If you’re trying to find out how to buy GNT (Golem Network Token), you’re in the right place. All the major crypto exchanges and crypto purchasing services that support GNT are listed below, along with a detailed discussion of their advantages and disadvantages.
What is Golem (GNT)?
Golem is a publicly-accessible supercomputer that draws its computing power from thousands of nodes, each one connected together in a distributed, peer-to-peer network. Artists and scientists alike can use Golem to render graphics or analyze data. The GNT token is used within the Golem network to pay for resource usage.
The Golem white paper provides additional details about how it works:
“Golem is the first truly decentralized supercomputer, creating a global market for computing power. Combined with flexible tools to aid developers in securely distributing and monetizing their software, Golem altogether changes the way compute tasks are organized and executed.”
Golem’s current partners include a personal cloud computing platform called FriendUP and an open source real-time data exchange service called Streamr. In September, Golem added CGI rendering functionality onto the Ethereum mainnet and invited developers to send in ideas about other ways to use Golem’s computational resources.
The Most Convenient Ways to Buy GNT
If you’re a beginner or casual crypto trader, Changelly and Abra are the two best options for purchasing GNT. Both of these crypto purchasing services feature convenient payment options and intuitive, hassle-free interfaces. Here’s a quick breakdown of how they compare.
One of the easiest ways to get GNT is through a cryptocurrency purchasing service called Changelly. All you need is a debit or credit card and a cryptocurrency wallet to store your GNT after the transaction goes through. You will also need to upload a picture of a government issued ID card to get through the automated ID verification process.
- Debit or credit card.
- Government-issued ID card.
- Digital camera.
- Cryptocurrency wallet.
If you don’t have a cryptocurrency wallet yet, Coinomi and Jaxx are both excellent choices because they have good security records and support GNT. Read detailed advice for selecting a cryptocurrency wallet at the link below.
Making your purchase
The main part of Changelly’s interface consists of two menus: You Send and You Get. Select USD and type in the amount you want to spend. (The minimum purchase amount is $100.) Then, click the Exchange Now button and proceed to the next step.
You should now see a confirmation screen. The information listed below Details displays an exchange quote and explains how much you’ll pay Changelly in fees.
Now it’s time to enter in your GNT address. You can copy and paste this information from Coinomi, Jaxx or whatever GNT-compatible crypto wallet you prefer.
Next, Changelly will once again ask you to check all the information and make sure that it is correct.
The last part of the process involves entering your credit card information. After you provide that, Changelly will complete the order for you and deposit your GNT into your crypto wallet.
Changelly pros and cons
If you’re looking for a quick and easy way to buy a small amount of GNT, it’s hard to find a service that’s as convenient as Changelly. On the other hand, Changelly is more expensive to use compared to other beginner-friendly crypto purchasing services. The 0.5% transaction fee is just one of the fees that you’ll likely have to pay. Changelly’s bank card processor also extracts a fee, and your bank may also charge you for buying cryptocurrency through Changelly.
Follow the link below to learn more about Changelly.
Another excellent option for beginner crypto traders and those who just want to buy small amounts of GNT is Abra– a cryptocurrency app that works with iPhone and Android.
The best thing about Abra is that it’s less expensive than other beginner-oriented crypto services and exchanges. Abra supports ACH and wire bank transfers and offers free deposits and withdrawals.
Another perk: you don’t need any technical knowledge whatsoever to use Abra. All your funds are stored directly in the app. Because you don’t have to go through the hassle of setting up a separate crypto wallet, it’s even easier to use than Changelly.
There is a downside to Abra. When you buy GNT on Abra, what you’re actually buying is a smart contract that’s linked to the actual market price of the token. When you cash out, you have to either sell your GNT for a supported fiat currency or let Abra convert it to Bitcoin, Bitcoin Cash or Litecoin.
Another potential issue: Abra only supports American Express credit card purchases. If you don’t have AMEX, the only way to buy GNT with fiat is with bank transfers.
Advanced Exchanges with Low Fees
These exchanges cater to the professional trader crowd with features like support for long lists of different crypto assets, margin trading, fast trades, advanced charts and commission discounts. They are generally cheaper to use than services like Abra and Changelly. However, if you’ve never used a brokerage service before, learning how they work may require some time.
Binance is a fast, high-volume cryptocurrency exchange with excellent worldwide availability. Crypto traders use Binance to trade not only GNT but also hundreds of other crypto assets.
One of the main attractions of Binance is its low fees. The base commission fee is just 0.1%, which makes it five times cheaper to use than Changelly. Further discounts are available for trades involving Binance Coin (BNB). Another benefit of Binance is its public API. This gives you the ability to create scripts that will place trades on your behalf.
Even though Binance is cheaper to use than beginner-oriented exchanges, using Binance can be a hassle– especially if you don’t already own some crypto. Like many advanced cryptocurrency exchanges, Binance doesn’t accept any type of government-issued currency. The reason for this is that Binance would have more regulatory exposure if it decided to let its customers deposit fiat. Since Binance offers no built-in way to exchange fiat for cryptocurrency, you have to use an exchange service or a crypto exchange that supports fiat to make your initial fiat-crypto conversion.
