Buy Polygon in Canada
Polygon made simple
Everything you need to know about Polygon and how to start investing in it.
+$0.02 (4.03%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- 0.5796648 - 0.6141015
Polygon, formerly known as MATIC, is a scaling solution that takes the load off the overburdened Ethereum blockchain. The Ethereum blockchain launched in 2015 as the first blockchain to support smart contracts, or self-enforcing bits of blockchain code, that power a panoply of decentralized applications.This idea caught on, so much so that Ethereum now struggles to handle all the demand.
It can cost as much as $60 to swap a token on the Ethereum-based decentralized exchange Uniswap, for instance, and several hundred dollars to mint a piece of crypto NFT art.
Adding to that, the Ethereum blockchain only supports about 14 transactions per second. Compare that to estimations that Visa processes about 1,700 transactions per second, and Ethereum looks a little slow.
Polygon tries to make all of these problems go away. It collects batches of transactions, processes them on the Polygon blockchain, and then submits the data as a single transaction on the Ethereum blockchain. This saves money and reduces the load on the Ethereum blockchain.
Although Polygon started with Ethereum, it wants to expand its scaling services to other blockchains, and markets itself as a framework for an “internet of blockchains”. A coin called Polygon, also known by its ticker, MATIC, powers the whole thing. You can buy and hold it to speculate on its price, or stake it within Polygon to earn extra tokens.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
Sign up in minutes right from your phone or laptop
Start trading crypto with as little as $1
No account minimums
No clunky dashboards — just one super simple app
Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Polygon?
You can buy, sell or hold Polygon as a speculative asset. The price rose a lot in 2021 when Ethereum became too expensive to use, and many Ethereum enthusiasts think that scaling solutions like Polygon are very valuable.
You can also stake MATIC. This involves locking it up in a protocol to earn returns. Staking Polygon lets you verify transactions, a little like Bitcoin mining but without the need to run a powerful computer. Right now, $3 billion MATIC has been staked by 100 validators.
Or, you can deploy your MATIC elsewhere. You could become a liquidity provider on QuickSwap to facilitate token swaps in and out of the coin, or invest it in a yield farm. Note that these options involve putting your money at risk.
Is Polygon a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Polygon or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Polygon safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Polygon prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Polygon to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Polygon
Want to take a deeper dive? Check out these articles about Polygon and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
A beginner’s guide to understanding the thousands of cryptocurrencies and dozens of cryptocurrency exchanges
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Polygon with just $1. It’s that simple.
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 6,005,723,000.
The current price for Polygon in Canadian dollars is $0.61.
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.