This article focuses on how to buy polkadot coin on binance.
- Register your account
First, you need to register an account in Binance platform and set 2-factor authentication (2FA) for security reasons.
- Deposit funds into Binance account
After reaching the minimum of BTC 0.01, you can start buying it from the Binance UK site or via trading bots available on the website.
Note: if a coin is not listed here, we do not have any market data for that coin, making us think it’s probably not worth investing right now, but you can still check amazon cloud mining sites.
Click on the deposit button to view your Binance wallet address. Make sure you copy/paste this address as sometimes they change automatically once you click on the deposit button. You can deposit any coin listed in bitcoin accept BTC. To see your Binance wallet balance click on Funds > Deposits Withdrawal.
- Buy POLKADOT coins:
Once you have funds in Binance account, you will be able to buy Polka Dot Coins (POLK) from the trading page of Binance after clicking on POLK/BTC and waiting for the trading pair to show up on the screen or selecting it from the top right corner drop-down option
- Final steps
Once you click ” market ” as shown below, enter the amount of Polkadot coins that you want to purchase in the ” Amount ” box and then click on either Buy or Limit depending if you are going long or short on the trade.Once you click on the market, the price will be locked, and you can see the order summary box with your trade information in it.
- Place a sell limit order
Once you have bought Polkadot from Binance, if you want to buy more or HODL, there is an option for that when placing “sell orders” from the Binance website.
Note: If there is no price listed against the sell button, then it’s not available to place a sell order in that particular cryptocurrency at this time. Be sure to check polka dot coin news as the only official announcement regarding future development plans for markets/price of POLK coin posted here on our blog and other crypto blogs & websites every day.
How to withdraw Binance coin from Polkadot exchange
After buying Polkadot on Binance, you need to transfer these coins in your own wallet safely for security reasons. So first, search “PolkaDot” and click on the pair with the highest volume, then under the trading section, click on the withdrawal tab.
You can now enter the number of polka dot coins you want to withdraw. Enter this value in both fields and then select it. Click on the withdrawal button now. You will be asked to confirm your action by entering a two-factor authentication code (2FA) which is an additional layer of security added by exchanges like Binance after multiple hacking attempts on their platform.
Enter your 2FA pin code and click on submit button. It takes some time for finance to confirm your transaction, but you will see your withdrawals under the actions tab once this is done.
Polkadot coin wallet:
Once you have bought Polkadot coins through Binance exchange, it’s advisable to store them in a secure wallet, preventing any form of hacking attempts or accidental loss of coins (e.g., sending wrong address while transferring). There are multiple options available for storing these crypto coins, but recently, hardware wallets are considered the most secure method for storing digital currencies.
You need to go into Polkadot network and download their hardware wallet android app or ios app and then follow an activation process by adding your 2FA pin code to it. Once done, you can safely store your coins in that wallet. Polka dot aims to bring decentralized governance with its coin, so keeping them secure would be important for the success of its long-term plans in the crypto space.
PolkaDot, being the first protocol to emerge from Web3 Foundation, has a lot of potentials based on how successful the ethereum network is. Moreover, their blockchain protocol can potentially bring “blockchain interoperability,” which means that Polkadot will connect different blockchains and allow communication between multiple chains. This would open up tons of opportunities in the crypto space.