How to Buy Polygon MATIC?

Polygon (MATIC) is now one of the best contenders which are approaching to fill the gaps of Layer-2 solutions. The main blockchain networks are now overloaded with transactions due to the rising popularity of decentralized finance (including NFTs), which raises network fees. Investors are constantly are into "Buy Matic" state as the polygon network growing day-by-day.

Decentralized application developers on the Ethereum network have been looking for alternatives to help their projects expand. Polygon might be the answer they're looking for. One can Buy Polygon (MATIC) on various DEX platforms like Binance, Kraken, Coinbase, etc.

To contribute to the network and to let the project run, Polygon’s native crypto token MATIC is the gas of the protocol which supports the network. But to let the token survive, it needs to be traded. Let’s see what is Polygon (MATIC), How to buy Polygon (MATIC) and where to buy it.

What is Polygon (MATIC)

While Ethereum is the most popular platform for smart contracts, its popularity may result in customers paying exorbitant gas fees.

This is where Polygon comes in. It is a Layer 2 scaling solution for Ethereum. A Layer 2 crypto is a cryptocurrency that is created on top of an existing blockchain. In this scenario, Ethereum is the Layer 1 cryptocurrency, while Polygon is the Layer 2 cryptocurrency.

Polygon is intended to grow and improve the functioning of the Ethereum network. It has also gained popularity among decentralized financial systems, with a robust DeFi and non-fungible token (NFT) ecosystem. The network also promises to be capable of handling thousands of transactions per second (TPS), which is quite fast when compared to Ethereum's TPS of roughly 15.

Polygon's native token is MATIC. MATIC can also be used to stake cryptocurrency and pay transaction fees. Unlike some other cryptocurrencies, MATIC has a finite supply and will never have more than 10 billion coins in circulation.

Where to Buy Polygon (MATIC)?

Polygon (MATIC) can be purchased via a variety of exchanges, including Binance, Trust Wallet, and MetaMask, as well as social trading platforms such as Etoro and KuCoin. When deciding where to acquire Polygon (MATIC), take into account the costs, payment methods, and security measures provided by each site.

1. Binance: Binance is one of the largest and most popular cryptocurrency exchanges in the world. It offers a wide range of trading pairs, including Polygon (MATIC) and supports multiple payment methods, including credit card, bank transfer, and others.

2. Trust Wallet: Trust Wallet is a secure, open-source mobile wallet for storing and managing cryptocurrencies. It supports Polygon (MATIC) and allows you to easily buy, sell, and trade this cryptocurrency directly from your mobile device.

3. MetaMask: MetaMask is a browser-based cryptocurrency wallet that supports Polygon (MATIC). You can buy Polygon (MATIC) directly from the MetaMask extension using a decentralized exchange such as Uniswap.

4. Etoro: Etoro is a social trading and investment platform that offers a range of cryptocurrencies, including Polygon (MATIC). You can buy Polygon (MATIC) on Etoro using a credit card, bank transfer, or e-wallet.

5. KuCoin: KuCoin is a global cryptocurrency exchange that supports a wide range of cryptocurrencies, including Polygon (MATIC). You can buy Polygon (MATIC) on KuCoin using a credit card, bank transfer, or other payment methods.

How to Buy Polygon (MATIC)

Follow these instructions to invest in Polygon's native currency, MATIC:

1. Select a Crypto Exchange

Crypto exchanges serve as platforms for buying and selling cryptocurrency. Although some exchanges are extremely straightforward, others cater to more experienced investors, with features such as crypto staking, margin accounts, and futures trading.

When looking for an exchange, consider the platform's security as well as cheap costs and account minimums.

2. Buy MATIC

You can place your first Polygon order after creating an account and linking it to a financing source (such as a bank account or debit card). Enter the ticker symbol MATIC for Polygon and the amount you want to invest, such as $50. Most exchanges let you specify an order type.

While you may use a credit card to purchase MATIC, we strongly advise against it. This is because credit card transaction fees on cryptocurrency exchanges are frequently exorbitant. When you use a credit card to purchase bitcoin, it is considered a cash advance and is subject to a higher interest rate than regular charges.

3. Store Your MATIC

You are responsible for storing your MATIC investment, just as you are with other cryptocurrencies. There are several storage solutions available:

• Hardware Wallets

A hardware wallet looks similar to a flash drive or USB disk. It is a physical device that keeps your cryptocurrency's private and personal keys. These wallets are not linked to a network or the internet, therefore they provide "cold storage," which is more secure.

