How to Buy Polygon (MATIC) in Canada

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

Summary: To buy Polygon, all you need is a reliable and trusted cryptocurrency exchange that has Polygon 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 Polygon with Bitbuy

Polygon

Finding a Canadian crypto exchange where you can buy Polygon 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 Polygon in Canada in 2022

1. Choose a crypto trading platform

While there are a lot of cryptocurrency exchanges, 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 check out our comparison of the best bitcoin exchanges in Canada If you’re interested in learning more about the exchanges we like.

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 Polygon

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

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

Buy Crypto with Bitbuy

 

Where to Buy Polygon in Canada

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

How to Sell Polygon in Canada

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

Then simply head over to the trading section of the exchange, or find Polygon 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 Polygon with PayPal?

While the majority of crypto trading platforms 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 Polygon.

How to buy Polygon with a credit card?

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

Is buying Polygon in Canada legal?

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

 

More info about Polygon

Polygon, formerly Matic Network, is the first platform to allow for simple and well-structured scaling Ethereum. Polygon SDK is the core component of this platform. This flexible and modular framework is able to support multiple types of applications.

You can find more information on this project at our deep dive Polygon Matic.

Polygon can be used to create ZK chains, optim rollup chains, stand-alone chain and any other type infra required by the developer.

Polygon converts Ethereum into a multi-chain system (aka Internet of Blockchains). This multi-chain system has similarities to other systems such as Cosmos. With the benefits that Ethereum's security offers and its vibrant ecosystem.

The $MATIC token will continue to exist and will play an increasingly important role in the security of the system and enabling governance.

Polygon, previously Matic Network, was a Layer2 scaling solution Binance and Coinbase have supported. This project is designed to promote mass adoption of cryptocurrency, solving scaling issues on multiple blockchains.

Polygon is a combination the Plasma Framework and the proof-of-stake blockchain architecture. As suggested by Vitalik Buterin, co-founder of Ethereum, the Plasma Framework allows for the execution of scalable and autonomous smart contracts.

The existing ecosystem that is built around Plasma-POS will not be affected. Polygon is working on new features that will enhance the technology's capabilities to meet the needs of developers. Polygon will continue to enhance the core technology in order to make it more flexible to larger communities.

Polygon can process 65,000 transactions per second on a single sidechain. It has a respectable block confirmation time of less than 2 seconds. This framework allows for the creation of decentralized financial apps that can be used worldwide using a single foundational Blockchain.

Polygon allows unlimited number of decentralized applications to be hosted using the Plasma framework. This is without the need for proof-of-work Blockchains. Polygon has attracted more than 50 DApps to its PoS-secured Ethereum sidechain.

MATIC, the native tokens of Polygon, can also be described as an ERC-20 token running on the Ethereum blockchain. These tokens can either be used to purchase services on Polygon, or as settlement currencies between users in the Polygon ecosystem. To pay transaction fees for Polygon sidechains, MATIC tokens can be used.

 

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.