How to buy Polygon on Binance? This guide will explain it in detail in 5 simple steps.
The crypto markets are very famous for their different cycles in terms of price($). For instance, every 4 years there is the halving event that pushes the market into a new bullish cycle. Even though, there is a lot of volatility in the markets many new blockchain projects have been in continuous development. One of the projects leading the way in this sector is Polygon (MATIC).
In 2021, the outlook for the Polygon blockchain network looks very promising with serious growth taking place; At the time of writing this blockchain network is the 16th largest in the world with an estimated $6 billion of the total value.
This guide is going to show you how to get your first MATIC tokens, via one of the world’s most popular exchanges, Binance.
How To Buy Polygon on Binance: Quicktake
In general, buying Polygon(MATIC) at Binance is a straightforward process, however, first-timers must do some extra necessary steps before they can own the MATIC tokens.
In short, below the buying process for Polygon at Binance:
- Register at Binance for free by email or mobile phone
- Verify your account(KYC)
- Send crypto(BTC, ETH, or any other) to Binance
- Convert this crypto to Polygon(MATIC)
- Or: Buy Polygon(MATIC) with a credit card at Binance
- Withdraw your MATIC tokens from Binance
What is Polygon(MATIC)?
Polygon(MATIC) is an Indian blockchain scalability platform called ‘the Ethereum’s Internet of Blockchains’. In addition, it is the answer to some of the challenges faced by Ethereum today – such as heavy fees, poor user experience, and low transactions per second (TPS). Therefore, it aims to create a multi-chain ecosystem of Ethereum compatible blockchains.
In detail, Polygon is involved with some of the most crucial areas in cryptocurrencies, such as DeFi (Decentralized Finance), DApp (Decentralized Application), DAO’s (Decentralized Autonomous Organizations), and NFT’s (Non-Fungible Tokens). All this in relation to the Ethereum network.
What is the problem?
Ethereum the second largest blockchain network in the world has some serious challenges to conquer due to its massive growth. Currently, this network is facing the following pain points:
- Low throughput
- Poor UX performance
- No sovereignty
Notably, many projects are exploring Ethereum-compatible blockchains as a way to mitigate these limitations while still leveraging Ethereum’s thriving ecosystem.
However, no specialized framework exists to build such blockchains nor a protocol to connect them. As a result, many significant development challenges and causes ecosystem fragmentation.
What is the solution?
To solve these challenges Polygon is designed as a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. The following will be realized:
- One-click deployment of preset blockchain networks
- Growing set of modules for developing custom networks
- Interoperability protocol for exchanging arbitrary messages with Ethereum and other blockchain networks
- Modular and optional “security as a service”
- Adaptor modules for enabling interoperability for existing blockchain networks
What is MATIC token?
MATIC token is the blood and veins of the entire Polygon ecosystem. In other words, MATIC is a utility token that exists within Polygon.
The MATIC token is used for a variety of purposes in the Polygon ecosystem, including participating in network governance. For instance, by voting on Polygon Improvement Proposals (PIPs), contributing to security through staking, as well as paying gas fees.
Since MATIC has been rebranded to Polyon, there is no clarity whether the MATIC token will have any additional utility in the broader vision of Polygon.
Why Buy Polygon on Binance?
In this guide, I’m focusing on the Binance trading platform. Why Binance? Based upon the current figures it’s one of the safest and highest volume exchanges on the globe.
At the same time, the Binance exchange has several advantages compared to other digital asset exchanges in the space. Binance has one of the largest liquidity for altcoins in the crypto market and it offers a large number of trading pairs. In the last 24 hours, Binance handled almost $122 billion(!) in trading volume, according to data provided by CoinMarketCap.
Besides, if you are looking for additional options besides trading then Binance is the place to go. For instance, they also offer cryptocurrency staking(pools) via Binance earn, cryptocurrency lending, and margin trading(5x).
Cryptocurrency trading pairs for MATIC on Binance
Binance has some rich options for traders to buy or sell Polygon in several trading pairs:
Finally, I want to mention that you can get an extra discount(10%) on trading fees if you sign up at Binance by using this link. Moreover, the discount will be deposited back into your wallet for a lifetime 😀
How Do I Buy Polygon on Binance(In 5 Steps)
How to buy Polygon token on Binance? At this stage, I’ll explain in more detail what is needed for every step to acquire some brand new Polygon cryptocurrency.
Of course, it’s totally up to you to decide if you want to trade these MATIC tokens, earn additional passive income by staking, or just holding these coins in your wallet.
1. Register for an account at Binance
The first step will be to register for an account at Binance. If you haven’t already, register for an account. The process can usually be completed very quickly.
It just takes a few simple steps in order for users to be able to start trading digital currencies on the platform. However, if the goal is to have higher limits, the process needs verification and can take some more time to be completed.
It’s important to know that you have two options for sign up: by email or by mobile phone.
