How to buy/sell Polkadot in 2022 – step-by-step guide

GENERAL INFORMATION A POLKADOT

• Name: Polkadot (DOT);
• Price (as of 07/12/22): $6.48;
• 24-hour change: -$0,32750\-4,80%; 
• Max/min price for 24 hours: $6,89\$6,37; 
• 24-hour trading volume: $306,930,924; 
• Capitalization: $7,346,315,368.00; 
• Top exchanges with Polkadot: Binance; FTX; OKX.

What is Polkadot (DOT)?

Cryptocurrency with the unusual name Polkadot is a serious player in the cryptocurrency market, occupying a leading position in terms of trading turnover.

Polkadot is a blockchain network that has a system of interoperable blockchains.

Polkadot consists of the main relay Chain, which provides security and standardization for all connected configurable parachains. Each blockchain can change its Proof of Stake consensus mechanism, launch dApps, create tokens and create its own network rules. The number of parachains is limited and distributed through an auction system.

The Polkadot network’s cryptocurrency of the same name has the DOT designation. Initially, 10 million tokens were issued, but immediately after the start of trading, there was a 100-fold denomination; thus, 10 million tokens turned into 1 billion (so many tokens are currently used in the network).

DOT is far from a new coin, and it was created back in 2017. One of the founders of Polkadot is Gavin Wood, co-founder and CTO of the Ethereum network.

DOT is a native Polkadot utility token. DOT holders can vote on future changes to the project, and they can also pay a commission for network transactions in Relay Chain and some parachains.

No information about the token issue limits is announced, so the DOT is not protected from inflation. It is why DOT is an inflationary token with an unlimited supply, and users confirm transactions using a designated Proof of Stake system.

The local cryptocurrency of the Polkadot DOT network of the same name can process many transactions in several chains – in “parachains”. Therefore, it makes it easier to develop blockchains for new projects.

The feature of the Polkadot project is related to its unique infrastructure – the token is distributed not by an ordinary blockchain network, like other cryptocurrencies, but by a multiplatform. It is done to combine all blockchains and create a common decentralized network-Web3. It can create new blockchains within the Polkadot ecosystem or connect existing ones. These can be either public or private blockchains.

Let’s take a closer look at Polkadot – how to buy and sell, how to withdraw, where to store it, and whether to buy a DOT coin in 2022.

WAYS TO BUY, SELL, AND EXCHANGE POLKADOT (DOT) CRYPTOCURRENCIES

Let’s look at how you can buy or sell a DOT token. Unfortunately, the asset is not yet supported by payment systems and well-known p2p exchanges, unlike currencies such as Bitcoin or Ethereum. However, many other services have already added it to their listing.

1. Cryptocurrency exchanges  

It is the most common option for buying/selling and exchanging DOT tokens.

Many centralized and decentralized trading platforms support the DOT token. Among them are Binance, Huobi Global, Bitfinex, OKEx and Kraken.

They provide an opportunity to buy DOT for BTC, USDT and other popular cryptocurrencies and fiat money (USD, EUR, TRY and others).

How to make a Polkadot (DOT) exchange on a cryptocurrency exchange

• Log in to the Exchange. If verification is required, then pass it;
• Select the desired currency pair. When selecting the interest currency, you can do it directly in the trading terminal and the wallet;
• Create a market or Limit Buy/Sell orders. When creating a limit order, specify the rate you want to exchange assets. The order will be executed when a counter-order appears on similar terms. Therefore, the commission for limited order creators is usually lower. A market order implies an instant purchase at the available price, i.e. closing one of the existing limit orders;
• After receiving the desired assets on balance, you can withdraw them to your wallet or leave them for further trading.

DEX

The algorithm will be different if you use a decentralized protocol for the Exchange (for example, Binance Coinbase or eToro). This is because it uses automated market-making and doesn’t have the usual order book.

