How to Use Polymarket: Complete Beginner's Guide

Polymarket is the world's largest prediction market platform where you can trade on real-world events using cryptocurrency. Whether you're interested in politics, sports, crypto, or pop culture, this comprehensive guide will walk you through everything you need to know to start trading on Polymarket in 2026—from account setup to advanced strategies used by profitable traders.

What is Polymarket?

Polymarket is a decentralized prediction market that allows users to bet on the outcomes of real-world events. Unlike traditional betting platforms, Polymarket operates on the Polygon blockchain, offering transparent, peer-to-peer trading with minimal fees. Users buy and sell shares in event outcomes, with prices reflecting the market's collective prediction of what will happen. For a complete overview, read our guide on what is Polymarket.

The platform has gained massive popularity for its accurate predictions on elections, economic indicators, and major news events. In fact, Polymarket's odds often prove more accurate than traditional polls because traders are putting real money behind their predictions. Learn about Polymarket election odds and why they beat traditional polling.

How Polymarket Works

At its core, Polymarket operates on a simple principle: market prices reflect collective wisdom. Here's the basic mechanics:

Market Categories on Polymarket

Polymarket hosts thousands of markets across diverse categories:

• Politics: Elections, policy decisions, government actions
• Crypto: Bitcoin price targets, ETF approvals, protocol upgrades
• Economics: Fed rate decisions, inflation, employment data
• Sports: Game outcomes, championships, player performance
• Entertainment: Award shows, TV ratings, celebrity events
• Science & Tech: Product launches, AI developments, space missions
• Weather: Temperature predictions, storm tracking

Account Setup (Step-by-Step)

Setting up your Polymarket account is straightforward and takes just a few minutes:

Step 1: Visit Polymarket.com

Navigate to the official Polymarket website at polymarket.com. Always verify you're on the correct URL to avoid phishing sites. The official site uses HTTPS and has the Polymarket logo prominently displayed.

Step 2: Click "Sign Up"

You'll find the Sign Up button in the top right corner of the homepage. Click it to begin the registration process.

Step 3: Choose Your Sign-Up Method

Polymarket offers multiple ways to create an account:

• Email: Enter your email and receive a verification code
• Google: One-click sign-up with your Google account
• Apple: Sign in with Apple ID (iOS users)
• Wallet: Connect an existing crypto wallet (MetaMask, etc.)

Step 4: Verify Your Email

If you chose email sign-up, check your inbox for a verification code. Enter the 6-digit code on Polymarket to confirm your identity. Check your spam folder if you don't see it within a minute.

Step 5: Create Your Username

Choose a unique username that will be visible to other traders. This appears on leaderboards and when you post comments. You can change it later in settings if needed.

Step 6: Complete Your Profile (Optional)

Add a profile picture and bio if you want. This step is optional but helps build credibility if you plan to be active in the community or appear on leaderboards.

Track Your Progress with PolyTrack

Once you start trading, use PolyTrack to analyze your performance and follow profitable traders.

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Wallet Options Explained

Polymarket requires a cryptocurrency wallet to hold your funds and execute trades. You have two main options:

Option 1: Polymarket's Built-in Wallet (Recommended for Beginners)

The easiest way to get started is using Polymarket's integrated wallet:

• Automatic creation: Set up when you register
• Email recovery: Recover access via your email if needed
• No crypto knowledge required: Works like any web account
• Seamless deposits: Buy USDC directly with card
• Lower fees: Polymarket subsidizes gas costs

Option 2: External Wallet (Advanced Users)

For experienced crypto users, Polymarket supports connecting external wallets:

Funding Your Account

Polymarket uses USDC (USD Coin) as its primary trading currency. USDC is a stablecoin pegged 1:1 to the US dollar, meaning 1 USDC always equals approximately $1. This makes it easy to understand your positions and potential profits.

