How to Buy Polygon (MATIC)

Polygon (MATIC), an Ethereum token which powers the Polygon Network, is Polygon. MATIC can be used to pay gas fees and for staking. It also serves as governance. MATIC token holders have special privileges in the protocol. MATIC tokens can be staked to gain access to the Polygon network. Users also need  MATIC tokens to pay transaction fees for using the Polygon chains.

You can buy Polygon’s MATIC tokens via decentralized exchanges like Uniswap, SushiSwap, etc., by connecting your crypto wallet. They can be purchased with fiat currency via centralized exchanges. To purchase MATIC tokens, follow our step-by–step purchasing guide.

Step 1: Choose a Crypto Exchange

Polygon’s MATIC tokens are available on leading cryptocurrency platforms, including Coinbase Pro, Binance, Kraken, FTX, etc. Check out the CoinStats market page to see the MATIC supported exchanges. Compare the exchanges’ security, user experience, fee structure, supported crypto assets, etc., to choose the one with the characteristics you need, such as affordable transaction fees, an intuitive platform, round-the-clock customer service, etc. You should also consider whether the exchange has been regulated by the Financial Industry Regulatory Authority, which allows you to purchase crypto with your preferred payment method.

In the crypto world, any trader is confronted with the initial choice between centralized and decentralized crypto exchanges, so let’s look into the details of each type below.

Centralized Exchange

A centralized crypto exchange, or CEX for short, like Coinbase, eToro or Binance is governed and charged specific fees. Most crypto trading occurs on centralized exchanges. Users can convert their fiat currencies into crypto quickly and easily. Users must comply with KYC (know your client) and AML rules on centralized exchanges by providing personal information as well as identification documents. However, a CEX holds your digital assets on its platform while trades go through – raising the risk of hackers stealing the assets.

Decentralized Exchange

A decentralized exchange (DEX) is the opposite. It operates on blockchain and does not charge any fees, except the applicable gas fee on a specific blockchain. Smart contracts are used to allow users to trade crypto assets in decentralized exchanges that do not require regulatory approval. An automated market maker is used to eliminate intermediaries and provide users with complete control of funds. The interface of decentralized exchanges is less intuitive and the currency conversions can be more difficult. For instance, they don’t always allow users to deposit fiat money in exchange for crypto; users have to either already own crypto or use a centralized exchange to get crypto. Because DEX trades peer-to–peer, it can take longer to find someone willing to trade with your crypto. If liquidity is limited, then you might have to make concessions and sell/buy low volume crypto quickly.

Step 2: Create an account

After you’ve chosen a cryptocurrency exchange that fulfills all your criteria, the following step is to register with the exchange using a valid email or mobile number. To verify your account, a link will be sent directly to your email address. Once the account is activated, you must create an elaborate password, and you’re good to go.  

Some exchanges require KYC or AML verification. To be verified you will need to provide your personal information, such as:

  • Full name
  • Address at home
  • Date of Birth
  • The ID document. 

Sometimes, the verification process may require you to submit a picture or video.

Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.

Step #3: Deposit the funds

Next, deposit money into your account. Many cryptocurrency exchanges allow you to deposit fiat currencies, such as USD, EUR and so on. Select the deposit method you prefer, including wire transfer, bank transfer or credit/debit cards. Then choose the currency to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit, and click “Deposit.”

Some deposit methods work very fast while others may require verification from authorities depending on how large the transaction is. You should compare fees between deposit methods as different ones may have higher fees.

Although linking your card and crypto account can be very beneficial, it will incur an additional charge.

It’s usually free to make a bank transfer from your local bank accounts, but you should still double-check with your exchange.

MATIC can also be traded as a cryptocurrency or stablecoin. The trading pairs differ between exchanges. To select one of the available pairs, search MATIC in the spot market.