To exchange Polkadot (DOT) for DEX

• Connect to the Exchange via a decentralized wallet (most protocols support MetaMask, Trust Wallet, TokenPocket, MathWallet, etc.). You will need to confirm the connection in the pop-up window of your wallet, provided that you are logged in to it;
• Choose a currency pair for instant Exchange. The asset you give away should already be stored in your wallet;
• Make an exchange. Immediately after confirming the transaction, you will receive the required cryptocurrency to the same wallet. 

2. Cryptocurrency wallets

Few cryptocurrency exchanges currently support working with DOT, but there are some. For example: YoChange; ChangeNOW (only for cryptocurrency).

Using an online exchange to buy or sell Polkadot (DOT) involves the following steps

• Specify the exchange direction. With the help of such services, you can both buy and sell a DOT if necessary. However, deposit/withdrawal methods depend on the specific Exchange;
• Create a request;
• Then proceed based on what operation you need to perform.

If you buy Polkadot for Fiat, you will need to transfer your fiat funds to the bank details provided by the service.

If you buy or sell a token for cryptocurrency, you will need to transfer the crypt to your wallet address.

You will need to wait for each case’s transaction to be confirmed.

Then click the button confirming your payment.

It must do all this within the allotted time.

It would help if you waited for the funds to arrive in response to your bank details or wallet address.

Addresses in the Polkadot network begin with the number 1 and have the following format: 1HNn6R3ZivJVgLVh5Tk3WjnLnTQNUpfdSvp1pNza6x8GyDU.

You can find out the address of your wallet directly in the wallet that supports this token by clicking on the “Get funds” button.

3. Exchange Polkadot (DOT) via wallets

Cryptocurrency wallets that support Polkadot (for example, Trust Wallet and Atomic Wallet) also provide an opportunity to exchange this asset.

For example, consider the procedure for exchanging DOT through Atomic Wallet

1. Install a wallet. There are versions for Windows, macOS, Ubuntu, Debian, Fedora, and Android and iOS apps;
2. Top up your balance with the required coins;
3. Go to the appropriate section for your intent;
4. Choose the cryptocurrency to give and receive;
5. Enter the number of coins to exchange;
6. Click on the button.

Thus, you can use these methods to choose the most convenient one for you. As for choosing the services themselves, please pay attention to their reputation and the established level of commissions.

Polkadot (DOT) is worth asset attention to in the current environment. Analysts from Bitcoin code expect it to grow to $5 000 and above. Of course, forecasts do not always come true, but experts have reason to make such assumptions.

They also note the crypto community’s high level of token recognition; its high capitalization signals the same.

HOW TO BUY AND SELL POLKADOT ON A CRYPTO EXCHANGE

It is not difficult to attach a DOT – it is listed on many popular platforms (Binance, FTX, etc.), and you can also buy it for Fiat. The purchase procedure on different exchanges is not very different unless the conditions differ: verification, the possibility of buying for Fiat, commissions, types of orders, etc.

Let’s tell you more about how to buy and sell Polkadot on a crypto exchange.

If you have not previously created an account on the Exchange, you need to start registering.

Register on the Exchange

The first step that we recommend is – to take for convenient work with the trading platform is to choose the language and currency in which it will reflect quotes on its website.

After making the necessary settings, proceed to create an account.

First, go to the crypto exchange website and select ‘Create a report in the upper-right corner.

Start of registration on the crypto exchange

• Choose the registration method (email or phone number) and enter the corresponding data;
• Creating a complex password;
• Next, you need to read the User Agreement and Privacy Policy and accept if everything suits you;  
• Click ‘Create an account.

You were Creating an account on the Exchange

• To start working with the Exchange, you must enter the 6-digit confirmation code received by email or phone;
• Go to KYC1;
• Immediately after registration, you must pass verification; passing the KYC1 verification is a prerequisite;
• Account verification is introduced to protect users’ funds.

