Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Polkadot. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a decent amount of popular and regulated crypto trading platforms, so it’s quite easy finding an exchange that has Polkadot. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy Polkadot in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Polkadot in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying Polkadot, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Polkadot.
Alternatively, if you want to know more about the exchanges we like, check our list of the bitcoin exchanges in Australia.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy Polkadot, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy Polkadot
The final step is to go to their asset list, find Polkadot, navigate to the buy section, and then trade your AUD for some DOT. Once you’ve bought Polkadot, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
Where to Buy Polkadot (DOT)
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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How to Sell Polkadot
If you’re thinking about selling Polkadot, just follow the steps below.
- Sign in to the cryptocurrency trading platform (like Swyftx).
- Click on Polkadot in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell Polkadot for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying Polkadot in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy Polkadot with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Polkadot. Have a look on their site first, you might be lucky.
How to buy Polkadot with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Polkadot with your credit/debit card.
Polkadot is an open-source, sharded multichain protocols that connects and secures a network of specialized blockchains. This allows cross-chain transfer of any type data or assets. It allows blockchains interoperable. Polkadot (also known as Web3) was created to establish a foundation for a decentralized Internet of Blockchains.
Polkadot is a layer-0 protocol. This is because it describes and underlies the format for layer 1 cryptos, also known as parachains (parallel chains). According to its token holders, Polkadot is a metaprotocol that can independently and forklessly update its codebase using on-chain governance.
Polkadot, a foundation that supports decentralized internet control by its users, is called Polkadot. It makes it easier to create new services, institutions, or applications.
The Polkadot protocol allows the connection between public and private networks. It also permits permissionless networks and oracles to be connected. Future technologies can also be connected using the Polkadot protocol. These independent blockchains can trustlessly share information and transactions via Polkadot Relay Chain.
The native DOT token Polkadot is used for three purposes: Operations and security, Facilitating network governance, and Bonding tokens that connect parachains.
Polkadot is comprised of four core components.
- Relay Chain: PolkadotaEUR (tm)'s "heart", which helps to build consensus and interoperability among the various chains.
- Parachains can be independent chains that can use tokens and are optimized for specific uses.
- Parathreads look similar to parachains but offer flexible connectivity and are based on a pay as you go model.
- Bridges: Parachains and parathreads can be connected to external blockchains like Ethereum.
Polkadot is a multichain sharded networking that can simultaneously process transactions on multiple chains ("parachains"). This increases scalability.
Substrate allows you to create custom blockchains quickly using a framework called Substrate. You can connect Substrate Blockchains to Polkadot. It's adaptable and flexible and allows for sharing functionality and information among participants. Polkadot can be upgraded automatically without the need for a fork. This allows you to add new features and fix bugs.
The network has a user-driven governance system which allows token holders to vote for how it is run. Polkadot lets teams customize the governance of their blockchain to meet changing conditions and their specific needs. Validators and collators have different duties to help maintain and protect the network.
Polkadot concluded the first Parachain auctions at the end 2021. Parachain auctions were conducted using an un-permitted candle auction system. The winning bid is the highest at auction's close.
The first five Polkadot slots were awarded to the following auction winners: Acala, Moonbeam, Parallel, Clover and Clover. The DOT bidders will guarantee these projects their parachain slots for 96 week as collateral. All projects have been battle-tested on Polkadotâ€™s de-facto testnet Kusama.