How to Buy Polkadot (DOT) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has Polkadot, and is trustworthy!

You can find our top 3 exchanges for buying Polkadot here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy Polkadot

And of course, the final step is to find Polkadot on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy Polkadot (DOT)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell Polkadot

  1. Sign into the exchange
  2. Find where you stored your Polkadot, either on a hardware wallet or on the exchange.
  3. Transfer your Polkadot to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell Polkadot.
Businessman looking at crypto trend

Considerations when looking to buy Polkadot.

Polkadot, an open-source, sharded multichain protocol, connects and secures a network specialized blockchains. This facilitates cross-chain transfer any type of data or assets, not just tokens. It also allows blockchains to interoperable. Polkadot, also known by Web3, was created to create a foundation for a decentralized Internet of blockchains.

Polkadot has been called a layer-0 protocol because it describes and underlies a format for layer 1 blockchains, known as parachains (parallel chain). Polkadot, as a metaprotocol is capable of independently and forklessly updating its codebase through on-chain governance, according to its token holders.

Polkadot is a foundation that supports a decentralized internet, controlled by its users. It also simplifies the creation of new services, institutions, and applications.

The Polkadot protocol allows for the connection of public and private networks, permissionless networks oracles, and future technologies. This allows these independent blockchains trustlessly to share information and transactions via the Polkadot Relay Chain (explained below).

The native DOT token of Polkadot serves three purposes: Staking for operations and security; Facilitating network governance; and Bonding tokens to connect parachains

Polkadot is made up of four core components.

  • Relay Chain: Polkadot’s "heart", helping to create consensus and interoperability across the network of various chains.
  • Parachains are independent chains that can use their tokens and be optimized to specific uses.
  • Parathreads are similar to parachains, but have flexible connectivity that is based on a pay-as you-go model.
  • Bridges: Allow parachains and parathreads connect to external blockchains such as Ethereum.

Polkadot, a multichain sharded network, can process transactions on multiple chains simultaneously ("parachains") This parallel processing power increases scalability.

Substrate is a framework that allows you to quickly create custom blockchains. Substrate Blockchains can also be connected to Polkadot's network. It is highly adaptable and flexible, allowing for the sharing of functionality and information between participants. You can upgrade Polkadot automatically without the use of a fork to add new features or fix bugs.

The network uses a sophisticated, user-driven governance system that allows token holders to vote on how the network is run. Polkadot allows teams to customize the governance of their blockchain based on changing conditions and their needs. To help protect and maintain the network, validators and collators each have different duties.

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

The following auction winners were awarded the first five slots by Polkadot: Acala (Moonbeam), Astar, Parallel, Clover, and Astar. These projects will be guaranteed their parachain slots for 96 weeks by the DOT bidders as collateral. All projects were battle-tested previously on Polkadot's de-facto testnet Kusama.