To pass the first stage of verification

1. Click on the profile icon in your merchant profile – we are interested in ‘Identity verification;
2. Specify the account type: individual or corporate;
3. In the new window, enter the data for verification: citizenship, first and last name, document type and number;
4. Click ‘Send information’.

Checking KYC1 on the Exchange

• After passing KYC1, the verified user gets access to the trading terminal of the crypto exchange. After that, you can skip the basic check and go through the higher levels of KYC2 and KYC3.
• The higher the verification level, the more trading opportunities – withdrawal limits also increase P2P trading (up to $10,000 or 500 BTC).

Pilling out the invoice

After setting up your account, proceed to add funds to your balance. To do this – Select ‘Assets’, and in the drop-down list – ‘Top up’.

Further – everything is like on most crypto exchanges

1. Choosing the currency for the deposit;
2. Specify the number and address of the wallet that the system generates automatically;
3. We transfer funds after ensuring that the selected wallet currency matches.

It will display the entire transaction history from your account at the bottom.

Buy Polkadot

For example, using the Tether stablecoin for payment, we will buy DOT for USDT on the spot market.

To do this

1. On the menu bar, select the tab ‘Trades → Basic Trading‘;
2. In the trading window on the left, select the ‘currency pair’ (in our case, DOT/USDT);
3. We have previously selected the ‘order’ and fill out the application form below;
4. Depending on the order type, we enter data for the Exchange (for example, for Limit: price in USDT, number of dots, the total amount in USDT);
5. Click ‘Buy a DOT‘.

The application form always shows the commission that the user will pay for the transaction.

You can create ‘buy/sell orders’ on the crypto exchange using entire orders (Limit and Market) and extended versions (Stop Limit, Trigger, Extended Limit).

You can also buy cryptocurrency on crypto exchanges for Fiat. This option is now available thanks to the support of P2P trading. Exchange users can purchase digital coins for USD, EURO, and other national currencies (there are several dozen fiat currencies in the listings).

Advantages and disadvantages

Pros and cons of buying a DOT through a crypto exchange

Positive

• A good course;
• Various trading pairs: crypto/crypto, crypto/fiat;
• Payment by credit card, bank transfer, payment systems, cash, etc.;
• High level of funds protection.

Minuses

• It takes time to understand how the trading platform is and works;
• Most often, you will need to verify your account to get access to trading;
• Sometimes high commissions for withdrawing coins from the Exchange;
• All exchanges are susceptible to hacking and theft of funds by intruders.

HOW TO BUY AND SELL POLKADOT IN AN ONLINE EXCHANGE

You can also buy DOT in online exchanges, which are now a considerable number. But it would help if you worked with proven services that are guaranteed to pay and have reasonable reserves.

Advantages and disadvantages

What are the pros and cons of buying a DOT through an online exchange?

Positive

• Easy to use, suitable for beginners;
• You don’t need to pass identity verification;
• The fixed exchange rate;
• Instant exchange.
• Support for the most popular payment systems.

Minuses

• The exchange rate is less favourable than the exchange rate (but fixed)’;
• There are not always sufficient reserves;
• Exchange fee;
• Security is lower than on exchanges.

HOW TO BUY, SELL AND EXCHANGE POLKADOT (DOT) ON THE BINANCE EXCHANGE 

For example, let’s look at how to buy Polkadot on the Binance exchange.

Buying and trading of Polkadot (DOT)

Currently, the DOT token is listed on Binance, OKEx, and other exchanges. Gate.io, Kraken, Huobi, Kucoin, BitFinex, Bitmax and others.

The best platform for buying, selling and storing DOT tokens is the Binance exchange. And here are the advantages

1. Speed. Binance’s world-leading matching engine can process up to 1,400,000 orders per second. It ensures that your cryptocurrency trading experience is fast and reliable;
2. Convenience. Trading crypto assets with Binance is accessible. For example, to buy Polkadot instantly, you only need to follow a couple of simple steps;
3. Safety and reliability. Binance is trusted by millions of cryptocurrency users around the world. Thanks to the multi-level and multicluster architecture of the Binance system and the Secure Asset Fund (SAFU), users can be sure that their funds are safe;
4. Liquidity. Binance is a cryptocurrency exchange with the highest liquidity globally and the most significant volumes for many trading pairs.

