How to Use Polymarket: a Step-by-Step Guide for New Traders

Learning how to use Polymarket takes about 15 minutes once you understand the setup. Polymarket is the world's largest prediction market by trading volume, with over $3B in total trades. Getting started requires a crypto wallet and USDC on the Polygon network. This guide walks through every step from wallet setup to placing your first trade and withdrawing your funds.

Important: Polymarket restricts access for US residents. This is a hard platform restriction. If you are based in the United States, Polymarket is not an option for you. See our guide to best US prediction markets for legal alternatives including Kalshi and Robinhood Prediction Markets.

Non-US traders will find Polymarket straightforward once the wallet and funding steps are complete. This guide covers each step in full: what you need before you start, how to bridge USDC to Polygon, how to read a market page, and how to place and manage a trade.

What is Polymarket and how does it work?

Polymarket is a prediction market built on the Polygon blockchain. Traders buy and sell event contracts on real-world outcomes: elections, economic data releases, sports results, crypto prices, and more.

Every market is a binary YES/NO question. Contracts are priced between $0.00 and $1.00. The price reflects the crowd's collective estimate of the probability that the event will occur. A YES contract trading at $0.68 means the market currently estimates a 68% probability of the event happening. If the event resolves YES, each contract pays $1.00. If it resolves NO, each contract expires at $0.00.

Polymarket uses an automated market maker (AMM) for most markets. Prices adjust automatically based on trading activity rather than being set by a central counterparty.

The platform charges 0% trading fees. The AMM embeds a small spread into prices, but there is no commission deducted from your trade. All transactions settle in USDC, a dollar-pegged stablecoin.

For a full breakdown of the platform, ratings, pros, and cons, see our full Polymarket review.

What you need before you start

Before visiting polymarket.com, get these items ready. Starting without them means interruptions mid-setup.

• A compatible wallet. MetaMask (browser extension, desktop) or Coinbase Wallet (mobile app) are the two most reliable options. Both are self-custodial: you control the keys, not a company.
• USDC purchased on a centralised exchange. Coinbase, Kraken, or Binance all sell USDC. Buy the amount you intend to trade, plus a small buffer.
• A desktop or laptop browser for first-time setup. The wallet connection and bridging steps are easier on desktop.
• You must be outside the United States. Polymarket blocks US residents from the platform.

One note on gas: Polymarket subsidises gas fees for most standard trades on Polygon, so you may not need to hold MATIC separately. If you encounter a gas error, adding $1–2 worth of MATIC to your wallet will resolve it.

Step 1: Set up your wallet

Your crypto wallet is the account that holds your USDC and connects to Polymarket. You do not create a login with a username and password. Your wallet address is your identity on the platform.

Option A: MetaMask (recommended for desktop)

1. Go to metamask.io and download the browser extension for Chrome, Firefox, Brave, or Edge.
2. Open the extension and select "Create a new wallet."
3. Set a strong password for local access.
4. Write down your 12-word secret recovery phrase. Store it offline on paper. Do not save it in a cloud document, email, or screenshot.
5. Confirm the phrase when prompted. Your wallet is ready.

Option B: Coinbase Wallet (mobile-friendly)

1. Download the Coinbase Wallet app from the App Store or Google Play. This is a separate app from the Coinbase exchange app.
2. Select "Create a new wallet."
3. Save your recovery phrase offline before proceeding.
4. Coinbase Wallet is self-custodial. Coinbase the company does not hold your funds.

Both wallets work with Polymarket. MetaMask is more commonly used on desktop; Coinbase Wallet is a practical choice if you prefer mobile.

Step 2: Buy USDC

Polymarket requires USDC, a dollar-pegged stablecoin issued by Circle. $100 of USDC equals $100. Unlike ETH or BTC, USDC does not fluctuate in value, so you are not taking on crypto price exposure when you fund your Polymarket account.

Buy USDC on any major centralised exchange that supports it:

• Coinbase: the most straightforward option in most regions. Note that US residents can buy USDC on Coinbase but cannot use Polymarket itself.
• Kraken: available in most regions worldwide.
• Binance: available in most non-US regions.

Buy the amount you want to trade, plus a small buffer. A practical starting amount is $20–50 USDC if you are getting familiar with the platform.

Do not buy ETH or BTC for Polymarket. The platform runs on Polygon and requires Polygon USDC specifically.

Step 3: Bridge USDC to Polygon

This is the step most new users find unfamiliar. "Bridging" means moving USDC from the network your exchange sent it to (usually Ethereum mainnet) onto the Polygon network where Polymarket operates.

Polymarket has a built-in deposit and bridge tool that handles this automatically:

1. Go to polymarket.com and connect your wallet (see Step 4 below).
2. Click "Deposit" in the top right of the interface.
3. Select your source network (Ethereum mainnet, Base, or others).
4. Enter the amount of USDC you want to move.
5. Confirm the transaction in your wallet popup.
6. Wait for the bridge to complete. This typically takes 1–10 minutes depending on network conditions.

Your Polygon USDC balance will appear in Polymarket once the bridge transaction confirms.

