How to Buy Polygon in Australia

Polygon (formerly known as the Matic network) is a blockchain platform that aims to provide a scalable and efficient infrastructure for decentralised applications (dApps). Polygon features its own token called MATIC, which can be bought in a number of different ways. If you’re looking to buy MATIC in Australia, this guide will walk you through the steps to do so.

Step 1: Choose a cryptocurrency exchange

The first step to buying Polygon (MATIC) is to choose a cryptocurrency exchange that supports it. Some popular exchanges that allow you to buy MATIC in Australia include:

• Binance: Binance is one of the largest cryptocurrency exchanges in the world and lists MATIC for trading. It offers a wide range of trading pairs and has a user-friendly interface. View our Binance review
• CoinSpot: CoinSpot is an Australian-based cryptocurrency exchange that supports MATIC. It has a simple and easy-to-use interface and accepts a variety of payment methods, including bank transfer and credit cards. View our Coinspot review
• Swyftx: Swyftx is another Australian-based cryptocurrency exchange that lists Polygon (MATIC) for trading. It offers a low trading fee and a wide range of digital assets. View our Swyftx review.

Step 2: Create an account and verify your identity

Once you’ve chosen an exchange, you’ll need to create an account and verify your identity. This is a standard procedure for most cryptocurrency exchanges to comply with KYC (know your customer) and AML (anti-money laundering) regulations.

To create an account, you’ll typically need to provide your email address, create a password, and complete a verification process that involves providing your ID. This is typically a quick process that will take no longer than 10 minutes to complete.

Step 3: Deposit funds into your account

After creating an account and verifying your identity, you’ll need to deposit funds into your account. Most exchanges support a variety of payment methods, including bank transfers, credit cards, and cryptocurrencies. Choose the payment method that suits you best and follow the instructions to complete the deposit.

Most deposit methods on exchanges such as Binance, Coinspot and Swyftx are instant, however, if it’s your first time doing it can take a little longer.

Step 4: Buy Polygon (Matic)

Now that you have funds in your account, you can trade Matic. To do so, follow these steps:

• Go to the trading section of the exchange and search for MATIC.
• Choose the amount of MATIC you want to buy or input the Australian dollar (AUD) amount you’d like to spend and then review the transaction details, including the the current market price and fees.
• Confirm the transaction and wait for the MATIC to appear in your account. All exchanges will have their own inbuilt wallets, where your crypto assets will be stored.

Step 5: Withdraw your MATIC

Once you’ve bought MATIC, you can withdraw it to your personal wallet or keep it on the exchange. To withdraw Matic, follow these steps:

• Go to the withdrawal section of the exchange and select MATIC.
• Enter the amount of Matic you want to withdraw and your wallet address.
• It’s usually a good idea to send a small test amount, to make sure that you’re sending to the right wallet.
• Once the test amount is received in your wallet, you can send the remainder.

Related: Withdrawing crypto from Swyftx to Metamask.

What is Polygon? 

Polygon, formerly known as Matic, is a blockchain network that aims to provide a scalable and efficient infrastructure for decentralised applications (dApps). It’s built on top of the Ethereum network, leveraging its security and interoperability features while addressing some of its limitations, such as slow transaction times and high gas fees. 

Polygon uses a Layer 2 scaling solution called Plasma, which allows for faster and cheaper transactions by reducing the burden on the Ethereum main chain. Additionally, the Polygon ecosystem supports multiple consensus mechanisms, including Proof of Stake (PoS) and Optimistic Rollups, which further improve scalability and reduce transaction costs. Polygon has a vibrant ecosystem of dApps and developers, with projects ranging from gaming and NFTs to DeFi and DAOs. Overall, Polygon aims to make blockchain technology more accessible and user-friendly, while promoting decentralisation and sustainability.

What is the MATIC token and what purpose does it serve? 

Matic token (MATIC) is the native cryptocurrency of the Polygon network. It serves several purposes within the ecosystem, including:

1. Payment: MATIC is used as a means of payment for transactions on the Polygon network, such as sending and receiving funds or interacting with dApps.
2. Staking: MATIC holders can stake their tokens and earn rewards for participating in the network’s Proof of Stake (PoS) consensus mechanism. Staking also helps secure the network and reduce transaction fees.
3. Governance: MATIC holders have voting rights on proposals and changes to the network’s protocol and ecosystem. This allows for a decentralized decision-making process and community-driven development.
4. Liquidity: MATIC is listed on various cryptocurrency exchanges, providing liquidity for traders and investors.

Overall, MATIC is a crucial component of the Polygon network, incentivizing participation, securing the ecosystem, and facilitating transactions and governance.

Why is Polygon (MATIC) popular?

One of the key reasons why MATUC has become so popular in recent times and why it was named Decrypts 2022 Crypto Project of the Year, is because of its ever expanding list of mainstream partners.

Polygon has partnered with several globally recognized brands, including Starbucks, Mercedes, Disney, Nike, Meta, Adobe, Adidas, Stripe, Twitter and the NFL. These partnerships have resulted in initiatives such as loyalty program infrastructure, NFT integration, and payment solutions. By partnering with high-profile brands, Polygon has demonstrated its flexibility and versatility in addressing different business needs. These partnerships also speak to the growing reputation of Polygon as a leading blockchain platform.

One notable partnership was with Starbucks, where Polygon helped the coffee giant improve its customer loyalty program by reducing the cost of redeeming rewards points. The integration of Polygon’s blockchain technology allowed Starbucks to streamline its loyalty program, offering its customers a faster and more seamless experience.

Buying Matic in Australia is a straightforward process. Choose a cryptocurrency exchange that supports Matic, create an account, deposit funds, trade Polygon, and withdraw it to your personal wallet. Remember to always do your own research and only invest what you can afford to lose.