I'm trying to build my Arduino project with Arduino mega and led matrix panel. I'm wondering what power supply should I buy, my first thought was to power the matrix panel from a 5v Arduino pin, but I read here that it's not really a good idea. So now I'm wondering if I can buy a 12V power supply and somehow split it to 6V and 6V (or something like it). To connect one end to Arduino and the other to the matrix panel. If it's possible, how do I do that? Thanks for any help!
No,you cannot split the voltage and expect the devices (Arduino and LED strip) to work correctly together (would lead to different ground levels beside other problems). For getting a different voltage you would need a voltage regulator. A switching "buck" regulator is the better choice here than a linear regulator (lile the one on the Arduino), since it is way more efficient (To get from 12V to 5V a linear voltage regulator would burn up the excessive 7V as heat).
But since both Arduino and LED strip use 5V, why not just buying a 5V power supply, which can provide enough current. Then you can connect it to the Arduino and the LED strip in parallel. No need for voltage regulation in that case.