Step 4: Get MATIC

To instantly place an order for MATIC at current market prices, follow the below steps: 

  • Click the search bar, enter MATIC, and select “Buy MATIC” or the equivalent.
  • Choose a trading pair against which you would like to purchase CRV 
  • Select the payment option, choose the currency that you want to use and enter the MATIC amount or fiat amount. Most exchanges will automatically convert the amount to show you how many MATIC tokens you’ll get.
  • Double-check the transaction details and click “Confirm.”
  • Once the transaction has been processed, you will see your MATIC tokens in your account. 

Limit orders can be used to specify that you are willing to buy MATIC below or at a certain price. Your broker will ask you the number of coins you wish to acquire and the maximum price you’re ready to pay for each once you’ve placed an order. Your broker must fulfill your order at the requested price. Your broker could cancel or open your order if you request a higher price than your limit.

If you’re planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a hardware wallet.

You can trade MATIC in spot markets by going to the Trade page. Search for MATIC/USDT or MATIC/USDUSD. Click on the desired trading pair to view the price chart. Click “Buy MATIC,” select the “Market,” enter your amount or choose what portion of your deposit you’d like to spend by clicking on the percentage buttons. Confirm and click “Buy MATIC.”

You have just added MATIC tokens into your crypto portfolio. Congratulations! 

Step #5: Keep MATIC

Although your MATIC tokens are safe to store in your brokerage wallet, experts recommend that you keep your coins secure from any exchange wallets. 

A private wallet should be created with your unique keys. You can choose from software or hardware wallets depending on how you invest. 

Software wallets

If you’re looking to trade MATIC regularly, software or hot wallets provided by your selected crypto exchange will suit you. Software wallets are flexible and easy to use. This is their strength. Software wallets are the easiest to set up and allow you to interact with many decentralized finance applications (DeFi). However, these wallets are vulnerable to security leaks because they’re hosted online. To avoid security problems, ensure you do your research before you choose a software wallet. As an additional layer of security, we recommend that you use a platform with 2-factor authentication.
Among others, there are CoinStats Wallet and MetaMask software wallets. Trust Wallet, Trust Wallet and Edge Wallet are all examples.

Hardware wallets

Cold wallets, or hardware wallets, are generally considered to be the most secure way of keeping your cryptos safe. They offer offline storage which significantly lowers the chance of hackers stealing them. The pin secures them and erases all personal information after several failed attempts. This prevents physical theft. The hardware wallets allow you to sign and confirm transactions via the blockchain. This gives you additional protection against cyber attacks. They are best for those who have a lot of tokens and are experienced.
The most secure and reliable hardware wallets, Ledger Hardware wallets allow you to securely manage all your digital assets. The Nano X is designed for advanced users and offers more storage space and advanced features than Ledger Nano S,  designed for crypto beginners.

A hardware wallet is more expensive than a hot wallet, with prices ranging between  $50 – $200.

Trezor T, Ledger Nano X and CoolWallet Pro are some examples of cold wallets. 

Step 6 (Bonus Step),: Track MATIC Tokens

If you have multiple assets, managing your portfolio can become difficult because the cryptocurrency market can fluctuate. A portfolio tracker can help you track your MATIC tokens, as well as all of your investments. It is easy to use one platform for all things crypto. CoinStats is a leading provider of crypto portfolio trackers. You can read more about it here. 

CoinStats allows you to monitor MATIC’s profit, liquidity, and loss across multiple exchanges.

CoinStats has over 250 crypto exchanges. It also supports more than 7,000 cryptocurrency. The site offers advanced search capabilities, charting and analytical tools as well as up-to-date information. You can connect unlimited portfolios (wallets or exchanges) here.

  • Binance
  • MetaMask
  • Trust your wallet
  • Coinbase
  • Kraken
  • Kucoin
  • Bitstamp, 500 other. 

Go to the CoinStats portfolio tracker page.

  • Click Connect Wallet and Add Portfolio.
  • Select the wallet that you wish to link to, e.g. Ethereum Wallet.
  • Click on Submit to enter the wallet address.

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