Table of Contents
Polkadot is an open-source blockchain platform and cryptocurrency that has gained significant interest due to its high level of interconnectivity and interoperability between different blockchains. DOT is the native token that forms a key part of the maintenance and operation of the Polkadot network and is an attractive staking option for those seeking a passive income.
If you want Polkadot to be part of your crypto investment strategy, you can read our step-by-step guide on how to buy the coin from a reputable and secure Australian exchange.
What Is Polkadot?
Polkadot is an open-source and decentralized blockchain platform and cryptocurrency that has gained traction in the crypto community for its speed of transactions, its scalability, and compatibility with other blockchains. It is this compatibility that allows Polkadot to conduct rapid transactions between networks such as Bitcoin and Ethereum that couldn’t otherwise occur before.
Within the Polkadot network, the token allows DOT holders to vote on the governance and direction of the protocol. Secondly, DOT can be staked to verify transactions and allows new DOT coins to be minted.
Staking DOT has become a popular way for investors to earn a passive income where Annual Percentage Yields (APY) are as high as 8% from Australian exchanges such as Swyftx. People who stake DOT are rewarded with newly minted coins.
According to CoinMarketCap, DOT was initially trading at $4.01 per coin following its launch in August 2020. At the time of writing, a single DOT coin is worth $30.19, translating into a six-fold increase since its inception.
Best Aussie Crypto Platforms To Buy DOT
The best method to purchase altcoins such as DOT are exchanges that are registered with AUSTRAC, are easy to use, and have low trading fees. This means that the platform is compliant with regulatory requirements, is suitable for beginners, and offers great value for money.
We have reviewed and compared several Australian-based crypto exchanges and selected the 5 best places to purchase DOT. All the exchanges that we recommend are locally based, offer competitive trading fees, and are easy to use.
Based on our Swyftx review, Swyftx is the best overall crypto exchange in Australia to buy, trade, and sell DOT. To aid with the explanatory process, we have used Swyftx as the cryptocurrency exchange.
|Exchange||Assets||Trading Fees||Our Ratings||Learn More||Promotion|
|Swyftx||312||0.6%||4.8/5||Visit Swyftx Swyftx Review||$20 Free Bitcoin for creating a new account|
|Digital Surge||300+||0.5%||4.7/5||Visit Digital Surge Digital Surge Review||None available at this time|
|CoinSpot||330+||1%||4.6/5||Visit CoinSpot CoinSpot Review||None available at this time|
|Independent Reserve||30||0.5%||4.5/5||Visit Independent Reserve Independent Reserve Review||None available at this time|
|Binance Australia||600+||0.1% (maker) and 0.1% (taker)||3.7/5||Visit Binance Australia Binance Australia Review||None available at this time|
We work with our partners which may result in MoreCrypto earning a small commission. Read our affiliate disclaimer for further information.
How To Buy DOT In 5 Steps
There are a few ways you can buy crypto. If you want the easiest and safest way to purchase DOT then you can follow the 5 steps 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 DOT and enter the purchase. You can use the search function to find DOT in the asset list. Then you can enter in the amount of DOT to buy or the amount of AUD to spend.
- Finalize the transaction. Review the amount of DOT that will be transferred into your wallet, the trading fees incurred, and confirm the purchase.
Guide To Buying DOT 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 supports all of the common deposit methods that are available in the Australian crypto market. Methods to deposit AUD into your account include direct bank transfer, POLi, PayID, and credit card. An added benefit is that Swyftx charges zero fees for account deposits (or withdrawals of AUD).
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 valid option as well.
Step 4 – Find DOT & Enter In the Purchase
The buying window can be found under “Trade”. You can use the search function to find Polkadot (DOT). Next, click on “Buy” to view the screen below.
The default order type is “Market” which allows you to easily and quickly purchase DOT 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 DOT 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 Polkadot (DOT) In Australia: Things You Should Know
Where Can I Buy Polkadot (DOT)?
The easiest and most secure way to purchase DOT using AUD is from Swyftx or Digital Surge. If you don’t have an account with these AUSTRAC registered exchanges then you’ll need to create one to buy DOT. Both exchanges are established, highly reputable, and offer very competitive trading fees.
Where Can I Stake DOT?
Polkadot can be staked on some Australian crypto exchanges and is a great way of earning a passive income on your DOT holdings that may be idle. At the time of writing, Swyftx offers an 8% Annual Percentage Yield (APY) from DOT staking. other local exchanges such as CoinSpot and Digital do not support staking DOT.