In this post I will write How to buy and store Polkadot (DOT) on the safe way. In general is hard to find crypto exchange service that support most of cryptocurrencies. Also I dont like idea to use many crypto exchanges for different cryptocurrencies because for verification process is required to send ID copies. It is not a good idea to send/share ID copies with your personal data on many places. You need to be a very careful about this and only use legit crypto exchange services. I made full verification only on the one most popular and legit crypto exchange service – Coinbase. There is also signup bonus ($10 free) when you buy or sell crypto for at least $100. There is also opportunity to get free crypto ($150+) for watching tutorials about blockchain technology and for answering on simple questions. More information you can read inside FREE CRYPTO section on this blog.
How to create Polkadot wallet?
First step is to get an address where you will send Polkadot (DOT). For crypto assets the best secure way is to use a hardware wallet. Problem is that official application Ledger live dont have support for this crypto asset. On the ledger website I have found very useful information how to create polkadot wallet secured with hardware wallet, in my case with Ledger Nano S. If you dont have a hardware wallet I suggest you to buy it, all information where to buy and how to use a hardware wallet you can find inside my post How to use a hardware wallet. Of course you can create polkadot wallet without hardware wallet but it is not so safe.
If you have a hardware wallet you need to install polkadot app because you will need it later. Also be sure that you have the latest firmware update.
First step is to visit Polkadot Substrate Portal here.
If you have a hardware wallet you need to change settings as presented on the next screenshot.
Notice: if you dont have a hardware wallet you can escape this step. My advice is to use a hardware wallet or use without hardware wallet for very small amount just to see how it works.
For hardware wallet owners: change settings option inside general tab to be “Attach Ledger via WebUSB” as you can see on the screenshot above.
The next step is to add a hardware wallet. Connect your device, open polkadot app and follow instructions.
Notice: if you dont have a hardware wallet you will need to choose option “Add account” and follow instructions – the most important is to write down backup seed phrase for your polkadot wallet. Hardware wallet owners after clicking on the “Add Ledger” option needs to follow instructions as presented on the next screenshot.
How to copy Polkadot (DOT) address for deposit?
After you are successfully followed previous steps you should see your polkadot wallet below accounts. To copy polkadot (DOT) receiving address you just need to click marked icon visible on the next screenshot.
Now when you have copied deposit address where you will receive polkadot (DOT) you are ready to buy this token (in this case exchange from other cryptocurrency).
How to buy Polkadot (DOT)?
Because is not possible to buy this cryptocurrency inside Coinbase (and on other crypto exchanges mostly too) directly I will show you how you can trade any other cryptocurrency for Polkadot (DOT) – fast and almost instant – in 10-15 minutes without needs to create an account and without any verification.
In this case I have used Litecoin but you can also use any other cryptocurrency. If you dont have any cryptocurrency or you want to buy more fast and easy – instant I suggest to read this post.
Now when you have crypto for trade it is easy to exchange for Polkadot (DOT). For instant crypto exchange I use ChangeNow service.
Full tutorial you can read inside this post.
Crypto exchange you can do via links inside posts or simple and fast via next form:
On the next screenshot you can see that exchange in my case were done in less than 10 minutes.
Be careful and dont use this service for large amounts – better do exchange several times with smaller amounts. I never had any trouble with this service and feedback for this service is excellent.
For hardware wallet users: interface will not remember your account and every time you need again to choose an option “Add Ledger”, but everything works fine and you dont need to have any worry (your crypto asset are safe, account and balance will be visible when you attach your hardware wallet).
I hope this post is useful for you. I you have any question, suggestion or advice feel free to place a comment.