Consider the purchase of DOT on the example of the Binance crypto exchange

• Binance is a reliable and secure platform for quickly buying and selling cryptocurrencies using well-established and dependable processes.
• Users can easily buy Bitcoin, another cryptocurrency, thanks to various payment methods, including bank transfers, credit or debit cards, and cash. On Binance, there is a suitable payment method for each user.
• Binance supports various cryptocurrencies and allows you to easily buy them using US dollars, euros, yuan, Australian dollars, Indian rupees and other fiat currencies. To do it, you will only need to top up your account with traditional fiat currencies to purchase cryptocurrency.
• To buy cryptocurrencies, you can also use some generally recognized stablecoins, including Binance USD (BUSD), Coinbase USD Coin (USDC) and Tether (USDT).

The procedure for buying cryptocurrency involves performing the following actions

1. Log in to Binance’s
2. Top up your account if you don’t have enough funds to buy the required coins. You may add funds to your account with any supported cryptocurrency/stablecoin;
3. Go to the “Markets” section, search for the DOT token and click “Start trading“;
4. Select the order type and enter the quantity. Click – “Buy DOT“.

It can withdraw the purchased coins to the external address of the Polkadot wallet (for the first withdrawal, you need to enable two-factor authentication and set a payment password).

After making a purchase, the new cryptocurrency will be credited directly to your Binance wallet – it would provide an easy and secure way to manage cryptocurrency assets. Then, through various products and services on the Binance platform, you can immediately start making transactions with the purchased cryptocurrency.

Registering an account on Binance will allow you to buy, sell and store cryptocurrency.

REGISTRATION AND VERIFICATION ON BINANCE

1. Register on the official Binance website

To register, go to the Exchange’s website Binance.com.

The platform is represented in more than 180 countries.

The site automatically detects your location. If this is not the case, you can choose the language and currency in the upper-right corner.

By 2022, it will almost entirely translate the site into all languages. It is rare, but there are some inaccuracies in the wording on the system tabs. But the meaning of actions is always evident.

After the initial settings of choosing the country, language and currency, you need to proceed directly to registration on Binance. To do this, find the yellow button and click on it.

A form for creating a free account opens in front of the user.

Next, you need to choose: register for Binance using your phone number or email. We’ll tell you more about each method below.

2. Register via email

When choosing a more classic method, specify

• A valid email address that you can access and will need to confirm registration;
• Strong password. According to the system requirements, it must consist of at least eight characters, one uppercase letter, and one digit. In addition, indicators will show the password strength (weak, medium, muscular);
• Referral id – a unique number (identifier) of a trader on the Exchange, consisting of 9 digits- will be filled in automatically when you click on the link. The user gets a 10% discount on commissions. If nothing is filled in automatically, insert it manually;
• We leave the checkmark for familiarizing ourselves with the Binance terms of service active;
• Click “Create an account”.

After filling in all the lines, drag the slider to check the access code. Next, you must match the puzzle with the specified location in the picture.

Upon successful verification, your email address will receive a code you must copy from the email and paste to confirm registration. Everything is ready – you have registered.

What should you do if you don’t receive an email?

Usually, an email with a six-digit code arrives almost immediately. If this doesn’t happen, resend it. Then check the Spam folder.

Ignore the time difference. It is because the time is specified in Greenwich Mean Time.

If the code doesn’t arrive, write to the support service of the Exchange, or choose to register from your mobile phone.

3. Register using your mobile phone number

Registering for Binance via phone is not much different from the first method

• First, select the country code. Then, you can enter the first letters in the search bar for a quick search;
• Creating a password. The rules are the same as above;
• With a referral ID – similar.

