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How To Buy Golem Online in 2022

Last updated 16th May 2022
Disclosure

Golem was initially created to help solve several computing problems, including issues related to artificial intelligence (AI) and cryptocurrency mining. Built on the Ethereum blockchain, it has caught the attention of many people looking to expand their crypto portfolios.

Before buying Golem (GLM), there are several things you need to consider.

Keep reading to discover the best brokers for buying Golem, along with finding out if it’s safe to buy and much more.

Best brokers to buy Golem in 2022

Nowadays, there are plenty of platforms to pick from when it comes to buying cryptocurrencies. This can be a daunting task, especially if you’re a newcomer to the space. As such, we’ve created a list of the top crypto brokers in the world today to get you started right away.

What is the difference between buying and trading Golem?

Before we look closer at how to purchase Golum, it’s a good idea to differentiate between the definitions for buying and trading. These have been outlined below:

  • Buying: When you buy GLM, you own the asset itself and you are free to sell or transfer it out into a personal wallet.

  • Trading: When you trade GLM, you purchase the assets with the intention of selling at a later date for profit. If you use a broker, you can speculate on the price of the tokens without owning the underlying asset.

How to buy Golem online?

When you’re ready to buy Golem online, the process is relatively straightforward. All you need to do is follow the steps we’ve listed below.

Step 1: Find a cryptocurrency exchange
Step 2: Sign up
Step 3: Fund your account
Step 4: Use the search bar
Step 5: Enter the amount of GLM you’d like to buy

How to trade Golem?

The initial process for trading Golem is somewhat different. But at the same time, it isn’t overly challenging. If you’d like to trade Golem instead of simply buying and holding, the steps below are for you.

Step 1: Find a broker
Step 2: Sign up for an account
Step 3: Deposit money
Step 4: Decide on what you want to trade
Step 5: Locate the Golum markets

What are the different ways to pay for Golem?

Below, we’ve outlined the different ways you can pay for Golem — and identified their biggest pros and cons.

Bank transfer

When you buy Golem from a cryptocurrency exchange, many platforms will let you fund your account using a bank transfer. All you need to do is choose how much you’d like to deposit and enter your card details. Once everything is confirmed, and the money appears in your account, you can buy your coins.

Pros

The fees are lower than using your credit or debit card
Depositing money into your account is easy
Most cryptocurrency exchanges will accept bank transfers

Cons

Transaction times are often longer than using other payment methods
You need to share your bank details online

PayPal

Some of the exchanges that sell Golem may accept PayPal as a payment method. If you’re used to using PayPal, it worth checking to see whether this option is available.

Pros

Instant transactions
Signing up for a PayPal account is a straightforward process

Cons

Not every cryptocurrency exchange accepts PayPal
You might need to pay higher fees than bank transfer deposits

Cryptocurrencies

One of the best ways to buy Golem is by using other cryptocurrencies that you may have, such as Bitcoin or Ethereum. All you’d need to do is send your assets to an exchange and trade into GLM.

Pros

Can be faster than bank transfer
You don’t have to enter your bank details

Cons

Transactions are irreversible

Debit and credit cards

Another simple way to fund your account and buy Golem is by using your debit or credit card. After choosing how much you’d like to deposit, follow the onscreen instructions to help you complete this process.

Pros

Familiar process for those who have done online shopping before
Quicker transactions than bank transfers
Widely accepted

Cons

High fees are often involved in depositing and withdrawing

What to consider when buying Golem?

Before you purchase Golem, you need to keep several things in mind. We’ve listed the most important ones below:

  • Availability: Compared to many other cryptocurrencies, it may be a bit harder to find an exchange that offers GLM markets. Make sure the platform you choose supports this asset before you create an account.

  • Deposit and Withdrawal Fees: Some platforms may charge you a fee for deposits and withdrawals. It’s worth checking these out when researching different platforms.

  • Deposit and Withdrawal Limits: In addition to fees, many exchanges will impose daily deposit and withdrawal limits. Again, though, these will depend on the platform you use.

  • Volatility: Golem, like most cryptocurrencies, is volatile a volatile asset. Prices fluctuate regularly; just as you can make big profits in a short space of time, you can also lose a lot of money. Keep this in mind before you buy your coins.

  • Long-Term Holding: Long-term holding, also known as holding on for dear life (HODL), involves holding onto your coins for a long period of time as you believe in the long term potential of the project.

  • Short-Term Holding: This is when you intend on selling your coins after a shorter period of time for profit.

Is it safe to buy Golem online?

Buying Golem online is safe if you use a reputable platform to do so.

But even then, you can take additional steps to protect yourself further. We’ve listed some of the most useful ways to do this below.

  • Storing your coins in a wallet: After you’ve purchased your Golem coins, we recommend transferring them to a secure wallet immediately.

  • Questioning everybody’s intentions: Scams are common in the cryptocurrency space. Be very careful before doing business with anyone, and do not reveal sensitive information to people who may be posing as staff.

  • Having 2FA on your accounts: Also known as two-factor authentication, 2FA helps keep your account safe by adding an extra layer of security to your account.

  • Being careful when clicking on links: Do not click on any unfamiliar links as these can lead to website with viruses or malware.

How to store Golem?

When you’ve bought your Golem coins, we recommend storing them in a wallet. Different types of crypto wallets are available, including:

  • Hardware wallets: Hardware wallets are arguably the safest kind of crypto wallet. You need to physically approve transactions on a small flash drive shaped device.

  • Software wallets: Software wallets are apps or browser extensions that run on your desktop pc or mobile phone. Here, you can store your cryptos away from an exchange.

  • Paper wallets: Paper wallets contain a seed phrase or private key which gives you access to digital assets stored on the blockchain.

How to sell Golem?

When you’re ready to sell Golem, you can do so using a few different methods. We’ve listed each of these below.

Cryptocurrency exchanges

For many users, cryptocurrency exchanges are the most convenient way to sell Golem. You can choose to sell your coins into another cryptocurrency such as Bitcoin, or into fiat currencies such as USD or GBP.

P2P services

Through peer-to-peer marketplaces, you can sell your coins directly to another user.

Is it worth buying Golem right now?

Cryptocurrencies are volatile assets and Golem is no different. As such, there is a certain level of risk involved that need to be taken into consideration.

Golem is a coin that is no longer as popular as it once used to be. This is because other projects have come into the market and stolen much of its limelight.

That said, if Golem’s technology is adopted, this can reflect positively on the price of the coin.

Final thoughts

Now that you’ve read this guide, you should have a good understanding of where you can buy Golem, how to store your coins safely, and how to secure your account better.

With everything we’ve discussed, we recommend using a cryptocurrency exchange to buy Golem and funding your account using a debit card. Doing so might involve higher fees but will help you complete the transaction faster.

FAQs

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Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.