• Paper Wallets

To access your bitcoin with a paper wallet, you can write down the keys or use an app to generate a printed QR code. However, paper wallets are problematic because if you lose the paper, you will be unable to access your cryptocurrency. That means you could lose a substantial sum of money.

• Software wallets

Software wallets, as opposed to hardware wallets, which are actual devices that may be unplugged from the internet, are applications or apps that you can download onto your computer or other devices to store your bitcoins. They are less secure than hard wallets, but they let you effortlessly purchase and trade other cryptocurrencies. 

Click here to know the Best Polygon MATIC Wallets in 2023.

How to Buy Polygon (MATIC) on Binance?

Step 1: Register for a Binance account The first step in buying Polygon (MATIC) on Binance is to create an account on the platform. This is a simple process that involves providing some basic personal information and verifying your identity.

Step 2: Fund your Binance account Once your account is set up, you will need to deposit funds into it. This can be done using a variety of payment methods, including bank transfer, credit card, or cryptocurrency.

Step 3: Navigate to the Polygon (MATIC) trading pair Once your Binance account is funded, navigate to the exchange section of the platform and find the Polygon (MATIC) trading pair. This is typically listed as MATIC/BTC or MATIC/ETH.

Step 4: Place a buy order To buy Polygon (MATIC), simply place a buy order using the funds in your Binance account. You can choose to place a limit order, which will execute at a specific price, or a market order, which will execute at the best available price.

Step 5: Store your Polygon (MATIC) securely Once your buy order has been executed, the Polygon (MATIC) will be added to your Binance wallet. It is important to store your Polygon (MATIC) in a secure wallet to ensure its safety. Binance offers a built-in wallet, but you may also consider using a hardware or software wallet for added security.

How to Buy Polygon (MATIC) on Trust wallet?

Step 1: Download and Install Trust Wallet The first step in buying Polygon (MATIC) on Trust Wallet is to download and install the app on your mobile device. This can be done from the App Store or Google Play Store, depending on your device.

Step 2: Create a Wallet Once the app is installed, create a new wallet and secure it with a strong password and seed phrase. This will be used to store your Polygon (MATIC) once you have bought it.

Step 3: Connect to a Decentralized Exchange To buy Polygon (MATIC), you will need to connect your Trust Wallet to a decentralized exchange such as Binance or Uniswap. This can be done directly from the Trust Wallet app.

Step 4: Navigate to the Polygon (MATIC) Trading Pair Once your Trust Wallet is connected to a decentralized exchange, navigate to the exchange section of the app and find the Polygon (MATIC) trading pair. This is typically listed as MATIC/ETH.

Step 5: Place a Buy Order To buy Polygon (MATIC), simply place a buy order using the funds in your Trust Wallet. You can choose to place a limit order, which will execute at a specific price, or a market order, which will execute at the best available price.

Step 6: Store your Polygon (MATIC) securely Once your buy order has been executed, the Polygon (MATIC) will be added to your Trust Wallet. Make sure to store your Polygon (MATIC) securely in the Trust Wallet to ensure its safety.

How to Buy Polygon (MATIC) on Metamask?

Step 1: Download and Install MetaMask The first step in buying Polygon (MATIC) on MetaMask is to download and install the browser extension. This can be done from the Chrome Web Store, Firefox Add-ons Store, or Opera Add-ons Store, depending on your browser.

Step 2: Create a Wallet Once MetaMask is installed, create a new wallet and secure it with a strong password and seed phrase. This will be used to store your Polygon (MATIC) once you have bought it.

Step 3: Connect to a Decentralized Exchange To buy Polygon (MATIC), you will need to connect your MetaMask wallet to a decentralized exchange such as Binance or Uniswap. This can be done directly from the MetaMask extension.

Step 4: Navigate to the Polygon (MATIC) Trading Pair Once your MetaMask wallet is connected to a decentralized exchange, navigate to the exchange section of the app and find the Polygon (MATIC) trading pair. This is typically listed as MATIC/ETH.

Step 5: Place a Buy Order To buy Polygon (MATIC), simply place a buy order using the funds in your MetaMask wallet. You can choose to place a limit order, which will execute at a specific price, or a market order, which will execute at the best available price.

Step 6: Store your Polygon (MATIC) securely Once your buy order has been executed, the Polygon (MATIC) will be added to your MetaMask wallet. Make sure to store your Polygon (MATIC) securely in the MetaMask wallet to ensure its safety.

