Throughout 2021, the Polygon token (MATIC) gained popularity with the widespread adoption of smart contracts and Ethereum blockchain technology. For those exploring the world of altcoins, purchasing Polygon is an excellent starting point. This guide on how to buy Polygon (MATIC) in Australia provides a step-by-step purchasing process for MATIC tokens, including information on the best exchanges and the pros and cons of buying MATIC.
What is Polygon (MATIC)?
MATIC, a native ERC-20 token of Polygon, offers investors the option to stake their tokens on the Ethereum blockchain rather than the Polygon mainnet. By delegating their MATIC tokens to Polygon validators via MetaMask, users can support the Polygon PoS consensus mechanism.
MATIC tokens can be used for network governance through Polygon Improvement Proposals (PIP). To use MATIC within the Polygon ecosystem, users must pay transaction fees in MATIC. As more DApps are developed on Polygon, the utility of MATIC continues to proliferate.
The maximum supply of MATIC is 10 billion, with 41.9% reserved for founders and projects, 22.8% for investors, and 35.3% for pre-mined prizes and airdrops. The current circulating supply is 7.8 billion MATIC tokens. The 2017 private sale granted 3.8% of the maximum supply. In the Apr. 2019 launchpad sale, 19% of the tokens were sold at $0.00263 per token, netting $5 million.
Where to Buy Polygon (MATIC) in Australia?
There are many crypto exchanges where you can purchase Polygon. Below are a few of the best options available:
eToro – Overall Best Crypto Platform to Buy MATIC
eToro has been operating since 2007 and offers trading services in stocks, commodities, CFDs, and cryptocurrencies. The platform supports 80+ cryptocurrencies, including BTC, ETH, and MATIC. It caters to beginner and expert-level traders with innovative features such as copy trading and demo trading accounts. eToro users can make zero-fee deposits and take advantage of simplified operational burdens. You can read our eToro review for further details.
CoinSpot – Most Secure Place to Buy MATIC in Australia
CoinSpot has been offering trading in various cryptocurrencies since 2013. The platform has over 380+ different cryptocurrencies, including BTC, ETH, and MATIC, and is popular with 1M+ users in Australia and worldwide. It also offers OTC trading, crypto bundles, and live chat support. Deposit methods include Bank Transfer, OSKO, BPAY, POLI, PayID, Crypto, and cash. The platform offers two-factor authorisation and best practices to stop phishing attacks. You can read our CoinSpot review for further details.
Binance – Best Crypto Platform for Trading Altcoins
Binance is the largest crypto platform in the world, with over 30 million users trading 350+ cryptocurrencies. Binance offers staking, crypto loans, and derivatives markets such as futures and options. Trading fees are 0.1% for all cryptocurrency spot trades except Bitcoin, which has no fees. Binance coin (BNB) holders receive a 25% discount on all trading fees, and there are no deposit fees, but withdrawal fees are applied based on the crypto. You can read our Binance review for further details.
Swyftx – Popular Platform to Buy MATIC in Australia
Swyftx was established in 2017 and allows users to trade on more than 270+ cryptocurrencies today. It offers biometric authentication, two-factor account protection, and penetration testing for security. The platform is intuitive and easy to navigate, and users can access it via desktop or mobile applications. Trading fees are relatively small at around 0.6% per trade, and there are no deposit or withdrawal fees if debit or credit cards are used. You can read our Swyftx review for further details.
KuCoin – Best Social Trading Exchange for Novices
KuCoin is a social trading platform with 20+ million investors worldwide in 200+ countries. KuCoin offers trading in more than 700 altcoins and rewards new users up to $500. The platform also has features for crypto enthusiasts, such as staking services, an NFT marketplace, and margin trading. Trading fees are charged on a sliding scale, with fees of 0.1% for trading volumes below 50 BTC in 30 days. Discounts are available if you pay fees in KCS or store more than 1000 KCS in your account. You can read our KuCoin review for further details.
How to Buy Polygon (MATIC) in Australia
To invest in the native currency of Polygon, MATIC, you can follow these steps:
Choose a Crypto Exchange
Select a crypto exchange suitable for your needs. Consider the platform’s security, fees, and account minimums. Some exchanges may offer features such as crypto staking, margin accounts, and futures trading, geared towards more advanced investors. Check out this review of the best Australian crypto exchanges if unsure where to start. Additionally, if you plan on using a mobile device to buy and sell altcoins, you can read our review of the best crypto apps in Australia.
Select a Payment Method
Once you have chosen a crypto exchange and set up an account, decide on a payment method to purchase your MATIC. Remember to check for any associated fees before proceeding. Exchanges typically offer various options, such as depositing Australian dollars via a bank account, linking your account to a credit or debit card, or transferring cryptocurrency from your wallet or another exchange. Remember that buying with a credit card may incur a higher interest rate than a regular purchase.
Buy MATIC Token
After funding your account or setting up a payment method on the chosen exchange, you can purchase MATIC. Look for MATIC, specify the amount you want to purchase, and check the cost before proceeding. Once you click the buy button, the MATIC tokens will be available in your exchange account.
Store Your MATIC
As with other cryptocurrencies, you need to store your MATIC investment securely. You can choose from multiple storage options, including hardware wallets, paper wallets, software wallets, and crypto exchanges.
