Golem is a fascinating cryptocurrency primarily used to pay for access to the Golem network. This guide shows you how to buy and trade Golem (GNT) in 2020.
Where to buy Golem
Read on to find out more about GNT and how it works or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to invest.
What is Golem?
Golem is a decentralised cloud-based supercomputer that offers incredible processing power to users. The processing power comes from all the computers in the Golem network and can be rented by users to help with, and speed up tasks that a typical computer or laptop might struggle with on its own such as CGI rendering, DNA exploration or natural language processing.
Launched in 2016, golem quickly became a top-ten cryptocurrency by market cap. These days, it’s not looking quite as rosy, but the Golem team have improved tech support and community outreach, so it’s still one to watch.
How does Golem work?
According to their website, ‘Golem is a global open-source decentralised supercomputer that anyone can access’. The way it works is by utilising the combined processing power of the machines in the network.
The Golem cryptocurrency GNT is an Ethereum token that was developed so users could pay for or receive payment for use of the Golem network.
How to buy Golem GNT online – step-by-step guide
Step 1. Get a suitable wallet
As you would expect, there are lots of wallets that are compatible with Golem GNT. We have had a look around and selected a few of our favourites to save you some time. Please note, the following wallets are not decentralised:
- Ledger Nano X: This hardware wallet is Bluetooth enabled and uses state-of-the-art security to keep your private keys safe. The Ledger Nano X isn’t the cheapest wallet out there, but it’s secure, reliable and compatible with GNT and many other coins.
- Coinomi Wallet: The Coinomi wallet is easy to set up and use and is compatible with over 1770 blockchain assets, and with mobile and desktop covered, this highly versatile wallet is a firm favourite among traders.
- Trust Wallet: As mobile-only wallets go, the Trust Wallet is up there as one of our top picks when it comes to anything Etherium. It has a very clean and easy to use interface and is compatible with Android and iOS.
Step 2. Find a Golem exchange
As Golem GNT is getting more attention, it’s becoming easier to find decent exchanges that offer GNT for a fair price – your only issue is where to start. It’s important to have a look around yourself, but to get you started we’ve picked out some of the more popular GNT exchanges:
Bittrex: Based in the US, Bittrex Global is one of the bigger crypto-to-crypto exchanges. It’s reliable and covers most currencies including GNT. They don’t accept fiat money, so you’ll need to buy GNT using BitCoin.
Poloniex: Another US-based exchange, Poloniex has some advanced trading features that are ideal for anyone who has been in the game a while.
Exrates: Low fees, a clean interface and an android and iOS compatible app make Exrates another great place to source your GNT.
Step 3. Withdraw your Golem GNT
While the exchanges have ramped up their security in recent times, we always recommend withdrawing your digital assets as soon as possible as it’s much safer to store cryptocurrency in a Wallet.
How to trade Golem GNT – step-by-step guide
If you’re looking to trade, you might not want to bother with a wallet as you won’t be acquiring funds, instead, you’ll be speculating on the value of your chosen cryptocurrency and predicting whether it will go up or down over a given period of time.
Step 1. Find a broker
The best way to start trading cryptocurrency is to find a broker. There are a few out there, but it’s a good idea to do some research online before jumping in. You can also set up a demo account before you start trading to get a feel for how everything works.
Step 2. Deposit money
Once you’ve chosen a reputable broker like Plus500 or eToro and you’re ready to start trading, you’ll need to make a deposit. Most brokers have a minimum deposit requirement of around 100 – 200 USD.
Step 3. Decide how you’d like to trade
After you’ve deposited some cash, it’s time to decide how you want to trade. There are two main ways you can do this: Spread Betting and CFDs, and while they’re not world’s apart, there are some significant differences between the two methods, so if you’re a beginner or need a refresher, it’s worth looking at those differences in a bit more detail.
Step 4. Start trading
Setting up a demo account is the best way to introduce yourself to the world of trading and the platform you’ve chosen, and when you’re ready, it’s easy to open a live account. However, If you’ve spent any time watching the fluctuating price of cryptocurrencies, you’ll have seen they can be highly volatile, meaning you can make and lose money very quickly.
To start trading, you need to decide how you think the price of your chosen cryptocurrency will change and either take a long (buy) or short (sell) position depending on whether you expect the value to rise or fall.