How to Buy Polkadot (DOT) in the UK

Polkadot is one of cryptocurrency’s hottest assets at the moment.

Polkadot is ranked in the top 15 largest coins by the market cap, however, many newbies are still confused about how to buy Polkadot in the UK.

Since its launch, Polkadot’s price has continued to rise dramatically. In fact, after launching its genesis block in May 2020, it has enjoyed countless listings on various crypto exchanges.

This can even be part of the reason why many people need an excellent guide on how to buy Polkadot in the UK, to help them choose between the numerous options.

Today, UK users can buy the coin with their GBP fiat currency. Buying Polkadot in the UK is straightforward and we’ll show you how to do it cheaply and safely.

You can check the quick guide or read on extensively.

Quick Guide: How To Buy Polkadot in the UK Instantly With GBP On Binance

  • Create an account on Binance. Verify your email address and complete the KYC verification.
  • Alternatively, you can log in to an existing account.
  • Navigate to the top bar on the homepage and select “BUY CRYPTO”.
  • Select your preferred payment method from Debit/Credit Card or Bank Transfer.
  • Proceed to the transaction page. There, choose Polkadot (DOT) from the coin listings.
  • On the other tab, enter the preferred amount of coins and click “BUY DOT”.
  • On the payment page, enter your card or bank info.
  • Ensure you review the information provided and make sure they are correct. Then, confirm your order.
  • Once the transaction is complete, the equivalent value of “DOT” will reflect in your Spot Wallet.
  • To check, navigate to Wallets > Fiat and Spot.

Other Ways to Buy Polkadot (DOT) in the UK

Although Binance is the best option for buying DOT in the UK, there are other alternatives to buy the coin swiftly and conveniently with GBP. Below we will cover them one by one.

1. Binance (Highly Recommended)

Supported Payment Methods: UK Faster Payments, Bank Cards.

Buy Polkadot in the UK on Binance

Binance is known to be the best and largest cryptocurrency exchange in the world. The exchange has the highest trading volume, which exceeds $100 billion per day.

Apart from this, it features more than 350 coin listings, making it convenient for traders to trade multiple crypto assets simultaneously. It is also the first exchange to list Polkadot during its early days.

Steps:

  • Head to Binance.com and create a new account. Log in to an existing one if you already have an account.
  • Verify your email and complete the KYC process.
  • Proceed to top up your GBP fiat balance.
  • Select an appropriate deposit method, preferably Bank Deposit here.
  • Select GBP as the deposit currency.
  • Continue to the next page. Select Faster Payments and input the desired amount of assets.
  • Note your reference code and confirm the transaction.
  • Double-check the information and confirm the payment.
  • Once the payment is successful, Binance will top up your GBP fiat balance.
  • After this, you can buy DOT with your GBP balance. Go to Buy Crypto.
  • Choose the preferred payment currency as GBP.
  • Select DOT from the coin list and enter the preferred amount.
  • Check the order details and confirm.
  • Once the transaction has been confirmed, the equivalent value of DOT will be added to your wallet.

2. Crypto.com App

Crypto.com is a good alternative to Binance if you want to buy Polkadot in the UK. The exchange, originally from Hong Kong, offers a wide range of crypto listings.

It also offers a good number of altcoins that traders can invest in. However, the numbers are not as high as that of Binance.

Steps:

  • Install the Crypto.com App and Signup.
  • Complete the KYC Verification process.
  • Go to Accounts > Crypto Wallet.
  • Select Polkadot and Click BUY on the next screen.
  • Enter the amount to buy.
  • Add Credit or Debit Card details in the space provided.
  • Click Buy DOT.
  • Confirm the order details and complete the transaction.
  • Supported Payment Methods are Credit and Debit Cards, and SEPA Transfers.

3. BC Bitcoin

BC Bitcoin is another excellent option if you’re looking to buy Polkadot with GBP. They’re a non-custodial exchange service, so you’ll need an external wallet address that will receive the DOT coins you purchase.

You can either use your Binance account DOT deposit address or make a non-custodial mobile wallet by installing the Polkawallet app.

Steps:

  • Register on BC Bitcoin and complete the KYC verification.
  • Head over to their Buy Page and select Polkadot as the coin you want to buy.
  • Select GBP as the payment currency.
  • Choose your preferred payment method.
  • Enter the amount to spend and the receiving wallet address.
  • Click Next Step and proceed to complete the payment.
  • If successful, BC Bitcoin will transfer the purchased DOT to the address you provided.
  • Supported Payment Methods are Credit and Debit Cards, Faster Payments, and SEPA Transfers.

