Buy Polygon in Canada

Polygon is a piece of technology designed to reduce transaction times and costs on blockchains like Ethereum. Polygon was created in 2017 under the name Matic, and the coin, whose ticker name still carries that old name, launched in 2019.

As of October 2021, 6.86 billion MATIC is in circulation out of a total 10 billion possible coins. The remaining coins haven’t been minted yet; a network of anonymous entities, known as stakers, will earn them by processing transactions. Staking is a little like Bitcoin mining, but without all the energy-intensive computational work.

MATIC is a cryptocurrency that runs on the Ethereum blockchain. You can, theoretically, use MATIC to buy your groceries and pay for your car insurance, but you’ll have a hard time finding anyone who’ll accept it. More commonly, you can invest it, either by staking it in Polygon directly or in other decentralized finance protocols. You can also use it as a governance token, meaning that it becomes a bargaining chip to vote on the way the protocol works.

Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.

Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:

Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.

Always keep solid records of any Polygon transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

Polygon’s current market cap is 9,749,182,034.

The current price for Polygon in Canadian dollars is $0.93.

Buying Polygon with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.

From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Polygon 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order

You can choose between two different order types when buying Polygon. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.

You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.

A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.