What is Polygon / Matic Network?
The current state of blockchain technology means it's not quite ready to work at scale- so if large numbers of people started using cryptocurrencies they might grind to a halt under the strain. The Matic Network aims to solve the blockchain scaling problem by building a decentralized platform using an adapted version of Plasma framework (an upgrade to the Ethereum network), so providing a solution for faster and extremely low-cost transactions on the blockchain.
The Matic Network believes in simplifying the interaction between users and the decentralized world- they want to make using decentralized systems so easy that anyone can do it without knowledge of the complex technologies powering their actions.
The Matic Network is currently in a working partnership with Decentraland, Zebi, MakerDao and Hey Coral.
Where and how to buy Polygon / Matic Network
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Buy Polygon / Matic Network on Binance using a credit card or debit card
Step 1: Set up an account on Binance
The first step is to sign up to Binance- click here to go to the site.
Enter your email address and a strong password (take password security as seriously as you would for your bank account).
Click the check box to confirm you're over 18 and click 'create account'.
You will be sent an email with a verification code. Go find that email (check your spam or junk folder if you don't see it within a minute or two).
Once you have the code enter it on this page.
You will be given some options on how to get started.
However you won't be able to use any of these options until you've added more security to your account and verified your identity. So for the moment click the 'go to dashboard' link.
You will be asked to increase your account security by enabling 2FA (two factor authentication). Click the Google authentication option and follow the instructions to set it up.
Step 2: Verify your Binance account
Once your account is secured, return to the dashboard and click 'security'.
Click 'verify'.
On this page you will see 'basic information'. Click 'verify'. Enter your name and address as it appears on your personal identification (for example, your passport, national identification card or drivers license).
You will then be asked to verify your identification and face.
Start the verification. Select the country your identification was issued in and the type of identification you have.
You will then be given the option to either take a photo of the identification and your face using your webcam or upload files of the same. If you're on a mobile phone, you can click the supplied link to continue verification on your phone.
Follow the verification instructions until successful. It may take a little time before your verification is applied to your account, so please be patient.
Step 3: Use a credit or debit card to buy Polygon / Matic Network
Now that your account is secure and identity verified, on the top menu click 'buy crypto' and 'credit/debit card'.
On the next page you'll be given the option to select your preferred currency.
Enter the amount you'd like to spend.
Select Polygon / Matic Network from the drop down menu.
Press 'buy Polygon / Matic Network'
You may be asked to supply some additional information. This is to satisfy international regulations.
You may be told that your account is under review to assess if you are eligible to purchase cryptocurrencies using a credit card or debit card.
This review process usually takes under two minutes but may take up to two hours.
If your account fails this review process you may want to instead use this method of buying Polygon / Matic Network on Binance.
Once the review process has passed you will be asked to add your credit card or debit card details to Binance.
Once the details have been entered you will be given a summary of your purchase.
If you're happy with what you see click 'confirm'.
Note: Your first cryptocurrency purchase might be blocked by your bank for security reasons. If this happens you should contact your bank and instruct them that the attempted purchase was made by you and you wish to try again. You can then go back to Binance and attempt your Polygon / Matic Network purchase again.
Success!
Your Polygon / Matic Network will soon be in your Binance wallet.
Click 'return to wallet' to see it.
Buy Polygon / Matic Network on Binance using Bitcoin bought on another exchange
Click 'deposit crypto'.
On this page you'll be given a Bitcoin (BTC) address.
Now you need to buy some Bitcoin. Follow our guide to buying Bitcoin here.
Once you have Bitcoin, send it to your Binance Bitcoin (BTC) address.
The process of sending Bitcoin varies by exchange, but the guide you used to buy Bitcoin will also explain how to send it.
It can take 20-60 minutes for Bitcoin to send and confirm. You don't have to sit and wait- once your Bitcoin has been successfully deposited to Binance you will be sent a confirmation email.
Once you've received the email click here to go to the Bitcoin/Polygon / Matic Network exchange on Binance.
The exchange page can look overwhelming at first but don't worry, you're only going to use a small part of it.
There are two ways of buying Polygon / Matic Network- a limit order (more complicated) and a market buy (very simple):
A 'Limit' order
A limit order lets you manually set the price at which you want to buy Polygon / Matic Network (MATIC).
In the 'exchange' section of the page select 'limit'.
Enter the price (priced in Bitcoin) you want to pay for Polygon / Matic Network in the 'price' box.
Then enter the amount of Polygon / Matic Network (MATIC) you want to buy in 'amount'.
You will be told the total amount of Bitcoin the order will cost. Press 'buy MATIC'.
Note: your order will only fill if the price of Polygon / Matic Network reaches the price you set.
A 'Market' buy
A market buy fills your order automatically at the best price available.
In the 'exchange' section of the page select 'market'.
In the box marked 'amount' fill in how many MATIC you'd like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you'd like to exchange 50% of your Bitcoin for MATIC.
Once you're happy with the amount press the green button marked 'buy MATIC'.
Your order will be filled immediately.
Congratulations- you now own some Polygon / Matic Network!
In the future if you decide to sell your Polygon / Matic Network you can do so easily by using the same 'limit' or 'market' method, but using the 'sell' option instead.
Using a VPN while signing up to and using Binance international
Unfortunately Binance has barred US citizens from using their international exchange. Instead Binance has built a US based exchange- but it does not allow the purchase of Polygon / Matic Network.
Fortunately there is a workaround.
You can use a VPN (virtual private network) that makes you appear to be accessing the internet from a different country.
You can read more about what a VPN is here.
It is strongly advised you use a secure paid-for VPN: you are dealing with money afterall. But if you really don't want to you can find the best free VPN software at Techradar.