Another downside of Binance is that it doesn’t support margin trading. Exchanges with margin trading functionality let their customers borrow money either from the exchange itself or from other traders. This makes it possible for traders to leverage their gains.
Poloniex is like Binance in that it’s a crypto exchange that supports GNT but doesn’t accept fiat deposits. The commission schedule is similar to Binance’s as well. Commission fees begin at 0.1% and high-volume traders can enjoy commission-free trading. The accessible API is another attraction.
The key differentiator between Poloniex and Binance is margin trading. Poloniex has a peer-to-peer margin trading feature, and Binance does not. However, a recent Poloniex blog post announced that US customers will no longer be able to use the feature by the end of the year. Users located outside the US will still be able to use it, though.
Bittrex is an advanced cryptocurrency exchange that accepts fiat deposits and supports GNT. Another benefit is that it offers support for 286 trading markets– that’s nearly as many markets as Binance.
The convenience of being able to exchange fiat for crypto comes at a price: higher commissions. Bittrex applies a 0.25% commission fee to every trade. It doesn’t offer any discounts to high volume traders, either.
Another downside of Bittrex is that it only supports one type of bank transfer: wire transfers. Most banks charge high fees for wire transfers, but lower fees for ACH transfers.
HitBTC is another advanced crypto exchange that supports GNT.
The core advantage that HitBTC has over the competition is commission rebates. Few other crypto exchanges will pay you to place trade orders, but HitBTC does. Another reason to choose HitBTC is margin trading, which is available through its partner, Weltrade.
On the other hand, HitBTC is one of just a handful of exchanges that applies a withdrawal fee to crypto deposits. This fee is likely designed to discourage traders from moving their money out of HitBTC’s markets. Another negative point is the fact that HitBTC is one of the few crypto exchanges that has anonymous leaders. This lack of transparency has drawn criticism. Last September, eccentric cybersecurity innovator John McAfee called HitBTC the “most arrogant” exchange on the market. Like Binance and Poloniex, HitBTC does not accept fiat deposits.
Singapore-based crypto exchange Huobi also lists GNT.
The most notable thing about Huobi is that it runs one of the few cryptocurrency ETFs (Exchange Traded Funds). This ETF lets you put money into a large selection of popular coins, rather than just a handful of coins you select yourself.
Like Binance, Poloniex and HitBTC, Huobi doesn’t support fiat currencies. In addition, Huobi has high withdrawal fees compared other advanced crypto exchanges.
You may have seen some negative stories about Taiwan-based crypto exchange Cobinhood last year, when the exchange was criticized for the way it promoted itself. The exchange’s executives decided to hire Jamie Foxx and other celebrities to spread the word about its ICO. Then, rumors that Cobinhood was offering sweetheart deals on Cobinhood’s utility token COB to its promoters turned out to be true. Cobinhood CEO Popo Chen admitted that these deals were unfair to other investors and apologized on behalf of his organization.
Marketing misstep aside, Cobinhood does seem to be a legitimate operation. Rather than relying on commission fees to generate revenue, it makes money primarily through its ICO underwriting service. This unique business model lets Cobinhood offer commission-free trading to its users. Another perk is fiat deposits. Cobinhood recently partnered with Epay to provide its users with an easy way to exchange their government-issued money for crypto.
The main downside of Cobinhood is lack of liquidity. It’s a new exchange and it doesn’t have as many traders yet. Another downside is that it doesn’t allow its US-based customers to use the margin trading feature.
New Zealand crypto exchange Cryptopia added support for GNT in June of last year.
The main advantage of Cryptopia is that it not only supports more coins than nearly any other exchange, but also offers a review feature that’s designed to help you learn more about each coin and decide whether or not to invest in it.
Though Cryptopia once supported fiat deposits, this feature was only available to users with New Zealand bank accounts. After Cryptopia’s bank abruptly stopped working with Cryptopia at the beginning of the year, the exchange was forced to suspend its fiat deposit service. Another potential disadvantage is that Cryptopia applies a 0.2% to all transactions. That’s double the base rate that Binance and Poloniex charge.
What’s the Best Way to Buy GNT?
There are now many crypto exchanges that support GNT. Here is some advice that will help you decide which one to choose.
Beginner crypto traders will likely want to go with either Abra or Changelly. Both services make it easy to purchase GNT and other cryptocurrencies. If you want to fund your purchase with your bank account, Abra is the way to go. If you’d rather use a debit or credit card, Changelly makes more sense.
For experienced crypto traders
If you’re a frequent crypto trader, you should avoid the crypto exchange services and buy GNT through a professional crypto exchange. Day traders will probably want to go with Binance because it has excellent liquidity. Cobinhood has slower markets, but offers a better overall deal with its fiat deposit feature and zero commission trading.