In the same way, we pass the test with the puzzle. After receiving a text message with a 6-digit verification code to the phone number specified during registration on the cryptocurrency exchange, enter it in the required form. Everything is ready! You are a new user of Binance.com.

Next, you need to pass verification.

4. Binance, verification 2022

One of cryptocurrency’s main advantages or qualities, which fundamentally distinguishes this means of payment from all others, is the complete anonymity of data. In other words, who transferred money to whom is not recorded anywhere.

Verification is not mandatory on the Binance exchange. Just register, confirm your phone number and email, and you will have access to all the functions of the exchange platform: trading, transfers, payment for services, and withdrawal to Fiat money.

Do you need Binance verification?

As we have already said above, the procedure is not mandatory. However, for non-verified users, limits are set for withdrawing money to the card. It is 2 BTC per day. Considering the current exchange rate – this Limit will not be visible to most users.

Below are detailed step-by-step instructions for those who need to remove this restriction or pass verification on Binance.

Verification on Binance

After registering on the Binance cryptocurrency exchange and using the promo code, you must go to the Binance website. Next, move the mouse cursor over the profile icon and select ‘verification’.

The user will see an essential information window where you need to enter the required positions, namely

• Personal data and verifiable identity;
• Go through the procedure of confirming the address on Binance;
• Learn about the limits;
• Ability to connect social media accounts (currently, only Twitter is available).

Proof of identity

To verify your account on Binance, click the yellow button on the corresponding item.

Next, it opens a window with “start verification”, where you select the country (if it is not determined automatically) and find out what documents need to be prepared. Then, to proceed to the next step, click “Start”.

Then you fill in all the fields in the new form. You don’t need to fill in your middle name, but we recommend you do. Click the double arrow “<<” to ‘run’ a year. It is better to fill in the address of your residence by registering in your passport.

Next, you must choose which document you will use for verification on Binance: passport or driver’s license.

Binance verification by passport

1. Select the appropriate item;
2. Upload a photo or scan the passport page with the image. Restrictions – file format jpg, jpeg or png (no more than 5 MB);
3. The next step is to upload a photo of your face;
4. Next, you’ll need a camera. If you perform verification from a computer, you can scan the QR code and go to your smartphone. Or use a webcam;
5. Continue your actions from your phone: open the Binance app and scan the code;
6. You will need to complete specific tasks (actions) on the camera at a particular time. Usually, this means opening your mouth or turning your head in different directions;
7. When completing the task, go back to the computer and click ‘I have completed verification on my phone’.

After that, you need to wait. (The time limit is up to 1 hour, in rare cases, it is delayed longer).

How can you verify Bbinance by rights?

Verification with a driver’s license is also available for users. The only difference with passport verification is that you must upload an image of your driver’s license on both sides instead of passport photos. Further – everything is done by analogy with the above paragraph.

In the instruction above, we have tried to describe in as much detail as possible how to verify an account on Binance in 2022.

Verification errors on Binance 

Users of the app or the full version of the Binance cryptocurrency exchange website sometimes encounter verification errors. It occurs both at the registration stage and during the work process. It has happened that verification ‘crashes’ after its successful completion. Today we will discuss why verification errors occur on Binance and how to eliminate them.

Common verification errors on Binance

After registration, you often can’t verify your account for the following reasons

• Poor image quality of the document. The paper photo must be clear, made without glare, hands and foreign objects. Each element should be visible and readable. Photos in full, without cropping or editing them in image editors;
• The face is not fully visible. Many users get a verification error on Binance because they uploaded a portrait not of a relaxed look but, for example, in sunglasses or a headdress;
• Insufficient amount of light. A similar problem may occur during advanced verification. Trite, you can’t see the face;
• Verification was successful but did not allow you to buy cryptocurrency. It is a glitch in the Exchange’s system. To resolve the issue, please get in touch with technical support;
• The Limit for withdrawing crypts is not increased. Again – write to support or submit a separate request to increase the limits.

