How to Buy Polkadot (DOT) in Australia

Dubbed as the “Internet of Blockchain”, Polkadot is expected to grow fast and wide across the crypto space. DOT is Polkadot’s cryptocurrency that you can buy in Australia and pretty much everywhere else. 

This article explains how you can invest in DOT through trusted crypto exchanges in Australia, such as Easy Crypto. 

Need a shortcut? Click here to buy Polkadot (DOT) in Australia today.

What is Polkadot — a very brief introduction

Focusing on interoperability, the Polkadot network uses parachains (or parallel chains) that connect to a specific blockchain network. Apart from that, Polkadot also introduces bridges to some of the oldest blockchains like Bitcoin and Ethereum. 

A total of 100 parachains and bridges will connect to a single, central blockchain called the relay chain that is responsible for relaying various blockchain states and transactions across the otherwise separate blockchains. 

Polkadot is developed by the Web3 Foundation, a passionate team led by Dr. Gavin Wood, the co-founder of Ethereum.

Learn more: What is Polkadot (DOT)? A Beginners Guide.

How to buy DOT in Australia

First: You need a wallet that supports DOT

Since Dot is a different cryptocurrency to, for instance, Ether, it is not compatible with wallets that only support Ether or ERC-20 tokens like Uniswap or Chainlink. However, for Polkadot’s cryptocurrency, there are a variety of options for software wallets as well.

Here is a short list of the best Polkadot wallets in Australia:

• Exodus
• Math Wallet
• imToken

If you are planning to store large amounts of Polkadot for a long-term investment, we advise you to get a hardware wallet (also known as a cold wallet). The best cold wallets you can find in Australia are either Ledger or Trezor.

Both are some of the most secure crypto wallets, so be sure to be diligent and detailed when setting up your wallet for the first time.

Guide to crypto wallets for beginners: Beginner’s Guide to Getting Started with Crypto Wallets.

Second: Buy from a trusted cryptocurrency exchange in Australia

It’s a good idea to always buy cryptocurrencies from an exchange, even though you can theoretically exchange crypto tokens with fiat money with anyone in the world.

Buying from a crypto exchange in Australia can give you a better price deal, in addition to having higher security and consumer protection. After all, crypto exchanges are just like any financial services, and must be registered and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Here are some useful tips for choosing a crypto exchange in Australia:

• Hidden fees are annoying. Choose an exchange that is transparent with its pricing. In addition, a truly local Australian exchange would give you a better DOT/AUD rate, compared to the case where you have to first convert your AUD into USD.

• We repeat — The exchange should be regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This will guarantee the most basic level of consumer protection for all Aussie citizens. 

• Be aware that some unregistered crypto exchange services may be hiding a smart contract fraud. We highly recommend you to read up about Lion’s Share.

• DO NOT under any circumstances share your crypto wallet’s private key. An exchange that asks you for this is obviously a scam.

Third: Don’t invest at once, exchange small amounts of AUD with DOT

There is no need to rush. You should test the reliability of your candidate crypto exchanges by making small buys of DOT and see if you find any inconveniences in any one of the platforms, such as hidden fees, errors, unpleasant user experience and/or unsatisfactory customer service.

If you happen to land on Easy Crypto Australia and you’re about to make a purchase, the bill is always exactly the amount you will pay, with no hidden fees! Don’t believe it? Try buying from Easy Crypto and see for yourself.

Wanting to do some deep analytical comparison on crypto exchanges in Australia? We did the work for you in our 2021 report, comparing a few crypto exchanges in Australia.

If you have considered Easy Crypto Australia, sign up today

Signing up and verifying your identity takes around 5 minutes. By then, Bitcoin miners are still halfway through in adding the next block to the blockchain.

If you sign up using your Google, Facebook or Twitter account, could you beat Polkadot’s block time of six seconds? 

Save more time by clicking this Sign Up link here. 

Check out today’s DOT price

Are you the kind of investor who “buys the dip”, or someone who uses the more disciplined dollar-cost averaging technique? In any case, you should see the price history of DOT before making a purchase.

Did you know that you can simplify the dollar-cost averaging technique even more by setting up an Auto-Buy order which can help you diversify your portfolio and automate your investments.

Check out DOT rates in AUD here.

Place an order to buy DOT with Aussie Dollar

Placing an order to buy cryptocurrencies has never been easier. Simply enter the amount of DOT that you’d like to buy in AUD terms, or vice versa. Then provide us with your wallet address so that we can send the DOT your way. 

Important. Do not mistype your address. Cryptocurrency transfers cannot be refunded. The best and easiest way to avoid this mistake is to simply copy-paste your address, instead of typing each symbol individually. 

Haven’t decided on which crypto wallet to get? This article on crypto wallets might be up your alley.

Last step: Select a payment method 

We offer two methods of payment for Easy Crypto Australia. We can accept transfers from major banks in Australia as well as POLi Payments, an instant payment service that collaborates with most Australian banks.

Learn more about POLi and how to use it.

Wait a few moments

Other crypto exchanges might boast instant transfers, but did you know that this is because they’d send your crypto assets to a wallet, which you do not own the private keys to? In other words, your assets are still in custody of the exchanges’ servers. 

Easy Crypto Australia does things differently. We are not a trading platform, but work a bit like a cryptocurrency shop. You place an order, give us your crypto wallet address details, and within an hour, your assets will be delivered to you.

Need help with anything? Read our FAQ or contact our Help Desk.

Stay updated in the crypto space!

Polkadot is a unique and interesting project. Under the leadership of Dr. Gavin Wood, Polkadot may one day become bigger than Ethereum, as some would speculate.

The only way to know for sure on how Polkadot performs is to stay updated with the latest news. 

A great place to start is our monthly newsletter, so enter your email address and be informed!