It's very important to note that you must use a VPN EVERY time you access Binance international, otherwise it may be detected that you're in the US and your account will be locked. If your account is locked you may not be able to withdraw any cryptocurrency you have stored in it.
Once your VPN is set up, follow this guide to buy Polygon / Matic Network on Binance.
How to buy Polygon / Matic Network on Cex.io
Step 1: Set up an account on Cex.io
Click 'Create Account'. Enter your email address, your country of residence and a strong password (take password security for this as seriously as you would for your bank account). Click the check box to accept the site's terms of use. Press 'Create Account'.
You will have been sent an email from Cex.io. Go open it and click the link inside to confirm your email address is genuine.
To purchase Polygon / Matic Network you'll now have to provide some personal information to prove you are who you say you are.
Enter your name and date of birth. Press 'Next'.
Before you'll be able to buy Polygon / Matic Network you'll have to verify your identity. In the top right corner of the screen click your name and in the drop down menu select 'verification'.
Press 'start' on stage one 'identity verification'.
Enter your country of residence and phone number.
On the next page choose the type of document you're going to use to verify your identity. You can use a passport, national identification card or driver's license.
You'll need to upload an image of the document along with a clear photograph of yourself holding it.
Step 2: Deposit money to Cex.io
Now that your account is verified click 'finance' on the top menu. Choose which currency you want to pay into Cex.io and press 'deposit'.
Depending on which currency you're using you'll be given various options on how to deposit money to Cex.io.
Choose which you'd like to use. Enter the amount of money you'd like to deposit in the right hand column and then follow the instructions given.
Once your deposit it successful you will be sent an email confirming the money is in your account.
Step 3: Buy Polygon / Matic Network on Cex.io
Now that the money is in your account click 'buy/sell'.
In the drop down boxes select 'MATIC' and then the currency you deposited to Cex.io.
In the box marked 'your amount' enter either the amount of your money you want to spend or the amount of MATIC you want to buy. There is also the option to 'buy with all my available balance'. Once you're done, press buy.
You will be given a summary of your purchase.
If you're happy with what you see click 'buy now'.
Congratulations! You now own some Polygon / Matic Network.
Wallets that support Polygon / Matic Network
The Ledger hardware cryptocurrency wallet
Computers and phones get hacked. Websites run illicit code to steal passwords. Fraudsters trick people into clicking links that steal information from their computers. A line of defence to keep your Polygon / Matic Network from being stolen is important. That's where hardware wallets come in.
Hardware wallets are like secure USB sticks with one job- to be a firewall between your Polygon / Matic Network and the outside world.
To do this they encrypt the private keys to your cryptocurrency wallets so no-one- not even you- can know them. That way only someone with physical access to your hardware wallet- and who also knows its password- has a chance to access and move your coins.
The hardware wallet manufacturer Ledger is the brand we recommend as for years their products have had a solid reputation for security and ease of use. Ledger wallets support the storage and sending of Polygon / Matic Network as well as many other cryptocurrencies- you can see a full list here.
The Ledger Nano S (you can get one from the official Ledger site or Amazon) is great for beginners, or the more advanced Ledger Nano X, which supports Bluetooth, is great for those who think they will use their wallet regularly (you can get one from the official Ledger site or Amazon).
Once you have your Ledger you can find the Ledger Nano S setup guide here and the Ledger Nano X setup guide here.
Note: For security reasons we recommend not buying a Ledger from a site such as Ebay as they can be tampered with before you receive them.
The BRD cryptocurrency wallet
BRD is a mobile wallet that offers the ability to create various types of cryptocurrency wallets including one that supports Polygon / Matic Network. You can then receive, store and send Polygon / Matic Network from that wallet.
BRD wallet is free but you'll need a mobile phone to use it on- go to either the Apple store or the Google Play store to download and install it.
Once the wallet is installed it's easy to create a Polygon / Matic Network wallet- simply press 'manage wallets', click the '+' icon and search for Polygon / Matic Network and click 'Add'.
There will now be a new Polygon / Matic Network wallet on the home screen. Click it and you'll have the option to send and receive coins. More detailed instructions can be found here.
Note: You can purchase cryptocurrency directly through the BRD wallet but we wouldn't recommend it- fees can be much higher when compared to buying through the exchanges listed above.
The MyEtherWallet Ethereum wallet service
MyEtherWallet is a web service that offers the ability to create an Ethereum wallet (Ethereum is the blockchain that Polygon / Matic Network exists on). You can then receive, store and send Polygon / Matic Network from that wallet.
The service is free to use and you can create as many wallets as you want.
However those wallets are only as secure as your own security practises- if you don't keep your firewall and anti virus programs up-to-date on your computer, or if you visit a website that has been compromised, you might have your wallet hacked and its contents stolen (and that's the reason we recommend a far more secure wallet such as a Ledger Nano S or Ledger Nano X)
If you do wish to use MyEtherWallet then go to the official site (make sure the URL looks correct in your browser as many fake sites have appeared pretending to be MyEtherWallet.com and then steal coins) and follow the guide to 'create a new wallet'.
The Trust cryptocurrency wallet
Trust is a mobile phone based cryptocurrency wallet that supports the storage, sending and receiving of leading cryptocurrencies, including Polygon / Matic Network.
You can set your wallet up without giving any personal details so you can stay anonymous, and the wallet private key is stored locally on your phone so you are guaranteed privacy.
Trust also includes a Web3 Browser that allows you to interact with decentralized applications (DApp) through the App. Decentralized applications are not currently mainstream but they are building in popularity.
You can get links to download Trust wallet by clicking here.
Note: You can buy cryptocurrencies directly through Trust wallet - but we wouldn't recommend it as you won't get the best exchange rate for your money.
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