Table of Contents - Where to buy Dot Crypto
- 1 How to sign up for Coinbase?
- 2 Join The Coinbase Exchange
- 3 How to sign up to Binance
- 4 Join The Binance Exchange
- 5 How to transfer Crypto from Coinbase to Binance
- 6 Where to buy Dot crypto on Binance using the BTC?
- 7 How to buy Polkadot in the USA
- 8 Can I stake my Polkadot Dot coins?
- 9 Can I buy Polkadot on Coinbase?
- 10 Should I buy Dot Crypto?
- 11 Where is the best place to store my Polkadot DOT coins?
Wondering where to buy Dot Crypto? Look no further, in this guide we will walk you through the process from start to finish.
Polkadot is a well-known Cryptocurrency and for this reason, it can be purchased on many exchanges. It is in fact so popular that I’m not sure of an exchange that doesn’t have it listed. We will list the exchanges and guide you through the process of buying the coin.
In our opinion, Coinbase is the best place to start if you’re new. Coinbase is a very user-friendly Crypto exchange. We have shown a few people how to sign up and use exchanges and we found the base way for people to get to grips with the process is to first purchase the coin of their choice on Coinbase, transfer it to another exchange and then use the coin to trade for their specific coin. For instance, in this example, we will buy Bitcoin BTC on Coinbase, transfer it to Binance and then swap the Bitcoin for DOT.
How to sign up for Coinbase?
Signing up to Coinbase is a very easy process, as mentioned above Coinbase is made to be extremely user friendly. If you follow our guide below you will be signed up in no time, you can purchase the coin of your choice and then we can get you signed up to another exchange where you can deposit your coins in order to swap them for DOT.
We know this can be a bit intimidating for someone who has never worked on these platforms, we were exactly the same and actually started we actually started ourselves with Coinbase before getting our feet wet with other exchanges. So let’s go through the process together and help you…
Step 1: Visit the Coinbase registration page and put in your name, e-mail address, state, create a password, and click the sign-up button.
Step 2: Next you’ll receive a verification e-mail to confirm your address. Clicking confirm will redirect you back to Coinbase to finish creating your account.
Step 3: Enter your phone number, which Coinbase will use to verify your purchases in the future using 2-step authorization. (They’ll text you a seven digit code to confirm your transactions.)
Step 4: Submit additional information to create your profile like your legal name, birthday, and physical address.
Step 5: Verify your identity with your drivers license. You’ll use your web cam to upload a photo of the front and back of your ID. It may take a few minutes to confirm your identification.
Step 6: Once your ID has been confirmed, you’ll be directed to the payments screen and presented with options to deposit funds. Connecting your bank account and doing ACH transfer is my recommended method because it’s free — however it takes a few days to verify your account. If you’re in a hurry, you can use a different method like debit card or PayPal deposits, but take note of the transaction fee before you go those routes.
Step 7: Once your deposit is cleared, you’ll see a USD balance within your Coinbase account. You can now use this to purchase cryptocurrency.
Step 8: Click the BUY/SELL blue button at the top of the screen. Use either your deposited USD funds on Coinbase or your now connected checking account to purchase BTC. This may take a few minutes to show up in your account after you purchase.
That’s it for the moment. You now own BTC that is being stored in your Coinbase account. Next step is to create your Kraken account so that you can buy Polkadot. If you’re waiting for Coinbase to verify your checking account. You can go ahead and set up your Kraken account. This will mean it’s ready once your Coinbase account is ready.
How to sign up to Binance
Binance is the leading Crypto exchange. Although it may not be as easy as some other exchanges to use it boasts a lot more coins and options than many other exchanges. Other than just buying Cryptocurrency, Binance offers Futures, Staking, Savings accounts and much more. We personally use Binance for our Crypto.
We will now set up the Binance account to transfer the BTC from Coinbase to Binance in order to exchange it for DOT.
