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.

 

[ktollinche]

as long as the exchange doesnt change your deposit address, it should work.

I believe at Paypal, for example, even tho it gives you a new one every time, the old ones still work

 

[bobbysen]

If you’re depositing on Polymarket, always use USDC on the correct network (Polygon) and double-check the wallet address. Only deposit funds you can afford to lose, as prediction markets carry financial and legal risks. Be aware of gas fees, regional restrictions, and make sure to follow Polymarket’s official instructions to avoid losing your funds.

 

[ktollinche]

Yeah I accidentally sent Eth as opposed to USDC and it was stuck for like 8 months, till they started accepting Eth as well LOL

 

[titan]

I send right from Coinbase to Polymarket. And then I use with a VPN. They are a strange situation, I would never recommend using a VPN with anyone else. Offshores might close your account and thank you for the money if they find out you are using a VPN, most domestics won't even let you log on with it enabled but Polymarket is an American company, almost exclusively marketed to Americans through 'reputable' channels and yet we aren't supposed to use it yet. Still looks to be a few weeks away from going fully live without shortcuts. Their lines are usually the best in the market for me, for full game MLs, both sides actually.

 

[ktollinche]

I am no technical wizard, but using VPNs I believe is not an issue. Even if they banned them (which they wont) you could just get a VPN with a dedicated ip address and that would let you get your money out

 

[caramba]

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.

Thanks for this advice. And thanks to everyone else replying as well.

I only got around to looking further into this now.

I looked at this video and also his tutorial on MetaMask since that's a wallet Polymarket mentioned.

So Trezor One is a hard wallet, just like MetaMask, correct? Out of the two I found Trezor One more user friendly. The other reason was because on MetaMask if I wanted to secure my funds, there were lots of options for a device to connect (I saw Ledger, Trezor and a few more in that tutorial) whereas for the Trezor One tutorial there was only one device mentioned (Trezor One, which would give me less decisions to worry about).

If I have understood things correctly, I will go ahead with Trezor One, get a Trezor One device, and just double check with Polymarket that Trezor One works with them before sending any funds.

 

[ferrisdamen]

Thanks for this advice. And thanks to everyone else replying as well.

I only got around to looking further into this now.

I looked at this video and also his tutorial on MetaMask since that's a wallet Polymarket mentioned.

So Trezor One is a hard wallet, just like MetaMask, correct? Out of the two I found Trezor One more user friendly. The other reason was because on MetaMask if I wanted to secure my funds, there were lots of options for a device to connect (I saw Ledger, Trezor and a few more in that tutorial) whereas for the Trezor One tutorial there was only one device mentioned (Trezor One, which would give me less decisions to worry about).

If I have understood things correctly, I will go ahead with Trezor One, get a Trezor One device, and just double check with Polymarket that Trezor One works with them before sending any funds.

Yep it will work for them and j would avoid metamask unless you’re doing stuff specifically suited for metamask like NFT’s on OpenSea.io otherwise avoid it’s another hot wallet ie one that can be hacked.

You won’t need to tell Polymarket it’s a trezor it’s just a fresh hardware wallet and use fresh addresses for every new receive of btc.

Make sure to follow the steps for backing up your seed phrase and keep your trezor somewhere safe and then you’ll be good to go.

 

[mrmcnasty]

Thanks for this advice. And thanks to everyone else replying as well.

I only got around to looking further into this now.

I looked at this video and also his tutorial on MetaMask since that's a wallet Polymarket mentioned.

So Trezor One is a hard wallet, just like MetaMask, correct? Out of the two I found Trezor One more user friendly. The other reason was because on MetaMask if I wanted to secure my funds, there were lots of options for a device to connect (I saw Ledger, Trezor and a few more in that tutorial) whereas for the Trezor One tutorial there was only one device mentioned (Trezor One, which would give me less decisions to worry about).

If I have understood things correctly, I will go ahead with Trezor One, get a Trezor One device, and just double check with Polymarket that Trezor One works with them before sending any funds.

I would personally just use the Trezor to store your bankroll and don’t touch it unless needing to take funds out. It’s more for safety as Metamask is vulnerable to clicking bad links and dozens of other scams.

The Trezor just adds a line of defense because you have to manually confirm any transactions on the physical device. Makes it near impossible for you to get scammed without someone getting you seed phrase

I do still use MetaMask as an intermediary, crypto folk call it a hot wallet. Any deposits I make or payouts I receive go through this wallet. You can just download the app or browser extension and then write down the seed phrase and store it somewhere safe (same w the Trezor seed phrase)

Realistically all you need is metamask but if you tend to have a large bankroll balance it’s 1000% safer having the Trezor

 

[caramba]

Yep it will work for them and j would avoid metamask unless you’re doing stuff specifically suited for metamask like NFT’s on OpenSea.io otherwise avoid it’s another hot wallet ie one that can be hacked.

You won’t need to tell Polymarket it’s a trezor it’s just a fresh hardware wallet and use fresh addresses for every new receive of btc.

Make sure to follow the steps for backing up your seed phrase and keep your trezor somewhere safe and then you’ll be good to go.

Thanks. I take it I can use Trezor for sending USDC to and from Poly as well? (To not have to deal with the volatility of btc).

 

[ktollinche]

I dont think its a good advice anymore.

A lot of crypto exchanges are making money (at the moment). If you are not all that tech savvy, which one is more likely? You making a mistake (and lose your funds) or a crypto exchange (with their security setup)?

If Coinbase's security setup is good enough for Blackrock, its good enough for me

 

[mrmcnasty]

I will say Gemini exchange banned me for suspicions of gambling activity because I did use them for payouts once upon a time

 

[ferrisdamen]

Thanks. I take it I can use Trezor for sending USDC to and from Poly as well? (To not have to deal with the volatility of btc).

Yes they like polygon network or ERC-20 is the default and they will take that too. Add $10 worth of ETH to the wallet to pay for gas fees for the sends and receives

 

[caramba]

I dont think its a good advice anymore.

A lot of crypto exchanges are making money (at the moment). If you are not all that tech savvy, which one is more likely? You making a mistake (and lose your funds) or a crypto exchange (with their security setup)?

If Coinbase's security setup is good enough for Blackrock, its good enough for me

That's a fair point. With Poly it doesn't seem I have a choice though as they are insisting on the use of a self custody wallet. Watching the Trezor One tutorial, that doesn't seem all that complicated so I feel quite comfortable with using that, and starting out with smaller transactions. I will still use exchanges like I have in the past for other books, and even with them I keep my balances low.

 

[ferrisdamen]

That's a fair point. With Poly it doesn't seem I have a choice though as they are insisting on the use of a self custody wallet. Watching the Trezor One tutorial, that doesn't seem all that complicated so I feel quite comfortable with using that, and starting out with smaller transactions. I will still use exchanges like I have in the past for other books, and even with them I keep my balances low.

His argument is the same as better to leave money in the bank that leave it in your safe at home, except coinbase is way less trustworthy than a real bank.

There is a right way and a wrong way to custody crypto and a smart person will know which is which.

In any case though, learning how to use a hardware wallet will be very helpful whether you actually use it like a vault or just as an anonymous mechanism to send and receive coins