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How do I Invest in Polkadot in India?

2021-08-24

Key Takeaways:

  • India has emerged as one of the fastest-growing cryptocurrency markets. 

  • There are plenty of cryptocurrency exchanges and ways to buy Polkadot in India, including Binance Spot trading and P2P. 

  • In addition to simply buying and selling Polkadot, Binance offers additional services such as staking, holding, etc. 

With the growth of the cryptocurrency market and blockchain technology, there has been a huge influx of new cryptocurrency projects like Polkadot (DOT). 

The world of cryptocurrencies has grown massively over the past few years. From its inception in 2009 by Satoshi Nakamoto with the first cryptocurrency, Bitcoin. The market has seen the entry of thousands of cryptocurrencies. One example of this is Polkadot(DOT).

Polkadot’s cryptocurrency token is called the DOT.  It’s low price and real life use cases has made it attractive to Indian crypto users.Since everyone is looking to get their hands on the DOT cryptocurrency, today we will learn how to buy Polkadot (DOT) on Binance, the world’s largest cryptocurrency exchange.

What is Polkadot and its applications?

Polkadot is a multi-chain blockchain protocol that facilitates interoperability between different blockchains. It was launched in 2020 and aims to be the base blockchain over which users can create their own blockchains and blockchain-based products and services. Polkadot is a proof-of-stake blockchain and doesn’t require mining. Many users refer to Polkadot as the “blockchain of blockchains”. It can be used to make DApps, manage or store data, build new blockchain projects over it, etc.

Growing interest in Polkadot in India

India is one of the fastest-growing markets for cryptocurrencies and hundreds and thousands of people join the cryptocurrency markets each month. In the past year, investment by Indians in cryptocurrencies has grown from $200 million to nearly $40 billion.  The technology, low price, and use case has made Polkadot an attractive investment to many crypto users in India. Polkadot even conducted a hackathon “Polkadot Buildathon” April 2021 to May 2021. The internet is inundated with questions on where to buy Polkadot (DOT) in India.  With the users spoilt for choices on where to buy Polkadot in India, we wanted to provide a step by step guide on how you can buy Polkadot (DOT) on Binance with low fees.How to buy Polkadot in India on Binance?

In addition to buying and selling Polkadot, Binance provides services for users to hold and stake their tokens. 

Follow the steps below to buy DOT on Binance: 

1. Create a Binance Account

If you don’t have a Binance account,  click the link below and create your account. You can register with either your Email ID or Phone number. The KYC process after registration only takes a few minutes to complete.

2. Choose what method you want to buy Polkadot with

Once you’ve successfully created your account and completed your KYC, Binance will give you two options on how to buy Polkadot. The first one is to buy using P2P trading which we will get into later and the second is through third-party payments.

3. Buy Polkadot(DOT) using third-party payments

Buying Polkadot in India on Binance through third-party payments is an indirect process as you will have to first buy some of the other directly available cryptocurrencies such as BTC, XRP, TOMO, BNB, or even USDT, which you can then use to buy Polkadot. You can do so with a  simple bank transfer through WazirX. You do not need to create a WazirX account, and your Binance credentials can be used to log in to WazirX.

4. Buy using P2P trading

The more popular and stable method to buy Polkadot in India is to buy it through P2P trading. You can go to the link below and select what you want to buy from the list USDT, BTC, ETH, BUSD, and DAI using INR. There are a lot of payment methods available, from which you can choose your preferred one. The payment options vary from Bank Transfers, Google Pay, IMPS, UPI, PhonePe, Paytm, Cash Deposit to sellers bank, etc.  

5. Trade for Polkadot(DOT)

Once you’ve successfully completed the P2P trade and got your hands on your preferred token, let’s take BNB for example. Then you would need to go to Spot trading in order to buy Polkadot.

Search for DOT cryptocurrency and select DOT/BNB. Enter the number of DOT cryptocurrency you want to buy and click on Buy DOT. Once the transaction is completed, the DOT cryptocurrency would be reflected in your wallet.

Buy DOT now