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. 

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.

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.

Follow the steps below to start buying DOT on Kraken: 

1. 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.

2. 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 cash (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.

3. Deposit cash.
   You can fund your account in a number of ways. How you do so will depend upon your location and preferences.

4. Purchase DOT!
   Once your account is funded with cash, 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 spot trading on margin*, features that help make the Kraken experience beloved by millions of global traders.

*Availability of margin trading services is subject to certain limitations and eligibility criteria.

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.

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.