Step 1: First click the link above to go to Binance’s registration page:
Step 3: Check your email account for the confirmation code. After entering your verification code, your email address will be confirmed and you can start using your Binance account. After your Binance account is successfully created, you need to set up 2FA (two-factor authentication) for your Binance account.
Step 4: Click on Phone Verification to enable 2FA on your Binance account, or you can choose Google Authenticator to receive 2FA codes for your account.
Step 6: After opening your Binance account, you will have a daily withdrawal limit of 2 BTC and you can’t deposit money into Binance. To increase your daily withdrawal limit to 100 BTC and deposit fiat currencies into your Binance account, you should verify your identity.
To verify your identity on Binance, first, click the ”identification” tab on Binance as shown in the image below.
How to transfer Crypto from Coinbase to Binance
Transfering Crypto can seem daunting but the process is actually rather simple, It’s just like transfering funds from your account to a friends account. With cryptocurrency most of the time all you need is the wallet address. Let’s look at how we transfer the BTC from Coinbase to Binance so that we can trade this for DOT.
Step 1: On Binance at the top of the page click on wallet > Fiat & Spot > deposit and select Crypto. Alternatively click here to take you to the right page.
Step 2: Copy your BTC wallet address by clicking the 2 little yellow blocks as seen below…
Step 3: Open up your coinbase account click send and then choose BTC select the amount you wish to send and then add then paste in your wallet address for Binance that you copied in the previous step.
Step 4: Check the fees and if you’re happy click to verify the transaction.
Congratulation you just transferred your first Crypto. Do not worry if this is not in your account instantly, it can take some time to process!
Where to buy Dot crypto on Binance using the BTC?
Now that your BTC is in your Binance account it’s time to swap it for Polkadot (DOT). This again is an easy process but looks very intimidating if you haven’t done this before.
Step 1: Head to Binance and hover over Trade in the top navigation menu. in the drop-down box select Convert. Quick link to conversion page!
Step 2: You will now be on the Cryptocurrency conversion page. In the top box Select BTC and in the box below select DOT as shown in the image click max in the BTC box If you wish to convert all your BTC to DOT. Image below…
Step 3: Click on preview conversion and if you agree to the next screen then verify the conversion!
You have now completed the process and are the proud owner of Polkadot DOT!
To recap… We setup up a Coinbase account to purchase BTC. We then set up a Binance account to send the BTC to. When we received the BTC on Binance we converted this to our chosen currency of DOT.
How to buy Polkadot in the USA
Many exchanges aren’t accessible in the USA which can be very frustrating for those living there. We wanted to help those in the USA seeking to buy DOT. We located an exchange that you can use as many seem to be out of your reach. Luckily we have found a few exchanges that you can use and we will share them with you now…
The easiest process for people in the USA is to purchase BTC via Coinbase. You will then transfer the BTC to Kraken. Once you have received the BTC on your Kraken account you can then swap the BTC to DOT. This may sound long-winded but it’s just like sending funds to your friend so that he can buy a coffee.
You may be asking yourself why deposit to Coinbase first when I can just deposit USD to Kraken. It’s a great question and the answer is simple. Kraken only accepts a wire transfer for deposits, these will typically cost the user between 20 and 30 dollars. By using Coinbase we can deposit USD for free using an ACH transfer. We can then use the deposit to buy Bitcoin. You can then transfer it to Kraken for a much smaller fee than you would have paid on Kraken. All we then have to do is exchange it for DOT.
How to set up a Coinbase account in the USA…
Joining Coinbase in the USA is no different to joining Coinbase anywhere else in the world. Here is the guide again below just so you don’t have to scroll up the page.
Step 1: Head over to the Coinbase registration page. You will enter your name, e-mail address, state, create a password and click the sign-up.
Step 2: You’ll receive a verification e-mail to confirm your email account. Clicking confirm will redirect you back to Coinbase to finish setting up your Coinabase account.
Step 3: Enter your phone number, Coinbase will use this to verify your purchases in the future! Using 2-step authorization (2FA). When you make a purchase they’ll SMS you code making things secure.
