Advice on Polymarket deposits

[caramba]

I have decided to give Polymarket a chance. For now with just a small deposit to see how it works. (It's not restricted in my territory so there should be no issues). I was hoping to fund my account like I fund Betonline and Bookmaker, using crypto by sending to an exchange from Bitstamp. However, Polymarket insist that because they are a decentralized platform I should send the fund through a wallet I own and control rather than through an exchange. Now this I have never done before and would cause me extra work and from what I understand also some risks because if I lose keys to my wallet those funds would then be lost. So I just wonder if someone here has made crypto deposits to Polymarket using an exchange and not gone the private wallet route? (Even Bookmaker insist on using a self-custody wallet, but then it always works sending through an exchange anyway, and I'm thinking PM might be the same.)

 

[jackpot_xpress]

yeah i get what you mean, it’s definitely easier to just send straight from an exchange. but with polymarket being fully on-chain, they really do require a self-custody wallet like metamask or rabby. sending directly from an exchange might not work or could even lose the funds since exchanges don’t let you interact with smart contracts properly.


honestly, once you set up a wallet and get used to it, it’s not that bad — just make sure to write down your seed phrase somewhere safe. it’s more effort at first but way safer in the long run.

 

[Miz]

maybe something like edge wallet (phone based wallet) would work for you? It is in the app store. It is a self custody wallet that is pretty easy

 

[ferrisdamen]

I have decided to give Polymarket a chance. For now with just a small deposit to see how it works. (It's not restricted in my territory so there should be no issues). I was hoping to fund my account like I fund Betonline and Bookmaker, using crypto by sending to an exchange from Bitstamp. However, Polymarket insist that because they are a decentralized platform I should send the fund through a wallet I own and control rather than through an exchange. Now this I have never done before and would cause me extra work and from what I understand also some risks because if I lose keys to my wallet those funds would then be lost. So I just wonder if someone here has made crypto deposits to Polymarket using an exchange and not gone the private wallet route? (Even Bookmaker insist on using a self-custody wallet, but then it always works sending through an exchange anyway, and I'm thinking PM might be the same.)

I think you should pivot this into learning about why it is not a good idea to store any crypto on an exchange and why it is a good idea to use a hardware wallet and how to use one.

I like CryptoDad on YouTube he has a ton of tutorials. Trezor One would be a good cheap one to set up on and work thru the steps.

I sent crypto to PolyMarket on Sunday for an NFL bet and already withdrew some of it back to my hardware wallet, was paid same day and required 0 KYC. Very useful.

The sooner you can go to having 0.0 crypto stored on an exchange the better off you'll be and this PolyMarket requirement is just one more reason to be doing this regardless of your sports betting activity.