What should you do if Binance verification ‘fails’ after passing it?

It is also possible. Such a phenomenon may be the expired validity period of documents or the end of service of the linked card. In particular cases, it is difficult to say – you need to look individually.

HOW TO BUY, SELL OR EXCHANGE PKKADOTOLKADOT (DOT) FOR FIAT OR CRYPTOCURRENCY                                    

Note that if a verification error occurs in Binance, an informer appears next to it. By clicking there, you can see an explanation of the problem.

Please write to the Binance Customer support team if you can’t resolve the error yourself.

The Polkadot cryptocurrency, which appeared in 2020, is already very popular today and occupies fourth place by market capitalization.

18.08.2020 Binance exchange listed the DOT token and opened trading in pairs DOT/USDT, DOT/BTC, DOT/BUSD and DOT/BNB.                                       

How to purchase a DOT on Binance?

First, you need to understand what this Exchange is like in the Binance review. This page contains up-to-date information on all instruments of the trade. Your main task is to understand all the aspects of interaction with the functionality and, in general, how the Exchange works.

Then you must register on the Binance exchange. At the same time, protect your account from hackers and scammers.

Many people use mobile apps for convenience. Its are available for Android and iOS systems.

To download, you need to scan the QR code and proceed to download the app. This code is located on the main page of the site.

Then go to your merchant profile and start working with cryptocurrencies.

The next stage is account verification

Nothing is complicated here, and you must upload your passport data to the resource to review your identity.

You must get only two statuses to start trading: Basic and Intermediate. 

For huge transactions, we need an interim status. It will be quite enough; we get it and move on.

How to buy Polcadot on Binance?

To get started, you need to buy coins that the Exchange offers (USDT, BTC, BUSD, BNB, ETH, RUB, DIA). And then transfer it to Polkadot inside the Binance.  

Let’s analyze the purchase process, BTC, and then transfer BTC to Polkadot. But, first, we will add funds to your fiat balance. You can do this by using the bank card of the respective banks.

P2P purchase on the Binance exchange

The first step is to go to your merchant profile and find the item ‘trade’. Next, find the item ‘payment by card and 100 more ways’.

Click on the P2P link to open a platform for buying/selling cryptocurrencies. For example, we need to buy BTC for Fiat.

There is a special filter that you can set up and purchase BTC from other users.

For example, you want to transparently and simply buy Bitcoin on Binance utilizing a bank card.

You will need to set the filter in the following sequence

1. Select a page – ‘Buy’;
2. Click on BTC in the menu;
3. In the Fiat section, bet on Fiat payments;
4. You can choose any payment method that is convenient for you (Bank or QIWI).

You will see offers from sellers on the screen. They display statistics of completed orders and the percentage that was completed successfully. Take a close look at the Fiat exchange rate.

Important! Often recently, setting an inflated rate can be a mistake or, as often happens, fraud. Don’t be fooled by scammers!

After choosing, click the ‘buy BTC’ button, which will take you to the payment and interaction page with the seller.

The seller’s credibility – is one of the most critical factors. For example, you can see that out of 759 orders, it has 97% were completed. Then, in the “I want to pay” field, select the amount in Fiat for payment and see how much BTC will be credited to your account if the successful transaction.

You can also see information about the order and where you should transfer the money. Then, check the specified banking details and transfer money to the account.

After making the transfer, click the “pay order” button. Within 15 minutes, the seller must confirm the payment, and the funds will be automatically transferred to your account.

Check the banking details used to transfer funds, take your time, and do everything judiciously. Thus, you have received BTC on the Binance exchange at this stage.

Exchange BTC for Polkadot on the Binance exchange

First, you need to go to the Exchange page. There is no commission within the Exchange so that you can make transactions without losses.

