How To Buy Polygon (MATIC) - Beginner's Guide

Buying Polygon MATIC: A Step-by-Step Guide

Last Updated March 28th 2022
21 Min Read

Are you interested in buying Polygon, but not too sure where to begin? You’re not alone. The Polygon asset is a hugely popular cryptocurrency to buy. But, for beginners, this can be quite intimidating.

Polygon, formerly known as the Matic Network, is designed to address the existing scaling problem of Ethereum and reduce the gas fees involved with crypto transactions. For the same reason, Polygon and its native token MATIC have since gained a lot of traction among crypto investors and traders. 

If you are thinking of how to buy Polygon for your financial portfolio, then you are at the right place. 

Our guide is specifically designed for beginners who are eager to venture into the Polygon space. We will offer you an elaborate and comprehensive step-by-step walkthrough of how you can buy this digital asset conveniently from the comfort of your home. 

If you want to buy Polygon quickly and easily, check out eToro!

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Contents:

How To Buy Polygon (MATIC) In 5 Steps

For those who are unaware of the ins and outs of cryptocurrency purchases, you might be finding yourself overwhelmed with the whole process. To ease you into this journey, let us offer you a quick glimpse of what you need to do when buying Polygon for the first time. 

Before you can buy Polygon, you need to find a crypto provider that can facilitate your purchase. The best way to access Polygon is via a regulated broker such as eToro - which offers you commission-free access to this asset. 

These five steps will simplify things for you, so you know how easy it is for you to start buying Polygon today using a regulated crypto broker. 

How To Buy Polygon – Quick Guide

To help you buy Polygon coins as quickly as possible, we broke the process down into a few easy steps:

  • Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
  • Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time. 
  • Step 3: Deposit – Fund your new eToro account with a minimum of $10. 
  • Step 4: Search for Polygon on eToro – Search for MATIC or Polygon in the eToro crypto market.
  • Step 5: Buy MATIC – Enter the amount of the worth of Polygon you want to purchase in United States Dollars (USD), then click Open Trade. 

That’s it! By following these easy steps, you can invest in Polygon in less than 5 minutes.

 

That's it. Completing these steps will take you less than 5 minutes in total. However, before you think of how to buy Polygon, you should have a clear vision of what you are going to do with your MATIC tokens. 

With this in mind, let us cover each of the steps we had outlined above in detail. 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Step 1: Choose An Online Polygon (MATIC) Broker or Exchange

The easiest way for you to buy digital assets like Polygon is through an online platform. That said, you will find two distinct types of crypto providers on the internet - cryptocurrency exchanges and brokers

It is crucial for you to understand the differences between these two options, as your experience will vary widely from one to another. 

With this in mind, let us introduce you to some of the critical aspects that you should be aware of while choosing an online crypto provider to buy Polygon tokens. 

Regulation

The most important factor that sets apart trustworthy brokers from shady cryptocurrency exchanges is their regulatory standing. Typically, the crypto space is regulated by authorities in order to prevent fraud and maintain stability. 

You will find that there are multiple authorities governing different jurisdictions, setting specific guidelines and requirements for each platform licensed by them. 

When going through the specifics of cryptocurrency exchanges, you will notice that the majority of them tend to be unregulated. This means that these platforms do not adhere to guidelines devised by any financial authorities. 

Put otherwise, when you buy Polygon through such platforms, you will be inviting unnecessary risk. In order to secure a safer environment for your crypto investments and trades, the better option is to make your Polygon purchases via a regulated broker. 

As such, when choosing an online brokerage site for buying Polygon, you should first verify whether it holds any valid licenses from respectable financial authorities. 

To name a few, some of the most reputable governing bodies include the FCA in the UK, ASIC in Australia, SEC in the US, and CySEC in Cyprus. The best crypto brokers hold at least one license and sometimes are regulated by multiple authorities - like eToro. 

As you can imagine, such regulation will offer more safety and security when dealing with online brokers for buying cryptocurrencies like Polygon. 

Payment Methods

If you are entirely new to trading or investing, you might be wondering why supported payment methods are important when choosing your online broker.

In simple terms, it is a matter of convenience. After all, before buying Polygon, you will be required to fund your trading account. 

In the earlier days, you could add money to your trading account only using wire transfer - which could take up to seven business days to complete. As you know, in the world of cryptocurrencies, the market can turn upside down in this time period. 

Fortunately, today's top-rated brokers all offer easy alternatives like debit and credit card payments. Platforms like eToro even allow you to fund your account using an e-wallet such as PayPal, Neteller, and Skrill. 

