How and Where To Buy Polygon (MATIC) in Canada

Photo of author

by Enoch Omololu

Updated

Advertiser Disclosure

Looking to buy Polygon (MATIC) crypto in Canada?

Polygon is one of a few other protocol networks like Polkadot and Cosmos that facilitate the interoperability of blockchains.

By enabling faster and cheaper transactions on Ethereum, Polygon and its native token, MATIC, have performed relatively well in the cryptocurrency space.

Read on to learn about how to buy Polygon on exchanges in Canada including Binance, NDAX, Crypto.com, Wealthsimple Trade, and Coinbase.

What is Polygon?

Polygon, formerly known as the Matic Network, is a layer 2 scaling solution that helps connect blockchain networks on the Ethereum ecosystem.

The Polygon protocol aims to avoid many of the problems faced by Ethereum including high gas fees and slow transactions.

It is scalable, secure, and has been used for over 3,000 decentralized applications (DApps).

$MATIC is the native cryptocurrency of the Polygon network. It is an ERC-20 token you can use to pay transaction fees on Polygon as well as for staking purposes.

How To Buy Polygon MATIC

To buy MATIC in Canada, you will need to open an account at a cryptocurrency exchange that supports it.

After verifying your identity and completing your profile, fund the account using fiat (Canadian or U.S. dollars).

Some exchanges also allow crypto deposits from another exchange or from your external hardware wallet.

When your account is funded, you can place a ‘buy’ trade for Polygon (MATIC).

Where To Buy Polygon (MATIC) in Canada

Some of the best places to buy Polygon in Canada are:

1. Wealthsimple Crypto

Wealthsimple Crypto is a regulated cryptocurrency trading platform in Canada that offers 30+ coins including MATIC (Polygon), ATOM, AVAX, AXS, BTC, and more.

Wealthsimple clients can also trade thousands of stocks and ETFs using the Trade platform operated by the same company.

To fund your account, you can set up Electronic Funds Transfer directly from your bank account.

More recently, the company also introduced the Wealthsmple Crypto Wallet which means you can now deposit some coins. However, crypto transfers out to an external wallet are not yet supported.

Trading fees are up to 2% and are included in the price spread. Fiat deposits and withdrawals are free.

Offer: Get a $50 cash bonus when you trade at least $150 worth of crypto in your new account.

Visit Wealthsimple

2. NDAX

The NDAX crypto exchange supports 20+ coins including MATIC, Ripple, Polkadot, Uniswap, USDC, USDT, and several others.

This platform is great for both beginners and advanced crypto traders with one-click trades as well as access to advanced order types.

You can fund your NDAX account using Interac e-Transfer, bank draft, or wire transfer. You can also deposit 20+ crypto assets.

The trading fees are low at 0.20%. Fiat and crypto deposits are free, and fiat withdrawals are completed within 1 business day.

Offer: Get a $10 bonus after you deposit at least $100 in your new account.

Visit NDAX

3. Newton

Newton is a cryptocurrency brokerage platform that supports 50+ coins including Polygon MATIC.

It offers multiple ways to fund your account including Interac e-Transfer and bank wire. Crypto deposits are also available.

Trading fees on Newton are up to 0.70% and are included in the bid-ask prices.

Fiat deposits and withdrawals are free, and the network fees when withdrawing crypto are covered up to the first $5.

Offer: Get a $25 bonus when you trade crypto worth $100 or more in your new account.

Visit Newton

4. Binance

The world’s largest cryptocurrency exchange, Binance, supports more than 350 crypto coins and tokens, including Polygon.

In addition to buying and selling crypto, users can also stake to earn interest and trade derivatives.

The Binance platform is better suited for experienced traders as its many features can be overwhelming for beginners.

Binance is not available to residents of Ontario.

Trading fees on Binance vary depending on your account tier and whether or not you are paying fees using Binance Coin. It can be up to 0.10%.

Offer: Get up to a 25% fee discount. Learn more in this Binance review.

Visit Binance

5. Crypto.com

With over 10 million users, Crypto.com is one of the most popular crypto exchanges in the world.

The platform supports 150+ crypto assets and you can use it to buy Polygon MATIC in Canada.

Crypto.com also offers NFT trading, staking, and crypto credit cards; plus it has its own token, the Crypto.com Coin (CRO).

To fund your Crypto.com account, you can use a credit or debit card, or transfer money directly from your bank.

Trading fees are up to 0.40% and vary with your account tier.

Offer: Get a 25% CRO bonus when you stake for a crypto prepaid card.

Visit Crypto.com

5. VirgoCX

VirgoCX is a Canadian cryptocurrency trading platform founded in 2018. It supports 30+ coins including MATIC, UNI, FIL, DAI, CRV, SUSHI, EOS, and many others.

You can fund your account using Interac e-Transfer and wire transfer (both CAD and USD).

Trading fees are up to 0.50% and fiat deposits/withdrawals are free.

Learn more in this VirgoCX review.

Visit VirgoCX

7. Coinbase

Canadians can buy Polygon on Coinbase. This exchange supports 90+ coins including MATIC and many other popular tokens.

Coinbase users can fund their account using a credit or debit card, or transfer funds directly from a bank account.

Trading fees are up to 0.50% and deposit/withdrawals fees may also apply.

Learn more in this Coinbase Canada review.

Visit Coinbase

Some other platforms you can use to buy MATIC include Kraken, Bitfinex, KuCoin, and Gate.io

How To Sell Polygon

To sell your Polygon holdings, simply log into the exchange account where you hold MATIC.

Place a ‘sell’ order transaction with the amount of MATIC you’d like to sell.

After your order is executed, withdraw the funds to your bank account if you are not purchasing more crypto.

Where To Store Polygon

Polygon can be stored in a crypto hardware wallet like Ledger or Trezor.

You can also keep your MATIC in the web wallet provided by your exchange or use a software crypto wallet.

Offline storage of your crypto assets using a hardware wallet is often recommended as they are less prone to hacking.

Here’s a guide on how to set up a Ledger Wallet.

Should I Buy Polygon Crypto?

Is Polygon (MATIC) a good investment?

Compared to one year ago when MATIC traded at $0.0213, it has come a long way since then and was selling at $1.54 as of this writing (a 7,000% increase).

Given its ability to leverage all the good aspects of the Ethereum infrastructure while also ensuring lower fees and faster transactions, there’s a chance that Polygon may continue to do well.

That said, its long-term potential is not certain as the cryptocurrency industry continues to evolve and competitors rise and wane.

Key numbers for Polygon as of this writing are:

  • Polygon price: $1.54
  • Market capitalization: $10 billion
  • Ranking: #21
  • Circulating supply: 6 billion
  • Total supply: 10 billion

Polygon Crypto FAQs

Does Polygon have a limited supply?

The maximum supply for Polygon is 10 billion coins.

Can I buy Matic in Canada?

MATIC is available on several Canadian exchanges including NDAX, Newton, Wealthsimple Crypto, and VirgoCX.

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share
Pin
Tweet
WhatsApp
Reddit