How to Buy Golem (GLM) in 3 Simple Steps

5 Things to Consider if you want to Buy Golem

As a first-time investor in the Golem project, there are a few crucial factors for you to consider. They would help you keep your funds safe and ensure your transactions are processed on time. These are listed below. 

1. Carefully choose your preferred secure payment method

Start by considering the payment method you wish to use. There are various payment methods available to traders in different parts of the world. Ensure that the option you choose offers you high-end security. Also, it would help if you considered other transaction factors such as the speed and cost before making a choice.

2. Will you need to set up your own wallet?

Having an independent cryptocurrency wallet is important for a Golem trader as you will need it to secure your tokens. The exchanges have built-in wallets. However, we recommend using cold storage or private wallets since exchanges have been prone to hacks and theft over the past few years. On the other hand, when you use a crypto broker, you won’t need a wallet because you are only trading the Golem token as a CFD. Hence, reducing the chances of hacks and theft.

3. Comparing costs

Another factor to consider is the cost of transactions on the various Golem crypto trading platforms. The cost of transactions differs, and you need to find out the most affordable one for you that also offers speed. Despite that, cryptocurrency transactions still cost less compared to traditional fiat currencies.

4. Safety and security

It is important to consider the security of your cryptocurrency. Golem is built on the Ethereum blockchain, and it is a decentralised cryptocurrency, meaning that you will enjoy excellent security features like cryptography, private and public key encryption and more. The crypto brokers also implement strict security measures that ensure that your funds and personal data are always safe. With brokers, the platforms have factor authentication (2FA) available, providing you with an extra layer of security. The brokers also use high-end secure trading platforms like the MetaTrader 4 and MetaTrader 5.

5. Can you understand and navigate the platform?

Knowing how to navigate a platform should be something you consider before deciding on the broker to use. Understanding how to navigate a platform will make it easy for you to trade Golem tokens and other cryptocurrencies. Hence, take time to explore the brokerage software before you commit to one.

What is the Best Payment Method for Buying Golem?

There are various payment methods available for you to buy Golem tokens. The processes involved in buying Golem are straightforward. However, some payment methods might not be available in your location, or the broker you choose might not offer it. Thus, it would help if you considered the factors before deciding on the platform to use.

Buying Golem with PayPal: PayPal is a leading online payment platform with millions of customers globally. It has a reasonable transaction fee, but it is not the cheapest out there. However, PayPal is not readily available on all crypto brokerage platforms.

Buying Golem with Cash: It is possible but tough to use cash to buy Golem tokens. Golem, like most cryptocurrencies, is usually available for online transactions and not in physical stores. This means that finding someone who would collect cash in exchange for Golem tokens would be tough.

Buying Golem with Bank Transfer: This is another great option for buying the Golem tokens. The Bank Transfer option is popular because the transaction fees are low. However, the transactions could take days before they reflect in your crypto brokerage account. Also, not every broker accepts it as a payment option.

Buying Golem with Credit Cards or Debit Cards: This is the most widely used and convenient amongst the payment methods. This option is available on virtually all crypto brokerage platforms. However, the transaction fees are higher compared to the other options, but the funds are deposited in your account almost instantly.

What Fees are Involved in Buying Golem?

When you buy Golem tokens, there are certain charges levied by the cryptocurrency network and the crypto trading platforms. The fees are negligible since you will be holding the Golem tokens for the long term. However, you should compare the trading fees on various platforms and choose the best one for you.

Transaction Fees: Network fees are associated with your Golem transactions as this is how the miners and stakers are incentivised for securing the network. Golem is an Ethereum based token, which means you will pay Ethereum gas fees to conduct transactions with the token. The gas fees aren’t constant as it is subject to how much you are transacting and the network transaction at the time. Despite that, the transaction fee is small, considering you wish to buy and hold the token for a long time.

Deposit Fees: The deposit fee you will pay is different amongst cryptocurrency brokers and exchanges. Hence, conduct research to find the platforms with the best deposit fee available and see if their services are okay with you.

Withdrawal Fees: Most cryptocurrency exchanges and brokers don’t charge withdrawal fees. However, the payment method you choose might charge you for it. In any case, ensure you research the platforms and the withdrawal fees they charge before you settle on one.

Safely Storing Your Golem

The Golem tokens can be securely stored on hardware wallets or online wallets. There are numerous types of wallet types to choose from and these are described below. 

