How To Buy Gnosis | Ultimate Guide To Buy GNO
Gnosis is a decentralised finance platform built on the Ethereum network. The platform is building new market mechanisms for DeFi. Gnosis offers three interoperable product lines that allow users to securely create, trade, and hold digital assets on the Ethereum blockchain.
In this guide, we will look at every aspect of the Gnosis token to ensure we achieve our aim of providing you with adequate information to make smart trading and investment decisions. This guide will provide you with unique tips, the latest information and the steps you need to take to purchase Gnosis.
5 Steps to Buy Gnosis with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy Gnosis
By visiting this page, we assume you intend to learn the various ways you can buy the Gnosis token. In that case, we advise you to read to the end of the page to obtain all the crucial information you need to achieve your objectives. We will also educate you on the processes involved in buying the token and storing it properly.
In this regard, we have selected the best platforms to buy Gnosis tokens, and you can choose any of them to get started.
Where to Buy Gnosis in 2021
If you are amongst those who believe in the long-term value of GNO and don’t plan to sell the investment in the short or medium term, then you should use a crypto exchange for your trading needs. Crypto exchanges offer you the opportunity to buy and store the coin for a long time.
The exchanges have wallets available, which means you can store your cryptocurrencies for the long term. However, since the wallets are non-custodial, you could lose your funds if the exchange suffers a hack or goes into insolvency.
On the other hand, if you intend to buy GNO and hold on to it for a year or longer, then it is best to withdraw the funds from the exchange and store it in your private wallet. Details on how to download a software wallet along with instructions on how to transfer your GNO will be given later in the guide.
If you are an investor that wants to enjoy quick returns on your investment, then using a reputable online crypto broker is the best option for you. They offer CFDs and futures contracts that allow you to bet on the price performance of a cryptocurrency and earn money based on the outcome. This way, you gain exposure to the cryptocurrency without buying or storing the underlying asset.
How to Buy Gnosis tokens with a Broker
Choosing the right crypto broker is fundamental to your success as a Gnosis investor or trader. The crypto market has recorded massive growth over the past decade, leading to the entry of a wide range of brokerage platforms. However, as the market is still new, some brokers are operating without any proper regulation. You should find out the regulatory status of a broker before dealing with them. Also, user reviews can help you get more information on how a broker operates and if you should trust them with your funds.
Before investing in Gnosis with a broker, ensure you get more information about their platform, including liquidity, security, UI and more.
1. Register with the Broker
The first step is to register with a cryptocurrency broker. The registration process is usually easy and swift as some brokers only require you to provide a username, provide an email address, and put in place a strong password. We recommend using a password that contains 6-20 characters with at least one capital letter, number, or symbol.
Pepperstone allows you to start by submitting your email address before completing your application in the next stage. eToro also does the same as it needs only a username and an email address to set up an account. However, forex.com has a more complicated registration process. You will need to submit your relevant details such as name, country of residence, date of birth, email address, phone number and more. Despite that, these are top-notch brokers that grant traders access to cryptocurrencies.
2. Verify your Identity (KYC Process)
These brokers are regulated, which means they comply with the rules put in place by financial regulatory agencies. Hence, you will need to verify your account before you trade the cryptocurrencies with them.
These brokers will require you to complete the standard KYC (Know Your Customer) process by submitting an official ID like a driving license or a passport, proof of residence and sometimes proof of earning. Financial regulators designed the verification process to provide greater customer protection. Usually, your account verification is completed in less than 24 hours.
AML and KYC regulations give the crypto space a more professional and secure vibe, boosting its adoption in the process. This is why several companies are encouraged to put in place AML and KYC regulations to protect themselves and their users.
3. Deposit Funds with your Preferred Payment Method
The verification step is now over, and you are ready to fund your account and start trading Gnosis on the brokerage platform. You can select from the wide range of payment methods provided by the broker of your choice. When selecting a payment method, the things you need to consider include:
Each payment method has terms and conditions such as the charges involved and how long it will take for the funds to hit your account. PayPal is a popular payment method due to its low fees, but it is available on most platforms. You can use credit or debit cards, but they have higher transaction fees. These are the factors you need to consider when deciding on your payment method. The deposited funds need to reflect in your account before you move forward to the next step.