Step 4: Add additional information to verify your account like your legal name, birthday, and physical address.
Step 5: Verify your identity with your driver’s license or another form of ID. You’ll use your webcam to upload a photo of the front and back of your ID. It may take a few minutes to verify your identification.
Step 6: Once your ID has been confirmed, you’ll be directed to the payments screen. You’ll be presented with options to deposit funds. Connecting your bank account and doing an ACH transfer is my recommended process. This is because it’s free — however, it takes a few days to verify your account. If you’re in a hurry, you can use a different method like a debit card or PayPal deposits. Just make sure you check the transaction fee before you go through this process.
Step 7: Once your deposit is cleared, you’ll see a USD balance within your Coinbase account. You can now use this to purchase cryptocurrency.
Step 8: Click the BUY/SELL blue button at the top of the screen and use either your deposited USD funds on Coinbase or your now connected checking account to purchase BTC. This may take a few minutes to show up in your account after you purchase.
You now own Bitcoin BTC that is being stored in your Coinbase account. The next step is to create your Kraken account so that you can buy Polkadot in exchange for your BTC. If you’re awaiting Coinbase to verify your checking account (which takes a few days), you can go ahead and set up your Kraken account below so that it’s ready once your Coinbase account is verified.
How to setup a Kraken account…
This is where it’s different for people in the USA, we have seen many Americans ask where to buy Dot crypto and the answer is Kraken! Instead of Binance as Binance has restrictions on people from the USA. Kraken is a very good secure exchange and is available for residents in the USA.
Step 1: Head to the Kraken registration page and enter your e-mail address, create a username, and a password. Then select your country of residence then click “Create Account”.
Step 2: You’ll receive an activation code via the e-mail address you entered. Enter the code at the next screen along with your newly created login credentials to activate your account.
Step 3: You’ll now need to verify your Kraken account. There are three levels of account verification, for the time being, you’ll only need to do the Starter verification unless you plan on buying a lot of DOT or other cryptocurrencies in which case you’ll need the Intermediate. Start by clicking “Get Verified” under the Starter verification.
Step 4: Enter your full name, e-mail address, physical address, and phone number in order to start the process.
And that’s it! You’re now ready to transfer Bitcoin BTC from your Coinbase account to your new Kraken account and use it to buy Polkadot DOT.
How to transfer the Bitcoin (BTC) from Coinbase to Kraken…
Step 1: Within your Kraken dashboard, click the “Funding” tab in the main menu. You should see 0 balances for everything.
Step 2: Find where it says “Bitcoin (XBT)” under “Crypto Assets” on this page. XBT is the new acronym for Bitcoin, but it’s the same as BTC, so don’t be confused. Click “Deposit” on the right next to Bitcoin (XBT).
Step 3: On the next page, you’ll be prompted to click the “Yes, I acknowledge” button before you can deposit Bitcoin for the first time. You are acknowledging that it’s up to you to copy/paste the correct Bitcoin wallet address and that Kraken is not responsible if you screw up and send your Bitcoin to someone else.
Step 4: Click the “Generate New Address” button which appears after the step above. You’ll now see a long string of about 34 random characters appear. This is your new Bitcoin wallet on Kraken. Copy that long string of characters entirely.
Step 5: Switch tabs to your Coinbase dashboard and click the “Send/Receive” button in the upper right corner.
Step 6: Paste your 34 character wallet address in the first field that says “To Enter e-mail or address”. Then choose “BTC Wallet” under the “Pay With” field and click Continue.
Step 7: Verify that you’ve entered the correct wallet address and amount on the next screen and then click “Send Now”.
Step 8: You’ll receive a 7 digit confirmation code via text, which you’ll need to enter on the next screen to confirm the transfer.
Step 9: Switch back to your Kraken dashboard. Within 10 minutes you should see your Bitcoin balance appear in your Available Balances. This sometimes takes up to an hour or longer depending on network availability, but usually just takes a few minutes. (The transaction I made to create this tutorial took 74 minutes.)
