How to Buy Polkadot (DOT)
If you believe blockchains need better interoperability and scalability, then DOT, the crypto asset that powers Polkadot, may be a compelling addition to your portfolio.
Launched in 2020, Polkadot is just one of a number of competing protocols that aims to foster an ecosystem of custom blockchains designed for a range of use cases. However, it is among the newest and it boasts a team with no shortage of experience in cryptocurrency.
Not sure yet why you’d want to buy DOT? Feel free to read our ‘What is Polkadot?’ guide, which offers a more extensive breakdown of its technology and vision.
Why buy DOT?
By owning and staking DOT, users gain the ability to vote on upgrades to the Polkadot network, with each vote being proportional to the amount of DOT they stake.
Users can also delegate their tokens to stakers, allocating votes to other users in order to earn a percentage of new DOTs minted by the protocol.
You may also want to consider buying DOT if you want to:
- Create and launch new kinds of blockchains
- Diversify your long-term investment strategy
- Invest in crypto assets that power interoperable blockchains
- Stake DOT to begin earning more cryptocurrency.
- Participate in the Polkadot governance process
Where can I buy DOT?
There are a number of ways to buy DOT. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken.
Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your DOT, it can be challenging if not impossible to recover your funds.
At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.
How much DOT can I buy?
Looking to buy DOT on a budget? Don’t worry, Kraken offers a minimum order size of 0.5 DOT to help you gain exposure to a variety of assets.
Of course, you can also execute larger DOT buy orders as well. It wouldn’t be out of the ordinary for larger traders to purchase or trade 2,100 DOT or more on Kraken.
How to buy DOT on Kraken
Follow the steps below to start buying DOT on Kraken:
Sign up for a Kraken account.
First, enter a valid email address, create a new username and set a strong password to protect your account.
Verify your account.
After providing your name, date of birth, country of residence and phone number, you can buy DOT with cryptocurrencies like BTC and ETH. In order to use fiat currency (i.e. USD or EUR), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.
Deposit fiat currency.
You can fund your account in a number of ways. How you do so will depend upon your location and preferences.
Once your account is funded with fiat, you’re ready to purchase DOT. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize margin trading, features that help make the Kraken experience beloved by millions of global traders.
24/7/365 Customer Support
Trading is really pretty simple! If you have any questions about buying DOT, let us know. Our support staff is online all day, every day, ready to help.
You can reach us anytime on LiveChat or by email.
Where to keep your DOT
Once you buy DOT, you’ll need somewhere to safely store your cryptocurrency.
Kraken is secure, but it’s always safest to store your DOT in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.
There are many types of DOT wallets. Mobile and web wallets can make transactions easy, while hardware wallets are perhaps best suited for secure, long-term storage.
However, remember, clients who stake DOT with Kraken will receive a 12% annual return, paid out twice weekly. In this case, you’ll be trusting Kraken to hold and stake your funds, however, you’ll have the ability to quickly unfreeze your funds to begin trading quickly.
Kraken is not a wallet service
It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold DOT in their accounts, we highly encourage you to separate your DOT holdings into multiple wallets.
Start buying DOT
Ready to take the next step toward investing in a next-generation blockchain? Click the button below to buy DOT on Kraken today!
You can also find out more about staking with Kraken here.