Moreover, many brokerages also allow you to directly buy Polygon using fiat currencies using one of these options. 

You will also have access to the same methods when you are looking to transfer any profits from your account. As such, you should check whether your preferred payment option is supported by your chosen broker to make easy deposits and withdrawals. 

Fees and Commissions

Another crucial concern when thinking of how to buy Polygon should be the types of fees involved. In fact, when you are comparing different crypto brokers, the commissions involved can be the defining factor that will help you make the final decision. 

The most common fee that you need to be aware of is the commission - which you will come across on the majority of brokerage platforms. 

The rate will be represented in percentage terms and calculated based on how much money you are investing into Polygon.  

For example, suppose that your chosen broker has a commission structure of 3% for investments of up to $2,000 and 2% for anything beyond. This means that:

  • If you are buying $1,000 worth of Polygon - your commission will be $30 (3% of $1,000). 
  • If you are buying $5,000 worth of Polygon - your commission will come to $100 (2% of $5,000). 

This fee structure can vary noticeably between different brokers - which can significantly alter the costs involved. 

However, today there are a few reputed brokerage platforms like eToro that allow you to buy Polygon without paying any commission at all.  

Additionally, your broker might also charge you extra fees for processing your deposit. Again, this can depend on your chosen payment method - such as debit and credit cards. 

In comparison, on eToro, the only such fee you will encounter is the exchange rate of 0.5% if you fund your account using a currency other than USD.   

Other Important Factors

There are a few other significant factors that will help you narrow down your choice of Polygon broker. 

These include:

  • User-Friendliness:  No matter how proficient you are when it comes to cryptocurrency investing and trading, you could always benefit from a user-friendly platform that is intuitive and easy to use. 
  • Minimum Investment: Before committing to a Polygon broker, you should also check whether there are any minimum investment requirements. To give you an example, on eToro, you can start buying Polygon from just $25 - which allows many new investors to gain exposure by risking small amounts. 
  • Storage: As a digital asset, Polygon has to be stored in a crypto wallet. While you can always find an external provider for this purpose, it will be easier for you to choose a broker with in-built storage like eToro. 

By adhering to these guidelines we mentioned above, you will be able to find a regulated broker that can facilitate safe, easy and cost-effective Polygon purchases for you. 

Read More: 5 Reasons Why Polygon Could Double Your Money In 2022

Step 2: Come Up With An Investment Plan

When you have selected a broker, you might be ready to start buying Polygon right away. However, there is an important question you have to answer before that. 

What are you going to do with your Polygon tokens?

This is where the importance of an investment plan arises. It is never a good idea to put your money into an asset without having a clear plan for the future. 

In this section of our how to buy Polygon guide, we will discuss some of the basic strategies that beginners need to know. 

Long-Term or Short-Term

The simplest way to think about your investment is its duration. Are you looking to make profits over the course of a few years, or are you seeking to make immediate returns? 

The answer to this will depend on several factors - ranging from your financial commitments, risk appetite, and your ability to speculate. 

For example, those who think that Polygon has lots of potential for the future might adopt a long-term strategy 

  • If you consider the performance history of this asset, when the coin was launched in April 2019, its price was at just $0.0034. 
  • Until February 2021, the market of Polygon moved sideways without any significant fluctuations in its value. 
  • From February 2021, we saw a super-strong upward movement. This concluded with the digital token hitting an all-time high price of $2.45 on May 18, 2021. 
  • In the span of nearly two years, the value of this token has increased by over 70,000% in value. 
  • Had you invested just $100 in Polygon at the time of its launch, you would now be looking at a monumental profits. 

This is the key with long-term investment plans - to not be swayed by short-term market fluctuations. In crypto terms, this is called 'HODLing.' However, not everybody will want to 'buy and hold' onto their assets. 

The alternative is to profit from short-term market movements. Thanks to the volatile nature of digital currencies, the price of Polygon will keep moving throughout the day. Crypto traders try to take advantage of these fluctuations by placing multiple trades and subsequently targeting smaller profits. 

However, as you can imagine - adopting this strategy requires you to be quick on your feet to make fast decisions and place the right trades. In other terms, short-term trading can be complicated for beginners. 

Consequently, when thinking of how to buy Polygon for the first time - you might want to consider a long-term strategy. Once you know your way around the crypto market, you can then try out a short-term investment plan.

Read Also: Pros and Cons of Investing in Polygon (MATIC)

Target Polygon Price

If you are not sure how long you want to hold your Polygon coins, you can also start with a target profit figure. For instance, you might want to double your investment. 

