The popularity of MATIC increased four-fold over 2021 on the back of additional support and investment from other blockchain interests and investments. Given its rise in popularity and increased utility, it is no surprise that MATIC is one of the best cryptocurrencies for Australians to invest in.
In this article, we show you a safe and quick way to purchase MATIC through a top Aussie crypto exchange.
What Is MATIC?
MATIC is the native cryptocurrency of the Polygon network which runs parallel to the Ethereum network. Polygon was created in 2017 and was originally called the Matic Network. However, in February 2021 it was rebranded to Polygon.
The price of Polygon saw an overall increase from $0.44 in March 2021 to $2.17 in March 2022. This four-fold increase in its value generally aligned with the surging popularity of Ethereum (ETH) over the same time period. The launch of Uniswap on the Polygon network further drove the price skywards as interest accumulated.
The key advantage that attracts so much interest in Polygon is its ability to provide faster and cheaper transactions compared to Ethereum. MATIC is the blockchains native token and it's primarily used to reduce transaction fees, staking to mint new tokens for circulation.
Best Aussie Crypto Platforms To Buy MATIC In 2022
The best places to purchase MATIC and other altcoins are cheap and easy-to-use exchanges that are registered with AUSTRAC. This means that the platform is compliant with regulatory requirements, is suitable for beginners, and offers great value for money.
We recommend using Swyftx to purchase MATIC with your Australian Dollars (AUD). The Brisbane-based platform provides competitive trading fees, free deposits, and withdrawals, and a vast selection of over 300 altcoins to choose from.
If you want to find out more and see for yourself, you can read our detailed and comprehensive Swyftx review.
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How To Buy MATIC In 5 Steps
Swyftx provides a streamlined and easy-to-follow crypto buying process that can be completed in the 5 steps described below.
- Open an account with a reputable and AUSTRAC registered crypto exchange such as Swyftx.
- Complete the Know Your Customer (KNY) process by verifying your identity. This is a mandatory requirement for Australian exchanges to complete to ensure compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements.
- Transfer Australian Dollars (AUD) into your Swyftx account wallet. You can choose the deposit option that best suits you, such as bank transfer (or OSKO), POLi, PayID, and credit card.
- Find MATIC and enter the purchase. You can use the search function to find MATIC in the asset list. Then you can enter in the amount of MATIC to buy or the amount of AUD to spend.
- Finalize the transaction by reviewing the amount of MATIC that will be transferred into your wallet, and the fees charged. If you're happy then click confirm.
2022 Guide To Buying MATIC In Australia
Step 1 - Opening An Account With A Crypto Exchange
Go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided.
Once your details are entered, accept the terms and conditions and click on “Create Account”.
Step 2 - Verify Your Identity
Login into your new Swyftx account to commence the ID verification process. This is a mandatory security process that Swyftx is required to do under Australian laws and regulations. The ID verification process with Swyftx takes less than 5 minutes to complete and is a prerequisite step before you can deposit AUD into your account.
To complete this process, you will need to submit a copy of a government-issued form of identification such as your passport or driver's license. Providing a copy is easy, as you can use your mobile app to take a photo and submit it online.
We strongly recommend you set up 2 Factor Authentication (2FA). 2FA provides an additional layer of account where an additional device is needed to verify account login and also when funds are withdrawn. If a third party somehow becomes knowledgeable of your login details, they still need access to your mobile device to enter your account.
Step 3 - Deposit AUD Into Your Account
Swyftx provides you with a great deal of flexibility when it comes to financing your account with AUD. They support all of the common deposit methods that are available in the Australian crypto market including direct bank transfer, POLi, PayID, and credit card. When you deposit your AUD, you won't be charged any fees as deposits (and withdrawals) are free.
Most of these methods will instantly deposit AUD into the account with the exception of bank transfers (unless via OSKO which is instant) and deposits made from credit cards.
If you want to transfer cryptocurrencies from an external wallet then this is a supported option as well.
Step 4 - Find MATIC & Enter In the Purchase
The buying window can be found under “Trade”. You can use the search function to find Polygon (MATIC). Next, click on “Buy” to view the screen below.
The default order type is “Market” which allows you to easily and quickly purchase MATIC in a single transaction. This is the most commonly used order for beginners. if you want to find out more about the other order types then you can read our Swyftx review.
You can either enter in the amount of MATIC you want to purchase or the amount of AUD you want to spend.
Step 5 - Review & Confirm The Purchase
After the amount of AUD is entered in, click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. The coins will be near-instantly transferred into your account wallet.
Buying MATIC (Polygon) In Australia: Things You Should Know
Is MATIC The Same As Polygon?
It is easy to see the confusion between Matic and Polygon as the two terms are commonly interchanged. After the creation of Polygon in 2017, the blockchain was called the Matic Network. In February 2021 it was rebranded to Polygon, however, it retained MATIC as the native cryptocurrency. Polygon is to MATIC as Cardano is to ADA.
Can MATIC Be Staked In Australia?
Yes, MATIC is a cryptocurrency that can be staked using an Australian exchange such as Swyftx. The Brisbane-based platform offers rewards of 12% Annual Percentage Yield (APY) for staking MATIC. There aren't too many staking options in Australia so the alternative is to use a global exchange such as Binance or FTX to stake MATIC.