I want to buy some USDT or USDC Polygon. The only exchange I have access to is coinbase. I know coinbase is a CEX. I heard there are a lot of DEX's that you can for trading coins as well.
If I was to buy USDT or USDC on Polygon and buy roughly $700 worth, how do I do so where I can receive that USDT or USDC and then send to another site or someone else? If I buy $500 worth of it on Coinbase, how much polygon I need to buy? I see online that that it costs between 1 cent to 5 cents to send USDT or USDC in the Polygon network or roughly $0.002 to $0.003 under normal network conditions.
If you're buying USDT/USDC from coinbase CEX. You don't need polygon as a fees because it will be taken from your order. However, if you're keen on sending your USDT/USDC out of your CEX account. So you need around 5 polygon in your wallet.
The simple step is buying 5 polygon on cex, then withdraw it first to your wallet, then again you can continue to withdraw your stable coin to your wallet.
So if I buy just 0.5 Polygon, that is enough for me to use to do a transfer? I notice 1 Polygon is about $0.10. So 0.5 Polygon is about $0.05. And since sending USDT or USDC costs less than $0.05, I just need to buy around $500 USDT or USDC in the Polygon network and 0.5 Polygon and that is enough? Once I do that, then send the $500 USDT or USDC and use the Polygon I have and transfer will go through? But what if I want to have an intermediate wallet in between? Such that I send the USDT or USDC and Polygon to my own wallet... before I then send the USDT or USDC and then pay the fee?
The better to top up at least 5 polygon to ensure you're not running out of gas when you're using your wallet to transfer stable coin regularly. So you need at least 5 polygon to ensure you won't be complicating yourself when your polygon is going to zero because it's deducted to pay the tx fees.
The most important think you must remember when you're withdrawing stable coin from cex, the fees to withdraw it to your wallet will be paid in the stable coin, not native coin.
What you need to do is withdrawing your money to your wallet, then sending some polygon from your cex account to your wallet. So your wallet is ready for use.
