How to trade on Polymarket
from the UK
Polymarket runs on the Polygon blockchain and requires a crypto wallet holding USDC: a real barrier for beginners. This guide takes you from zero to your first trade in about 30 minutes. Both Coinbase UK and Kraken are FCA-registered and accept GBP bank transfers, making the GBP → USDC conversion straightforward.
How to get started on Polymarket
Create an account on Coinbase UK (coinbase.com) or Kraken (both FCA-registered, accepting UK bank transfers). Complete identity verification: UK passport or driving licence. Deposit GBP via Faster Payments or bank transfer (typically instant or next business day). Buy USDC. When withdrawing, select the Polygon network (not Ethereum: fees are dramatically lower).
Go to metamask.io and install the browser extension for Chrome, Firefox or Brave: or download the mobile app. Create a new wallet. Carefully write down your 12-word seed phrase on paper. These words are the key to your wallet: never type them online, never share them, never store them in a screenshot or email. Store them offline in a secure location.
Click the network dropdown at the top of MetaMask. Select "Add network" then "Popular networks." Choose Polygon (MATIC) and click Approve. Your MetaMask wallet can now receive USDC on Polygon.
Initiate a withdrawal from your exchange. Copy your MetaMask wallet address. Select Polygon as the network: double-check this. The transaction takes 2–5 minutes. Confirm receipt in MetaMask before proceeding. If MetaMask shows zero balance on Polygon, switch networks by clicking the network selector.
Go to polymarket.com. Click "Sign In" in the top right corner. Select "MetaMask." A MetaMask window pops up: click "Connect." Your Polymarket account is created. There is no username or password: your wallet address is your identity. Whoever controls your seed phrase controls your account.
Click "Deposit" in Polymarket and transfer USDC from MetaMask. Browse markets in "Explore": try searching for UK elections or UK politics. Choose an event, select Yes or No, enter your USDC amount, click "Buy." Confirm in MetaMask. Your position appears in "Portfolio." Markets settle automatically when outcomes are verified on-chain.
What can go wrong
Withdrawing USDC on Ethereum instead of Polygon is the most common error. Result: funds arrive but with very high gas costs. Always select "Polygon" when withdrawing from Coinbase or Kraken. If you already withdrew on Ethereum, use the Polygon Bridge to move funds to Polygon.
You transferred on Polygon but MetaMask is showing Ethereum Mainnet. Click the network selector and switch to Polygon. Your USDC should appear. If not, add USDC as a custom token (contract: 0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174).
Coinbase charges a conversion fee (typically 1.5–2%) when converting GBP to USDC. Kraken often has lower fees for GBP → USDC conversion. Shop around before buying large amounts. The fee applies on both the buy and the eventual sell back to GBP.
Deposits from MetaMask to Polymarket go through an internal contract and can take a few minutes. If pending for more than 10 minutes, refresh the page. Check that you approved the transaction in MetaMask (check the Activity tab in MetaMask to see pending or failed transactions).
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