How to buy Polygon (MATIC) in the UK
A Beginner’s Guide to Buying Polygon MATIC in the UK
If you’re based in the UK and wish to buy Polygon – the process is very simple. All you need to do is find a regulated online exchange that offers competitive fees, deposit funds, and decide how much you wish to buy.
This year has been marked by an increased number of trading activities related to cryptocurrencies. Unlike previous years, this year has drawn people towards tokens other than Bitcoin. Such tokens include Polygon (MATIC).
Polygon is one of the most popular altcoins. The token has tremendously gained in recent months, making it a worthy investment.
This guide will take you through buying Polygon (MATIC) tokens in the UK and how you can make money by selling the tokens at a higher value. Before buying crypto using this guide, you need first to understand that crypto investments are very risky. While the returns may be good, the losses can be massive.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY POLYGON (MATIC) IN THE UK
- A step-by-step guide to buying Polygon (MATIC) in the UK
- How to sell Polygon (MATIC)
- Which wallets can I use to hold Polygon (MATIC)?
- How Polygon (MATIC) works
- Key things to consider before buying Polygon (MATIC) in the UK
QUICK GUIDE: HOW TO BUY POLYGON (MATIC) IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Polygon MATIC.
- Enter how many Polygon MATIC coins you want to buy.
- Check the details and confirm your purchase.
A step-by-step guide to buying Polygon (MATIC) in the UK
To start buying Polygon (MATIC) tokens, follow the below steps:
Step 1: Open an online account
The first step is to register an account on an exchange account. There are many exchanges in the UK regulated by the Financial Conduct Authority. Before opening an account, confirm whether the exchange supports Polygon tokens and the GBP.
Once you have settled on the exchange you want to use; you can now create your account. Account opening is quite easy. All you need is your official names, phone number, and email address. Because of the heavy regulations imposed on the crypto sector, exchanges are now required to comply with Know-Your-Customer (KYC) rules. To abide by these rules, you need to provide your proof of identity and proof of address.
To enhance the security of your account, you need to provide a multi-factor authentication process.
Step 2: Fund your account
After you have successfully created your account, the next step is to fund your account. To do so, you can deposit GBP to the exchange from your bank account. This allows you to buy Polygon (MATIC) tokens using fiat currency.
If your exchange does not enable you to buy MATIC tokens using fiat currency, you can purchase using other cryptocurrencies. The exchange will list several cryptocurrency pairs that you can use to complete your purchase, such as BTC/MATIC or ETH/MATIC. If you do not already own these cryptocurrencies, you can start by buying them and later exchanging them for Polygon.
Step 3: Buy Polygon
Now that you have funds or cryptocurrencies in your account that you can use to buy MATIC tokens, the third step is to go to the buying section on the exchange. Enter the amount of GBP or crypto you want to exchange for MATIC tokens and confirm your order. You will receive a notification after that your transaction has been completed, and your new MATIC tokens will appear on the exchange account.
There are two ways that you can purchase MATIC tokens: a market order or a limit order. With a market order, the tokens will be bought automatically at the prevailing market prices. With a limit order, you can select the price you would prefer to buy the tokens at, and the order will automatically be completed when that price is reached.
Step 4: Store your Polygon Tokens
After buying Polygon, you need to find a way of storing your tokens. Cryptocurrencies are stored in crypto wallets. Exchanges usually offer an online wallet where you can hold tokens and retrieve them whenever you want to trade.
If you want to keep your MATIC tokens locked away for a long time without trading, the most preferred wallet would be a cold hardware wallet. The wallet keeps your tokens offline and minimizes the risk of them being lost. Cold wallets are also a great option if you are buying large amounts of MATIC tokens.
How to sell Polygon (MATIC)
Selling Polygon (MATIC) tokens is also as easy as buying the tokens. The first step is to remove the tokens from the crypto wallet and back to the exchange. Afterward, you can go to the sell option on the exchange and trade your MATIC tokens for GBP.
However, some exchanges may not allow the direct exchange of MATIC tokens to cash. In such an instance, you can exchange MATIC tokens for other cryptocurrencies such as Bitcoin, which you can later convert into cash.
Which wallets can I use to hold Polygon (MATIC)?
As mentioned earlier, there are two main categories of crypto wallets. You can store MATIC tokens in a hot wallet or a cold wallet. There are many crypto wallets available, and the only thing you need to do is select one that will be compatible with MATIC tokens.
If you are a frequent trader, you do not have to remove your crypto from the exchange and into another wallet. Most exchanges offer mobile wallets through an App. However, if you want something safe and secure, cold offline wallets are the best option.
How Polygon (MATIC) works
Like other altcoins, Polygon (MATIC) was created to solve the limitations present on the Bitcoin network. The token is highly scalable, and its network offers high transaction speeds compared to Bitcoin’s network.
Even though recently created, MATIC tokens have grown to become one of the most popular cryptocurrencies. The Polygon network is a protocol used to create and connect Ethereum-based blockchain networks.
Key things to consider before buying Polygon (MATIC) in the UK
Before investing in MATIC tokens, you need to consider the following:
The first thing you need to consider is the availability of MATIC tokens in the market. You should invest in MATIC if there is enough in circulation. This will make it easier for you to fill your buy and sale orders.
You need to also look at MATIC’s price history. Evaluate its lowest prices and its all-time highs to understand how the level of volatility. It would be best to look at the number of projects supported by the Polygon network because this also affects MATIC tokens.
Look at MATIC’s competitiveness in the crypto market. The coin should be competitive enough not to be overshadowed by other major cryptocurrencies such as Bitcoin and Ethereum.
Polygon (MATIC) has made waves in the crypto sector after becoming one of the leading cryptocurrencies. The token’s value has increased for the better part of this year, making it a valuable investment. If you want to buy Polygon (MATIC) tokens in the UK, open an account and store your currencies in a secure crypto wallet.
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Virtual currencies are highly volatile. Your capital is at risk.