Method 1: Buy Directly on Polymarket (Easiest)

Polymarket has integrated on-ramp services that let you purchase USDC directly:

1. Click "Add Funds" or "Deposit" button in the top right
2. Select your payment method (credit card, debit card, bank transfer)
3. Enter the amount you want to deposit
4. Complete the verification if required (first time only)
5. Confirm the transaction

Method 2: Transfer from an Exchange

If you already own cryptocurrency on an exchange like Coinbase, Binance, or Kraken:

1. Buy USDC on your exchange (or swap existing crypto for USDC)
2. Go to Polymarket and click "Deposit"
3. Copy your Polymarket wallet address
4. On your exchange, withdraw USDC to that address
5. CRITICAL: Select "Polygon" as the network
6. Wait 5-15 minutes for the transfer to complete

Method 3: Bridge from Another Network

If you have USDC on Ethereum or another blockchain, you can use a bridge service to transfer to Polygon. Popular bridges include the official Polygon Bridge and third-party services like Hop Protocol or Stargate.

For a detailed breakdown of all deposit methods and fees, check out our guide on Polymarket deposit and withdrawal options.

Understanding Markets

Before placing your first trade, it's essential to understand how Polymarket markets work.

YES and NO Shares Explained

Polymarket markets operate on a binary outcome system:

• YES shares: You buy these if you believe the event WILL happen. If correct, each share pays out $1.
• NO shares: You buy these if you believe the event will NOT happen. If correct, each share pays out $1.
• Prices always add to ~$1: If YES is 65¢, NO is ~35¢ (minus small spread)
• Price = Probability: A 65¢ YES price means 65% implied probability

Reading Market Information

Each market displays key information you should understand:

Resolution Criteria

Every market has specific rules for how it will be resolved. Always read the resolution criteria before trading. For example:

• "Will Bitcoin hit $100K by Dec 31?" → Resolves YES if BTC touches $100,000 on any major exchange before midnight UTC
• "Will X win the election?" → Resolves based on official certification, not media calls
• "Will Fed cut rates?" → Resolves based on official FOMC announcement

For a deeper dive into how pricing works, read our comprehensive guide on understanding Polymarket odds and probabilities.

See How Whales Are Trading This Market

Before placing your trade, check what the smart money is doing.

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How to Place Trades

Now that your account is funded and you understand how markets work, here's how to place your first trade:

Step 1: Find a Market

Browse Polymarket's markets using:

• Categories: Politics, Sports, Crypto, Pop Culture, etc.
• Trending: See what's popular right now
• Search: Find specific topics
• Volume filter: Focus on liquid markets

Step 2: Select Your Position

Once you've found a market, decide whether you want to buy YES or NO:

• Click "Buy YES" if you think the event will happen
• Click "Buy NO" if you think the event won't happen

Step 3: Enter Your Trade Details

1. Choose order type (Market or Limit)
2. If limit order, set your desired price
3. Enter amount in USDC to invest
4. Review shares you'll receive and potential payout
5. Click "Place Order" to confirm

Step 4: Confirm the Transaction

Review all details one more time:

• Position: YES or NO
• Price per share
• Number of shares
• Total cost
• Potential profit if correct

Click confirm and your order will be submitted. Market orders execute immediately; limit orders wait until your price is available.

Order Types Explained

Polymarket offers different order types for different situations:

Market Orders (Instant Execution)

Limit Orders (Price Control)

Which Order Type Should You Use?

Managing Your Portfolio

Effective portfolio management is crucial for long-term success on Polymarket.

Viewing Your Positions

Navigate to your portfolio dashboard to see:

• Active positions: All markets you're currently in
• Current value: What your shares are worth now
• Cost basis: What you paid for each position
• Unrealized P&L: Paper profit/loss on open positions
• Realized P&L: Actual profit/loss from closed positions

Selling Your Shares

You don't have to wait for a market to resolve. You can exit anytime:

1. Go to your portfolio
2. Find the position you want to exit
3. Click "Sell"
4. Choose how many shares to sell
5. Select market or limit order
6. Confirm the transaction

When to Sell Early

Consider selling before resolution when:

• Take profits: Price moved significantly in your favor
• Cut losses: New information changed your thesis
• Opportunity cost: Better trades available elsewhere
• Risk reduction: Lock in gains before volatility

For advanced tracking, consider using a Polymarket portfolio tracker or setting up alerts and notifications.