Hardware wallets are physical devices that store the private and personal keys to access your cryptocurrency, providing “cold storage”, which is more secure.
Paper wallets involve writing down the keys or using an app to get a printed QR code, but they can be risky if you lose the paper.
Software wallets are programs or apps you can download onto your computer or other devices to store your cryptocurrencies.
Finally, some crypto exchanges offer to store your crypto, but it’s not a long-term solution due to security concerns.
Pros & Cons of Buying Polygon (MATIC)
Below are the pros and cons of investing in Polygon (MATIC):
Pros of Buying MATIC
Potential Upside: With support from industry giants, MATIC’s price discovery is predicted to continue to rise. Many analysts and speculators believe the token’s value could reach $100, making it an attractive addition to any crypto portfolio.
Portfolio Optimisation: MATIC’s weak correlation with Bitcoin provides a diversification tool for crypto-asset portfolios. For example, while Bitcoin’s value plummeted nearly 40% during May 2021, MATIC’s value rose 130% in the same period.
Value Proposal: MATIC’s relatively faster transaction per second capacity and the use of a plasma framework built on POS has resulted in several partnerships on a global level.
Cons of buying MATIC
High-Velocity Innovations: The momentum of MATIC might slow down after implementing POS systems in Ethereum V2, which aims to process 100,000 transactions per second. However, many believe this upgrade won’t be practical for years, giving MATIC further opportunity to establish itself in the decentralised world.
Regulatory Ambiguity: Lack of regulatory clarity can pose a risk to MATIC’s value and result in aggressive sell-offs if hodlers decide to do so. However, the crypto ecosystem has gained resilience through increased decentralisation, application layers, and adaptation to regulatory mishaps.
Is Buying MATIC a Good Investment?
Polygon (MATIC) is a blockchain technology that works in conjunction with Ethereum, and it has been making waves in the crypto world since its deployment in April 2019.
Despite flying under the radar for almost two years, the price of MATIC started moving significantly in January 2021. Investing in cryptocurrencies is speculative, but many finance professionals and investors have begun to recognise the benefits of diversifying their portfolios in this innovative field. As such, MATIC is worth considering as a crypto-asset to include in a successful portfolio.
Many factors could impact the strength of MATIC’s price, such as competition, adoption, the popularity of Ethereum blockchain, developments in the MATIC ecosystem, handling security risks and establishing suitable measures, and regulatory changes, among others. Regarding price speculation, some analysts believe that Polygon (MATIC) will reach a price level of $100 per token as crypto adoption continues.
Although this number may seem staggeringly high, the Polygon platform and blockchain technology are still in their infancy. We have seen Bitcoin’s price rise from $0.0009 per BTC less than a decade ago to over $50,000 today. MATIC has experienced a 75X price increase during 2021, and it will continue to be an asset to watch closely.
Frequently Asked Questions
Where to purchase MATIC?
You have several options for purchasing Matic, including centralised exchanges like CoinSpot, Coinbase, Kraken, and Binance. Although cryptocurrency was created for peer-to-peer transactions, centralised exchanges are simpler to establish and provide quick access to numerous coins and tokens. However, you will incur a fee when you buy or sell.
Decentralised exchanges allow you to purchase MATIC directly from others. Although this method may be more complicated, you will not be charged as much in fees.
Can I buy MATIC with credit card?
You can purchase Polygon (MATIC) quickly and easily using major credit and debit cards such as Visa and Mastercard through the widget on this webpage.
Additionally, MATIC can be bought on MoonPay using bank transfers, Apple Pay, and Google Pay.
What can Polygon MATIC be used for?
MATIC serves as a dual-purpose asset, functioning as a store of value and a means of exchange. It can be used to pay transaction fees on the Polygon network and participate in proof-of-stake consensus. MATIC allows users to use DeFi protocols and trade NFTs on the Polygon network with faster transaction speeds and lower gas fees than the Ethereum blockchain.
Is it legal to buy MATIC in Australia?
Purchasing and trading cryptocurrencies, including Polygon, is legal in several countries, such as Australia, the United States, the European Union, Canada, and El Salvador. In India, MATIC can now be bought by paying a small tax. While taxes are not levied on buying virtual digital assets, you will be subject to taxes if you sell your Polygon for a profit.
Why buy Polygon (MATIC)?
Polygon enables users to engage in the Ethereum network with significantly faster transaction processing speeds. Transaction fees on the Polygon network are paid in MATIC and are substantially lower than those on the Ethereum mainnet.
MATIC, which has a market capitalisation of over $11.1 billion, is ranked as the 10th most valuable cryptocurrency with a 24-hour trading volume of more than $1.1 billion. The total supply of MATIC tokens is 10 billion.
Final Thought
This article guided where and how to buy Polygon (MATIC) in Australia. We covered various crypto exchanges, their fee structures, and payment methods. Selecting a reliable crypto exchange is crucial to ensure confidence in your trading platform. Opting for a reputable crypto exchange can be beneficial in this regard.
Purchasing Polygon (MATIC) in Australia is legal, allowing you to diversify your portfolio with other crypto assets. Australia is a progressive and fintech-friendly country that has achieved the right balance of regulations without stifling blockchain innovation. Australian residents are fortunate to have a plethora of options when it comes to crypto trading.