4. Open a Position to Long/Short Gnosis
Differentiating long and short positions is what will make you a successful trader or investor. Failure to understand them could lead to a loss in investment. Hence, you need to know what they are before you invest in Gnosis.
Investors who are confident that the price of a cryptocurrency will increase over time and want to make money from the value appreciation are known as bulls. This set of investors open long positions and hold the cryptocurrency for a long time before selling to earn a profit.
In contrast, investors that believe the price of a coin will decline are called bears, and they open short positions, allowing them to make profits instantly from the dip in the cryptocurrency's price. Understanding the two and how they work can even allow you to open short and long positions in a coin and make profits.
When trading Gnosis with a brokerage platform, you need to set your risk management limits. The risk management limits include stop-loss and take-profit, designed to help you take profit or stop a loss on a trade automatically.
5. Close your Position
The final step is to close your position once you hit your desired profit level. You can close your positions automatically by setting your stop losses or take profit limits. It is important to do this because the crypto market operates 24/7, and you can't monitor your trades all the time. These sell orders ensure that your trade is automatically terminated once it reaches the desired threshold, even when you are away from your computer or busy with other activities. We recommend learning everything about closing positions via the educational resources available on the platform or this website.
How to Buy Gnosis with an Exchange
Aside from brokers, cryptocurrency exchanges are the alternative platforms to buy Gnosis tokens. Buying Gnosis tokens from crypto exchanges means you are holding the actual coins instead of CFDs in the case of brokers. Investors who buy from crypto exchanges usually want to hold the coin for a while and make money from the price appreciation.
As a result, you need to find a crypto exchange that provides the value that suits your investment needs. The exchange you choose should provide you with competitive rates for deposits and withdrawals, charting features and more. The trading fees on exchanges aren't the same because some of them offer better features and tighter security protocols than others.
Similar to brokers, you should consider using a regulated cryptocurrency exchange to ensure your funds remain safe at all times. There are exchanges that don't abide by the regulatory rules put in place by financial regulators. Hence, they have no real oversight. We recommend you avoid those types of exchanges and focus on those that are regulatorily compliant. This will offer your investment a high level of protection.
1. Set up a Gnosis Wallet
Gnosis is an ERC-20 token, which means it is built on the Ethereum blockchain. As such, you need to set up an Ethereum wallet before you can purchase Gnosis tokens. Setting up an Ethereum wallet is one of the easiest things to do, and even those new to the cryptocurrency sector take just a few minutes to do it. Carry out the necessary steps, and your Ethereum wallet will be ready in no time.
There are various ways to set up an Ethereum wallet, and we will show them to you. You can choose from the various methods we explained based on what is easy for you.
- Exchange/Online wallets: These are common as some people leave their funds in their exchange wallets. However, doing so puts your funds at risk as crypto exchanges have suffered hacks and exploits in the past decade, leading to the loss of billions of dollars. Despite that, exchanges have increased their security in recent years, and you can leave some of your Gnosis tokens there.
- Desktop wallets: These are software applications on your computer that allow you to save your Gnosis tokens. Ensure that the wallet you choose supports Gnosis tokens.
- Cold wallets: This wallet class has become popular due to the high-security levels they offer. Cold storage wallets are the best way to store your Gnosis tokens for long-term investments. The wallets are hardware devices (usually shaped like a flash drive) and leverage standard security features like protocols, hardware chips and certifications to keep your funds safe at all times. Ledger, Trezor, and Keepkey are some of the popular hardware wallets.
As an investor, you have to take responsibility for the safety of your funds. Ensure you protect your wallet using security features such as 2FA, strong passwords and more.
2. Choose and Join an Exchange that Offers Gnosis tokens
We have nearly 10,000 cryptocurrencies available now, making it almost impossible for crypto exchanges to list all of them. This breeds the question of where to buy Gnosis tokens. It would help if you found exchanges that support the Gnosis tokens. Luckily, the cryptocurrency is available on some leading exchanges such as Kraken, Bitfinex, CoinEX and HitBTC. Ensure you analyse the features of each crypto exchange and choose the one that fits your trading or investment needs.
Brokers and exchanges operate differently, which means their registration processes differ. It also differs from one exchange to another since they don't operate similarly. Some of the crypto exchanges are AML and KYC-compliant, while others only require basic information such as email address, name and username. We recommend trading with regulated exchanges.
