How to buy GNY (GNY) in the UK
Learn how to buy GNY (GNY) in our step-by-step guide.
What are the key risks?1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets. This is an altcoin and these tend to be even more volatile than Bitcoin.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
Where to buy GNY in the UK
It looks like GNY may not be available to purchase on an exchange in the UK.
You can still purchase GNY by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.
Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.
How to purchase GNY using a decentralised exchange.
- Find GNY on a decentralised exchange and make sure GNY can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
- Buy ETH to trade for GNY using an exchange like CoinJar. You will need to purchase enough ETH to swap for GNY as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
- Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade ETH for GNY on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
- Wait for the transaction to finalise and the GNY tokens will arrive in your wallet.
- You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.
You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in the UK.
Best GNY wallets to store your GNY
You can keep your GNY on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your GNY below.
Is GNY a good investment?
Buying cryptocurrency can be a risky endeavor, but there are precautions you can take to help mitigate risk, such as learning more about GNY before buying:
- Don't FOMO buy coins: Spend time researching a coin before you decide to invest, particularly if the coin's price is spiking for seemingly no reason.
- Stick with well known exchanges: Unless you're an experienced cryptocurrency trader, stick to more well known crypto exchanges to help avoid the possibility of losing your money in a scam. When possible, store your crypto on a hardware wallet instead of on an exchange.
- Look into the coin's founders and developers: Anonymous teams are often a red flag, so if you can't find details on the creator of the coin you may want to consider investing in a different cryptocurrency.
Today's GNY price versus ATH
Compare today's price of GNY ($0.02176449 USD) against its all-time-high price of $3.24 USD on 05 February 2021. The closer the bar is to 100%, the closer GNY is to reaching its ATH again.
ATH date: February 05, 2021
GNY ATH: $3.24
How to trade, convert or sell GNYYou can convert or sell your GNY with the same exchange you bought it through:
- Sign in to the exchange you have GNY on.
- If you store your GNY in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of GNY you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of GNY.
- Complete your transaction and move your GNY to a wallet for storage.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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