Exchange Review

How to Buy Polkadot (DOT) in Australia

Summary: The fastest and most secure way to buy Polkadot in Australia is by going through Australia's largest crypto exchange, CoinSpot. CoinSpot has over 2.5 million Australian investors which is more than 10% of the Australian population. It offers high security, low fees and high staking yields.

By 
Jennifer Leong
 on  
August 13, 2022

Polkadot (DOT) is a next-generation cryptocurrency that promises to offer a more scalable and user-friendly experience than existing cryptocurrencies. Polkadot was founded by Gavin Wood, the former co-founder of Ethereum, and is backed by a number of well-known investors, including Peter Thiel's Founders Fund.

Polkadot's key innovation is its use of "parachains," which are separate blockchain networks that can be connected together to form a larger network. This allows for greater scalability and flexibility than traditional blockchain architectures. Polkadot also features cross-chain transactions, meaning that assets can be transferred between different blockchain networks.

In addition to its technical advantages, Polkadot also has a strong governance model. The Polkadot network is overseen by a group of validators, who are elected by the community. The validators are responsible for maintaining the network and ensuring its security.

Table of Contents

What is the best crypto exchange to buy Polkadot?

CoinSpot is the best cryptocurrency exchange to buy Polkadot on in Australia. The platform offers the highest Polkadot staking APY (Annual Percentage Yields) out of any Australian exchange. CoinSpot offers a competitive 12.5% yield for Polkadot staking and offers the ability to auto-stake meaning you can compound your DOT without needing to check on it.

In addition to the staking, CoinSpot is the only high-security exchange in Australia and has been awarded the ISO27001 Standard Security Certificate proving its impenetrable security measures. It is the only platform in Australia where your Polkadot tokens are 100% secure from cyber attacks and hacking incidents.

Polkadot Staking on CoinSpot.
Polkadot Staking on CoinSpot.

How to buy Polkadot Crypto in 4 steps

The best way to buy the Polkadot (DOT) cryptocurrency in Australia is through CoinSpot. On CoinSpot you can buy Polkadot through various methods like Bank Transfer (Osko), PayID, POLi, BPAY and Cash. In this method, we show Aussies how to buy Polkadot via Bank Transfer (Osko). Follow the below steps to get started.

  1. Sign up to CoinSpot and complete the onboarding process.
  2. Select 'Deposit Funds' and choose Direct Deposit.
  3. Deposit funds to CoinSpot from your banking app.
  4. Search for Polkadot in 'Buy/Sell', enter the amount and press 'Buy'.
How to Buy Polkadot in Australia.
How to Buy Polkadot in Australia.

Is it expensive to buy Polkadot (DOT) in Australia?

This will depend on what platform you buy Polkadot on. For example it will cost more to buy DOT on a DEX (decentralised exchange) opposed to a CEX (centralised exchange) because you will need to pay additional gas (network transaction) fees. DEXs are on-chain so every transaction incurs a fee but CEXs operate off-chain so the only fees you need to pay are to the exchange (if they have any).

On CoinSpot it is completely free to deposit AUD when you use PayID, POLi and Bank Transfer (Osko) but there is a 0.9% fee to deposit via BPAY and a 2.5% fee to deposit via cash. To buy cryptocurrencies on CoinSpot it is 0.1% when you use the Market buy features and 1% when you use the Instant buy feature.

CoinSpot Fees Schedule.
CoinSpot Fees Schedule.

Polkadot Live Price in AUD

Below you can find the live price of the cryptocurrency, Polkadot in Australian dollars.

Buy Polkadot

Author Bio

Jennifer just finished her Masters in Finance and is leading our team on the traditional banking & fintech research and content.

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