3. Choose Your Payment Method for Buying Gnosis
After finding the right crypto exchange that suits your investment needs and registering with them, you are ready to fund your account and use the funds to buy the Gnosis tokens. We recommend depositing funds directly via a credit or debit card. As a first-timer, you might get a call from your bank notifying you of a pending transaction and asking if it was intentional.
You can also deposit funds into your crypto exchange account using your bank account. However, this payment method takes longer for both deposits and withdrawals. Since you intend to buy Gnosis tokens, you will first have to buy some of its paired coins such as ETH, BTC or USDT, depending on the exchange you are using. If you have these coins from another exchange or wallet, you can use them to fund your exchange wallet.
Regardless of your payment method, we believe it is best to purchase Gnosis tokens from a crypto exchange that complies with regulatory requirements. This assures you that you are purchasing the tokens from reliable sources.
4. Place an Order to Buy a Gnosis token
Since Gnosis is an ERC-20 token, you need to start by buying the major coins it is paired with. Depending on the crypto exchange, you can buy Gnosis (GNO) using major coins such as ETH, BTC or USDT. You can purchase the ETH or BTC coins and swap them for GNO on your cryptocurrency exchange.
Select the fiat currency you intend to deposit and how much you are depositing into your exchange account. Once the transaction is completed, the funds will display in your account, and you can use it to buy ETH, BTC, or swap it for USDT or any other stablecoin. Use the ETH or BTC to purchase the Gnosis token. The process differs from one exchange to another, depending on their requirements.
5. Safely Storing your Gnosis tokens
The last step involves properly storing your Gnosis tokens. After purchasing the coins from a crypto exchange, you can move them to your private wallet. This is an easy process and doesn't cost you much to move your funds. We recommend moving your coins to a cold storage wallet if you intend to hold GNO for a long time. However, if you intend to trade it against other cryptocurrencies, you can do so from your crypto exchange since they offer trading tools.
To transfer your funds from a cold storage wallet to an external wallet, you need to use your public key. Insert the public key into the 'recipient address' field of the withdrawal request and choose the amount of the GNO tokens you wish to transfer.
Furthermore, it is best to enable 2FA on your wallets as it provides an extra layer of security in your account. This is for the safety of your funds at all times.
Should you Buy or Trade Gnosis tokens?
Buying and trading Gnosis tokens are two different things. Also, trading a coin via a crypto exchange is different from a broker. If you want to become a successful Gnosis trader or investor, you need to understand the differences and clearly define your trading strategies.
What's the Difference between a Gnosis Exchange and a Broker?
There are major differences between cryptocurrency exchanges and brokers. However, the two provide various services to crypto investors and traders. Cryptocurrency exchanges allow people to trade cryptocurrencies. For instance, they allow you to trade numerous coins against the leading ones such as ETH, BTC, and USDT. Also, crypto exchanges are the best place to go if you want to get the best exchange rates for the Gnosis token.
Meanwhile, cryptocurrency brokers are excellent platforms for an investor who wishes to take advantage of the volatility of the Gnosis token to earn passive income. The regulated nature of cryptocurrency brokerage platforms is why they are great. They provide a safe way for you to invest in cryptocurrencies and earn money via trading CFDs. With crypto exchanges, you are holding the actual Gnosis tokens, while brokerage platforms allow you to bet on the performance of cryptocurrencies.
Gnosis: Long vs. Short Term Investment
Knowing the difference between long and short-term investments is key to becoming a successful cryptocurrency investor. When you are a long-term investor, you will buy the Gnosis tokens and hold them for an extended period. The holding period could last months or years. In this situation, it is best to buy the Gnosis tokens from cryptocurrency exchanges and store them on a cold storage wallet that supports them.
On the other hand, if you don't see Gnosis performing well in the long run, you can hold it for the short term and earn profits from its price appreciation. In this situation, using a cryptocurrency broker is ideal for you. You should deploy the services of a reputable crypto broker to bet on the price movement of the Gnosis token. Also, you can use the brokerage platforms if you don't want to go through the stress of buying from exchanges and transferring them to an external wallet.
3 Tips to Buy Gnosis tokens
There are fundamental things you should know about buying and trading Gnosis tokens. The tips will help you in buying and trading the tokens.
