Polygon Crypto: MATIC Price Analysis and Review

MATIC is the native coin of the Polygon crypto platform (it is an extension of the Ethereum protocol). PoS (Proof-Of-Stake) consensus is used to ensure the operation of the token, which allows coin holders to earn by confirming transactions on the network. Joining them is easy – just buy a certain amount of MATIC. The main way to buy cryptocurrency is on a crypto exchange.

What is Polygon

The Polygon team consists of three co-founders of the platform: Sandeep Nailwal, Jainti Kanani, Anurag Arjun, and Mihailo Bjelich.

At the beginning of its existence, the Polygon crypto platform was called Matic Network. From here came the name of the token and its ticker (the short name of the coin, which is used on exchanges). In 2021, the platform was renamed to Polygon, however, the token and ticker retained their former names.

Today in Polygon ecosystem, the name Matic stands for sidechain (one of several implemented on Polygon) – a protocol within the Ethereum protocol. At the beginning of the launch, the main goal of the subnet was to increase the speed and number of transactions. They were first processed inside the Matic Network, and then transferred to the main blockchain – Ethereum.

Today Polygon itself has become a platform that allows to link blockchains (Polkadot does something similar): i.e. everyone can create their own blockchain running on PoS consensus using the tools of the ecosystem.

The total amount of MATIC coins issued is limited to 10 billion. The last tokens will be released into circulation in December 2022. So far, the MATIC coin is used mainly for payment for transactions within the Polygon network and earnings on staking. In the future, the token is going to be renamed and its functionality to be expanded: it is planned that MATIC will be used to governance of Polygon and integrated into other products of the ecosystem.

Where is the best place to buy Polygon

Polygon is a popular and widespread coin. It is available for purchase through:

• Digital payment services;
• Cryptocurrency exchanges;
• Banks and financial institutions working with crypto (such as Relovut).

The most profitable to buy Polygon is on cryptocurrency exchanges. Exchanges provide a high level of protection for transactions and user accounts, provide good liquidity and extensive opportunities for buying cryptocurrencies (bank transfers, Mastercard/Visa cards, payment systems, peer-to-peer p2p-services and so on).

Polygon buying instructions

To buy Polygon, just use a simple step-by-step instruction:

1. Decide on level of acceptable risk;
2. Select crypto exchange;
3. Create an account on it;
4. Top up account;
5. Buy Polygon.

Determine your level of risk

Any investment involves risk. That’s why, before you start investing, you need to remember a few simple rules. Following these will keep your money safe and prevent unnecessary losses:

• Invest only the amount of money you are not afraid to lose;
• Never invest the last of your money;
• Do not invest borrowed funds if you are a beginner;
• Distribute funds to different assets.

Choose a crypto exchange

At the next step, you need to select a cryptocurrency exchange. To decide on a trading platform, you should study the conditions it offers: balance replenishment methods, trading conditions, commissions and limits for depositing and withdrawing cryptocurrencies, user reviews and other parameters.

See also: Rating of the best crypto exchanges.

The most popular exchanges with the best terms to buy MATIC are presented in the table below:

Exchange

Website

BTC trading volume, 24h

1

BingX

bingx.com

BTC trading volume, 24h

14.00

Register an account

To trade on the exchange, you need to create an account on it. For example, let’s register a new user account on the crypto exchange OKX:

1. Go on the official website of the exchange → in the upper right corner, click Sign Up;
2. Select how you want to register by e-mail or phone → create a password → enter your referral code (if available) → click Sign Up;
   

   

3. In the new window, enter the 6-digit code that will be sent to phone or email;
   

   

4. Wait for the registration to complete.
   

   

For more details about registering an account on OKX, see the exchange overview.

Top up your account

Different marketplaces support different payment methods. Some exchanges offer deposits in fiat. Whereas OKX supports deposits in cryptocurrency only. Let’s see how to do this using the USDT coin as an example:

1. Open the tab Assets → Deposits → select USDT as deposit currency → select network (Ethereum or Tron);
   

   

2. Specify account type (general/trading), then wallet address will appear (available as a QR-code);
   

   

3. In the wallet from which the coins are being transferred, select USDT, click Send and enter the address obtained from the exchange (or scan the QR-code);
4. Confirm the transaction;
5. Check the receipt of coins in the account.

Buy Polygon (MATIC)

To buy Polygon (MATIC) on the exchange, follow the instructions below:

1. Log into user account;
2. Click Trade → Basic Trade;
   

   

3. Select a cryptocurrency pair, for example, MATIC/USDT;
   

   

4. Specify order type, for example, Market (MATIC will be bought at the current price);
5. In the Total field, enter the volume of USTD coins to buy MATIC;
6. Press the Buy MATIC button.
   

   

How to sell Polygon

To sell Polygon (MATIC) on the exchange, you need to follow all the same steps as in the buying instructions, but:

1. Fill in the Total field above the Sell MATIC button;
2. Press Sell MATIC to send a sell order.
   

   

Where to store MATIC

Depending on how you plan to use the cryptocurrency, you can choose wallets for storing it. All wallets are divided into two groups:

• “Hot” or software wallets;
• “Cold” or hardware wallets.

“Hot” wallets are used when it is necessary to have permanent access to cryptocurrency. For example, if the user actively trades on the stock exchange or pays for goods and services with cryptocurrency. One of the most popular MATIC wallets is Trust Wallet. “Hot” wallets are considered less secure due of constant access to the network. Therefore, when using them, you need to remember about protection: set up two-factor authentication and use strong passwords.

See also: Popular crypto wallets.

“Cold” wallets can be used for long-term investment or ordinary cryptocurrency storage. Popular hardware wallets include Ledger. “Cold” wallets provide more reliable protection of funds, because they do not have a permanent connection to the network. Their obvious drawbacks include high price.

How to withdraw Polygon to my wallet?

Earned MATICs do not have to be kept on the exchange balance. You can withdraw coins to your wallet. The process of transfering crypto from OKX to Trust Wallet looks like this:

1. Select Assets → Withdraw from the menu in your account;
   

   

2. Select MATIC in the list in the next window → specify network → click Continue;
   

   

3. Specify the address and wallet name (optional) to which the coins will be withdrawn. The commission will be calculated by the exchange automatically;
4. To get the wallet address, you need to go to Trust Wallet → select MATIC from the list of coins → click Receive → Trust Wallet will generate address for receiving MATIC;
   

   

5. After entering the address on the exchange page, click Continue;
6. Enter funds password and confirmation code sent to your phone → press Confirm.

FAQ

Agatha Redich

Articles author, editor

Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.

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Emil Rabin

Site expert

Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.

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