Polkadot (DOT) is an open source multichain protocol that aims to connect and secure multiple blockchains on a single network. Polkadot was established in 2020 by founder Gavin Wood who is an original co-founder of Ethereum. The overall goal of the Polkadot protocol is to solve issues that currently plague blockchain technology such as; interoperability, scalability, governance, and data privacy.
Polkadot allows individual blockchain networks to connect with other blockchains making them interoperable. This multi-chain functionality makes it easier for developers, start-ups, and enterprises to build and operate blockchain technology.
The Polkadot protocol has 4 main components. These are the relay chain, parachain, parathreads and bridges. The main Polkadot network is known as the relay chain; this creates interoperability and secures the networks. The parachain is a user-created specialised network designed to run on the main blockchain. Parathreads act similarly to parachains but with more flexible connectivity. Lastly, bridges are the connectors between parachains and parathreads that allow for communication with external blockchain-based platforms like Ethereum.
Read our guide to Polkadot on Swyftx Learn for a more thorough breakdown of the protocol.
To buy DOT token, simply create and account with Swyftx with a few simple details such as your phone number, email and identification. Once your account has been verified you can log into the Swyftx crypto exchange and deposit funds via bank transfer, POLi, PayID, or debit card. When the funds have landed in your account you can instantly buy Polkadot (DOT) and hundreds of other cryptocurrencies.
Your polkadot (DOT) will then be securely stored in your Swyftx exchange wallet and can be accessed anytime. You can track the price movements of your assets via the dashboard in the Swyftx mobile app and web trading platform.
There are a number of ways to buy Polkadot (DOT) in Australia. One of the most common and convenient ways to purchase cryptocurrency is through a trusted crypto exchange such as Swyftx. Aside from offering some of the lowest trading fees in the country, Swyftx is also rated Australia’s number one crypto exchange on Trustpilot. With our easy-to-use platform and dedicated customer care team, Swyftx customers are constantly satisfied with the service being provided.
The price of Polkadot listed for trading on the Swyftx trading platform is set by real-world trade volumes averaged on global crypto exchanges. This means our Polkadot price won’t fluctuate as heavily as you might see on our competitors’ sites. Polkadot prices are influenced by the supply and demand of buyers and sellers worldwide.
The current price of Polkadot is set at the price of the last trade that took place, meaning the latest price a buyer and seller agreed to exchange at. Swyftx doesn’t charge any artificial spread. We also don’t ‘make the market’ when you buy or sell Polkadot (DOT). This means you can trade as little or as much Polkdot as you like and know that you’ll always get the best prices with the lowest fees on our Exchange. View the live Polkadot price in AUD.
As with other crypto assets and fiat currencies, buying and trading Polkadot isn’t free of risk. You can buy, sell and trade Polkadot on a number of crypto exchanges and websites, but it’s important to be cautious of potential scams and fraud.
We recommend doing your research before signing up for to exchange to trade Polkadot. At Swyftx, we prioritise safety and security for our customers.
When you sign up for a crypto trading account, your personal details will be kept private and your digital assets will be securely stored in your Swyftx crypto wallet.
Swyftx supports a number of payment methods including depositing via debit card. To do this, log into your Swyft app and navigate to the ‘Quick Deposit’ tab to deposit Australian dollars. Select the debit card option and let us know how much you wish to deposit. Swyftx uses Banxa as our card payment provider.
You’ll be redirected to Banxa if you choose to deposit your funds via debit. Once your funds have successfully landed in your account, you can start trading all crypto assets listed on our exchange. We also support deposits made via bank transfer, POLi, and PayID.
Buy Polkadot (DOT) with low spreads and cheap trading fees.
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