1. Choose the Right Time and Do Your Own Research on the Gnosis token
As an investor in the cryptocurrency space or any other financial market, you need to carry out your own research into the project you are investing in. Conduct extensive research into the Gnosis project and the problems it is solving in the crypto space. It isn't ideal to rely on a single source of information about the token you intend to purchase. Go through the opinions of expert analysts and read the latest news about the Gnosis project. You can use the information obtained to search for favourable opportunities within the market. If you are trading the Gnosis token, then you need to learn how to use technical indicators, charts and other crucial tools to determine trends and key levels to buy and sell the tokens.
2. Comparing Costs to Buy Gnosis tokens
Sometimes, the little fees you ignore are what increase your profit margin. You need to compare the rates between exchanges and brokers and use those that offer the most competitive rates. Before buying the Gnosis token from an exchange or a broker, ensure you know how much the coin is selling on their platform and any difference between them and the other platforms. Also, consider the trading fees and other commissions before choosing the exchange or broker to use.
3. Safety and Security when Buying Gnosis tokens
The safety and security of our crypto investments are sometimes the last things we think about. This is wrong as it should be the first thing we consider when buying a cryptocurrency. You have to check the security protocols put in place by the platform you intend to use. Cryptocurrency traders and investors have lost billions of dollars to hackers via crypto trading platforms over the past decade. Hence why we have emphasised the need to take security seriously several times in the post. Ensure that the platform has adequate security measures in place before you deposit any money with them.
What is the Best Payment Method to Purchase Gnosis?
- Buy Gnosis with Credit Card: Buying ETH or BTC and swapping it for a Gnosis token.
- Buy Gnosis with Bank Transfer: Depositing funds to buy ETH or BTC and swapping it for a Gnosis token.
- Buy Gnosis with BTC: For those who want to acquire Gnosis tokens by using major cryptos such as Ethereum and Bitcoin.
- Buy Gnosis with PayPal: Buying ETH or BTC and swapping it for a Gnosis token. The PayPal payment feature is not available in all countries.
Other Ways to Buy Gnosis tokens
The above-explained methods are some of the common ways to buy and trade the cryptocurrency. However, they are not the only ones. There are other convenient ways to buy, sell, and trade the Gnosis cryptocurrency and they include P2P (Peer to Peer) exchanges, which allow you to transfer coins directly to the seller directly. Here, the platforms serve as the third party that connects you to sellers (in case you wish to buy) and buyers (in case you wish to sell). The transaction fees on P2P platforms are the lowest. However, it varies based on the network congestion at the transaction.
The method explained below is not popular, but it is a viable option for buying Gnosis tokens. The information in this post has set you up nicely to start buying, trading and investing in Gnosis. However, note that we took the trouble to choose a few crypto exchanges and brokers that support GNOSIS tokens. These are crypto trading platforms with excellent reputations and have become very reliable.
Frequently Asked Questions
You can buy Gnosis on either of them. Buying Gnosis on exchanges means you are holding the actual cryptocurrency. You can trade it or store it in a cold storage wallet. However, when you buy with a broker, you buy the CFD of the cryptocurrency and do not hold the actual coins.
Yes, you can. You can buy Gnosis using other cryptocurrencies such as BTC and USDT.
If you are a trader, you can trade the Gnosis tokens and earn instant profits. As an investor, you can hold it in your wallet for long-term gains.
You have to decide when you want to buy Gnosis. You can watch the cryptocurrency's price action and decide based on that. This post aims to give you the necessary information to make an informed trading decision.
If you are holding Gnosis tokens for a long time, it is a bad idea to leave them on your crypto exchange wallet. It is best to store them in cold storage wallets. They offer the best security for your funds. However, if you are trading the tokens, then you can leave them on the crypto exchange.
You can get the latest Gnosis news from our platform. We provide you with the latest news regarding the entire cryptocurrency market. Also, there are other leading news platforms you can explore to get the latest information.
You can use desktop wallets, exchange wallets or cold storage wallets. However, you should consider the security of your coins when deciding on the wallet to use. Cold storage wallets offer the best security and you can use Ledger or Nano to store your GNO tokens.
The amount you invest in the coin is totally up to you. However, you need to assess several things before you make this decision. You need to assess your risk level and how much you have spare to invest in the cryptocurrency.