Crypto Investing
13 Jan 2022

How to Buy Polygon Coin or MATIC in 2022: Step-by-Step Explainer

Ananda Banerjee

Hey there, do you really want to know how to buy Polygon coin or MATIC in India? If you are seriously interested, you must understand that Polygon as a crypto project is necessarily a Layer-2 scaling platform. And yes, it is rightly the future of Blockchain technology.

Key Takeaways

  • Polygon is a resourceful scaling network and even the future of decentralized apps.
  • Buying the Polygon Coin or MATIC requires you to identify the best exchange with high liquidity.
  • CoinSwitch is one of the more reliable exchanges to buy MATIC from, as the step-pronged process is simple and easy to follow.
  • With the CoinSwitch app, you can start buying MATIC for as low as ₹100.

To put it simply, Polygon works as an ‘Internet of Blockchains’, allowing you to solve some critical issues prevalent in the Ethereum ecosystem, including:

  • Low throughput
  • Higher transaction fees
  • Limited developer options

Polygon, as a network, leverages Ethereum’s core technology and still manages to take care of the existing problems. Previously known as the Matic Network, Polygon aims to increase the DeFi applications and resources. And all these without letting go of some good things relevant to the Ethereum blockchain, like the security aspect.

And while there are several technical aspects to the Polygon network, a more simplified description of the same has to be its Proof-of-Stake mechanism, clubbed with the Plasma framework. 

Fact Check: Polygon’s proprietary Plasma framework supports multi-chain transactions while making them faster and cheaper

As the involved technology can push the transaction limit up to 65,000/sec, dApp developers might consider moving from the Ethereum mainnet to Polygon for increasing usage, reach, and viability.

If the sneak-peek into the Polygon network makes you wonder as to where to buy Polygon Coin from, we shall cover the same in the subsequent segments. And if you are pressed for time and looking for a quick hack, CoinSwitch Kuber, as one of India’s leading crypto exchanges, has you covered. The platform lets you purchase and even trade in the Polygon Coin or MATIC with relative ease.

And if you want to know how kindly read on.

How to Buy Polygon (MATIC)?

Short answer- You can buy polygon (MATIC) in India via CoinSwitch!

Long answer

While there are several reliable crypto exchanges in India, not many have listed MATIC. In most cases, ‘How to buy Polygon Coin in India’ continues to be the Achilles Heel for most crypto investors as some platforms face transaction issues, some have low liquidity, and some have subpar trading volumes that hardly inspire confidence. So, if you want to buy MATIC, here are the pointers to follow:

  • Identify a reliable exchange with high liquidity, like CoinSwitch
  • Ensure that the exchange has multiple modes to add funds and transact
  • Cross-check the security standards of the exchange and online user reviews for credibility
  • Get an app to make the buying process seamless 
  • Address KYC and follow the exchange-specific steps
  • Add a mode of transaction to transfer funds without hassle
  • Start small or in the case of CoinSwitch, at ₹100

And while this seems like a straightforward process, we shall now take a closer look at how CoinSwitch functions when it comes to buying MATIC or any other crypto asset for that matter.

MATIC Buying Steps

Steps Involved in Buying Polygon (MATIC) in India

Now that you have chosen well, we would like to reiterate that CoinSwitch, as a crypto exchange, easily provides the best MATIC buying and selling experience in India. And the fun part is that CoinSwitch even lets you choose from a wide range of crypto assets, 90 to be exact. 

While you urge you to explore the miracles of the CoinSwitch app, here is a detailed step-pronged guide to help you trade and invest better:

Step 1: Open CoinSwitch. The Website Of course!

New to crypto trading and interested in MATIC. Well, here are the sub-steps to follow:

  • Head over to the website
  • Download the CoinSwitch app depending on the mobile ecosystem you use (Pick Google Play for Android and App Store for iOS)
  • And if you are not into manual downloads, simply feed in the mobile number and get the app link for the same.

Sounds hunky-dory, right!

Step 2: Register & Open an Account ( Let’s get you those login credentials)

Imagine that you already have the app on your device. It’s time to get started. Here are the pointers to follow along the way:

  • Open the app, register with your phone  number, and get an OTP delivered to the same
  • Verify the phone number by entering the OTP
  • Once you’re inside the app, set up a PIN for your account (Ensure that it’s hard to guess but easy to remember)

Lo-and-Behold, you’re all set. At this time, the app sends you to the dashboard. And if you experience any issue along the way, reach out to our customer support.

Step 3: Complete your KYC (We want to know you better!)

Know your Customer or KYC is an integral part of any financial endeavor, and CoinSwitch is no different. Once you have surfed through the app in general, you must complete the ‘KYC’ to initiate trading. 

Here are the pointers to follow:

  • Start with complete user verification by first providing PAN card details, Full Name(as on the PAN Card), Date of Birth, and an email ID. 

Note: CoinSwitch will verify your email ID by sending over an OTP.

Step 4: Set-Up Multi-Step Verification (Secure isn’t good enough, we keep you super secure!))

We’re almost done with the verification. Just for the sake of holistic safety, here are the following sub-steps to follow:

  • The app will ask you to submit a scanned or photographed image of your PAN card.
  • Next, you will have to upload your identity card’s front and back-side snaps.
  • Finally, the verifier will scan your face and instantly match the same with your submitted docs.

Note: If everything goes swimmingly, CoinSwitch will activate your account for trading and investing.

Watch this video for a detailed walkthrough. 

Step 5: Add Bank and UPI Details (Transactions, Withdrawals, and more)

Now you need funds to start investing in MATIC. And for that, you must add the banking and digital payment details, facilitating seamless transactions:

Set Up the Bank

  • Provide your bank account number and IFSC code to establish a mandate of sorts with the bank
  • CoinSwitch app will send over ₹1 to the mentioned account to initiate a link and verify the same.

Note: If you ever want to change the banking details after registering, head over to ‘Profile’ then ‘Bank Details’, and eventually ‘Edit’ the same. 

Set Up Net Banking

  • Once the bank details are in the system, you can activate Net banking to quickly transfer funds to your CoinSwitch wallet for making transactions.
  • And the best part is that you simply need to capture the CoinSwitch details, open the mobile banking interface of your banking app, feed in the same, and initiate a transfer.
  • The amount starts reflecting in the CoinSwitch wallet as soon as the app receives the funds.

Important: Funds moved using internet banking can take up to 48-hours to reflect in the wallet

Important: It is better to use the registered bank account to send funds. In case of discrepancies, refunds might take up to 7 days to reflect in the unregistered bank account.

So it is better to register and then proceed.

Set up the UPI

  • Simply provide the UPI ID details and add the amount you need to transfer.
  • CoinSwitch will then send over a request to UPI ID
  • You can respond by opening the concerned UPI app or interface.
  • Simply accept the payment mandate to move the funds.

Note: UPI-initiated payments usually reflect within 10 minutes

Setting up transaction details can get tricky. And if they do, watch this video to get a simpler, hands-on view of the same. 

And yes, you can also reach out to the support team for assistance.

Step 6: Buy MATIC (The Coin in the Spotlight)

You’re now all set to initiate the first transaction, with MATIC being on the radar. Here are the pointers to follow to buy the Polygon Coin or MATIC in no time:

  • Head over to the bottom of the screen, locate the ‘Market’ tab, and search for MATIC
  • Once the coin page opens up, you can see daily, weekly, monthly, and yearly price movements
  • Scroll to the bottom and hit the ‘Buy’ button
  • Once you click on ‘Buy’, enter the purchase amount

Note: Make sure you have adequate funds in your  wallet

  • Once the purchase screen opens, head over to the upper right corner to place an Instant or a Limit order.
  • Once the selections are taken care of, you can ‘preview buy’ to see the amount of MATIC that is getting purchased in the first place.
  • Finally, hit ‘Confirm’, and your buy order will execute. 

To check the assets, you can head over to the ‘Portfolio’ tab and see the MATIC coin sitting there. Plus, the CoinSwitch interface even reveals the % gain or % loss for the given asset, the total sum invested, and other details relevant to individual assets. 

Wrap-Up

As a crypto asset, Polygon (MATIC) has gained close to 7000 percent on a Y-o-Y (Year-on-Year) basis, making it one of the fastest-growing coins in the existing space. Led by its environment-friendly consensus mechanism or PoS checkpointing and a DeFi-focussed outlook, Polygon seems to have a long way to go from here. 

And with Polygon founders confident about the relevance and importance of this ecosystem even after the supposed launch of Ethereum 2.0 later this year, it is apparent that you are planning to HODL some MATIC while the market is in a consolidation phase.

If you’re someone with a penchant for the hot and happening crypto assets, there isn’t a safer and better place than CoinSwitch Kuber. Out here, the focus is on helping you buy-sell-HODL crypto assets as easily as ordering food online. 

Check out the website to get started right away. Also, check the MATIC-INR conversion standard and plan your portfolio accordingly. 

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Ananda Banerjee

Content Writer

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