How to Buy Golem (GLM) – Complete Beginner’s Guide (2021 Update)

If you’re interested in purchasing Golem (GLM), you will need to have Bitcoin (BTC) or Ethereum (ETH) to
trade
with. In this guide, I recommend the largest cryptocurrency exchange Binance where you can buy crypto using your bank
account or credit card.

Step 1: Setting up your Binance account:

1.1  Go to Binance’s website (https://www.binance.com/en)

Binance Website

Sign Up Binance Now

Note: There have been many cases of phishing sites that mirror the actual site, so make sure you examine the URL
carefully and look out for the ‘Secure’ certificate in the address bar to confirm the authenticity of the site. For
security, make sure to bookmark the original site to avoid future mix-ups.

1.2 Complete the signup process

Click on the “Register” tab in the right-hand corner of the webpage and fill in your details. You can either signup with
your mobile number or your email address. If you decide to use the email option, please MAKE SURE that the email address
you enter is the one you have access to and is your most secure email as this is how you will always sign in to your
Binance account.

After filling in your email address and choosing a password (When creating a password, use a mix of numbers, symbols,
upper and lower-case letters), use the 6-digit verification code sent to your mail to verify your account and complete
the registration process.

1.3 Enable two-factor authentication (optional)

Once your account is created, even though optional, two-factor authentication (2FA) is recommended to make it more
secure. When you log in for the first time, you’ll be asked if you want to set up 2FA. Believe me, you DO want to set up
2FA because it’s very important!

With 2FA, you will be asked for a special code to type in after you’ve logged in with your e-mail and password. This
code is generated through an app on your smartphone called Google Authenticator. You will need to download it on your
mobile phone in order to generate the code.

Step 2: Making your first purchase of Bitcoin

Purchase Bitcoin with Credit Card

To fund your crypto wallet on Binance, you can fund it directly from your bank account using a SWIFT transfer or you can
use your debit/credit card. (In this section, we’ll focus on the credit card option).

Previously, the option to use a credit or debit card was not available on Binance, but recently that has changed. Due to
Binance’s partnership with Simplex, Binance users can now use their credit or debit cards to purchase Bitcoin or
Ethereum. Benefits of using credit or debit cards to make a purchase on Binance include fast delivery speed, low fees,
and increased convenience.

As I said earlier, it is recommended that you should purchase Bitcoin first and then later on you can trade it for the
desired amount of Golem (GLM).

Purchasing using your credit card is not a complex process but I will still provide you with the steps involved to make
sure that you get it absolutely right.

  • Move your mouse up to “Buy Crypto” button on the top bar. Once you activate the dropdown menu, choose your
    currency, i.e., USD nd click on “Credit/Debit Card” to be directed to the next step.
  • On the next page, you will be able to select which coin you wish to buy (Select BTC), as well as the order
    amount. The total charge will be displayed according to the order amount and current market price (all fees are
    included). If you prefer, you can set the total charge first and the order amount will be calculated
    automatically.
  • When you are ready, click “Buy BTC” A window will appear so you can confirm the details of your order. Read the
    disclaimer and Terms of Use and, if you agree, tick the box and click “Go to payment.”
  • Next, you will be required to fill your credit card details along with your personal information. When you are
    done, click “Pay now” and wait for your card to be verified
  • If this is your first Simplex payment, you will be required to verify your email and phone number. You will
    receive an email and an SMS with a verification code. To finish the verification process, you need to open the
    link sent by email and insert the code received by SMS. Once you are done, click “Continue.”
  • Next, you will be required to verify your identity using an official document. Please upload a picture of your
    document along with your personal data and click “Upload Document.”
  • Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase
    has been confirmed. Your Binance account will be credited shortly with the purchased Bitcoin/Ethereum.

Step 3: Transfer Your Cryptos to an Altcoin Exchange

bittrex website

Now it’s time to purchase Golem (GLM) using your investment from Binance.

Since every crypto can not be traded in Binance we need to transfer our coins to an exchange that Golem
(GLM)
can be traded. So I will guide you to Bittrex which is a well known exchange to trade altcoins. Use the link below to
register your new account.

Sign Up Bittrex Now

After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.

Step 4: Deposit BTC to Exchange

Once you have your trading account setup at one of the exchanges that trades Golem (GLM), you will need
to
transfer your BTC from Binance to that specific exchange. This is done via a wallet system.

depost btc to bittrex

Click to “Holdings” on the top right menu.

Find “BTC” from Token section and copy the given “Deposit Address”

This part might seem a little bit complex but don’t worry, it is easier than a bank transfer.

Once you copy your unique BTC wallet address go back to Binance.

Move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot
(Deposit & Withdrawal)”.

Search for BTC in the list and click on “Withdraw” on the right hand side.

Paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Write down the
amount that you want to withdraw (you may click the Max button if you want to withdraw all).

Click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for
your 2FA code and also you will have to confirm the withdrawal with an e-mail.

That’s it, now you should wait for a while so that the blockchain to confirm your transaction.

Step 5: Trade Golem (GLM)

Now you can go back to Bittrex to buy Golem (GLM) with the Bitcoins you sent.

bittrex market

Click “Markets” and you will see altcoins list.

