exchanges, and ATMs, additional ways to get DOT tokens are listed below.
Because of its low worth, people may wish to give it away as a tip or gift. While your friends and family can send you DOT coins as a gift, businesses shouldn’t be surprised to receive DOT tokens as a tip given to acknowledge their quality services. All you need is to have a supported wallet ready all the time.
Several faucet websites may also allow users to get some DOT coins for free. Anyone who wants a share can request one. Usually, faucet websites ask interested people to complete specific tasks such as form filling, posting gigs, playing games, or watching an advertisement, to receive free DOT coins.
After adding DOT coins to your portfolio, you may think about spending DOT tokens in the best way. Here are some suggestions.
If you are risk-averse, then HODLing may be the best investment plan for you. That means keeping DOT coins in a crypto wallet for a long time. When you HODL, you anticipate that your crypto asset worth will appreciate over time. If you believe the coin’s value will rise in the future, buying them is worth it. However, the crypto market can crash anytime, leading you to incur severe losses. Therefore, do not invest the money you can’t afford to lose.
Most of the platforms mentioned here are brokers/exchanges. So you may use them for trading and earning DOT coins. Among the trading tactics available are day trading (profiting from daily DOT price changes) and CFD trading. Day trading is dangerous and paired with crypto’s volatility. You might lose a lot of money. So, before signing up for a real account, try learning skills using a demo account and practice as much as possible.
DOT’s popularity has influenced its adoption. Sooner or later, businesses will start accepting DOT coins as a payment method for services and goods.
Like many other prominent cryptocurrencies, you can also give away your DOT coins for charitable purposes. Just find a charitable organization accepting DOT coins.
Polkadot has great potential because of its structure and technology in the blockchain world.
We have listed what we believe to be the best Polkadot exchanges in this article based on fees and simplicity.
Each exchange has its own properties, advantages, and disadvantages. It is up to you to select an Exchange depending on your own preference, country, and requirements.
There are many exchanges where you can buy Polkadot (DOT) online. eToro, Binance, Houbi Global are among a huge list. We’ve listed our selected exchanges and brokers to buy DOT above.
If you’ve selected an exchange or broker to trade Polkadot with, then you can use the exchange to trade Polkadot against other crypto coins or currencies. Usually, the process is simple, and the trader will find exchanging a crypto coin accessible and easy.
Yes. eToro will allow traders to buy and sell Polkadot. eToro follows up on the latest assets and added Polkadot as it is one of the most popular assets recently.
Yes, Polkadex is a decentralized peer-to-peer cryptocurrency exchange for the DeFi ecosystem
Decentralized exchange (shortly known as DEX) is a peer-to-peer network where people can trade cryptocurrencies in a non-custodial manner (no need for a third party to complete the exchange of cryptocurrency).