Polygon (MATIC) is the 98th largest cryptocurrency by market cap, valued at US$1,016,157,954.
Polygon is a highly volatile asset capable of major price swings in a single day. Today MATIC is trading for $0.435073 USD, which is lower than yesterday's trading price of $0.4363265225 USD. Over the past year, Polygon's price has seen a decrease of -46%.
So before you buy Polygon, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Polygon.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Polygon in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Polygon is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Polygon
You can now exchange your funds for Polygon. On beginner-friendly exchanges, this is as simple as entering the AUD or MATIC amount you want to purchase and clicking "buy".
Secure your Polygon
Consider transferring your MATIC to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Polygon in
Australia
Find an exchange to buy, sell and trade MATIC by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Polygon guide up-to-date
MATIC price data is regularly updated through data feeds so you always have the latest information.
What is Polygon?
Formerly known as the Matic Network, Polygon can be best described as a decentralised framework that enables the creation of interconnected blockchain networks. The platform looks to iron out many of the throughput and high transaction fee-related issues that the Ethereum network is routinely faced with via the use of several different novel sidechain solutions.
In addition to providing users with a full-fledged scaling platform, Polygon is also designed to facilitate blockchain interoperability-related transactions via modules that are capable of providing developers with certain niche tools which they can use to devise their very own sovereign blockchains.
MATIC is the native cryptocurrency of the Polygon network and is used for a variety of purposes such as providing owners with voting rights in regard to various governance-related issues (especially those related to Polygon Improvement Proposals (PIPs), bolstering the security of the network via staking and facilitating gas fee payments.
How do I find the best places to buy Polygon?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Polygon?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Polygon.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing MATIC with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Polygon?
Once you've created an account, you will need to deposit funds to buy MATIC with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy MATIC:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase MATIC by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for MATIC on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Polygon?
The easiest way to buy MATIC is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying MATIC, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Polygon has been performing recently.
Best Polygon wallets to store your MATIC
You can keep your MATIC on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your MATIC below.
December 2021:Polygon announced the aquisition of Predicate Labs, the creators of the Mir blockchain. The $400 million deal aims to increase adoption of the Ethereum network by vastly expanding its capacity using zero-knowledge rollups, a layer 2 scaling technology. Mir will be introduced into the Polygon ecosystem using its new name, Polygon Zero. Polygon announced a strategic partnership with Wanchain, with plans to launch the first decentralised layer 2-to-layer 2 cross-chain bridge. Wanchain, a decentralised blockchain interoperability solution, aims to bridge Polygon and Arbitrum.: https://blog.polygon.technology/polygon-and-wanchain-join-force-usher-in-new-era-of-blockchain-interoperability December 2021:Polygon's network was "hacked" by a white hat hacker as part of the team's goal to eliminate bugs and ensure the protocol's safety. The hacker discovered an exploit that put US$24 billion worth of Polygon assets at risk. The potential exploit was soon-after patched by developers.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Polygon a good investment?
Below are the aspects you should consider before investing in MATIC:
Interoperability: Polygon is one of the few projects that seek to tackle the issue of blockchain interoperability as well as scaling, even trying to address many of the 'perceived limitations' of other smart contract platforms such as Polkadot and Cosmos. For starters, Polygon is fully compatible with the Ethereum Virtual Machine (EVM) - unlike Cosmos that makes use of a WASM virtual machine - making it extremely useful for developers accustomed to using the Solidity programming language.
Projects launched: Polygon's framework is currently being used by a number of established projects, including EasyFi - a protocol that enables decentralized borrowing and lending as well as offering users undercollateralized loans - and Aavegotchi - a DeFi-based game that makes use of non-fungible tokens (NFTs).
Multiple scaling solutions: The Polygon network seeks to incorporate multiple scaling solutions - namely Plasma Chains, ZK-Rollups and Optimistic Rollups - into its existing setup to help minimize potential entry barriers for newer clients as well as reduce transaction fees.
Partnerships: Since rebranding itself in 2021, Polygon has gone on to forge a number of high-profile partnerships with established mainstream entities including Umbria, Atari and OpenPredict.
Today's Polygon price versus ATH
Compare today's price of Polygon ($0.435073 USD) against its all-time-high price of $2.92 USD on 27 December 2021. The closer the bar is to 100%, the closer MATIC is to reaching its ATH again.
Polygon's price: $0.435073 USD ATH date: December 27, 2021
14.90%
Polygon ATH: $2.92 USD
How to trade, convert or sell Polygon
You can convert or sell your MATIC with the same exchange you bought it through:
Sign in to the exchange you have MATIC on.
If you store your Polygon in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of MATIC you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Polygon.
Complete your transaction and move your MATIC to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Polygon, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of MATIC is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Polygon or any other cryptocurrency discussed.
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