Mobile Trading

Polymarket works well on mobile devices through the mobile web app:

Mobile Web App

• Visit polymarket.com in your mobile browser
• Full functionality—deposit, trade, withdraw
• Responsive design optimized for phones
• Add to home screen for app-like experience

Mobile Tips

• Use limit orders to avoid fat-finger errors
• Double-check trade details on smaller screens
• Enable notifications for price alerts
• Consider connecting a mobile wallet like Rainbow or Coinbase Wallet

Advanced Features

Once you're comfortable with basics, explore these advanced features:

Multi-Outcome Markets

Some markets have more than two outcomes (e.g., "Who will win the primary?" with 5+ candidates). Each outcome trades independently, and prices should sum to approximately $1 across all options.

Orderbook Analysis

View the order book to see:

• Depth of buy and sell orders at each price
• Where liquidity is concentrated
• Potential support and resistance levels
• Large orders that might move the market

Trade History

Review recent trades to see:

• Price and size of recent transactions
• Trading activity patterns
• Whether whales are buying or selling

Learn Advanced Strategies

Take your trading to the next level with whale tracking and professional analytics.

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Following Smart Money

One of the most effective strategies on Polymarket is tracking what successful traders (whales) are doing. Because all trades are on-chain, you can see exactly what every wallet is buying and selling.

Why Whale Tracking Works

• Information edge: Top traders often have better research or connections
• Proven track records: Verify claims with actual P&L data
• Early signals: See movements before prices fully adjust
• Consensus detection: Multiple whales agreeing = strong signal

How to Track Whales

You can track whale activity using PolyTrack:

• See real-time trades from top wallets
• Filter by market category
• Analyze whale P&L and win rates
• Get alerts when whales enter positions

Learn more about how to find winning Polymarket traders and explore the best Polymarket traders to follow.

Withdrawing Your Winnings

When you're ready to cash out your profits:

Withdrawal Methods

1. To Exchange: Withdraw USDC to Coinbase, Binance, etc. (on Polygon network)
2. Direct Cash Out: Use integrated off-ramp to receive USD in your bank
3. External Wallet: Send to your own Polygon wallet

Withdrawal Process

1. Go to your wallet/balance section
2. Click "Withdraw"
3. Enter the amount
4. Choose destination (exchange address or bank)
5. Confirm the transaction
6. Wait for processing (instant to few days depending on method)

For detailed withdrawal instructions, check out our guide on how to deposit and withdraw from Polymarket.

Security Best Practices

Protect your Polymarket account and funds:

Account Security

• Strong password: Use a unique, complex password
• Email security: Enable 2FA on your email account
• Avoid phishing: Always type polymarket.com directly
• Logout on shared devices: Never stay logged in on public computers

Wallet Security

• Backup recovery phrase: Store securely offline if using external wallet
• Hardware wallet: Consider for large amounts
• Verify addresses: Always double-check before sending
• Start small: Test with small amounts first

Learn more about platform safety in our guide on is Polymarket safe.

Common Mistakes to Avoid

Learn from others' errors:

For more on avoiding errors, read our guide on Polymarket mistakes beginners make.

Tips for Success

Advice from experienced Polymarket traders:

1. Start Small

Begin with small positions while you learn. There's no minimum—you can start with $5-10 per trade until you're comfortable with the mechanics.

2. Do Your Research

The best traders spend time researching before placing trades. Read multiple sources, understand the nuances, and consider both sides of every market.

3. Track Your Performance

Keep records of your trades. Analyze what worked and what didn't. Use PolyTrack to monitor your P&L and win rate over time.

4. Learn from the Best

Study what top traders are doing. Check the leaderboard, analyze successful wallets, and learn their strategies.

5. Manage Risk

Never invest more than you can afford to lose. Set position size limits. Consider the worst-case scenario for every trade.

6. Be Patient

Good trades take time to play out. Avoid overtrading. Sometimes the best trade is no trade at all.

Frequently Asked Questions