Web Wallet Web wallets are popular since they are available on crypto exchanges and brokerage platforms. This wallet type offers an easy and convenient way to store Golem tokens and a wide range of cryptocurrencies. Their security level is not very high as exchanges have lost billions of dollars to hackers over the years, while some have shut down their businesses due to theft. Leaving your Golem tokens on exchange wallets exposes them to certain risks.

Mobile Wallet: These are wallets designed to be convenient for traders to use. The security offered by mobile wallets is better than the web wallets. Despite that, they are still not very secure and are vulnerable to hacks and theft. If someone gets access to your phone, they can easily steal your Golem tokens. Some of the leading Ethereum mobile wallets include ZenGo, TrustWallet, Jaxx Liberty and BRD.

Desktop Wallet: Desktop wallets are computer software programs designed to enable you to store your Golem tokens and other cryptocurrencies. They offer even better security than mobile wallets. The addition of 2FA and other security measures helps protect your funds. MyEtherWallet, MyCrypto, MetaMask and Exodus are some of the most popular Golem desktop wallets.

Hardware Wallet: This is the best when it comes to cryptocurrency wallets. With hardware wallets, your Golem tokens are stored in an offline device, making it impossible for hackers to gain access to your funds. Some of the leading hardware wallets include Ledger Nano S, Trezor T and KeepKey.

Wallet combinations: This is a unique class that combines any of the two wallets described above. For instance, Ledger is a hardware wallet, but the developers also created Ledger Live to serve as its desktop wallet. Ledger Live allows you to connect your hardware wallet to your computer, making it easy to carry out transactions while still maintaining tight security.

What Other Coins Can I Trade or Use to Buy Golem?

You can buy or trade the Golem token against some of the leading cryptocurrencies. The most common trading pair is the GLM/BTC, followed by GLM/ETH and GLM/USDT. However, there are other Golem trading pairs like GLM/THB. You can also buy or trade Golem with fiat currencies such as the EUR, the USD and the KRW.

What’s the Smallest and Largest Amount of Golem I Can Buy?

It is tough for some traders to determine how many Golem tokens they can buy and the smallest amount to buy. When it comes to the maximum purchase for Golem, there is no set amount. It depends on the trading platform you are using and how much liquidity they offer you. Certain jurisdictions may, however, impose a limit on cryptocurrency assets. GLM is trading at $0.37 per coin, which means it is below a dollar. For liquidity purposes, some exchanges set a minimum amount you can buy. Check the crypto trading platform you are using and see the minimum you can purchase.

Can I Buy Golem Anonymously with no ID? Is it Safe and Legal to Buy Golem?

At the moment, it is hard to buy Golem without ID. It is also not safe to buy Golem tokens without going through the ID verification process. Cryptos were originally created to offer anonymity to the users. However, with the market growing, it is understandable that regulation will follow. Thus, some platforms require users to verify their IDs before carrying out certain functions such as trading and withdrawals. With cryptocurrency exchanges and anonymity, you might not be able to buy Golem tokens anonymously, but you will enjoy the security they offer you and other excellent features. Despite that, if you decide to buy Golem tokens anonymously, ensure that the platforms offer you security for your funds.

Will Buying Golem Make Me Money?

Does buying Golem make you money? This is a popular question by most investors. However, the answer depends on when you entered the market and how you invested in the cryptocurrency. You need to understand the fundamentals of Golem, so you can know how to invest in it. It would help if you determined your entry and exit prices, allowing you to predict how much profit you stand to make. In the meantime, keep in mind that cryptocurrencies are growing more relevant, and the market is expected to grow excellently over the coming years. If you wish to learn more about the price history of Golem, visit our Golem Price Page. 

How to Spend your Golem

Golem is a token that allows you to pay for computations on the network. You can spend it renting your computation or buying computation if you are in need.

How to Sell your Golem

Selling your Golem tokens is easy as you can do it via a cryptocurrency exchange or a broker. With a crypto broker, the process is simpler as you will sell the CFDs. Your brokerage account is credited with the equivalent fiat currency in no time. However, selling on crypto exchanges is more complicated. You will first transfer the Golem tokens from your wallet to the exchange and then sell GLM tokens for fiat currencies or swap them for the leading cryptos such as BTC, ETH and USDT. Convert the swapped cryptocurrency to fiat currency and withdraw it to your bank account.