How to Buy Polkadot (DOT) in Iceland

A Step-by-Step-Guide on how to buy Polkadot (DOT) in Iceland

Step 1 – Signup to CEX.io

You'll first need to buy one of the major coins. Exchanges usually accept either Ethereum or Bitcoin in exchange for any other Cryptocurrency. Follow the Link below to register and receive your welcome Ethereum (ETH) or Bitcoin (BTC).

Step 2 – Send Your Ethereum (ETH) or Bitcoin (BTC) to an Crypto Trader

Your Ethereum (ETH) or Bitcoin (BTC) has to be sent over to an Crypto Trader now. Every exchange has a deposit form that is similar. Polkadot (DOT) is accessible on Binance, so we're going to use that as an example. Unsure on how to send Coinbase funds to an Cryptocurrency Exchange? (Follow these easy steps)

Make sure you've selected the correct coin you want to deposit.

BTC must be sent to a Bitcoin deposit address, ETH to an Ethereum deposit address, etc. If you are using a decentralized exchange, such as Airswap or DDEX could be divergent (Just follow these easy steps).

Step 3 – Locate Polkadot (DOT)

As soon as your deposit has been approved, you will directly have access to your funds and you can start buying and trading. To invest in (DOT) Polkadot on Binance, you will want to hover over the “Exchange” tab and after that mouse click on “Basic”.

In order to locate Polkadot (DOT), you will need to insert the short name of the asset (DOT) into the search box, which is marked in the image. Be certain of having choosen the correct grouping, we've highlighted this too. Click on “DOT/BTC” to go on.

Step 4 – Purchase Polkadot (DOT)

After you've located Polkadot (DOT), you'll be given a Price Chart (in the Center of the image) and some Order Books (Leftside of the image). And now we are making our Limit Order.

The “Price” field will be filled with the up-to-date rate (DOT) Polkadot was sold for. This can be changed to your preferred price. The field with the “Amount” tag is the volumen of DOT you wish to purchase. The field with the “Total” tag is the whole price in BTC that you'll pay for the whole volumen of DOT.

When you're happy, make a mouse click on “Buy DOT”. Your order will be filled when a Vender sells their DOT for the price you submitted.

Step 5 – Withdraw Polkadot (DOT)

Unless you're regularly trading, never keep your coins on an Crypto Exchange for an extended time frame. To take off your Polkadot (DOT), hover over the tab called “Funds” and mouse click on “Withdraw”. Polkadot (DOT) can be safely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide)

Locate (DOT) Polkadot by using the provided drop-down box. Put into the volumen of Polkadot (DOT) you would like to take off. Don't forget the shown fees/minimums. Also make sure you have filled your precise withdraw address.

When you're satisfied, click on “Submit”. You may be asked for phone/email verification before a take off.

Kudos! You've successfully purchased and safed Polkadot (DOT) in Iceland.

That's it!

Take offs from Exchange can durate between 1 – 30 minutes (depending on network usage). Once you have confirmed your take off with Ethplorer.io or Etherscan.io and the Polkadot (DOT) is stored in your wallet, you are finished.