How to Buy Polygon (MATIC) in UK
Blockchain and cryptocurrencies are here to stay, and the variety available continues to expand and diversify. A stalwart of crypto is Ethereum, and that blockchain allows for the building of decentralized applications and hosts a range of currencies due to its high functionality for innovation.
Polygon is referred to as “Ethereum’s Internet of Blockchains” and MATIC is Polygon’s native crypto token or coin. It’s thanks to this association with Ethereum that the Polygon (MATIC) altcoin has risen in popularity since its inception in 2017. Polygon can be used for application development decentralisation, supports smart contracts and more while leveraging the security framework of Ethereum, while also expanding on the blockchain functionality.
Key Points on Polygon (MATIC)
- MATIC is the native token of Polygon which was previously known as the MATIC Network which can be confusing to users. For clarity, the Polygon token is known as Polygon (MATIC).
- Polygon is a secondary scaling solution on the Ethereum Blockchain, and the token provides a framework for the construction and connection of various compatible networks. To utilise the Polygon system “bridging” crypto over, using the official Polygon Bridge, is the easiest and most cost-effective way. You can then interact with a many popular crypto apps from the blockchain.
- Many decentralized financial apps support Polygon including Aave, Sushiswap, and Curve Finance.
- MATIC is limited to 10 billion possible coins. As of December 2021, 7.16 billion are in circulation with the remainder available via staking.
Other crypto guides:
- How to buy cryptocurrency
- How to buy Bitcoin (BTC)
- The best crypto exchanges
- The best crypto wallets
- The best crypto apps
Where and How to Buy Polygon (MATIC) in the UK?
There are many crypto exchanges where MATIC is available to buy however we will explore four below. Coinbase is our site of choice to buy the MATIC coin for many reasons outlined below, but we will also explore Binance.
- Coinbase – An Established and Easy to Use Exchange for UK MATIC Purchases
- Binance – A Comprehensive Trading Platform to Buy Polygon (MATIC)
Coinbase – An Established and Easy to Use Exchange for UK Polygon Purchases
Founded in 2012, Coinbase is a well-established crypto exchange. It is decentralised and trades 100+ currencies on its free trading platform with regular additions to its portfolio. It is one of the oldest exchanges to buy, sell, or hold, has operations in over 100 countries, and with quarterly trades of approximately $327 billion, it’s certainly one to consider.
Coinbase is regulated by the New York State Department of Financial Services and is insured. It is also listed on the Nasdaq so must comply with some stringent reporting obligations and this gives additional transparency for prospective site users.
Trading is easy and beginner-friendly with an interface like a stock-trading website. There is however a free site and a paid PRO version that requires a subscription. Without that there is some limited access to certain features and crypto including the additional crypto wallet service available on PRO.
The fees too are a bit of a sticking point, as they are complicated in the way they are structured and are subject to change over time, with variance between different regions of the world – always check what it will be in the UK before you proceed. There are also additional debit card charges and the exchange, in general, often costs more to use fiat currency with preferential rates given to crypto trading.
Your money is at risk.
Binance – A Comprehensive Trading Platform to Buy Polygon (MATIC)
If you have been researching Crypto for a while, you’ll have no doubt heard about Binance. It is one of the largest and most established crypto exchanges out there so it’s another great option for purchasing Polygon (MATIC) in the UK. Features include that it’s free with low fees, and it trades over 365 cryptocurrencies globally. Unfortunately, it also faces some regulatory issues in the UK currently and the website can be cumbersome – both of which we will explain in more detail below.
Binance has restrictions in a few regions, including the UK. These are due to regulatory issues who oversee the financial sector in the UK and although Binance is working to rectify this, it’s not certain when full compliance and approval will be met. It is still a great platform to invest with and why it’s on our recommendation list of where to buy the MATIC token. Deposits can be made with credit/debit cards, bank transfers, or crypto, and withdrawals are easy.
The company and trade website is another area that can be a little challenging for beginners and is designed with more tech-savvy investors in mind. Beyond that though, the Binance website offers a huge variety of trading elements while providing access to various features including futures, options, NFTs, and shares. Additionally, the platform is augmented with comprehensive learning articles while the dashboard provides access to extensive charts and trend forecasts alongside your portfolio.
What is Polygon (MATIC) Crypto?