2. Verify your account
Before you can start trading Polygon on Binance you have to confirm your account. Additionally, this can be done in two ways and depends upon the way you did your registration.
The first way would be to confirm your email address by clicking on the link that has been sent to you.
On the other hand, if you used your mobile phone you have to enter a confirmation code that has been sent to you by SMS. Remember that this code remains valid for just 30 minutes!
Verfification on Binance
For cryptocurrency traders, there are three levels on the Binance platform: Level 1, Level 2, and Level 3. In the first place, there is Level 1 which allows you to start trading on the platform without any verification or KYC procedure.
Additionally, you are only allowed to trade or withdraw at a maximum of 2 BTC per 24 hours. If you are a professional trader and want to trade in bigger volumes then you have to upgrade(with KYC procedure) to level 2 or even 3. Level 2 allows you to trade and withdraw at a maximum of 100 BTC per 24 hours.
3. Deposit or buy Polygon
After you have verified your account(whether by email or mobile) the following screen appears to get started on Binance:
At this point you have three options to acquire some Polygon(MATIC):
- deposit fiat
- deposit crypto
- buy crypto with credit card
Also, make sure you have set the 2FA authorization to upgrade your security at Binance.
Deposit fiat at Binance
If you want to deposit money by bank transfer it’s possible to do this with EUR, USD, or GBP. Furthermore, it depends on what country you live in to choose the method for deposit:
- SEPA transfer
- Bank card
Another option that answers the question ‘how to buy Polygon on Binance’ is by just depositing crypto(BTC, ETH, or any other). Moreover, this is the quickest and cheapest way to acquire MATIC in just minutes.
In other words, if you already have some crypto in a local wallet or at another exchange, just sent it over to Binance and you can start using Binance right away!
Buy Polygon with Credit card
The last option you have in buying Polygon(MATIC) at Binance is by using a credit card. To do this choose above in the menu for ‘Buy Crypto’ and then ‘Credit/Debit card’. A new screen appears that allows you to select the fiat currency and what coin to buy.
4. Wait for your deposits
This step is only required when you chose to deposit crypto to Binance. In addition, deposits and withdrawals are often cleared quite quickly, but depending on the network load it can take a little while. Wait for Binance to give you confirmation that your deposit has been successful.
5. Buy Polygon(MATIC) on Binance
The last step explains how to trade or buy Polygon tokens on Binance. Basically, you have three options in doing this: convert, classic, or advanced trading. Moreover, all these three options are available under the menu item ‘Trade’.
First, the convert option, which is the easiest solution in ‘how to buy Polygon on Binance’. Additionally, you just swap your EUR, crypto, or stablecoin(USDT, BUSD) for MATIC right away without the need to load the Binance trading engine interface.
On the navigation bar at the top of the site, hover over “Trade” and click “Basic”.
Now go to the box on the right side of the page. Select the coin you wish to trade with (BTC, ETH, BNB, or USDT) and search for MATIC. Select the pair that comes up (e.g. MATIC/BTC).
Binance offers a lot of data, such as price and order history, to help you make trades at the right time. They also give you the ability to set limit orders. This means you set the price you want to buy (or sell) MATIC for, and once it hits that price, the exchange will automatically make your trade.
These advanced trading options have been created for those users with more knowledge about markets and how virtual currencies and exchanges work. Although it seems complex, it is very easy to use for those users with some experience in the cryptocurrency market.
You can load this screen on the navigation bar at the top, hover “Trade” and click “Advanced”.
Choose the amount to buy
Finally, the basic and the advanced trading screens give you the ability to enter the amount of MATIC you want to buy at a given price in the order book.
Just click the green “Buy MATIC” button to complete your trade. Once Binance confirms your transaction, you’re done!
Optional: Withdraw Polygon From Binance
It’s a good idea, when not trading, to move your coins off the exchange and into a secure wallet that you control. This way the security of your funds is in your hands, you are not at the mercy of the exchange’s security measures.
To do this, you will need a wallet that supports MATIC tokens. The Atomic mobile wallet is a feature-rich software wallet and is available for iPhone and Android. Alternatives include the Exodus desktop wallet for Windows and Mac. However, for the highest level of security, I recommend using a hardware wallet like the Ledger Nano X.
When you have a wallet ready, you can withdraw your tokens from Binance. Go to the menu at the top of the page, select “Funds”, then “Withdrawals”. Choose MATIC from the dropdown menu.
In the past, Binance was affected by a hack that resulted in the loss of around 7,000 BTC. Although the exchange was able to give users back the funds lost, it is always better to be in control of the private keys of the digital assets.
How to withdraw from Binance
Put in the address from your Polygon wallet as the MATIC ‘Withdrawal Address’. Double-check the address is correct, choose how much you want to withdraw, and hit submit. Binance will confirm when your transaction has been completed.
…and that’s all you need to know about how to buy Polygon on Binance, one of the most used trading platforms on the globe with the highest daily trading volumes. Happy trading and take care!
The following articles might also be a good read for you:
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