How to buy Golem - Where to Purchase GLM?
The Golem Network is a decentralised computation network that helps redistribute redundant computing power to people who need it on-demand. Golem creates a peer-to-peer (P2P) network that allows users to join on an equal basis, making it possible to buy and sell computation.
The Golem token (GLM) is the native coin of the network, and users need to pay computation fees when using it. This article will explore how to buy the Golem token with ease. We will give you the necessary information to trade this computation token on various trading platforms.
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Why Trade rather than Buy Golem for Cheap and Fast Returns?
You Don’t Need a Wallet:
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods:
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy:
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top Golem Brokers
If you want to buy Golem, then the best places to do so are cryptocurrency brokers. Crypto brokers offer you an easy way to gain access to the Golem token. However, since numerous brokerage platforms are available, you will have to choose the best one for you based on your preference.
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.
Ultimate Beginner's Guide to Trading Golem
What is a Golem Broker?
Brokers are individuals or financial institutions that serve as intermediaries. They execute trades on behalf of traders and investors. In most cases, brokers and financial institutions and have gained massive adoption over the years. The advent of the internet opened up the financial markets to more people globally, ensuring that brokers handle more jobs than before. Crypto brokers grant you exposure to Golem token, allowing you to trade the cryptocurrency without buying the real tokens. Golem is one of the top decentralised computation networks, and it is available on various crypto brokerage platforms.
What is a Golem CFD?
CFD is a term that represents Contract for Differences. It is a trading technique that allows you to speculate on the price performance of a cryptocurrency, forex, stocks or other financial assets. As such, you get to open buy and sell positions on a financial asset without holding it.
With Golem CFD trading, you get to enjoy numerous benefits. For instance, CFD trading allows you to earn profits even when the prices are declining. It allows you to bet on the price of an asset moving higher or lower. Hence, depending on your bet, you can earn profits. Also, CFDs allow you to enjoy higher profits than you deposited using tools like margins. However, it also means you will amplify your losses if the market doesn't move in your favour.
What is the Benefit of Golem Regulation?
Regulation of cryptocurrency brokers is an excellent thing for traders and other market players. This is because if the crypto brokers are regulated, they will provide better security for your asset and personal information. The crypto space has lost billions of dollars to hacks and theft over the past few years. Hence, using regulated brokers and knowing they provide excellent security for your tokens would put your mind at ease.
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.
The Verification Process for Trading Golem
After opening a crypto brokerage account, you will be required to verify it before carrying out some crucial activities. The account verification process is easy and usually involves providing some form of address confirmation, along with a government-approved form of ID.
Golem: Long vs. Short Term Investment
There is a difference between short term and long term Golem investment. With short-term investment, you are buying the Golem token at a low price and selling it once the price goes higher. This is usually within days or weeks. Long term investments take longer than that, and you do it when you are bullish on Golem's price performance. You can hold the token for months or years till you achieve the objective.
Short term investment means you get to earn quick profits, but it comes with risks. However, with long term investments, you will need to properly understand the fundamentals of the project and determine if you will take a long position.
Why Buy Golem rather than Trade?
Some traders still don't know how to buy Golem. There are debates about whether buying the token is more preferable to trading it. However, purchasing Golem and holding it for a while comes with certain benefits which are listed below.
- Access to the physical token: When you buy Golem, you will gain access to the actual token. You can use the token for several functions, such as holding it for the long term to earn profits or using it on the Golem computation platform.
- Long term investment: When you buy it, you do so at a low price and hold for the long term. Thus, ensuring that you get the opportunity to sell the token in the future for huge profits. Buying Golem allows you to hold the token for a longer period of time than trading it. This way, you are less affected by market fluctuations and price swings. Traders only desire short term gains, which in most cases doesn't match what you will earn in the long term.
- Token control: When you purchase Golem, you are in control of the times all the time. You can store the tokens on crypto exchanges, but they don't offer maximum security for your funds. Hence, why we recommend storing the tokens in a private wallet. In addition to that, holding the tokens attract lower fees compared to trading them regularly.
However, you have to know that buying and holding Golem is an investment. As such, you need to conduct in-depth research before making any crucial decision. As an investor, carefully research the best trading platforms to use, the top wallets to store your coins, trading fees on the platforms and more. This will help you make more informed trading decisions.
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: The 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.
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Frequently Asked Questions
The Golem token (GLM) is used to pay for computations on the network. If you are requesting computation, you will set a bid amount of the GLM tokens you are willing to pay to get your task completed. However, as a provider, you can earn the tokens by computing tasks for the requestor.
Golem is an Ethereum-based cryptocurrency project. It is supported by numerous cryptocurrency exchanges, including Binance, Bithumb, Huobi Global, Uniswap, Poloniex, Gate.io, OKEx and Bittrex. Golem is also available on some leading crypto brokerage platforms. This means buying and selling the Golem token shouldn't be hard.
GNT is the previous ticker for the Golem token. However, the developers renamed the ticker to GLM. Despite that, the cryptocurrency retains all its features and carries out the same function.
Golem, similar to other cryptocurrencies, is a decentralised project. There is no single entity or authority that controls the coin.
The legality of Golem depends on the regulations and local laws regarding cryptocurrencies in your country. One of the first things to do as a prospective crypto trader or investor is to see if cryptocurrency trading or usage is allowed in your country. However, Golem is legal in most countries and jurisdictions globally.
The crypto market is very volatile, thanks to the massive adoption it has achieved in recent years. Some of the traders and investors are interested in speculating on the short term prices and making profits in the process. Hence, as the demand and supply fluctuate, so do Golem's price and the thousands of other cryptocurrencies.
As a leading Ethereum project, Golem could gain massive adoption as more people look to outsource their computation work. It would make it easier and faster for people to get things done.
You will have to pay tax on Golem if the tax agency in your country requires you to do so. Several tax agencies are now taxing crypto gains, which means you will likely pay taxes on Golem buying/selling.