How to buy Polkadot on Binance in 5 minutes (2022 Update)
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Polkadot is one of the newly developed blockchain projects and is noted as one of the leading projects in the market. Polkadot’s token is called DOT. Buying Polkadot (DOT) on Binance is quite simple. However, it cannot be easy for those new to the platform. How to buy Polkadot on Binance? Let’s find out in the article below.
What is the Polkadot coin?
Polkadot is a multi-chain protocol that connects different blockchains and is a proof-of-stake blockchain that requires no mining. Polkadot is a smart contract like Ethereum but can process many transactions in parallel. Polkadot is the blockchain of blockchains for creating DApps, managing or storing data, and building new blockchain projects… Polkadot is also known as Web3, hoping to make the Internet a better, decentralized, and censorship-resistant network.
Polkadot cryptocurrency (DOT) was born in 2017, after a successful ICO with a Polkadot price of $0.29. Currently, the total market capitalization of DOT is nearly 30 billion USD and is being traded about 30 USD/DOT, accounting for 1.3% of the whole market.
Currently, users can easily buy Polkadot on famous cryptocurrency exchanges such as Binance, Huobi Global, OKEx, Coinbase, KuCoin, and more.
Why buy Polkadot coin on Binance?
Binance is one of the safest exchanges and has the most significant trading volume globally. Currently, Binance has advantages over other cryptocurrency exchanges such as:
- It has the amplest liquidity in the cryptocurrency market, offering various trading pairs.
- Users can easily buy DOT with a credit card or convert from another coin to DOT on Binance.
- Binance users can choose to trade DOT with 12 other currencies and cryptocurrencies such as DOT/BTC, DOT/BNB, DOT/USDT, DOT/EUR, DOT/GBP, DOT/BUSD… Users can easily buy Polkadot in 1 of 12 currencies, cryptocurrencies.
- To buy DOT on Binance, users need to open a Binance account and make purchases in many simple ways. If you do not have an account, register by following the link below:
* See more: The complete guide Binance from a to z
How to buy Polkadot coin by credit card?
After logging in to your Binance account, click the Buy Crypto tab and select Credit/Debit Card on the toolbar.
- In the Spend box, select the payment unit of the credit card, enter the amount you want to buy DOT.
- In the Receive box, select DOT and click Continue.
- If you want to buy DOT periodically, turn on the Recurring Buy button
After that, the user needs to do a few steps to fill in the following credit card information to complete the DOT purchase process.
How to buy Polkadot on Binance using Trade?
Deposit or buy cryptocurrency that to trade with DOT to your account. Cryptocurrencies to buy DOT include USDT, BUSD, BNB, BTC, ETH. Users can buy coins with fiat via P2P Trading or transfer coins from another crypto wallet to the Funding Binance wallet.
- How to buy coins on binance with fiat money fastest?
- How to send Crypto (Bitcoin) from Binance to another exchange and vice versa?
To buy DOT on Binance, users need to transfer the newly purchased/loaded coin from Funding wallet to Fiat and Spot wallet: Click Wallet, select Funding Wallet, choose Transfer.
- From box select Funding, box To select Fiat and Spot.
- In the Coin box, choose the type of coin purchased/loaded in step 2.
- In the Amount box, enter the amount you want to transfer
- Click Confirm to complete.
Convert newly purchased cryptocurrency to DOT via Convert or Spot feature (Classic or Advanced interface).
How to buy Polkadot coin with Convert feature on Binance?
Click Trade and select Convert to access the coin conversion feature with the Convert feature.
- In the From box, select the type of coin loaded/bought in step 2, enter the number of coins you want to convert to DOT.
- In the To box, select DOT and click Preview Conversion.
The screen shows the converted DOT number corresponding to the number of coins entered. If accepted, click Convert to complete. The purchased DOT is displayed in the Fiat and Spot wallet.
How to buy Polkadot coin using Spot Binance?
Users can use the Classic or Advanced interface depending on their preferences. The following instructions are based on the Classic interface.
- On the toolbar, click on the Trade tab and select Classic to access the Spot Classic trading interface.
- On the search bar in the right corner of the screen, type DOT to find the trading pairs available on Binance.
- Click on the pair of DOT and cryptocurrency purchased in step 2 (Example DOT/USDT if step 2 bought USDT)
Click Market to buy DOT at the current market price in the trading window below the chart. Enter the number of coins you want to use to buy DOT in the Total box. Then click Buy DOT. The account is displayed DOT in the Fiat and Spot wallet.
If you want to buy DOT at a better price than the current price being traded, the user can use the Limit order to place a pending order. The BUY order will be executed when the DOT price reaches the desired price.
Above are some ways to buy DOT on Binance that are pretty simple. Buying DOT with a credit card is not recommended due to the high exchange rate and possible additional transaction fees for the card provider. Convert feature can be easy and suitable for newbies to Binance. However, to buy DOT at the best price as desired, users can use the Spot trading feature and use Limit orders.
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