Shortcut: If your exchange supports Polygon network withdrawals directly (Coinbase does in some regions), you can withdraw USDC straight to Polygon. This skips the bridge step entirely and is faster.

Double-check the destination wallet address before confirming any bridge transaction. Sending to the wrong address cannot be reversed.

Step 4: Connect your wallet to Polymarket

1. Go to polymarket.com.
2. Click "Sign In" or "Connect Wallet" in the top right corner.
3. Select MetaMask, Coinbase Wallet, or another supported wallet from the list.
4. Approve the connection request in your wallet popup.
5. Your USDC balance appears in the top right once connected.

Polymarket will ask you to confirm that you are not a US person during this flow. This is an attestation required for legal compliance. US residents should not attempt to circumvent this restriction.

Optional: you can create a Polymarket account with an email address. This adds notifications and a persistent trade history across devices but is not required to trade.

Step 5: Find a market and understand the interface

Browsing markets

Polymarket's homepage shows trending markets with their current YES and NO prices. You can also:

• Search for specific topics using the search bar (try "Federal Reserve", "Bitcoin", or an upcoming election)
• Browse by category: Politics, Crypto, Sports, Economics, Science, Culture
• Sort by: volume (highest first), newest, or closing soon

Reading a market page

Before placing any trade, understand what you are looking at:

• Market title. The exact yes/no question the contract resolves on. Read it precisely. "Will the Fed cut rates in June 2026?" and "Will the Fed cut rates before July 2026?" are different questions with different resolutions.
• YES price. The current price in cents and the implied probability. A YES price of $0.72 means the market estimates a 72% probability the event occurs.
• NO price. The complement. YES price + NO price approximates $1.00 in most markets.
• Volume. Total USDC traded in this market. Higher volume means tighter spreads and more accurate pricing. Low-volume markets carry wider spreads.
• End date. When the market closes to new trading and awaits resolution.
• Resolution source. How the outcome will be determined. Always check this field before trading. Most major markets resolve based on publicly verifiable data: official results, published reports, price feeds.

Use our implied probability calculator to convert between contract prices and percentage probabilities as you explore markets.

Step 6: Place your first trade

Once you understand the market, placing a trade is straightforward:

1. Open the market you want to trade.
2. Choose your position: YES if you think the event will occur, NO if you think it will not.
3. Enter the amount of USDC you want to commit.
4. Review the details before confirming:
   • Number of shares. How many contracts you are buying at the current price.
   • Average price. The effective price per contract after accounting for price impact.
   • Price impact. The percentage the trade moves the market price. Large trades on low-volume markets have higher price impact. Keep this under 1–2% for clean entries.
5. Click "Buy YES" or "Buy NO."
6. Confirm the transaction in your wallet popup.
7. Your position appears in "My Portfolio" once the transaction confirms on-chain. This typically takes 5–30 seconds on Polygon.

Understanding shares and contract payouts:

If you buy 50 YES shares at $0.40 per share, you spend $20 USDC. If the market resolves YES, each share pays $1.00, and your 50 shares return $50.00 total. The $30.00 difference above your $20.00 entry is the gain on a correct position. If the market resolves NO, each share expires at $0.00, and the $20.00 you spent is the cost of the position.

You can sell before resolution. Polymarket lets you close a position at any time before the market resolves. If YES contracts have moved from $0.40 to $0.65, you can sell to realise the gain without waiting for the event outcome. Equally, if a trade is moving against you, selling early limits the loss.

Step 7: Withdraw your USDC

When you want to move funds out of Polymarket:

1. Click "Withdraw" from the portfolio view.
2. Enter the amount of USDC to withdraw.
3. Confirm your destination wallet address.
4. Confirm the transaction in your wallet.

Your USDC arrives in your wallet as Polygon USDC, typically within a few minutes. To convert back to fiat currency:

• Transfer the Polygon USDC to a centralised exchange that accepts Polygon deposits (Coinbase supports this in some regions).
• Sell the USDC for USD, EUR, GBP, or your local currency on the exchange.
• Withdraw to your bank account.

Key considerations before you trade

US residents cannot use Polymarket

Note: Polymarket restricts access for US residents. The platform uses IP-based geo-blocking and requires an attestation that you are not a US person. This is a platform-level restriction, not a soft recommendation.

US residents have two good legal alternatives for real-money prediction market trading:

• Kalshi is the only Commodity Futures Trading Commission (CFTC)-regulated prediction market exchange in the US. It offers politics, economics, and sports markets with USD deposits. See our full Kalshi review or browse best US prediction markets.
• Robinhood Prediction Markets offers event contract trading through the Robinhood app with 0% fees and existing brokerage account integration.

Polymarket is not regulated like a bank

Polymarket operates as an unregulated crypto platform. It is not CFTC-regulated, has no FDIC insurance, and is not licensed under financial services regulations in most jurisdictions. The non-custodial design means no company holds your funds: you hold them in your own wallet. This also means there is no recourse if you lose access to your seed phrase or send funds to the wrong address.

