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There's no doubt that the cryptocurrency universe is growing at an astonishing rate. What's more Polkadot has risen 172% over the past year, and almost 900% since its inception in mid-2020.
Don't want to miss out on this opportunity? Then read our guide on how to buy Polkadot today! We will first cover the top 5 sites to invest with, then take a deeper dive into Polkadot's price and where it might go in the future.
Polkadot is a very popular cryptocurrency with a current market cap of just under $20 billion. It is available on the most popular crypto exchanges. To save you the hassle of researching, we have devised a top 5 brokers list to buy Polkadot with today:
Now we have looked at our top 5 sites to buy Polkadot with, lets take a deeper dive into each one, so you can pick your favourite.
eToro – the overall best broker for buying and trading Polkadot
Our top broker pick is eToro. It's a great option for investors of all levels, having an easy-to-use interface and easy setup process. When you open a non-leveraged position with eToro, you will pay 0% in commission fees. What's more, the platform gives you access to over 2000 financial assets and allows you to buy cryptocurrency, including 30 cryptocurrencies. The platform is FCA Regulated, meaning that all deposits will be protected by the FSCS Scheme.
What's great about eToro, is that it supports social investing. This function allows investors to connect with over 20 million other users across 140 countries. On top of this, eToro sports the popular copy trader, which allows you to mirror some of the platform's most highly performing portfolios.
In terms of costs, eToro charges a $5 withdrawal fee and a $10 inactivity fee if accounts are left untouched for over 12 months. eToro makes most of its money from charging fixed spreads on trades.
Opening an account is an easy, quick process, and can be done via the website or the app. Real positions can only be opened once the minimum deposit of $25 has been met. This deposit can be added using numerous payment methods, for example, debit/credit card, bank transfer, and e-wallet payments such as Paypal and Skrill.
Pros:
Cons:
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Our second broker pick is Webull. It is also a great option for investors looking to buy Polkadot. Similar to eToro, it charges zero commission on all cryptocurrency trades. This makes it a great value for money broker to trade with.
In addition to this, there is no minimum deposit for investing. This means that if you wanted to, you could invest just $1 into your preferred crypto/financial asset. However, this may not be the smartest investment strategy, as returns would likely be very small!
Although not applicable to cryptocurrency (as the markets are open 24/7), Webull offers extended market trading. In addition to this, it also allows users to choose different accounts based on different investment strategies.
Your capital is at risk.
Coinbase is an excellent choice for users who are looking to gain exposure to multiple crypto assets/coins. This is because it gives users access to over 100 different cryptocurrencies. What's more is free and easy to download on IOS, Android, and desktop.
Setting up an account is easy – simply enter a username and password. At this point, Coinbase will give you a crypto wallet recovery key. It is important you write this down/remember it as if you ever get locked out of your account, this is what you will need to get access to your funds again.
One downfall of Coinbase is that it charges a pretty steep commission at 1.49%. For comparison, both eToro and Webull charge zero commission.
Our fourth pick is Binance. Binance is the largest crypto exchange, sporting impressive access to over 500 crypto pairs. It is easy to use, but also offers more advanced tools to analyse markets, and so could be a good choice for more seasoned investors.
You can easily set up an account online or via the smartphone app. All you have to do is provide a username and password to get started. What's more, Binance offers 24/7 customer support if anything ever goes wrong with your account.
Our final selection is the broker Kraken. You can set up an account in minutes, and the platform only required a minimum deposit of $10. It is great for beginner investors as the website is simple to navigate and offers advice for novice investors.
What is cool about Kraken is that it also offers institutional-level solutions for clients. It also offers relatively low fees of up to 0.26% per trade.
Polkadot crypto is a network protocol that allows data to be transferred across blockchains. What sets Polkadot apart is the fact that it can transfer this data across public, open blockchains in addition to private, permissioned ones too.
Putting this to practice, a school private academic records chain could send proof to a degree verification smart contract on the public chain. Therefore Polkadot has some real-world utility that could hugely increase popularity and use in the coming years.
As mentioned above, due to Polkadots real-world utility, it could be a great move to buy Polkadot at the current price. This sets it aside from many other coins. For example, the popular Dogecoin yields no utility other than being traded.
Polkadot is also ranked the seventh most popular crypto on Coinbase, with a £1.5bn 24-hour volume traded. This highlights a large number of investors already actively trading the coin.
However, one risk of buying Polkadot is that it exposes you to the extremely volatile crypto market. Coins can often experience double-digit swings on a daily basis. For example, Polkadot has dropped 13% in the past 24 hours. This is a risk investor should be aware of before they buy Polkadot.
The current price of Polkadot is £19.24. As mentioned, this is down 13% in the past 24 hours, highlighting the volatile crypto market. However, over the past year, Polkadot has risen a huge 158% and since its inception in 2020, it has soared over 840%.
It's no easy task to predict any asset price, let alone cryptocurrency. However, when considering coins like Polkadot that yield real-world utility, it is clear to see they have a bright future, especially considering the decentralised world we seem to be moving towards.
One risk for the Polkadot price however is the fact that is moves very closely with the price of Bitcoin. For example, over the past 24 hours, Bitcoin has fallen 8% and Polkadot has fallen 13%. If Bitcoin continues this negative movement, it could bring Polkadot down with it. So if you're looking to buy Bitcoin or Polkadot, you should wait to see the price stabilise a little bit.
We will now take a step-by-step look at how to buy Polkadot using our partnered broker eToro.
Simply visit the eToro homepage and click the sign-up button. You must then enter some personal details to set up your account.
To add funds, you must verify your account. Simply provide a valid UK driver's license and proof of address and eToro will verify you within minutes.
The next step is to add funds to your account. You can use the above payment methods to quickly and easily do this.
Finally, navigate to the search bar of eToro, and enter Polkadot. Then click the 'Trade' button and add it to your wallet.
With the crypto market rapidly growing, now could be a great time to invest. Polkadot offers a chance to gain a stake in this market whilst holding some real-world utility.
If you decide you would like to buy Polkadot, we recommend using our partnered broker eToro. It's commission-free and FCA regulated to ensure cheap and safe trading.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Polkadot crypto is a popular coin yielding real-world blockchain utility.
You can buy Polkadot on the most popular exchanges, for example, eToro, Coinbase, Binance, Kraken, and Webull.
Yes, Polkadot is available to buy on Coinbase.
The current price of Polkadot is £19.24, however, any amount can be invested.
Many argue that the real-world utility of Polkadot makes it a great investment.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
