FTX is one of the best and safest crypto exchanges for selling, trading, and buying crypto. As the fastest growing and second most popular regulated exchange in the world, it is trusted by millions of users worldwide.
FTX has a lot to offer customers, which is how it became the #2 largest exchange in such an impressively short time span. If you are searching for a top-tier exchange, I highly recommend checking out our FTX review where we thoroughly cover all the features and products it has to offer.
For our US-based readers, feel free to head over to our FTX US review.
If you don’t already have an account at FTX or FTX US, we managed to swing a deal with the folks over there to provide our readers with a 10% trading fee discount for life and the first $30 in trading fees covered if you sign up to FTX using our FTX link, or FTX US using our FTX US link. Pretty sweet!
Let’s crack into how to buy Polkadot on FTX
How to Buy Polkadot on FTX – Creating an Account
Polkadot (DOT) is one of the most fascinating crypto projects in the space, and one of the leaders in creating a future that is multi-chain. If you are interested in taking a deep dive into the network, feel free to check out our Polkadot review or check out Guy’s take on this revolutionary network to learn more here:
Buying DOT on FTX is really easy and can be done on either the FTX website or via the FTX mobile app which is available on both IOS and Android.
The first thing you will need to do is create an account.
Once you register for an account you will be able to explore the platform, but if you want to do any sort of buying, selling, or trading you will need to verify your identity and pass KYC verification which can take anywhere from a few seconds to a few days to be approved.
Registering via website can be done by the popup screen shown above if you used our link, or by navigating here:
Then following these steps:
- Enter your email or sign in with Google- Be sure to use a real email address here as you will need to verify it.
- Create a password- Make this a strong one as you don’t want this falling into the wrong hands. You can learn more about crypto safety in our article on How to Keep Your Crypto Safe.
- Read and agree to the terms and conditions then click [Create Account]
Tip: Take advantage of the password strength indicator and create a password that is “Very Strong” when the colour changes from green to blue.
Making a Very Strong Password is a Great Way to Prevent Unauthorized Access to Your Account.
After clicking “Create Account,” you will be taken to the KYC verification process where you will need to enter your name and date of birth:
Be sure to use the same name that is stated on your government-issued ID otherwise your verification will fail.
Next, you will need to provide the following information:
- Country of Nationality
After that step, you will be taken to a third page where you will need to enter a phone number. Again, be sure to use a real mobile number here as you will receive a verification code via SMS
Once the SMS verification code is authenticated you will be taken to a screen that asks for some more personal information. FTX requires customers to enter their source of funds, they can select:
This is to help combat money laundering and enhances KYC information, many exchanges now inquire as to where customers get the funds from that they intend to deposit on the platform.
Once the source of funds is selected, you will be automatically redirected to third-party KYC collection company Stripe to process your documents. That will look like this:
This step can be done on the computer, or an SMS, email, or QR code can be accessed/scanned on your mobile phone to complete this step via mobile if your computer is not equipped with a camera to photograph your ID or for the facial recognition scan.
You will need to upload or take a picture of your government-issued ID and take 3 selfies. The name on the ID should match the name you used to sign up, and verification can be processed automatically if your selfie looks like your ID photo and all images are clear, so try and have everything match as closely as possible to avoid delays. If the verification cannot be completed automatically your info will need to be passed to a human verification team for processing.
Once this is complete on your mobile device you can return to your computer, or, if you completed this step on your computer, hit “Continue” and now you play the waiting game as your screen should look like this:
Expect this to take 24 hours to one week, you will be notified via email to let you know if it is completed or if more information is required.
There are 3 levels of verification you can go through:
Unverified– Can only explore the platform, no trading activities can be conducted, nor deposits/withdrawals.
KYC Level 1– Withdrawals limited to US$2000 per day and limited access to futures and derivatives trading products.
KYC level 2– This is the level we covered in this section as it is the highest level and the one most users choose as they want full access to the trading features. This tier comes with unlimited crypto and fiat withdrawals and access to all the features depending on jurisdiction.
If you want more information on this, FTX has a great FAQ section, complete with step-by-step images and video tutorials on how to create an account and complete identity verification.
Great, now that you have an account and passed verification, it’s time to buy some Polkadot!
How to Buy DOT on FTX
Buying crypto on FTX can be done with a debit/credit card, bank account via wire transfer, or swapping crypto. FTX has many options available for fiat onramps and methods for purchasing crypto, making purchasing Polkadot on FTX a breeze. We cover all the purchasing methods and fees in our FTX review.
The easiest method is to head to the Portfolio section or scroll down right from the main screen when you log in and hit the [Convert] button. With the convert feature, you can swap fiat or crypto for Polkadot, or the asset of choice.
If you do not already have funds on FTX, instead of hitting [Convert] you would select [Deposit], and that will direct you to the option of purchasing directly with a bank card or bank transfer.
When selecting the deposit option, select the fiat currency or crypto that you would like to make your purchase with. If selecting fiat, this should match your home currency, or the currency your card makes purchases in or is held in your bank account. You will also select DOT here, and the amount you want to purchase:
Once you click on the deposit option, you will be taken to a screen that shows all of your depositing options like this:
Select your option of choice then you will be taken through the step-by-step process to purchase. Selecting to use a card is the most convenient and will credit your account with funds almost instantaneously, while bank transfers can take a couple of days to clear, but you will save on fees.
Note that this convert method is not the most cost-efficient way as card purchases can come with hefty fees, and there are additional fees to use the convert feature. To get the best bang for your buck, you should credit your account with fiat via bank transfer then navigate to the Markets section like so:
Then select Spot, and find Polkadot or your asset of interest:
That will take you to a trading interface that is not nearly as complex as it looks, and is worth getting familiar with as you will be able to save a considerable amount of money on fees and gain the ability to access advanced buy and sell options to get in and out of crypto at better prices.
From here you will be able to purchase DOT with the fiat deposited in your account, or for another cryptocurrency. This screen also provides you with advanced trading tools if you care to perform some technical analysis. The trading interface, matching engine, and trading execution on FTX is one of the best in the world which is why FTX has become an oasis for crypto traders.
Guy put together this fantastic beginner’s guide on how to set up an account and how to trade on FTX which you may find useful:
And that’s it! I hope you found this article useful. Until next time, happy trading.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.