After going to the Exchange page, you need to find a DOT/USDT pair and place a limit buy order. If you set the price, for example, at $ 4, the purchase will automatically occur as soon as the price drops.

You can also buy a DOT from Market. For this: Set the number of coins you want and buy them. You can also sell them by placing a sell order at a specific price. For example, purchase for $ 6 and sell for $8.

As soon as you place an order, it will automatically start executing. That’s all, and there is nothing complicated in purchasing Polkadot.

So, we considered how to buy Polkadot on the Binance exchange. The main goal was to buy Polkadot, and we virtually did it clearly and competently. If you do everything efficiently and according to the instructions, it will not take you much time.

How to buy Polkadot on Binance for Fiat from a bank card?

To make any transactions on the Binance exchange, as you already know, you must first register an account.

After registration, to buy Polkadot on Binance for Fiat, you need to

1. Log in and pass verification;
2. Choose from the menu – buy cryptocurrency-deposit from a bank card (Visa, Mastercard);
3. Choose the currency-Fiat, the payment method-Bank card. Please note that when choosing this method of buying Bitcoin on Binance, a commission of 3.3% will be charged for each transaction. It is not the most profitable, but it is a simple method;
4. Enter your bank card details if you didn’t link them in your merchant profile;
5. Choose a country and enter the address. It is how you added the map to your profile;
6. Next, specify the deposit amount and place an order. The minimum and maximum thresholds will be indicated at the top.

So, in the end, we brought Fiat to a fiat wallet. Now you need to buy Polkadot on Binance

• To do this, select: ‘Markets’ – ‘Spot’ – ‘the Fiat tab’.
• In the line below, choose those ‘Fiat’ since you buy those Polkadot on Binance for Fiat.
• Then, find those DOT/FIAT pairs and click those “Trade” buttons.
• Choose the appropriate version. The pop-up window describes everything in detail.

Here, the novice is offered a brief briefing on further actions. Finally, we set the required amount and click on the green “Buy DOT” button.

So, you have debited fiat money from your account and bought Polkadot for Fiat from a card on Binance. Then, you can click on “Wallet” and “Fiat and spot” to check the balance.   

Where can you find the DOT rate on Binance?

The Polkadot exchange rate can be found in two ways: the link on the main page and the general list of cryptocurrencies.

In the first case

• You need to open the Binance website or the main screen of the mobile app and click on the DOT/EUR ratio (USD, RUB, etc., depending on which currency is selected).

In the second case, the procedure is as follows

1. Select the “Markets” tab;
2. Open “All cryptocurrencies”;
3. Click on the DOT (Polkadot) line.

In both cases, at the last click, the trader will go to the charts that show the exchange rate movement, indicate the current and average cost, and authenticate the currently available trades of this pair.

How to withdraw DOT from Binance?

So, you bought a DOT on the Binance crypto exchange. How do you withdraw funds from the Exchange? And which storage is better suited?

We recommend using the multi-currency wallet Trust Wallet for reliable DOT storage, the official Binance wallet.

Instructions on how to withdraw DOT from Binance to Trust Wallet

1. In the Binance user profile, select Assets → Output;
2. Specify DOT as the currency to withdraw and its amount;
3. Logте into the Trust – Crypto&Bitcoin Wallet app installed on your device;
4. In the app, click ‘Get’ and select DOT from the list of currenciesте;
5. After that, the system will generate a unique address, which must insert ‘the ‘recipient’s address on the exchange’ line’;
6. Check all the data and click ‘Send’.

What should you do after purchasing Polkadot (DOT)?