In this case, you will want to store your Polygon coins until the price increases by twofold - compared to its value at the time of your investment.  When it happens, you will sell your Polygon coins and cash out at a profit. 

Again, the price you should target will depend on your financial goals. The advantage of this strategy is that you can overlook the minor fluctuations in the value of Polygon as you are holding on to your assets with a clear objective in mind. 

Consider Regular Investments

Another risk-averse strategy you can adopt is to place systematic Polygon investments instead of putting in all your money at once. In other words, you will be investing equal sums of money at regular intervals - no matter how the price of Polygon is fluctuating or how the wider crypto market is performing. 

The idea behind this method is that when market prices are high, you will be able to afford only a specific number of Polygon coins. On the other hand, when the value of Polygon drops, you will be able to purchase more coins for the same amount. 

  • In the end, the average amount you risked on Polygon will be less. 
  • For example, let's say you invest $200 on Polygon in four consecutive weeks. 
  • You get prices of $0.89, $0.95, $1.22, and $1.90, respectively. 
  • Meaning, after completing your four investments, the average cost of each Polygon coin you bought comes to $1.24. 

This strategy is called 'dollar cost averaging' and is used in order to prevent emotions from altering your investment decisions. 

When you are clear on which investment plan you want to employ when buying Polygon, you can then proceed to create an account with your chosen broker. 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Step 3: Open A Polygon (MATIC) Broker Account

The registration process remains more or less the same across different regulated crypto providers. To start with, you will be required to provide the following personal details:

  • Your full name
  • Email address
  • Password
  • Contact details
  • Date of birth

On brokers like eToro, the account registration process should only take five minutes.   When the registration is done, you will need to verify that the data you provided is legally correct. 

You will have to complete this step before you can start buying Polygon.  Not to worry, this is a simple procedure where you have to upload your photo ID - such as a passport or driver's license. 

You will also have to verify the residential address you provided, which can be done by attaching a recent utility bill. 

Since this step is automated at eToro, your account will be verified within minutes.

Step 4: Deposit Some Funds

When your account has been verified, you will be able to deposit funds into the brokerage platform. As mentioned earlier, the best crypto brokers of today allow you to add money via bank transfer, debit/credit cards, and e-wallets like PayPal. 

If you are looking to buy Polygon right away, it would be best to pay via a debit card or credit card as the transaction will be completed immediately. 

Step 5: Set Up A Trading Order

The process of buying Polygon might vary slightly depending on your chosen broker. Regardless, there are a few trading orders that you will be using when purchasing Polygon tokens. 

Take a look at the below to familiarize yourself with these order types. 

Buy Order

When learning how to buy Polygon, you will be most commonly using the buy order. This is best placed when you are expecting the price of Polygon to rise in the future - so that you can issue a sell order to cash out your investment at a profit. 

For those who are using short-term strategies, it is also worth noting that you can capitalize on bearish markets. In this case, you will be opening your position with a sell order and use a buy order to close it - making a profit from falling prices. 

Limit or Market Order

As we have mentioned throughout the guide, the value of Polygon keeps fluctuating practically every second. Therefore, you should be aware that the price you see quoted on brokerage sites and the one that you receive might be slightly different due to this volatility. 

If you do not mind this, you can specify that you want to place a market order. This will let your broker know that you want the trade to be executed immediately and at the next best price available. 

Like we noted earlier, you might come across some 'slippage' in the rate you receive. 

Alternatively, if you want to buy Polygon at a specific rate, you should mention that you want to place a limit order, along with your desired price. 

For instance:

  • Suppose the current market rate of Polygon might be at $0.80. 
  • You can place a limit order at $0.85 with your broker. 
  • Your broker will then execute your order only if and when the price of Polygon rises to $0.85. 
  • If not, your order will remain pending until you decide to cancel it. 

As you can see, many traders prefer using limit orders as they help to secure specific prices when dealing with volatile assets like Polygon. 

Stake

When you have decided how you want to buy Polygon, you should also specify to your broker how much money you are willing to invest in this asset. Bear in mind that the higher amount you stake, your profits and losses will also be proportional to this figure. 

This is why it is paramount to keep your emotions away from such decision-making. To do that, you can adopt a bankroll management strategy in advance - such as to never risk more than 2% of your total trading funds on a single Polygon position. 

You can also use the 'dollar cost averaging’ method we discussed earlier by placing multiple investments at regular intervals. 

Confirm Order

Before you finalize your purchase, you will need to choose the specific trading orders and the stake, as we discussed earlier. 

