How to buy Polkadot (DOT) from Australia

By   |   Verified by David Boyd   |   Updated 29th August 2022

Name

Price (AUD)

24h change

  • Polkadot is the brainchild of Gavin Wood, the co-founder of Ethereum.
  • Its energy efficient design makes it a more eco-friendly investment.
  • Polkadot's value has the kind of volatility that appeals to active traders.

You can buy Polkadot in a number of ways including crypto exchanges, apps, and wallets.

If you want to buy Polkadot in Australia today, this guide will take you through the entire process from start to finish.

Where to buy Polkadot

Swyftx

On Swyftx's website

Highlights

  • Receive $10 worth of BTC when you sign up and verify your account.
  • Trade over 260 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.
  • Deposit or withdraw funds from your account using several payment methods (PayID, OSKI, POLi or bank transfers).
  • New to Crypto? Try Swyftx's demo mode, it allows you to mock trade with no financial risk while you learn the ropes of crypto trading.

Pros

  • Trade more than 300 crypto assets through the Swyftx platform.
  • Offers tight spreads and low trading fees.
  • Get support within 5 minutes through their live chat.
  • Practice trading with a demo mode.

Cons

  • Lacks access to advanced trading markets.
Digital Surge

On Digital Surge's website

Highlights

  • Trade 270+ crypto assets in a clean design that's easy and fast to use.
  • Live chat support available 7 days a week with average response times of less than 1 minute.
  • Invest in crypto for your SMSF and get ATO compliant reporting.

Pros

  • Quick sign-up and verification process.
  • Fees are low and the fee structure is clear.
  • Has an Australian-based support team.

Cons

  • For fiat deposits, AUD is the sole choice.
CoinSpot

On CoinSpot's website

Highlights

  • Buy Bitcoin, Ethereum, XRP and over 370 other digital currencies.
  • Refer a friend and earn $10 BTC.
  • Get 24/7 helpdesk support.

Pros

  • Trade for only 0.1% and withdraw in AUD for free.
  • Multiple deposit options.
  • Access CoinSpot NFT Marketplace.
  • CoinSpot is regulated by AUSTRAC and is ISO certified

Cons

  • Margin trading is not available.
eToro Crypto

On eToro's website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Highlights

  • Access thousands of assets across multiple categories.
  • Copy trades of popular investors that trade Crypto.
  • Access powerful analysis tools and innovative social features.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
CoinJar

On CoinJar's website

Highlights

  • Buy and sell digital currency on desktop and mobile devices with a flat 1% fee.
  • Buy digital currencies using your Visa or Mastercard with a low fee of 2%.
  • Set up price alerts so you never miss a well-timed opportunity.

Pros

  • Extremely user-friendly interface.
  • You can use a credit card or debit card to buy crypto.
  • Has a competitive fee structure.

Cons

  • Limited crypto tokens to trade compared to other platforms.

Step 1: Choose an exchange where you can buy Polkadot

Many exchanges have listed Polkadot since it is one of the biggest coins by market cap. Finding an exchange where you can buy Polkadot will not be difficult.

However, when you are choosing a crypto exchange, there are several things to take into consideration. For example, an exchange should be extremely secure, so look for features such as 2FA and cold storage for digital assets. Also take time to research fees and spreads for trades, fees to deposit and withdraw funds, etc. since these can vary a lot.

Other features to consider if you are more advanced include the ability to trade on margin, staking, borrowing against your holdings, etc.

Step 2: Sign up and get verified

Once you've picked your preferred exchange, you'll have to create an account and verify your identity.

Most exchanges require your full name, date of birth, and street address. Although there are some exchanges where you don't have to provide more details on your identity and you can trade anonymously, many exchanges are regulated and therefore need to verify your identity. Therefore, it's likely that you'll need to provide a copy of an official form of ID. Often you must take a selfie while holding it.

Whilst verification is a minor inconvenience, it does make your account more secure.

Step 3: Fund your account

Your exchange account can be funded in a variety of ways. If you have cryptocurrency in a wallet at another exchange, you can transfer that to your new exchange wallet and then trade it for Polkadot.

But for most people who are new to crypto, the easiest funding option is to transfer fiat money (AUD) from a bank account or with a debit or credit card. Certain exchanges accept Osko, PayPal, PayID, POLi, etc. Note that it could take several days for funds to clear into your account, especially when funding a new account for the first time. Some exchanges require a minimum amount to be deposited when opening an account.

Step 4: Set your budget

Decide how much Polkadot you want to buy and stick to it. Altcoins like Polkadot can be extremely volatile, so you should only invest money you won't miss if your trade makes a loss.

Step 5: Buy some Polkadot

If you are new to trading, the market order is the easiest way to get started. Some exchanges call this instant buy, meaning you will buy Polkadot at the current market rate. Keep in mind that there can be some slippage in a fast-moving market with this order type.

Most exchanges also have the ability to order based on triggers, giving you a way to automatically buy Polkadot when certain conditions are met.

Recurring orders are also available on many exchanges. This gives you the ability to purchase Polkadot on a regular basis that you specify, i.e. $100 every month, and benefit from dollar cost averaging.

Where to store your Polkadot

After buying Polkadot, you can hold your assets in the exchange's wallet. This keeps it convenient so you can trade out of your position very quickly.

If you would prefer a more secure, long term way to store your Polkadot and other crypto assets — perhaps because you have substantial holdings — consider a hardware wallet. These are cold, meaning they are disconnected from the internet so they can't be hacked. The downside? If you lose or forget the key, you're locked out.