Also Read - Polygon MATIC Price Prediction

How to Trade Polygon (MATIC)?

Financial asset trading has been around for a long time. However, when compared to equities, FX, or commodities, cryptocurrencies like Polygon are a very new entry to the market.

Regardless, the principles of trading remain constant. If you are a beginner, we should go over some of the fundamental elements that will help you learn how to trade Polygon.

MATIC Price Movements

It is critical to monitor the price movement of the chosen item, in this case, Polygon. This fluctuation in the value of the MATIC token is driven by market supply and demand. Because crypto assets are also associated with high volatility. For new entrants, this may have a negative connotation that discourages them from entering the market.

Another thing to keep in mind is that, as a result of this volatility, the price of Polygon quoted across various crypto platforms will fluctuate.

Minor deviations cannot be avoided and will not prevent you from making possible profits on Polygon.

MATIC Trading Pairs

A 'trading pair' is a currency pair which could be available on exchanges for users to choose between a variety of trading options. These are assets that can be traded for one another on cryptocurrency exchanges.

Polygon can be exchanged for another cryptocurrency such as Ethereum or fiat money such as the US dollar. These are referred to as 'crypto-crypto' and 'crypto-fiat' pairs, respectively.

To elaborate, if you see the pair MATIC/USD, it signifies that you will be trading Polygon for US dollars. In contrast, if you trade MATIC/ETH, you will be exchanging Polygon for Ethereum tokens.

Long-Term and Short-Term Trading

When deciding how to trade Polygon, you must first consider your financial objectives. This will assist you in determining if a long-term or short-term plan is better for you.

Let us go over the distinction in greater depth.

• In a long-term investment strategy, often known as 'HODLing,' you will buy and hold Polygon for a few years. Consider three years or more. Your MATIC tokens will be stored in a digital wallet until you are ready to sell them for a profit.
• A short-term strategy will target trades with shorter durations, such as those lasting a few weeks, days, hours, or even minutes. You will also be placing transactions regularly, aiming for fractional profits.

When selecting a short-term investment approach, you must regularly monitor the market, paying attention to even the smallest price swings of Polygon. Traders use technical indicators, real-time market analysis, and other tools in this method.

A long-term approach, on the other hand, maybe more appropriate for people who are just starting in the trading world. This is because you will not have to worry about Polygon's short-term volatility and will be able to benefit with minimal effort.

When adopting tactics such as day trading and swing trading, investors would typically place many trades throughout the day.

In this instance, transferring your MATIC tokens to and from your wallet for each trade can get complex.

As a result, experienced traders choose to engage in Polygon trading with CFDs. These financial products allow you to speculate on the price swings of Polygon without actually purchasing it.

Is Polygon (MATIC) a Good Investment?

You should only invest what you are willing to lose, as with any other cryptocurrency investment. While bitcoin markets are on their approach to becoming mainstream, there are still numerous recognized and unknown risks.

However, as network congestion continues to afflict users on layer 1 networks, layer 2 technologies such as Polygon offer a fantastic opportunity to engage in the ever-expanding realm of decentralized banking without having to pay miners exorbitant transaction fees.

Inventors should keep a careful eye on projects that introduce their smart contract capabilities to the Polygon network, as well as analyze the growth linked with their participation. Additionally, as cryptocurrency traders continue to seek scalable solutions to their blockchain-based demands, investors should be wary of rival layer 2 solutions such as Polkadot and Binance Smart Chain.

FAQs

Can you buy MATIC directly on Polygon?

Polygon's MATIC token is available for purchase on decentralized exchanges such as Uniswap, but it may also be acquired with US dollars or other fiat currencies on exchanges such as Coinbase, Kraken, and Crypto.com.

Is investing in Polygon A Good Idea?

Just like every other cryptocurrency, Polygon is extremely volatile. Its developers may have grander intentions for the future, but there is no way to guarantee that other blockchain networks or Ethereum itself would not cause the coin's popularity and value to fall.

Is Polygon better than Ethereum?

To take advantage of Ethereum's advantages without having to pay the infamous gas prices that are bad for its users, Polygon is a "Layer-2" scaling solution for Ethereum. Although it was created as a blockchain network on top of Ethereum to provide users with a quicker and more affordable Ethereum experience, Polygon is much more than just a scaling solution.

What You Can Purchase With MATIC?

The MATIC token is usable in the Polygon ecosystem. MATIC can be used to pay transaction fees, stake cryptocurrency, and contribute to network governance.