How to buy Polkadot (DOT) from Canada

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

  • 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: using an exchange, via a broker, P2P, etc.

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

Where to buy Polkadot

Bitbuy

On website

Highlights

  • Get $40 bonus when you sign up via Finty.
  • Trade quickly and easily on Bitbuy Express, or use the professional tools on the all new Bitbuy Pro.
  • Get low and transparent fees with live order books for advanced users.

Pros

  • You can earn a signup bonus.
  • Competitive trading fees.
  • Assets are insured and held in cold storage.
  • User-friendly website and mobile app.

Cons

  • Deposit and withdrawal fees apply.
NDAX

On website

Highlights

  • Get $10 when you sign up and deposit at least $100 in your account.
  • Has the lowest fees in Canada.
  • Set up recurring buys for assets like Bitcoin, Ethereum, and 18 other coins so you can invest in cryptocurrency on your own schedule.
  • NDAX holds a majority of user funds in an offline, multi-signature wallet.

Pros

  • Competitive trading fees at 0.2% for both selling and buying cryptocurrencies.
  • Get 24/7 customer support.
  • Earn by referring a friend.

Cons

  • Other exchanges have a larger choice of digital assets to trade.
  • Only available to Canadian residents
CoinSmart

On website

Highlights

  • Get $20 in BTC with your first deposit.
  • Trade the major coins and popular altcoins including Dogecoin, Cardano, Solana, Polkadot, and Polygon.
  • Fund your account with Interac e-Transfer, wire transfers, credit / debit cards, or crypto with access to trade funds the same day.

Pros

  • Low trading fees.
  • Deposits are cleared within the day.
  • Supports CAD, EUR, and USD.
  • Get 24/7 customer support.

Cons

  • Limited coins.
  • Fee applies to credit card and debit card deposits.
Coinberry

On website

Highlights

  • Register in just 60 seconds and start investing with as little as $50.
  • No CAD deposit and withdrawal fees.
  • Coinberry is insured, FINTRAC registered & PIPEDA compliant and is the only digital asset platform trusted by Canadian Government municipalities.

Pros

  • Easy sign-up process and instant verification.
  • No fees to deposit or withdraw fiat.
  • There is a $200 million crypto asset insurance.
  • Easy to use mobile app.

Cons

  • Limited choice of altcoins.
  • High trading spreads.
Crypto.com

On website

Crypto.com

Highlights

  • Earn up to 8.5% p.a. on your crypto, and up to 14% p.a. for stablecoins.
  • Spend with the Crypto.com Visa Card and get up to 8% back.
  • Shop with Crypto.com Pay and receive up to 10% back, paid in CRO.

Pros

  • Get access to additional features including lending, borrowing, debit cards, and more.
  • Start trading with just $1.
  • Interest-earning deposits are available.
  • There is a $2,000 referral bonus.

Cons

  • Lack of educational resources.
Newton

Highlights

  • Newton prices are on average 3x lower than a leading cryptocurrency exchange competitor.
  • Fund and withdraw from your account for free.
  • Built in Canada and is FINTRAC regulated.

Pros

  • Clean user interface.
  • No commission fees.
  • Competitive spreads.
  • Earn $25 on its referral program.

Cons

  • Only accepts CAD deposits.
  • Verification times can be slow.
Wealthsimple Crypto

Wealthsimple Crypto

Highlights

  • Sign up in minutes with $0 minimums.
  • No fees to deposit or withdraw.
  • Coins are held by Gemini Trust Company LLC™, a regulated crypto custodian with $200M in cold storage insurance coverage.

Pros

  • No commission.
  • No fees for transferring funds.
  • Availability of educational resources.
  • Perfect for beginners.

Cons

  • Accepts only 2 fiat currencies.
  • High spreads may apply.

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 (CAD) from a bank account or with a debit or credit card. Certain exchanges accept Interac e-Transfer and PayPal, 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. Their downside? If you lose or forget the key, you're locked out.