What is Polygon (MATIC)?
Polygon (MATIC) is designed to help scale the Ethereum network through a few different mechanisms and improve its functionality. First, it helps to reduce the cost of transactions by using a system of side chains.
These side chains can process transactions much cheaper and faster than the leading Ethereum network. That is because they don’t have to go through all the same security measures as the main net. Second, Polygon(MATIC) helps improve transaction speed by using a technique called “sharding”.
That involves breaking up the Ethereum network into different pieces so that each can process transactions independently. That means transactions will be processed much faster.
Finally, Polygon(MATIC) provides developers with an easy way to create and deploy their Ethereum-compatible blockchain projects. That is done through a simple interface that makes it easy to get started without worrying about all the underlying technical details.
How to Buy MATIC?
Before you buy MATC, there are a few points that you need to consider.
- First on the list is to set up a wallet that supports ERC20 or BEP-2 token.
- Once you have set up your wallet, you will need to find an exchange that sells and allows you to buy MATIC tokens.
- Next, you need to find a cryptocurrency exchange where MATIC is being traded.
- Create an account, and then check what kind of payments are supported on that exchange.
- After your account is funded, you can purchase MATIC tokens with your deposited currency.
- Make sure to store your purchased MATIC tokens in your wallet for safety purposes!
If you are unsure which wallet to use to store, then you should refer to the 5 Best Matic wallets.
Where to Buy MATIC?
If you are interested in where to buy MATIC tokens, then you need to consider first which exchange? It all depends on whether you need to verify your identity or not. You might think here, why we are saying “identity verification”?
Identity verification has become a mandatory requirement on every big/centralized exchange. Still, a few cryptocurrency exchanges known as DEX (Decentralized exchanges) allow you to make a transaction without KYC.
In this article, we will go through both kinds of exchanges and look into why they are considered the best cryptocurrency exchanges for trading, investment option, generating passive income and more.
Top 5 Cryptocurrency Exchanges to buy MATIC
The first two on our list of cryptocurrency exchanges to buy MATIC tokens is DEX. As stated earlier, a DEX is an exchange where you do not require to pass KYC and only need a wallet compatible with the DEX.
Then we will look into centralized exchange wherein a user needs to pass KYC to trade. Some of those exchanges allow users to make a trade for a certain amount of Bitcoin, and there are others where a user needs to pass KYC to make the first trade.
PancakeSwap is a decentralized exchange backed by Binance exchange and runs on Binance Smart Chain (BSC). A significant benefit of using it is that you do not need to pass KYC, and also, the fees are meagre compared to Ethereum DEX (Decentralized Exchange) and CEX (Centralized Exchange).
Using PancakeSwap is simple and easy as you need a wallet that can connect with it and should also support the BSC and ETH blockchain. We have used PancakeSwap several times for buy/sell and investment for multiple cryptocurrencies. PancakeSwap also supports the Polygon side chain.
You can buy Matic tokens with ETH, BNB, USDT and other cryptocurrencies paired with MATIC. Local fiat currency is not supported, but if you still want to use your local currency to make a purchase, you need to use Binance exchange first to purchase a paired crypto with MATIC.
The second one on our list to buy MATIC is Uniswap, an exchange that works on the Ethereum blockchain. As Polygon is a side chain to improve the Ethereum blockchain, its native token was first released as an ERC-20 token.
One of the significant benefits of using this exchange is that you do not need to pass KYC as it is a DEX. All you need to do is use a wallet that can connect with this exchange and supports the Ethereum blockchain.
Multiple trading pairs are available to buy MATIC on it, but the most common ones are ETH, USDT and Bitcoin. We have used this exchange on several occasions.
Still, the only issue we have been to earlier and to date is the high gas fee, as whenever there is network congestion on the Ethereum blockchain, the gas fee goes incredibly higher.
Therefore always check the gas fee before processing any transaction on this exchange.
One of the biggest exchanges based on volume and the number of cryptocurrencies listed. Binance, in general, is the one exchange where to buy MATIC. You can use your local currency & supported cryptocurrencies.
You must pass KYC to buy MATIC or sell it after a specific limit in BTC. Binance provides multiple ways to make purchases and sell cryptocurrency. As a user, Binance provides a staking feature for MATIC.
If you want to use an international exchange that provides multiple options such as trading, staking & investment by passing KYC, then this exchange is for you.
Coinbase is another big CEX (centralized exchange) with millions of users worldwide is Coinbase. As a user, you must pass KYC to make any transaction on it. Coinbase exchange does have an app that supports both Android and iOS.
Coinbase exchange has a wallet, also available as a mobile app. Any user who has a Coinbase wallet can easily connect to the above DEX as it supports both Ethereum and BSC blockchain.
NFT transactions on polygon protocol can be done using the wallet and exchange. Polygon being a side chain does support ERC-721, which is a token meant for NFT.
As mentioned earlier, all transactions on the Ethereum blockchain are costly due to the gas fee. Hence, when a user uses the Plogygon network, the transaction becomes much cheaper. Ultimately using Polygon will always help user-pay fewer fees and confirm their transactions faster.
The last cryptocurrency exchange on our list that allows a user to buy MATIC is Kucoin. It is one of those exchanges that capitalize on those users who are not happy with the crypto exchange listed above in this article.
Kucoin is a CEX which allows you to make a trade up to 2 BTC without passing KYC. As many countries are now applying strict regulations, Kucoin might change its terms and conditions in the future.
Kucoin does support many local currencies. Registered users can buy MATIC tokens directly using their debit/credit cards and the P2P service. The exchange does have Android and iOS apps. Staking of MATIC tokens can also be done on this exchange.
We would always recommend our readers to use a decentralized exchange as they are more secure than centralized exchanges, and you are in complete control of your purchased tokens as they are held in your wallet.
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