How to buy Polkadot (DOT) from the UK

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 the UK today, this guide will take you through the entire process from start to finish.

Not sure which exchange to use?

Where to buy Polkadot

eToro Crypto

On eToro's website

eToro Crypto

Highlights

  • Trade and stake a range of crypto assets with low fees.
  • Copy successful traders. Practice with a demo account.
  • eToro is regulated by CySec, FCA and ASIC.


Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. Please give the risk warning sufficient screen time and prominence.


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.
Coinsmart

On Coinsmart's website

Coinsmart

Highlights

  • Get $20 in BTC with your first deposit.
  • Trade major coins and popular altcoins including Dogecoin, Cardano, Solana, Polkadot, and Polygon.
  • Fund your account with 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.
Coinbase

On Coinbase's website

Finty may be compensated when you click on the link.

Highlights

  • Get £5 in Bitcoin with your first trade on Coinbase.
  • Buy and sell popular digital currencies, and keep track of them in the one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Crypto stored on Coinbase servers is covered by an insurance policy.


Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.


Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.
CoinJar

On CoinJar's website

CoinJar

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.
Kraken

On Kraken's website

Kraken

Highlights

  • Get started with as little as $10.
  • Sign up today and buy 50+ cryptocurrencies in minutes.
  • Make easy deposits and withdrawals, measure your portfolio's performance and keep track of all of your crypto in one convenient place.

Pros

  • Large selection of tokens to trade.
  • Earn rewards by staking eligible assets.
  • Access to a range of educational materials.

Cons

  • Limited options to fund your account.
Binance

Binance

Highlights

  • Trade over 50 cryptocurrencies with low trading fees.
  • Uses state-of-the-art storage technology to protect your cryptocurrency and GRB assets.
  • Earn rewards for holding coins and tokens.

Pros

  • It has some of the lowest trading fees out there. 0.1% for spot trading and 0.5% for instant buy or sell fees.
  • Credit card or debit card deposits are accepted.
  • Provides charting and trading tools suitable for advanced crypto traders.

Cons

  • The platform UI can be complicated to learn for new investors.

First time buying?

How to buy Polkadot

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.

After you buy

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.