How to Buy Polkadot (DOT) in Canada

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

Summary: To buy Polkadot, all you need is a reliable and trusted cryptocurrency trading platform that has Polkadot in its list of cryptocurrencies.

We recommend using Bitbuy as it’s a very well-known Canadian crypto exchange (over 400,000 Canadians served) with great support and a very user-friendly platform.

And for a limited time only, you can get FREE $40 when you sign up and fund your Bitbuy account with $250+!

Buy Polkadot with Bitbuy

Polkadot

Finding a Canadian crypto exchange where you can buy Polkadot is pretty straightforward these days, there are so many exchanges around.

As mentioned above, we personally really like Bitbuy, but you can use any exchange you want of course. The general process is very similar across most crypto exchanges.

How to Buy Polkadot in Canada in 2022

1. Choose a cryptocurrency exchange

While there are a lot of crypto trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.

The reason we recommend going with Bitbuy is that they’re very easy to use, have fantastic support, and have a quick and seamless verification process to get you started!

Let’s get into it!

Bitbuy site

It’s also possible to take a look at our analysis of the top rated Canadian crypto exchanges if you’re curious to know more about the exchanges we prefer.

2. Create an account on the exchange

The first thing to do is to create an account on the exchange and go through the required verification processes.

Sign up with Bitbuy

Bitbuy sign up form

Bitbuy requires you to verify your identity in order to adhere to Canadian cryptocurrency laws. There is an automated verification system that will check your information against a database.

3. Transfer funds into the account

Transferring funds is also pretty easy as Bitbuy supports Interac eTransfer and Bank Wire.

Bitbuy Fund your account

4. Buy Polkadot

Once the funds are in the account, you can either use the basic or pro trading interfacing to find and buy Polkadot.

And that’s it, you now have some DOT, congratulations!

Buy Crypto with Bitbuy

 

Where to Buy Polkadot in Canada

Aside from Bitbuy, 3 other reliable cryptocurrency trading platforms we would recommend are NDAX, Coinberry, and Newton. They all have their own feature-set and fee structures.

How to Sell Polkadot in Canada

Selling Polkadot is just as easy as buying it. Start off buying signing into the crypto exchange where you bought Polkadot.

Then simply head over to the trading section of the exchange, or find Polkadot in your account, click on it and it should bring you to the trading screen.

Finally, choose the amount you want to trade for either CAD or another cryptocurrency and hit sell.

Frequently Asked Questions

Can I buy Polkadot with PayPal?

While the majority of crypto exchanges in Canada don’t support PayPal, there are a few, like eToro, that do allow for buying cryptocurrency with PayPal.

That being said, double-check their list of cryptocurrencies first to make sure they have Polkadot.

How to buy Polkadot with a credit card?

You can use Bitbuy to buy Polkadot with your credit card. A lot of Canadian cryptocurrency trading platforms do support credit and debit cards.

Is buying Polkadot in Canada legal?

Buying and selling cryptocurrencies is legal in Canada, just make sure to only use cryptocurrency exchanges that are registered with FINTRAC.

 

More info about Polkadot

Polkadot is an open-source, sharded multichain protocols that connects and secures a network of specialized blockchains. This allows cross-chain transfer of any type data or assets. It allows blockchains interoperable. Polkadot (also known as Web3) was created to establish a foundation for a decentralized Internet of Blockchains.

Polkadot is a layer-0 protocol. This is because it describes and underlies the format for layer 1 cryptos, also known as parachains (parallel chains). According to its token holders, Polkadot is a metaprotocol that can independently and forklessly update its codebase using on-chain governance.

Polkadot, a foundation that supports decentralized internet control by its users, is called Polkadot. It makes it easier to create new services, institutions, or applications.

The Polkadot protocol allows the connection between public and private networks. It also permits permissionless networks and oracles to be connected. Future technologies can also be connected using the Polkadot protocol. These independent blockchains can trustlessly share information and transactions via Polkadot Relay Chain.

The native DOT token Polkadot is used for three purposes: Operations and security, Facilitating network governance, and Bonding tokens that connect parachains.

Polkadot is comprised of four core components.

  • Relay Chain: PolkadotÂ’s "heart", which helps to build consensus and interoperability among the various chains.
  • Parachains can be independent chains that can use tokens and are optimized for specific uses.
  • Parathreads look similar to parachains but offer flexible connectivity that is based upon a pay-as-you-go model.
  • Bridges: Parachains and parathreads can be connected to external blockchains like Ethereum.

Polkadot is a multichain sharded networking that can simultaneously process transactions on multiple chains ("parachains"). This increases scalability.

Substrate allows you to create custom blockchains quickly using a framework called Substrate. You can connect Substrate Blockchains to Polkadot. It's adaptable and flexible and allows for sharing functionality and information among participants. Polkadot can be upgraded automatically without the need for a fork. This allows you to add new features and fix bugs.

The network has a user-driven governance system which allows token holders to vote for how it is run. Polkadot lets teams customize the governance of their blockchain to meet changing conditions and their specific needs. Validators and collators have different duties to help maintain and protect the network.

Polkadot concluded the first Parachain auctions at the end 2021. Parachain auctions were conducted using an un-permitted candle auction system. The winning bid is the highest at auction's close.

The first five Polkadot slots were awarded to the following auction winners: Acala, Moonbeam, Parallel, Clover and Clover. The DOT bidders will guarantee these projects their parachain slots for 96 week as collateral. All projects have been battle-tested on PolkadotÂ’s de-facto testnet Kusama.

 

Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.

Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.

 

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About The Author

James Page

James Headshot

James is the main editor. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He’s responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible.