Buy Polkadot (DOT) in Singapore

Dr. Gavin Wood, co-founder of Ethereum.

Polkadot began as a concept in a whitepaper published by Gavin Wood, one of the co-founders of Ethereum, in 2016. With Robert Habermier and Peter Czaban, Polkadot was completed for its launch in May 2020. The blockchain network quickly became one of the largest cryptocurrencies by market cap.

Polkadot’s creators also founded the Web3 Foundation to develop the network further and to maintain its open-source code.

You can buy Polkadot in Singapore here on Independent Reserve.

Independent Reserve is regulated by the Monetary Authority of Singapore (MAS), Singapore’s financial services regulatory body. We are proud to operate in the great Lion City as one of the first digital currency exchanges to receive a Digital Payment Token (DPT) license under the Payment Services Act (PSA).

Sign up today to buy Polkadot or other cryptocurrencies listed on our exchange. We are pioneers in the crypto space as one of the longest-running exchanges in the world. We have an unblemished track record spanning almost ten years. In Australia, we were voted the #1 Digital Currency Exchange from 2019-2021 by Blockchain Australia.

You can buy DOT using Singapore dollars on Independent Reserve.

You can instantly deposit Singapore dollars (SGD) using FAST to buy Polkadot (DOT) in minutes.

Once you have made a deposit from your Singapore bank account into your Independent Reserve trading account, you are ready to start trading SGD for DOT. You can also download our app to purchase DOT using your mobile device.

You can buy Polkadot with as little as S$10. Receive free deposits on amounts of S$1,000 and above. Unfortunately, we do not take Apple Pay, credit or debit card as a form of payment.

If you need more help choosing a payment method, visit our support page. Enjoy our low fees when you buy cryptocurrency with Singapore dollars on Independent Reserve.

Yes, we have world-class security to protect our customers

After you buy Polkadot in Singapore on Independent Reserve, you can simply leave it on the exchange and we will safely store Polkadot for you. Or, if you prefer to store Polkadot (DOT) in another third party wallet, you can easily transfer your DOT tokens to your preferred cryptocurrency wallet to be stored with your other digital assets.

At Independent Reserve, we take security seriously; it is at the forefront of everything we do. As a highly reputable and trusted exchange that is ISO 27001 certified, we have the highest level security measures in place to ensure that our customers’ cryptocurrency is kept safe. We offer 2-factor authentication (2FA) and top-tier underground vaults to protect your crypto. Learn more about the security features of our platform.

DOT is the native token of the Polkadot blockchain.

DOT tokens power the entire Polkadot network. DOT is used for operating, maintaining, and securing Polkadot. With its consensus mechanism, Polkadot tokens are staked to confirm transactions and secure the Polkadot blockchain. DOT is also essential for governance as it allows holders to vote for changes in the network or propose the changes themselves. Many developers purchase DOT to participate in parachain options and lease space on the network.

Bonding is the process of locking up DOT tokens by staking them for the duration of a project's leasing period. DOT holders can also bond DOT to nominate parachain projects and possibly earn token rewards.

Relay chains, parachains, parathreads, and bridges

The Polkadot network consists of four core components: relay chains, parachains, parathreads, and bridges. The relay chain is the control centre of the whole network, which handles the records of coin transactions, maintains security, and provides interoperability.

Parachains and parathreads are similar in terms of functionality. These are independent blockchains that connect to the relay chain to allow interoperability. The difference is that parachains lease a spot while parathreads pay to use Polkadot’s resources only when needed.

Finally, Polkadot has bridges that allow parachains to exchange data with blockchains outside the network like Bitcoin or Ethereum.

The network uses nominated proof of stake (NPoS) mechanism

With the NPoS mechanism, validators and nominators are selected to maximise chain security. This way, chains can interact securely under the same rules while retaining scalability.

Polkadot aims to provide interoperability and scalability

Unlike other cryptocurrency networks, Polkadot focuses on achieving interoperability while increasing the speed and efficiency of managing a multitude of transactions simultaneously. It creates an ecosystem where different blockchain networks can communicate seamlessly. This makes it possible to exchange tokens and arbitrary data between different blockchains.

Several factors can influence the price of Polkadot (DOT)

This includes supply and demand, general economic environment, news cycle, and public sentiment. Its biggest drivers are Bitcoin's price movement and the network's development.

Yes, DOT can be used for real-world transactions

Polkadot can be used for payments and donations in the real world. However, its uses are primarily exhibited in staking, bonding, and governance in the Polkadot network.

It’s up to you to determine whether to invest in Polkadot

Polkadot is still in its early stages, and it has the potential to continue to grow in the future (view the Polkadot price here). However, it’s still important to note that Polkadot is just as volatile as all cryptocurrencies. It can be subjected to high upswings and downturns. Before you purchase crypto like Polkadot, do your research and don’t put in money you can’t afford to lose.