When ready, you can proceed to confirm your order, and the broker will carry it out as per your instructions. Once the purchase is complete, the Polygon coins you bought will be available for you to move to your private digital wallet. 

Check Out: 15 Reasons Why You Should Invest In Polygon

Step 6: Storing Your Polygon (MATIC) Coins

Once you buy Polygon, you will want to make sure that it is safely stored - just like how you would protect your fiat money. As a digital asset, Polygon can be exposed to online security threats. 

Therefore, it is crucial that you find a trustworthy digital wallet service provider for the safekeeping of your Polygon tokens. This will require you to do serious research in order to find ones that are secure and reliable. 

As a beginner, you can also avoid this hassle by choosing a regulated online broker like eToro that comes with integrated wallet services. This way, you do not have to move your Polygon coins around after purchasing or at the time of cashing out your investment. 

Step 7: Selling Your Polygon (MATIC) Coins

Since the main goal of you thinking about how to buy Polygon is to make a profit, it is only reasonable to discuss how you can sell your investment. 

Now, those who have stored their Polygon coins in a digital wallet will first want to move them to your chosen exchange. Once you do that, you can place a sell order to complete the process. 

For those who choose a regulated broker like eToro, this is even more simplified. You can locate Polygon in your eToro portfolio and click the 'sell' button to cash out your investment. 

In both ways, the proceeds will be made available for you to withdraw to your preferred payment method. 

Other Ways To Buy Polygon (MATIC) In 2022

We already discussed that you will have multiple payment methods at your disposal when buying Polygon. Here is an account of each of those options that facilitate the direct purchase of Polygon through a regulated crypto broker. 

Buy Polygon Debit Card

The easiest way to make any online payment these days is via a debit card. It is not only instant but also an uncomplicated method to buy Polygon. You only need to enter your card number, expiry date, and CVV code to transfer your funds to your trading account immediately. 

Brokers like eToro also permit you to withdraw funds back to the same card, making this payment method even more convenient. 

Buy Polygon Credit Card

There will be those among you who prefer a credit card to a debit card. Although the process works the same, you will have to be wary of additional charges such as 'cash advance fees'. This might occur when you use your credit card to buy crypto. 

Polygon Token Paypal

PayPal is the most widely used e-wallet globally. As deposits and withdrawals to Paypal are almost instantaneous, so many investors prefer to fund their accounts and buy Polygon using this method. 

Considering this, regulated brokers like eToro allow you to buy Polygon tokens with Paypal.  

Polygon ATM

Cryptocurrency ATMs are another feasible option for purchasing digital assets such as Polygon. If you happen to find one that offers Polygon, the fees are likely to be in excess of 10%. 

Considering this, it is best to stick with online brokerages like eToro that can offer you commission-free access to all cryptocurrencies. 

Don't Miss: Will Polygon Make Me Rich In 10 Years?

How To Buy Polygon (MATIC) 2022 - The Verdict

As exhibited in our how to buy Polygon guide, purchasing this cryptocurrency is a simple princess. Before you start, you will need to research the asset and think of an investment strategy that will fit your financial goals. 

Once you do that, you can begin your search for a licensed broker that can offer you convenient, cost-effective, and secure access to Polygon. 

If you are eager to get started, you can check out eToro. This highly regulated platform not only offers you commission-free access to Polygon but also allows you to store your coins for free. 

eToro – Best Platform To Buy Polygon

eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

FAQs

Is Polygon a good cryptocurrency to buy?

Polygon is widely considered a technologically interesting token with substantial potential in the future. It also sports a low entry price to obtain exposure in the cryptocurrency market. However, whether or not you should buy this will depend on your investment goals and personal research.    

How can I buy Polygon?

Cryptocurrencies like Polygon are best purchased via a crypto broker like eToro. This platform is regulated by the FCA, CySEC, and ASIC and also allows you to buy Polygon at 0% commission rates. The platform is also registered with the SEC and FINRA in the US.    

What is the minimum amount required to buy Polygon?

You will have to check with your chosen broker to find out what is the minimum amount you need to invest in Polygon. On eToro, Polygon can be bought from any amount equal to $25 and above.    

What is the all-time-high price of Polygon?

On Dec 27, 2021, the price of Polygon hit an all-time high of $2.92 per coin.    

How can I make money from Polygon?

You can either choose to buy and hold Polygon coins to benefit from its price appreciation or trade the coin in the short term to capitalize on its volatility.  

Read More:

Is Polygon A Good Investment And Should I Invest in MATIC?

Why Polygon (MATIC) Will Skyrocket