This is different from trading on Kalshi or PredictIt, where your funds are held by a regulated entity with legal protections. For a side-by-side comparison, see our full platform comparison table.

How markets resolve

Disputed markets on Polymarket resolve through UMA, a decentralised dispute resolution protocol. Most major markets resolve automatically based on public data: election results from official sources, economic data from government publications, price feeds from aggregators. The resolution source is displayed on every market page. Review it before committing to a trade.

Fees on Polymarket

Polymarket charges 0% trading fees. There is no commission on trades. The AMM embeds a small spread into market prices, which means the YES price and NO price do not always sum to exactly $1.00. The spread is widest on low-volume markets and tightest on high-volume markets.

To see how Polymarket's fee structure compares to Kalshi (7% on contract payouts), PredictIt (10% on profits plus 5% withdrawal fee), and other platforms, see the full comparison table.

Tax treatment

How prediction market returns are taxed depends on your jurisdiction and individual circumstances. This guide does not constitute tax advice. Consult a qualified tax professional. For general background, see our regulation and tax guide.

Platform recommendations

If you are ready to start on Polymarket, or want to compare your options before committing:

This page contains affiliate links. We may earn a commission at no extra cost to you. Learn more.

For non-US traders ready to start on Polymarket:

For US residents looking for legal alternatives:

For traders who want to practice risk-free first:

Manifold Markets is a play-money prediction market where you can learn the mechanics of trading event contracts without real financial risk. See our Manifold Markets review for details.

Summary: what you need to know

Five things to take away from this guide:

• Polymarket requires a MetaMask or Coinbase Wallet and USDC on the Polygon network to get started.
• The platform charges 0% trading fees. The AMM spread is the only cost embedded in market prices.
• Contracts are binary YES/NO positions priced as probabilities between $0.00 and $1.00. YES pays $1.00 per share if the event resolves correctly.
• You can sell your position at any time before market resolution to lock in a return or limit a loss.
• US residents cannot use Polymarket. Kalshi and Robinhood Prediction Markets are the legal US alternatives.

Ready to compare all prediction market platforms side by side, including fees, geographic availability, and our expert ratings? See the full comparison table.

New to prediction markets and want to understand the broader landscape first? Browse our prediction market guides or check the best prediction markets for beginners.

Frequently asked questions

Is Polymarket available in the US?

No. Polymarket restricts access for US residents at the platform level, using IP-based geo-blocking and an attestation requirement. US residents should use Kalshi (CFTC-regulated, USD deposits) or Robinhood Prediction Markets as legal alternatives. See our guide to best US prediction markets for a full breakdown.

What do I need to start trading on Polymarket?

You need a self-custodial wallet (MetaMask or Coinbase Wallet), USDC on the Polygon network, and access from outside the United States. Buy USDC on a centralised exchange, bridge it to Polygon using Polymarket's built-in deposit tool, then connect your wallet at polymarket.com. The full setup takes roughly 15 minutes.

Does Polymarket charge fees?

Polymarket charges 0% trading fees. There is no commission on trades. The AMM mechanism embeds a small spread into market prices, but no fee is deducted from your USDC balance when you buy or sell a position. See our full Polymarket review for a complete fee breakdown compared to other platforms.

How do I deposit money on Polymarket?

Buy USDC on a centralised exchange such as Coinbase or Kraken. Then use Polymarket's built-in deposit and bridge tool (the "Deposit" button on the platform) to move your USDC to the Polygon network. If your exchange supports direct Polygon USDC withdrawals, you can skip the bridge step by withdrawing directly to Polygon.

What is a Polymarket contract and how does it work?

A Polymarket contract is a binary event contract: a YES or NO position on a specific real-world outcome. Contracts are priced between $0.00 and $1.00. The price represents the market's collective implied probability. A YES contract at $0.65 means the market estimates a 65% chance the event occurs. If it resolves YES, each contract pays $1.00. If it resolves NO, each contract expires at $0.00.

Can I withdraw my money from Polymarket at any time?

Yes. You can sell any open position before the market resolves and withdraw USDC to your wallet at any time. There is no lock-up period. After withdrawal, your USDC arrives as Polygon USDC in your connected wallet. Transfer it to a centralised exchange that accepts Polygon deposits to convert back to fiat currency.

Is Polymarket safe?

Polymarket uses non-custodial smart contracts, meaning no company holds your funds. You retain full control through your wallet. Smart contracts on the platform have been audited. However, Polymarket is not regulated by the CFTC or any financial regulator, has no FDIC insurance, and offers no recourse if you lose access to your wallet's seed phrase or send funds to an incorrect address. The safety of your funds depends on the security of your own wallet.

How is Polymarket different from sports betting?

Polymarket is a prediction market, not a sportsbook. Traders buy and sell event contracts on a secondary market rather than trading against a fixed-odds house. Prices are set by supply and demand between traders, not by a bookmaker. Polymarket covers far more than sports: politics, economics, science, crypto prices, and more. For a detailed breakdown of the differences, see our guide on prediction markets vs sports betting.

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