How to Buy Polygon in Australia

A Beginner’s Guide to Buying Polygon Cryptocurrency in Australia

Last Updated November 1st 2021
5 Min Read

Polygon is a digital currency that is known in the crypto world as MATIC. Polygon is a token based on the Ethereum blockchain used to operate the Polygon Network. The Polygon Network is a multiple chain scaling technology for Ethereum.

It offers its users cheaper and faster transactions on the Ethereum blockchain by utilizing the Layer 2 sidechains. The Layer 2 sidechains are blockchains that are operated along with the Ethereum parent chain.

Users can deposit Ethereum tokens in a Polygon bridge smart contract. They are also able to interact with these tokens inside the Polygon sidechain if they have to. Users can use their MATIC tokens to pay fees for transactions. 

They can also use the MATIC token to take part in proof-of-stake consensus. MATIC is the native cryptocurrency that is used in the Polygon network. Users can purchase the Polygon (MATIC) in Australia through different cryptocurrency exchanges.

What's in this guide?

This guide contains a comprehensive overview of how to buy Polygon in Australia. This is a general guide that explicitly explains all the processes involved in the trading of Polygon in Australia. Furthermore, this guide also lists out different valuable facts and tips on Polygon. You will also get important information on things to consider and Polygon storage options from this guide.

  1. QUICK GUIDE: HOW TO BUY POLYGON IN AUSTRALIA
  2. Where to buy Polygon in Australia
  3. How to buy Polygon
  4. How to sell Polygon in Australia
  5. Which wallets can I use to hold Polygon?
  6. How Polygon works
  7. Things to consider before you buy Polygon (MATIC)
  8. FAQs

QUICK GUIDE: HOW TO BUY POLYGON MATIC IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select Polygon.
  5. Enter how many Polygon MATIC coins you want to buy.
  6. Check the details and confirm your purchase.

Where to buy Polygon in Australia

Polygon can be purchased through an exchange. This is the easiest way of buying a cryptocurrency token. These exchanges are known as cryptocurrency brokers. They perform similar functions as stock companies as they offer a common platform for crypto sellers and buyers to trade in their crypto stocks. If you are a beginner in cryptocurrency, it is usually safer to exchange transactions involving the buying and selling of cryptocurrencies.

A Step-by-Step Guide to Buying Polygon in Australia

Just like every other cryptocurrency, Polygon can be purchased in different ways. You could use fiat currency or another cryptocurrency. Before you proceed, you need to ensure that you find an exchange that supports the use of both cryptocurrency and fiat currencies.

Buy Polygon with a Fiat currency.

The following process describes the stages involved in the purchase of Polygon in Australia by using the Australian dollar (fiat currency).

 1). Open an online account 

The first process involved in the purchase of Polygon with AUD is to register for an account. Make sure that the exchange supports Polygon asset.

 2). Deposit money into your account

The next step is to fund your new account by depositing funds into your account. If the exchange lists MATIC/AUD, you can then directly buy the Polygon in Australian dollars.

 3). Buy Polygon

Once you have your money deposited, you can now buy the Polygon.

Buying Polygon in Australia with another cryptocurrency.

There is also another option used to buy the Polygon. This is buying with another cryptocurrency.

 1). Buy Bitcoin or Ethereum

To buy the Polygon MATIC cryptocurrency, you will need first to purchase either Ethereum or Bitcoin. Polygon will be paired with either one. Once you buy Bitcoin or Ethereum, you will be ready to make the exchange to Polygon Matic.

 2) Register for an account

Numerous accounts permit the Polygon MATIC asset. This means users usually have several choices to choose from. All you need to do is to compare the fees and features of the different platforms.

 3). Make the exchange

The next step is to exchange your Bitcoin or Ethereum to Polygon MATIC. To proceed, you will need to search for the right trading pair. This could be "BTC/MATIC for Bitcoin to Polygon" or "ETH/MATIC for Ethereum to Polygon." You can select the amount of the Polygon MATIC that you want and proceed to complete the exchange.

How to sell Polygon in Australia

Selling Polygon in Australia is very easy. It is similar to buying the Polygon with a fiat currency. All you need to do is to look for the "Sell MATIC" tab. While it is possible that you might not be able to sell your Polygon MATIC directly to Australian Dollar, you can convert this to Bitcoin or Ethereum and then sell it to Australian dollar.

Which wallets can I use to hold Polygon?

You need wallets to safely and securely store your Polygon Matic coins. The moment that you have purchased the Polygon Matic, you can then transfer these coins into the wallet. With the wallets, you have a secured and safe way to store your coins rather than leaving them in the exchange where they are susceptible to theft. There are numerous wallets that you can use to store your Polygon cryptocurrency coins.

How Polygon works

Technically, Polygon can be defined as a system that has four different layers. These are the security layer, the execution layer, the Polygon networks, and the Ethereum layer.

The Ethereum layer is essentially composed of a collection of smart contracts executed on the Ethereum platform. Smart contracts can be used to handle such things as finalizing transactions, communication, and staking.

The security layer is operated alongside the Ethereum layer and is used to ensure an additional security layer of the chain.

Things to consider before you buy Polygon (MATIC)

Since cryptocurrencies are very complicated and highly speculative, several factors affect their values. It is essential to know the risks and opportunities that come with the Polygon coin before finalizing your purchase.

Investors looking to buy the Polygon Matic should consider the below factors:

Promising future

Polygon MATIC, according to industry insiders, is set to increase in value. The cryptocurrency coin might rise to $2.66 in the closing period of 2021. In the next four years, the coin might be exchanged for $5.53.

Availability of the crypto coin

Availability is one of the growing problems of cryptocurrencies. This means that if you are looking to purchase the Polygon MATIC from any exchange, you will need to check for its availability. This means that you are certain of getting the coin when you finally set out to buy it.

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FAQs

Where can I buy Polygon (MATIC)?

Polygon Matic can currently be purchased on numerous crypto exchanges.

How can I invest in the Polygon crypto?

Investing in the Matic network is as easy as any crypto network. First, you set up your account, deposit some money, and then buy the Polygon coin.

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