Polygon was previously called the MATIC Network and combines Ethereum and sovereign blockchains. The fusion developed a full-scale multi-chain system that centres Polygon as a protocol and framework for building and connectivity that aggregates scalable solutions. This supports a multi-chain Ethereum ecosystem that has wide-reaching applications for users. Polygon is known as a Layer-2 solution, which is designed to assist in scaling in the Ethereum network while improving the functionality including the creation of faster, cheaper Ethereum transactions on sidechains. Crypto can be bridged to Polygon using the official Polygon Bridge and allows users to interact with heaps of popular crypto apps, once exclusive to the main Ethereum blockchain now with wider reach and faster application thanks to Polygon.
Confused yet? The most important part to know is that Polygon (MATIC) is the native token that powers the network, and it’s built on the Ethereum blockchain. Users can exchange Ethereum tokens for Polygon smart contracts, use them in Polygon, and later withdraw back to the main Ethereum chain with the MATIC token used for transaction fees and proof-of-staking.
Polygon (MATIC) Wallets
Polygon (MATIC) does not have its own wallet and instead recommends several on its website that are suitable for your coins. Their recommendations include:
- Metamask: MetaMask is free crypto wallet software that can be connected to more than 3,700 applications and Web-3 services on the Ethereum blockchain.
- Coinbase Wallet: Coinbase Wallet is a self-custody wallet which means that the private keys that represent cryptocurrency ownership are stored directly on your mobile device and not with the centralized Coinbase.com exchange.
- Bitski Wallet: Another fully encrypted custodial wallet that allows users to easily migrate between devices.
- Venly Wallet: Venly offers blockchain users the ability to store assets on their mobile devices while offering a user-friendly solution to scale projects faster and securely.
Why Should I Buy Polygon (Matic) And Is It a Good Investment?
Polygon has worked hard to establish itself as a leading Layer 2 scaling solution alongside its push towards continuous innovation while also pushing to acquire tech and companies that will propel it forward. If you’re wondering whether Polygon (MATIC) is a good investment, there are a few reasons it’s worth entertaining, particularly as a long-term investment.
Defi Utility May Increase Adoption
The use of Defi as a popular utility for Polygon could increase adoption as it’s now an estimated $100 Billion industry. DeFi leverages decentralized networks to transform old financial products into transparent protocols without an intermediary. Of the 237 DeFi projects, 49 are built on Polygon.
Polygon Is Innovative While Being Easy to Use
Polygon’s ease of use, speed, and affordability make it a popular choice for users from the Ethereum ecosystem. A bonus is that there are lower fees associated.
Polygon announced on their blog in 2021 that they acquired the Zero-Knowledge start-up Mir, whose team is joining Polygon to build their new project Polygon Zero. ZK-Rollups are predicted to be ‘the next big thing’ in crypto.
In summation, some of these initiatives are already up and running, while some are in their infancy and yet to yield data. As such, Polygon should be seen as a longer-term investment with a close eye kept on continuing developments
Polygon (MATIC) Price Predictions
As of today, the 27th January 2022, Polygon has taken a bit of a tumble and is trading online at USD 1.52 with a 24-hour trading volume of $2,476,806,111. This is after an all-time high on the 27th December 2021 of $2.92USD. In the past 24-hours it’s had a -5.13% decrease, while -26.57% in the last seven days, and -42.487% over the past month. This sudden dip could be an opportunity for quick investment, and even though the coin has strong fundamentals, it needs to be viewed as a long-term investment.
If we look at the last 4 months, however, Polygon has a growth trend – according to the data the trading volume of Polygon has increased from 4 months with this influencing the price variations. Overall, with its strong fundamentals forecasting sites including WalletInvestor, DigitalCoin, and PricePrediction predict a rise in Polygon value over the long term. MATIC has a current #14 ranking with a live market cap of $11,349,911,806, and a circulating supply of 7,447,892,513 coins with a maximum supply of 10,000,000,000.
Crypto, as with any other types of investing, has pros and cons so always do your research before purchasing. Polygon (MATIC) is an innovator and with strong predictions for growth and wide usage capabilities, high adoption rates, and the Ethereum blockchain security and functionality, it has what it takes to yield long-term results.
To purchase MATIC, we recommend Coinbase, as it is a secure and established exchange.
Your money is at risk.