In the left column make sure to select “BTC” pair and in the search bar type in “GLM”. Once you move your coin
click
on it and now you will see a price chart of GLM/BTC in the middle of the page. Choose the “Market” tab as that is the
most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC
deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything,
click “Buy GLM”. Now you own your GLM !

Other Exchanges to Buy

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes
and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be
lower. It is suggested that you also register on these exchanges since once Golem (GLM) gets listed
there it
will attract a large amount of trading volumes from the users there, that means you will be having some great trading
opportunities!

Huobi

Bitmax

OKex

Hotbit

Bitmart

Safety Tips for Trading on Binance:

  1. Sadly, we don’t live in a perfect world and there are a lot of hackers and scammers out there. When trading
    altcoins on Binance, safety is paramount. There are several ways you can protect yourself from hackers and
    thieves. Let’s take a look at the best ways.
  2. Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! (Look out for
    the “secure” tag on the address bar). Also, if you need to contact the Binance team, ensure you use the contact
    information found on its secure homepage.
  3. Always use two-factor authentication. While you will be allowed to complete setting up your Binance account
    without 2FA, I strongly advise that you don’t. It is a very important step in securing your account and it will
    help protect your account from hackers and scammers. Binance currently offers two options for 2FA: SMS and
    Google Authenticator. However, they recommend using Google Authenticator.
  4. Use a strong password for your Binance account and you can change it regularly.
  5. Always regularly check the list of devices that have been authorized to access your Binance account. If you see
    any devices that you don’t recognize or no longer use, simply remove them
  6. Allow withdrawals only to addresses you trust and check the whitelist regularly.
  7. Use strong anti-virus software: Your Binance account is only as safe as the device you’re accessing it from.
    Make sure all the devices you use to access your Binance account are free from bugs and viruses.

Frequently Asked Questions

Can I buy Golem (GLM) with cash?

There is no direct way to buy Golem (GLM) with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the
steps by transferring your bitcoin to respective AltCoin exchanges.

LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace
where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the
price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the
platform. LocalBitcoins is after all a good place to go to buy
Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform
and you have to do your due diligence to avoid getting scammed.

Are there any alternative platforms to buy Golem (GLM) or Bitcoin with credit cards?

Yes. Changelly is
also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that
allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying
steps are pretty self-explanatory.

About Golem (GLM)

What Is Golem (GLM)?

On April 28th 2016 the Golem Project was announced, led by Golem Factory. The network launched on mainnet on April 10, 2018. The Golem Network is a decentralized computation network, a new way of distributing redundant computing power to those who are in need of it, on-demand. It creates a peer-to-peer network where users join on an equal basis to buy and sell computation, splitting up complicated tasks into smaller subtasks in the network. In Golem there’s no central authority and no user is more or less important than another.

GNT or Golem Network Token is needed to pay for computations on the network and is the currency that drives our marketplace. As a Requestor, you set a bid for an amount of GNT you are willing to pay to have your task completed. As a Provider, you earn GNT by computing tasks for Requestors. You can set your minimum and maximum price thresholds in your settings.

Golem tools include:

  • Golem SDKs which includes Requestors and Providers tutorials
  • Execution Environments (eg. Wasm, VM, SGX stack)
  • Python, JavaScript and Rust API
  • Awesome Golem, a community-curated list of resources, links, projects, tools and applications on Golem!

How Many GNT / GLM Coins Are There in Circulation?

On November 11th, 2016, the GNT token sale started and finished. The token sale reached the maximum cap in 29 minutes with 1 billion GNT tokens created and distributed. 82% of the GNT went to token sale participants, 12% to the operating company, and 6% to Golem’s founders. On November 19th, 2020, the GNT token began a migration to the new token GLM where individuals holding GNT were able to burn their old GNT tokens and receive the new GLM 1:1. It will always be possible to migrate GNT to GLM 1:1.

How did the Golem Network begin?

Golem Factory was founded in Switzerland in 2016 by Julian Zawistowski, Andrzej Regulski, Piotr Janiuk, Aleksandra Skrzypczak

The idea for Golem Network was first presented during DevCon 0 in November 2014. The decentralized platform is intended to be the first proxy-free and censorship-resistant environment for computer-intensive projects around the world. After introducing this concept at DevCon 0, the team worked tirelessly towards developing the Golem Network, launching a public crowdfunding event on November 11, 2016.

In 2019, based on their collective learnings, the team realized that they needed a completely new architecture in order to build a more overarching platform for generalized distributed compute. This ultimately resulted in a new better architecture and a new building approach designed to provide users with limitless possibilities when it comes to creating on top of Golem.

Over the course of 2020, the Golem Network team has been tasked with building a completely new protocol, architecture and codebase.

Where Can I Buy Golem Network tokens (GLM)?

GLM is available for trading on a growing number of exchanges, with cryptocurrency and stablecoin pairs currently available.

Binance offers the largest number of pairs as of October 2020, while Huobi Global also offers Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) options.

New to cryptocurrency? Read CoinMarketCap’s easy guide to buying Bitcoin or any other token.

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