And that’s it! You’ve now successfully transferred your BTC from Coinbase to Kraken. The last thing to do is use your BTC to purchase DOT on Kraken.
How to puchase Polkadot DOT crypto on Kraken…
Step 1: Click “Buy Crypto” within your Kraken Dashboard in the top menu.
Step 2: Select the “Convert” tab and then select “From Bitcoin” and “To: Polkadot”. You can either choose the amount you’d like to convert or click “Convert Max” to exchange all your BTC for DOT.
Step 3: Select “Preview Convert” and review your transaction. Then click “Convert Now”.
Well done! You are now the owner of Polkadot DOT coins.
Can I stake my Polkadot Dot coins?
So now you know where to buy DOT crypto, what about staking? Staking your coins is the process of committing your coins to the Polkadot ecosystem for the purpose of validating transactions. By doing so, you earn a reward for your stake in the form of interest (which they call rewards). This is the Polkadot equivalent of mining Bitcoin.
Step 1: Click the “Staking” tab in the top menu of Kraken.
Step 2: Scroll down until you see Polkadot listed. It’s probably the first coin listed.
Step 3: Enter the number of coins you’d like to stake. I hit “Max” to stake all of them. No point in having your coins just sitting there on an exchange. Leave the “Grow Rewards” option enabled, which is essentially like DRIP with stocks where you reinvest your rewards back into the stake for compounding interest.
And that’s it! You’ve now successfully staked your DOT coins and are on the way to earning 12% interest in the form of DOT coins — which should also go up in value over time which means you’ll be earning a lot more than 12%.
Can I buy Polkadot on Coinbase?
Currently, Polkadot is not listed on Coinbase, there have been rumours that it will be listed however this is currently not the case. We imagine that DOT will be listed on Coinbase in the near future as there are many potential buyers and I don’t think Coinbase would want to miss out on this share of the market. I guess we just have to watch this space.
Should I buy Dot Crypto?
Should you buy DOT? We are not financial advisors, we would never tell anyone what to buy. It is always best to do your own research on these matters. What we can do is tell you how we would research a coin like DOT to see if it seems reputable or if we think it has potential. We look for a few different things when doing our research.
Check out the team!
Firstly, we like to look at the team behind the project, do they look like they have the skills needed to do the job? are they backed up by an experienced team of advisors and developers that can achieve the goal? If I see someone leading a project that has no experience in that role this set’s off alarm bells. The same can be said for hidden teams, they may show one person leading the project but if we can’t see who is working on how do I know they can do the job? Why should I put my money behind a team I can’t see?
Is the team visible? I always look to see if the project is visible and accessible to the public, we have seen a few projects launch online without any interaction with the community. This would ring alarm bells again for us. We like to see interaction with the community, it lets us build a bond with the project.
I like to see AMAs (Ask me anything) as well as engaging in interviews with other members. If they aren’t showing themselves then for me that is probably a sign for me not to invest. I don’t expect them to be on social media every day, let’s face facts they have a lot of work to do but they could post every so often or get a team to run this for them.
Does this project solve a problem?
Are they fixing a problem? This doesn’t always have to be the case, you may see a project that is just brilliant and takes your fancy but I like to see projects that fix a problem. Take Algorand for instance, they focused on the Crypto Trilemma, they could see fees with many projects were too high and took a long time to actually finalise transactions. They came up with Algorand and they have so far achieved everything that they set out to do.
Where is the best place to store my Polkadot DOT coins?
We personally recommend moving your DOT coins or any coins you own for that matter off of the exchange and into a cold storage wallet such as a Ledger Nano X or the Tezos. Although exchanges are very secure nowadays how would you feel waking up one day signing into your account to find that all your DOT coins had disappeared? Cold storage devices are the safest way to store your coins. You can read our reviews of the Ledger Nano X as well as others here!