How to Buy Polkadot (DOT) in the UK (2021)

The best place to buy Polkadot (DOT) in the UK with GBP is via Binance. This cryptocurrency exchange allows you to deposit GBP for free using a UK bank transfer and then buy Polkadot (DOT) at the real exchange rate with low fees (max 0.1%).

If you don’t want to use Binance, then there are a few other places you buy Polkadot (DOT) in the UK. My favourite alternative is Kraken – which is a popular cryptocurrency exchange that’s been around since 2011.

Anyhow, check out this quick guide to buying Polkadot (DOT) in the UK to learn more about your options.

Quick Summary: Buy DOT in the UK

The table below summarises the best places to buy Polkadot (DOT) in the UK with various payment methods. There are more places than this, but I reckon these are the easiest and cheapest.

ProviderPayment MethodFees (Approx.)
BinanceUK Bank Transfer< 1%
KrakenUK Bank Transfer< 1%
Crypto.comDebit & Credit Card1.49%
BC BitcoinUK Bank Transfer4%

As already mentioned, Binance is the best choice here. Not only is it the best place to buy Polkadot (DOT) with a UK bank transfer, but you can also use a debit or credit to deposit GBP on it too.

Keep reading for a little more detail about your top two options.

How to Buy Polkadot (DOT) in the UK

1. Binance [Quick, Easy, & Low Fees]

Binance logo over their trading interface

With Binance, it’s possible to buy Polkadot (DOT) at the real exchange rate without paying high trading fees (max 0.1%). Just deposit GBP with a UK bank transfer, wait an hour or two, and then you can buy any supported cryptocurrency on this exchange.

But there is one small catch.

You can’t currently buy Polkadot (DOT) directly with GBP on Binance. This means you’ll have to:

  • Buy another cryptocurrency – like Bitcoin (BTC) or Tether (USDT) – with your GBP balance.
  • Exchange your Bitcoin (BTC) or Tether (USDT) for Polkadot (DOT).

It’s a little bit of a faff. As you have to make two trades, you’ll also pay twice as much in fees (max 0.2%).

If you’ve never used Binance before, there’s a great mobile app you can download to your phone. It’s simple and easy-to-use – which is perfect if you’re new to the wonderful world of cryptocurrency.

Overview of Option #1

  • Create a Binance account. Verification doesn’t take long.
  • Deposit GBP (via a UK bank transfer) to your Binance GBP wallet.
  • Buy Bitcoin (BTC) with your GBP balance (real exchange rate, max 0.1% fees).
  • Buy Polkadot (DOT) with your Bitcoin (BTC) balance (real exchange rate, max 0.1% fees).

Binance also allows you to buy cryptocurrencies like Polkadot (DOT) with a debit or credit card. Even though this is quicker and more convenient to buy cryptocurrency with a debit card, I wouldn’t make a habit of it. With Binance, you’ll normally pay 1.8%+ in fees if you use a debit or credit card to deposit GBP.

Check out the website to learn more.

Binance Website

#2. Kraken [Cryptocurrency Exchange]

Kraken is a cryptocurrency exchange that’ll be a decade old next year.

And over the last couple of years, it has continued to get better. They’ve added support for more cryptocurrencies, added support for GBP deposits, and much more.

Overview of Option #2

  • Create a Kraken account.
  • Complete verification to get an Intermediate or Pro level account.
  • Deposit GBP (via a UK bank transfer) to your Kraken GBP wallet.
  • Purchase Bitcoin (BTC) with your GBP balance.
  • Head over to the DOT/BTC market and buy DOT (real exchange rate, low fees).

You’ll pay fees of up to 0.26% on Kraken. You’ll unlock slightly lower fees if you trade more frequently on Kraken, or if you’re a market maker. You can find out more in this help article about all this.

I wouldn’t have bothered mentioning Kraken a few years ago. But now? They’re an excellent choice for anyone that wants to cheaply buy a range of cryptocurrencies (like DOT) in the UK.

Learn More

Where Can You Keep Polkadot (DOT)?

With both Binance and Kraken, you’re able to leave the Polkadot (DOT) you’re buying with them. These are custodial solutions, which is shorthand for saying that you don’t control the funds – someone else does. This means your access to these funds is at their discretion (e.g. they could lock you out whenever they want).

If you want to take control of your money, then you’ll want to withdraw cryptocurrency you buy into non-custodial wallets. There are lots of options out there for Polkadot (DOT), but here are a few which I like:

For more options, check out this wiki page.

If you don’t already, getting a cheap hardware wallet (like the Ledger Nano S) isn’t going to be something you regret. It allows you to quickly and easily secure your cryptocurrency assets in a non-custodial manner.

You can check out my Ledger Nano S review to learn more about this, or just head straight over to their website to hear it from them.

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