What is Polkadot (DOT)?
Polkadot (DOT) is a network that facilitates interaction between blockchains. Traditionally, blockchains work independently, in isolation, but Polkadot allows for cross-transfer of information between blockchains. Led by Gavin Wood, former CTO of Ethereum, Polkadot has seen a surge in popularity recently. In August 2021, DOT was sitting at around $30 CAD. Now, it is around $60 CAD. Polkadot is in the top ten cryptocurrencies and has a market cap of $62 billion. Polkadot has become a popular investment for Canadians due to Polkadot’s innovative technology. If you’d like to purchase Polkadot, then read on for our guide about how to buy Polkadot in Canada.
How to Buy Polkadot (DOT) in Canada?
To buy Polkadot in Canada you can sign up to a crypto exchange and verify your account. It’s necessary to have your account verified in order to trade DOT. Then, you’ll need to deposit Canadian dollars into your fiat wallet on the exchange. Interac e-Transfer is often the cheapest and most convenient way for Canadians to deposit funds. Once you’ve got Canadian dollars in your fiat wallet, you’ll be able to buy Polkadot. Of course, if you already have crypto on the exchange, you can swap it for Polkadot.
Where to Buy Polkadot (DOT) in Canada?
The crypto exchanges below are some of the best places in Canada to buy DOT. With low fees, top security and high reputations, these crypto exchanges are the best places to trade DOT in Canada.
Many Canadians use Coinsmart to but Polkadot. It is a Canadian crypto exchange that has low fees and a number of altcoins including Polkadot. You can make deposits of Canadian dollars via Interac e-Transfer for free if you’re depositing at least $2,000. Anything less incurs a 1% fee which is low compared to many other Canadian crypto exchanges. Coinsmart has some of the most popular cryptocurrencies available including Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, USDC, Uniswap, Cardano, Dogecoin, Shiba Inu, Chainlink and of course, Polkadot. The Coinsmart platform is good for beginners and makes it easy to buy Polkadot (DOT) in Canada.
If you are not registered with Coinsmart and you want to buy Polkadot (DOT) right away, you don’t need to wait 3-5 days for account verification and you can start trading right away. You can sign up for Coinsmart here and get a free $50 that you can swap over Polkadot.
Newton is another beginner-friendly Canadian crypto exchange. Although it has no fees for deposits and withdrawals, it does have higher spreads than other exchanges (0.40% to 0.72%.) Nevertheless, Newton is one of the best places to buy Polkadot in Canada due to its ease of use and instant verification meaning you can purchase Polkadot in minutes. Other than Polkadot, Newton has many popular cryptocurrencies available including Ethereum, Litecoin, Stellar, Bitcoin Cash, Dogecoin, USDC, USDT, Chainlink, Aave, Uniswap, Polygon, Compound, SushiSwap, Curve, Synthetic, and Dai.
You can sign up for Newton here (you’ll get $25 as a bonus).
There are hundreds of cryptocurrencies available on Binance, including Polkadot. You can buy Polkadot coin with your credit or debit card if your bank supports it, or via wire transfer.
Binance has a reputation for having some of the lowest fees around. What’s more, if you hold Binance Coin (BNB) you can pay even lower fees when trading. Unfortunately, Binance recently had to end operations in Ontario, but the exchange is available in other Canadian provinces. Binance is a good place to purchase Polkadot if you’re an experienced trader, but it is not suitable for beginners due to the advanced trading platform and features.
You can sign up for Binance here.
Another Canadian crypto exchange, NDAX, has a fixed 0.2% buy/sell fee and a fixed $25 fee for wire and bank withdrawals. Deposits are free. NDAX is one of the best places to buy Polkadot in Canada because it’s beginner-friendly, has top security and low fees. As well as Polkadot, NDAX offers several cryptocurrencies including Litecoin, Ethereum, EOS, Stellar, Fantom, Dogecoin, The Graph, Compound, Aave, Polygon, Cardano, USDT, Chainlink, and Uniswap.
You can sign up for NDAX here (you’ll get a $10 bonus on your first $100 trade).
How to Keep Polkadot (DOT) Safe and Secure in Canada?
After you trade DOT you can move it to a private wallet. It’s best to do this as leaving your Polkadot on an exchange leaves it vulnerable to theft. A private wallet such as a hardware wallet is the safest place to store Polkadot coin. You can discover the best crypto wallet for you in our previous article.
How to Sell Polkadot (DOT) in Canada?
Once you buy Polkadot, you’ll likely want to sell it again at some point. If you store Polkadot in a private wallet, you will need to send it to a crypto exchange. Doing this is easy and you simply need to click the “withdraw” button in your wallet. Once you have sent Polkadot to the exchange you can either swap it for another crypto or sell it. If you sell for Canadian dollars, you can transfer the amount back to your bank account but watch out for any withdrawal fees.
Can you buy Polkadot in Canada?
Yes, many crypto exchanges for Canadians allow you to buy Polkadot.
What is the best way and place to buy Polkadot in Canada?
To buy Polkadot in Canada you must sign up for a crypto exchange and have a verified account. We recommend signing up to Binance, Coinsmart, NDAX or Newton.
How to trade Polkadot in Canada?
You can trade Polkadot for other cryptocurrencies depending on the trading pairs available on your crypto exchange. You can always trade Polkadot for Bitcoin and then swap Bitcoin for another coin. Keep in mind that swapping crypto is considered a taxable event.
Is Polkadot a good investment for Canadians?
All cryptocurrency investments are risky and you should never invest more than you are willing to lose. That said, Polkadot is a solid project. While it is currently in the top ten, it could go higher and find a spot in the top five or top three. Of course, it could fall out of the top ten too. It is up to you to determine if Polkadot still has room to grow or if it has already reached its peak.