4. Kraken

Kraken is one of the few old and traditional cryptocurrency exchanges that support Polkadot (DOT). The only letdown is that Kraken currently does not support card purchases.

Steps:

  • Register on Kraken.com
  • Complete the user verification up to Intermediate or Pro Level.
  • Go to Funding and click the Deposit option on your GBP wallet.
  • Make a deposit using the provided account details.
  • If successful, Go to Trade and find the DOT/GBP pair.
  • Enter the amount of DOT to purchase and GBP to spend.
  • Ensure to set the order type to Market.
  • Click Buy DOT with GBP
  • Review the order and confirm the purchase.
  • View the purchased DOT via Funding > Polkadot Wallet.
  • Supported Payment Methods: UK Faster Payments

Short Step-By-Step Guide: How to buy DOT With Other Cryptocurrencies

So far, our guide has focused on how to buy Polkadot with GBP. However, you can also buy DOT using other cryptocurrencies like BTC or USDT on exchanges that list the trading pair.

Once again, we go back to Binance where they offer a DOT pair against BTC, USDT, and BNB.

Steps:

  • Register on Binance (KYC is not mandatory for crypto-to-crypto trades).
  • Go to Wallet > Fiat and Spot.
  • Find your BTC wallet and deposit to the address provided.
  • Wait for the deposit confirmation.
  • Go to Trade > Convert
  • Select BTC as the coin to convert to DOT.
  • Review the order details and confirm the conversions.
  • Go back to Wallet > Fiat and Spot to view the purchased DOT.

Before you start exploring the exchanges where you can buy DOT, as revealed in this article, here are a few pointers to keep in mind:

Research the Project

Polkadot (DOT) is a relatively new project and has garnered much attention because of its affiliation with the Web3 Foundation.

As we always recommend, spend more time learning about the project’s fundamentals, including core team members, milestones, and roadmaps.

Polkadot’s official website as well as other credible sources will provide you with that information, making it possible for you to decide whether or not it is worth holding as an investment.

Market Sentiment

Polkadot’s meteoric rise to fame means that most investors are already in profit, irrespective of their buy-in price. However, it is important to be cautious when buying a coin that is near its all-time highs.

Experts typically recommend waiting for the market sentiment to switch from bullish to bearish before you buy in. That way, you can start seeing a profit on your DOT investment as soon as prices begin to recover.

Holding Period

You must consider how long you are willing to hold Polkadot since any attempt to flip the coin for instant gains at current prices may not be feasible. After a fast start, it may require a long-term holding for new investors to realize a profit on their money.

Best Wallets to Store Polkadot (DOT)

That sums up where to buy Polkadot in the UK. This part will look into the best ways to store your Polkadot coin, especially for long-term holding. The best wallets to store your Polkadot are:

  • Polkawallet – available for mobile devices including Android and iOS
  • Ledger Nano S – cold hardware wallet
  • Trust Wallet – mobile wallet for iOS and Android users
  • Atomic Wallet – available on Desktop and Mobile wallet

Privacy and Security Tips

Trading with Polkadot and other cryptocurrencies requires you to be security-aware to avoid cyber attacks and potentially expose your crypto assets to hacking risks. To do this, you need to keep some security tips in mind when trading crypto.

  • Activating any Polkadot wallet requires a one-time fee which is not recoverable.
  • Ensure you scan your devices for malware. Clipboard malware exposes your assets to hackers.
  • Also, ensure you double-check your payment and wallet address when making transfers.
  • If you already own BTC or USDT, use it to buy DOT on Binance or other supported exchanges to avoid giving out your personal information during the KYC.
  • Exchange-based wallets are prone to cyber-attacks. Ensure you don’t hold a large volume of your assets on exchanges. You can opt-in for device-based wallets.
  • Do not hold large amounts of DOT on exchanges. Use the recommended mobile wallets preferably and enable their security features.

Conclusion

Polkadot is one of the top cryptos of the blocks. It is still one of the most promising projects that have potential high rewards. Its importance in solving several of blockchain’s interoperability issues makes it one of the best investments to watch out for.

This article has shown you how to get into the trend early with guides on exchanges where you can buy Polkadot in the UK with GBP.

Also, you’ve learned how you can buy DOT with other cryptocurrencies on popular exchanges. Although the process is similar to many exchanges, it can vary from others.

However, since the crypto price cannot be predicted, we can’t wait to see Polkadot outperform many of its competitors in the blockchain. Yet, only time will tell.

Team

Our UK-based team writes articles to help beginners understand the world of cryptocurrency. We are firm believers that Blockchain technology has great application in our future.

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