1. Keep/save Polkadot. Many users store Polkadot, waiting for the cost to grow. You can safely store your Polkadot coins on your на Binance account or in the Exchange’s Trust Wallet, the most convenient and secure mobile wallet;
2. Trade Polkadot. Trade Polkadot on the industry-leading, fast and secure Binance trading platform. At your disposal – over 300 cryptocurrencies and a vast number of trading pairs for trading Polkadot;
3. Earn Polkadot. Earn money by placing coins in staking. Staking is an effective way to increase the volume of assets simply stored in your wallet or trading account;
4. Send Polkadot. With Binance Pay, you can instantly transfer assets wherever you are. You can buy Polkadot online and send it to anyone and anywhere by specifying the desired Polkadot address, and it is done without commission;
5. Spend Polkadot. You can also buy goods and services using Polkadot. Every day, more companies and retail stores are accepting Polkadot. You can visit the store of any of the listed sellers to purchase your favourite products for Polkadot using Binance Pay.

Where to store Polkadot (DOT)?  

The DOT token runs on its Polkadot blockchain and is not yet supported by all wallets. A few examples of supported wallets: Mobile Polkawallet; Math Wallet extension; Hardware Ledger; Mobile Cobo Wallet; Browser-based KodaDot.

The complete list is available on the Polkadot official website:

The protocol generates JSON files, which can then upload to any supported wallets to gain access to managing funds.

POLKADOT’s PERSPECTIVES

Many traders consider Polkadot an “interesting” asset and hold the altcoin in their portfolios. They believe that DOT can make a good profit in the long run, primarily due to the unique infrastructure of the platform.

Polkadot is a heterogeneous multi-chain data exchange and transmission architecture that allows different networks to connect to public blockchains.

Should you buy a DOT?

Many experts advise paying attention to this promising project aimed at interacting with different blockchains and creating a decentralized global ecosystem within one platform.

The Polkadot project team is actively working on developing the project and the community, trying to get closer to the intended goal. Now Polkadot is among the top ten by market capitalization.

Will Polkadot grow?

Polkadot is called the “new blockchain project”, which offers new unique opportunities. Polkadot’s trend remains upward, but as you know, the cryptocurrency market is developing in waves, and no one can guarantee that the coin will continue to grow.

Therefore, when investing in cryptocurrencies, adhere to the basic rules

• invest only the capital that you are ready to lose;
• choose assets that have already gained a “critical mass” of market capitalization (more than $1 billion);
• diversify your portfolio – split your capital into parts and acquire different assets. 

Polkadot (DOT) is potentially the best crypto asset of 2022   

Many crypto analysts believe that the Polkadot (DOT) altcoin can become one of the best crypto assets of 2022.

In their opinion, in 2021, traders expected a much higher rate from DOT, but the asset failed to reach the desired level due to several factors

• Despite all the developments, updates and announcements, DOT has not achieved much from the course point of view. The asset has fallen because since November, the crypto market has been falling, and investors feel very insecure due to various macroeconomic factors. That’s why funds are flowing from altcoins to BTC;  
• DOT has become one of the most popular cryptocurrencies among institutional crypto funds (besides BTC and ETH), but since November, there has been an outflow of funds, and altcoins have suffered the most. Meanwhile, the trend has changed recently – a significant part of the money has ‘gone’ to BTC and ETH.   

Analysts drew attention to the DOT offer

• DOT’s circulating supply has not increased significantly – it is the good news. Since October, about 50 million other DOTs have been put into circulation. Part of the coins came from the Web3 Foundation, and the rest – come from staking rewards and sales from early investors (its reserves are fully unlocked from January 2021);
• The increase in the supply is insignificant compared to those blocked during the DOT parachain auctions – about 150 million coins, which is about 15% of the DOT in circulation. If you add another 52% DOT, which also has a 28-day lock, the rate can soar even against small demand. Market demand will fall because, apart from blockchain auctions, there will be no other demand growth drivers for DOT.   

Despite this, the analyst also believes in DOT’s prospects for 2022. In their opinion, the asset rate has a chance to reach new historical highs

• Polkadot should create a sufficient number of drivers for the growth of demand for DOT. In this case, it is predicted that DOT would retest its previous historic high of $52 and set a new one in the $60-70.

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