How to Buy Polkamarkets (POLK) in 2022: A Simple Guide

Polkamarkets (POLK)In this guide you’ll get information about where to buy Polkamarkets, if you are planning to buy POLK token – You’re in the right place!

Many users who pay attention to world events understand how those can affect the prices. Political turmoil or any type of unrest can cause a difference. But how about smaller events that happen on a more regular basis? Does this also apply to cryptocurrency tokens? Polymarkets aims to combine the DeFi and prediction market by involving more users to voice their opinions.

Users who buy Polkamarkets (POLK) tokens can forecast a situation and earn rewards when their prediction is correct. This will affect their status as trustworthy traders. The platform is giving incentives to liquidity providers and traders. It also supports cross-chain interoperability, to help traders on managing and forecast other tokens in different chains.

Polkamarkets (POLK) Features

  • Dynamic event: The market in Polkamarkets is very diverse and reflects the current event at the time. Users can monetize their predictions and earn rewards disregarding of the event outcome. Anyhow, the events for the market needs to follow the guideline to make them verifiable. Mainly, the market needs to be clear, have a realistic ending date, and most importantly market needs to have liquidity.
  • Market curation: To avoid multiple or market scam, Polkamarkets require the maker to stake at least 1000 $POLK tokens. And this amount is separate from the liquidity for each market. However, Polkamarkets doesn’t deduct this amount when the user is still creating the market. The default prediction ratio is 50-50, user can adjust this to what they prefer during the creation. At any rate, market creators still need to request a verification process to have more users participating in their market.
  • Forecast and earn: Forecasting a token performance using an event can be difficult to do. However, users who are actively creating a market in Polkamarkets are doubling what they earn through the forecasts. They also can receive the status of trustworthy users and can earn more. Polkamarkets will still be rewarding the users disregarding the outcome and whether their initial prediction is correct. Having cross-chain interoperability helps market creators to gain more participants from other chains.

Where to Buy, Sell and Trade Polkamarkets aka POLK

You can basically use debit card, credit card, or even PayPal to buy the Polkamarkets (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Polkamarkets as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy  Tether first. After you get the ETH or BTC or USDT, you can convert it to Polkamarkets. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.

In general, the process would be:

  1. You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
  2. Find a crypto exchange that supports Polkamarkets currency and exchange your Ethereum / Bitcoin / Tether with the Polkamarkets
  3. Store your Polkamarkets to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)

There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.

The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.

Get $10 Bonus when you sign up for Coinbase!

coinbaseClick here to register (opens in new tab)

  • You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
  • Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
  • You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.

That’s the first step in buying Polkamarkets, once you get your Bitcoin or Ethereum or Tether, you can continue to the next step.

Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments

After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH or USDT from your Coinbase wallet.

With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.

These are the best exchanges we can recommend for you to exchange BTC or ETH or USDT with Polkamarkets:

GATE.io
gate.ioGate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.

  • Deposit Methods: Cryptocurrency Only
  • Fiat Currencies: N/A
  • Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 1040+ more
  • Trading Pairs: 1801+
KUCOIN
kucoinKucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.

  • Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
  • Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
  • Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
  • Trading Pairs: 1044+

IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the POLK/BTC or POLK/ETH or POLK/USDT trading pair and then place the order to buy those pairing cryptocurrencies.

Most likely you’ll find this pair available to you POLK/USDTso you need to convert your BTC or ETH to USDT first in order to buy Polkamarkets (POLK)

Step 3: Managing Your Crypto Assets in a Secure Wallet

As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.

You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.

There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.

For Securing your Polkamarkets (POLK) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

Frequently Asked Questions (Faqs)

Can I Buy Polkamarkets (POLK) with PayPal?

You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Polkamarkets. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Polkamarkets (POLK) with Cash?

You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:

  • Make sure you have a BTC / ETH wallet before you buy from seller
  • Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.

Can I Buy Polkamarkets (POLK) with Skrill?

You can’t buy POLK directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Polkamarkets. You can buy BTC/ETH with skrill by using these exchanges::

  • LocalBitcoins
  • Paxful
  • Virwox
  • SpectroCoin
  • Lykke
  • Exmo
  • Coingate

Can I Buy Polkamarkets (POLK) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair POLK/BTC and begin the transactions.

Can I Buy Polkamarkets (POLK) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support POLK/ETH trading pair.

What Is the Best Payment Method to Buy Polkamarkets (POLK)?

The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Polkamarkets right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect Polkamarkets (POLK)?

Once you have purchased the Polkamarkets, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

Ledger Wallet

Trezor Wallet

 

 

 

 

 

 

How to Sell Polkamarkets (POLK)?

Find a crypto exchange which allow pairing POLK with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine Polkamarkets (POLK) and Not Buying It?

You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Polkamarkets is to buy it from a reliable exchange.

Conclusion

Users who buy Polkamarkets (POLK) tokens can set their market on the platform and earn rewards by being liquidity providers. These markets are a new step in the decentralized finance world where users can have a say on the token’s value. Polkamarkets encourages its users to do the forecast on any token and earn $POLK tokens at the same time. The platform has cross-chain interoperability mainly on Polkadot and Kusama blockchain. Therefore, users can maximize their earnings by monetizing their forecasts.

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