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How to buy Golem Network Token online
In this guide we cover the basics of everything you need to know in order to invest in the Golem Network Token. Learn about the different things that impact the price and follow our step-by-step guide to buying your first cryptocurrency.
Compare where to buy Golem Network Token, and open an account
An online broker is one of the simplest ways to get your hands on a cryptocurrency. You can sign up to any of the beginner-friendly brokers below by clicking on the links in the table. Or keep reading to learn more about the Golem Network Token.
How to buy Golem Network Token online – a step-by-step guide
Step 1. Find an exchange
The Golem Network Token is only available to buy in a handful of places, so you need to sign up to a cryptocurrency exchange in order to get it. An exchange is like an online marketplace where you buy and sell cryptocurrencies from other people. Two of the best platforms that stock this particular token are:
- Binance: Binance is the largest and most active cryptocurrency exchange. It offers some of the best prices on virtually every coin worth knowing about. Sign up with Binance now >
- Bittrex: Bittrex is a beginner-friendly exchange that also stocks hundreds of different crypto coins. There are more than 500 markets in total, all of which can be accessed simply by signing up. Join Bittrex today >
Step 2. Sign up and fund your account
You have to create an account before you can use an exchange. This process normally involves entering some personal information, like your address and contact details, along with a form of photo ID for verification.
The approval process should only take a few minutes, although it can be longer when there is a lot of activity. Once it has been approved you can add money to your account via a bank transfer or credit/debit card payment. You may have to pay a small fee on any deposit, which is likely to be from 1-3% for bank transfers but can be a little more, up to 5%, if you use a card.
Step 3. Purchase
Now armed with a fully-funded exchange account, you need to find the coin you want to buy. Search for it on the exchange using its ticker symbol, which is GLM (note that the token used to be known as GNT but changed in 2020), and choose how you want to pay for it from the options in the results.
Those options will be presented as a list of pairs, such as GLM/BTC. That refers to how much one Golem token costs in Bitcoin. Simply click on the pair, enter how much you want to buy, and execute the trade. Once you’ve done so, the coins will show up in the wallet section of your exchange account.
In Golem’s case, you may find that none of the coin swaps include a currency like GBP or USD and instead the only way you can buy it is with another cryptocurrency. This is normal for lesser-known coins and you can get around the issue by using your regular currency to buy Bitcoin first, and then using that to pay for Golem.
Step 4. (Optional) Get a suitable wallet
Now that you own some coins, it’s time to decide where to store them. For most people, leaving them in an exchange account is fine. However, there are dedicated cryptocurrency wallets, which are like banking apps, which offer a bit more security and control over your money.
Most wallets are free, or come with a one-off, up-front cost, and you can use them to store and manage as many coins as you like. Here are a couple of the best ones:
- FreeWallet: FreeWallet is a free online wallet that lets you manage your money online, on your desktop, or via an app on your smartphone. Get FreeWallet today >
- Trezor: Trezor is a hardware wallet, which means it stores your coins on a physical device that can be plugged into your computer like a USB stick. Get Trezor now >
How to trade Golem Network Token – a step-by-step guide
Step 1. Find a broker
Trading cryptocurrency refers to the practice of buying and selling it quickly to try to take advantage of small changes in price. To do this successfully you should find a broker that charges a low fee per trade. Some, like eToro and Robinhood, don’t charge a fee at all and allow you to trade for free.
At the moment, it’s not possible to use one of these platforms to trade Golem. Brokers only offer the best known coins and Golem hasn’t reached that level of visibility yet. When it does, the two platforms above are likely to be the first ones to add it. The rest of this short step-by-step guide will cover the basics of trading so that you can apply it to any cryptocurrency.
Step 2. Create an account and deposit money
To use a broker you need to set up an account and fund it. This is usually even simpler than signing up to an exchange; you still need to provide some contact details and a form of ID, but there are more payment methods that you can use to deposit money and it’s normally cheaper to do so.
