How to Buy Polygon MATIC Tokens in Canada
A guide on how to buy Polygon (MATIC) in Canada with Netcoins
“Polygon is working towards more efficient Ethereum transactions using Layer 2 sidechains”
Polygon, previously known as Matic Network, was founded in 2017. However, it wasn’t until February 2021, that Matic Network was rebranded to Polygon.
Polygon advertises itself as a layer-2 network. Being a layer-2 network means that it acts as an add-on layer to existing crypto blockchains without altering the original blockchain. In this way, it helps to scale existing blockchains in the crypto ecosystem.
As Polygon’s native cryptocurrency, MATIC tokens are used as payment and settlement units. If you are wondering how to buy MATIC tokens in Canada, Netcoins is a publicly-traded, fully regulated cryptocurrency platform based in Canada. With 0% funding fees, free cash withdrawals, and live customer support service seven days a week, we make it simple for Canadians to buy Polygon (MATIC) and other cryptocurrencies.
How to Buy Polygon MATIC Tokens in 3 Steps
Create an Account
Sign up for an account and provide some personal details to get your account verified.
Fund your account with a crypto deposit, Interac e-Transfer, or bank wire.
Go to the trade page and enter in the amount you’d like to buy or sell. Start with $10 or more. You decide!
Rapid Transaction Times
Fund and withdraw quickly. Buy and sell instantly. Get your money in and out easily.
Get verified at lightning speed with our automated KYC process. Get to trading bitcoin as soon as possible.
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Our support team is available over email, phone, and live chat to answer all your questions clearly and quickly.
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Video Tutorial: How to Buy Matic with Netcoins
Polygon’s History and Background
Similar to other cryptocurrencies, MATIC tokens (Polygon’s native cryptocurrency) can experience significant swings in price – as it has over the past 12 months.
However, looking beyond those price fluctuations, the founders of Polygon believe that the Ethereum blockchain needs to be improved upon if it is to experience longevity. They believe that through the Polygon network (as a layer-2 solution) they can create a more efficient Ethereum network by making it more scalable, efficient and secure. To date, Polygon already has over 7,000 decentralized applications operational on its network proving the need for Polygon in the crypto space.
The crypto market seems to agree because MATIC has consistently been one of the largest and most popular cryptocurrencies by market cap (or the total value of all the coins that have been created to date).
Although Polygon’s vision seems promising to the future of Ethereum, MATIC’s performance may be affected by Ether’s performance at times. Polygon’s direct relation to Ethereum can bind it to Ethereum’s performance and reputation. Having said that, Ethereum’s dominance is second to none, making a slowdown in adoption rather unlikely.
Related article: Learn how to buy Ethereum in Canada
Though we saw Polygon experiencing a significant rise in price over a short period of time, it is important to understand that every investment comes with risk. Polygon’s long-term uptrend can depend heavily on the future adoption of the MATIC token, alongside Ethereum’s success and the general direction of the crypto market.
Finally, it’s important to learn how to protect your MATIC holdings once you’ve bought some because cryptocurrencies can be susceptible to hacks and theft. For this reason, it’s recommended that investors pull their crypto assets from crypto trading platforms like Netcoins and send them into hardware crypto wallets. In this way, crypto assets can be protected against hack, fraud or theft.
When choosing where to buy MATIC tokens in Canada, it is vital to choose a reputable and regulated platform like Netcoins, Canada’s first publicly-owned, fully regulated crypto trading platform.
How much MATIC can I buy?
The great thing about MATIC tokens is that you can buy fractions of them. In fact, the smallest possible unit of MATIC is called a wei (named after a cryptographer) and is equivalent to .000000000000000001 MATIC (18 decimal places).
The token also comes with a smaller price tag usually ranging between 40 cents and 4 dollars CAD per MATIC (at least this has been the case in 2021/2022). In comparison to larger coins like its close companion Ethereum, the smaller price allows you to buy a larger number of MATIC tokens.
Buying MATIC tokens in regular intervals (like days, weeks or months) is known as dollar-cost averaging and can be a great way to average out the price at which you buy.
Why Buy Polygon?
Polygon has experienced significant adoption because of its unique proposition and ability to take a different approach to the cryptocurrency ecosystem. Rather than compete with other blockchains, like Ethereum, it seeks to collaborate and improve them.
Besides scaling the Ethereum network to its full potential, several factors make Polygon a unique and exciting investment. Here are just four examples.
Polygon is decentralized. The Polygon network is not controlled by a single entity or individual, which helps to ensure its integrity. It is powered by a distributed and transparent network of specialized computers.
There is a maximum supply of MATIC tokens. Similar to Bitcoin, Polygon has a supply cap of 10 billion MATIC tokens that will exist at any point in time. This makes the token deflationary over the long run and a hedge against things such as inflation.
Polygon is amid significant adoption. There are currently over 7,000 decentralized applications running on the Polygon network. As Ethereum and the crypto ecosystem continue to edge closer to mainstream adoption, Polygon is positioned very well to take advantage of the opportunity ahead.
Transactions on the Polygon blockchain are entirely transparent, in contrast to digital fiat transactions (like CAD). This also means that the network’s transactions cannot be altered or tampered with, making its blockchain trustworthy and secure.
What are Polygon’s next steps?
2021 was a monumental year for Polygon, which saw an incredible 135-fold increase in price. With tailwinds such as additional partnerships, endorsements, and the general direction of the crypto market, the future looks bright for Polygon.
One of the biggest factors that will determine Polygon’s investment performance will be whether adoption continues. Already, 2022 is looking bright, as Polygon has partnered with Stripe (one of the largest ecommerce payment processing companies in the world) to accept crypto as a form of payment for clients.
These major partnerships, alongside the 7,000 decentralized applications running on the Polygon network increase awareness of the project and validate its value proposition. So, we may continue to see the MATIC token price increase throughout 2022.
With the optimism about Polygon in mind, there are some things to keep an eye on into the future. Given that Polygon is closely tied to the Ethereum network, it is important for Ethereum to continue gaining traction and mainstream adoption. Additionally, given that Polygon focuses on Ethereum’s inefficiencies and finds ways to improve them, upgrades to the Ethereum network may lessen the need for Polygon over time. There are already many polygon projects growing in the ecosystem, as well as big names like Reddit that are joining the polygon family.
Polygon acts as a sidechain (alternate blockchain) to blockchains such as Ethereum which may be overloaded. The process of using a sidechain allows these two blockchains to communicate with one another. A similar and competing method is to use a plasma framework, involving the publication of blocks (or transactions) to blockchains like Ethereum. While this method may be deemed competitive, the lack of active communication leads to slower transaction times making sidechains the better option over plasma. Polygon uses a combination of both sidechains and plasmas to accomplish its goals of network efficiency.
Finally, a bet on Polygon is a bet on not just the continued growth of Ethereum, but also that of the crypto space as a whole. With new projects and applications emerging on a regular basis, Polygon will be there to reduce fees and speed up transactions. And if you are a Canadian interested in buying MATIC tokens, Netcoins provides a simple and easy way to get started.
Related article: The Pros and Cons of Day Trading vs. Long-Term Crypto Investing
This post is for informational purposes only. For proper financial advice, we recommend you speak to a financial advisor.
Frequently Asked Questions
Why buy Polygon?
Polygon has experienced significant adoption because of its unique proposition and ability to take a different approach to the cryptocurrency ecosystem.
Besides scaling the Ethereum network to its full potential, here are some reasons why people buy MATIC:
- It’s a decentralized currency
- There is a maximum supply of MATIC tokens (10 billion MATIC tokens)
- It’s amid major adoption
- Transactions on the Polygon blockchain are completely transparent
For many investors, Polygon is an exciting new blockchain helping to scale their beloved Ethereum.
Why is KYC (Verification) required?
As a Money Service Business (MSB) registered with FINTRAC, we are required to have a Know-Your-Customer (KYC) process and compliance program in place.
KYC is a process that allows us to verify the identity of our customers, as per Canadian regulations.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process.
If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business in Canada.
How can I fund my account?
Your Netcoins account can be funded with a cryptocurrency deposit, Interac e-Transfer, or a bank wire transfer.
Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy MATIC in Canada.
Can I send my crypto to an external wallet?
Yes, you can either keep a crypto balance within your Netcoins account or withdraw it into your own external wallet. While FIAT withdrawals are free, there is a small withdrawal fee associated with crypto withdrawals.