Step 3. Learn how to perform technical analysis
A good trading strategy relies on research into the details of each coin’s price. This is known as technical analysis, and it can help you predict future price changes by studying what has happened before. Through your study you identify particular patterns or trends in how a price moves and then you can time your trades to take advantage of them.
Step 4. Decide whether to go long or short
When you trade a coin you have the option of buying it (going ‘long’), or selling it (going ‘short’). This decision should be shaped by your analysis, because if the chart suggests a coin is likely to rise in price you should buy it, while if it seems that the price is about to fall, you can take advantage by shorting it. You can learn more about shorting in our guide to short selling.
Step 5. Make the trade
The final step is to go ahead and execute the trade. When you search for the coin you want to trade, there will be two different prices for how much it costs to buy compared to selling a coin. Choose one, enter how much you want to spend, and finalise the trade. Once it has gone through it will show up as an open position in your account.
Should I invest in Golem Network Token?
Golem is the ideal investment for anyone who might need a source of extra computing power. It’s particularly useful for graphic designers, cryptocurrency miners, or even gamers who require a lot of processing power but might not have the capacity to buy it outright for themselves.
Similarly, if you think the idea behind the platform is a good one – Golem has been called the ‘Airbnb for computer power’ because it offers people the opportunity to rent spare processing capacity – then you should think about investing.
It’s always a good idea to take time before you decide whether to invest your money in something. That’s particularly true of cryptocurrency, so we’ve summarised Golem’s pros and cons in the table below to help you make a final choice. After that, there are some further tips to help you with the timing of your investment.
- You can use the Golem token to rent processing power, whatever you need to use it for
- The token is the sole means of payment on the platform, so GLM becomes more valuable the more popular the network becomes
- There are few competitors that offer anything similar
Finally, here are three final questions to help you decide whether to invest in Golem Network Token.
1. Is now a good time to buy Golem Network Token?
There are a number of factors that play into this answer, like whether you’re buying to hold or to trade, and if the cryptocurrency market in general is on the up or sliding down. In general, it’s better to buy at a time when all coins are rising but be careful during periods of volatility, where the Golem price is experiencing big swings in value.
If you’re looking to trade Golem quickly rather than buy it in the hope that it appreciates in value, then the advice is slightly different. In that case, your decisions should be based on the result of your technical analysis. Spend time looking at how the price fluctuates and wait for the right opportunity to get involved. Use our analysts’ work below to help you.
2. What problem does Golem Network Token solve, and what are its investment prospects?
It allows anyone to access high performance computer processing power without needing to own the hardware themselves. The Golem Network is essentially a cloud-based supercomputer, where anyone can supply or rent computing power. The token is the means of payment that facilitates this exchange.
There are few other cryptocurrencies that have such a clearly defined, practical use. It offers a clear alternative to traditional cloud computing providers like Microsoft and Amazon because no one owns Golem, there is no central gatekeeper to decide who can use it, or what for. It could potentially become the go-to place to rent additional computer capacity.
That is a long way off at the moment, but it is a positive sign for Golem’s future prospects. Follow the latest news in the links below to stay up to date with everything that might affect Golem in the future and to see how the network is growing.
Golem Network rolls out an app to let users mine ETH on laptops
Key takeaways from Golem’s AMA on Reddit
Golem (GLM) price hits three-year high following protocol upgrade
3. Do you want to hold Golem Network Token for the long term?
That depends on whether you think demand for extra computing power is likely to increase over time, or if you’re more interested in it as simply a tool to speculate on. Different approaches suit different people at different times, and below is some final advice for each type of investing approach.
Considerations for a long term investment strategy
The most important thing is to find an exchange and get the coins from there. An exchange offers the best prices, so it’s ideal for getting good value. Then decide whether to leave your new coins on the exchange or move them to a dedicated cryptocurrency wallet for safekeeping.
Considerations for a short term trading strategy
A trading strategy revolves around technical analysis. Put in the research so that you can identify patterns in how a coin’s price moves, then sign up for a broker with low fees to take advantage of them.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >