STEPN with Binance
How to Buy Stepn (GMT) - a Beginner’s Guide
Time to get away from the charts and get moving! Stepn is the world’s first blockchain-based move-to-earn app and a top-five winner in Ignition, Solana’s highly competitive global hackathon. GMT stands for Green Metaverse Token and is Stepn’s main governance token.
So how does Stepn work? Firstly, you download the app, buy or rent a smoking set of NFT trainers and get moving to earn the in-game token. Trainers come in different shapes, sizes and prices and also carry different sets of attributes. If you want to try out the app before buying and decide to rent, expect to split your rewards 30/70 with the NFT owner. It’s a high price to pay, but it’s best to be sure before you invest in those road-runners.
When it comes to hitting the hills, there are three Stepn modes. These are Solo, Marathon and Background. In Solo mode walkers, joggers and runners earn tokens based on the rarity of their trainers and the number of steps they take. Marathon mode is a regular weekly event that Stepn users can register for and take part in. Background mode lets users earn tokens even when the app is switched off—so long as they’re moving. Sound good?
Great—in this article, we’ll be covering how you buy Stepn coin, GMT, discuss why it could be a good investment and go through a bunch of other things you should consider before, during and after buying.
Our Quick Tutorial to Buy STEPN with your Favourite Payment Method
Step 1: Sign-Up
Step 2: Make your First Deposit
Once your account is set up, you can go to "Deposit" and follow the instructions to fund your account with your payment method of choice . Enter the amount you want to deposit (beginners normally start with lower amounts), follow the steps and check your new account balance.
Step 3: Buy STEPN!
3 Quick Steps to Buy Stepn (GMT)
1. Create an account with a good exchange
Find a broker or cryptocurrency exchange you like the look of. There’s a head-spinning amount to choose from, but you won’t go wrong with any of those found on this page. These are our preferred partners who have been vetted and who we’ve worked with for a while. Once you’ve picked one, sign up with the account and provide your details. You will almost certainly have to go through some sort of KYC to do this. It feels a bit like opening a bank account, but once you’ve completed this process you won’t have to do it again. Sometimes it’s quicker to open an account by signing up through Facebook or Google.
2. Fund your account
Now you’re all set up, you’re ready to buy some GMT, or any other cryptocurrency you’ve been looking at that’s on the exchange. Before you do this, however, you'll need to transfer some money into your account. Navigate to the 'Deposits' section of your exchange or broker then use your preferred method of payment. Most people will use a debit or credit card. You can also fund your account with a bank transfer. Note, if you have problems depositing money because your bank doesn’t allow it, you’ll need to get in touch with them or use a bank account that’s more crypto-friendly.
3. Buy Stepn (GMT)
Next, search for GMT on your exchange or broker. Here you’ll see the token paired with a number of other cryptocurrencies such as BTC, ETH, USDT, and occasionally a fiat currency such as USD. It’s important to remember that whichever pair you buy, the first is the base currency and the second is the quote currency. If you buy GMT/USDT then GMT is the base currency and when you sell it, the base currency will be converted into the quote currency—in this case, the stablecoin USDT.
Where to buy Stepn (GMT)
Due to its rapid rise in popularity and the fact that it was launched first on Binance, Stepn (GMT) is already widely available on a number of different exchanges.
The following platforms offer ease of use for first-time cryptocurrency buyers and have a number of useful features to help buy and sell your tokens. Always take time to review and understand each exchange, its fees and nuances, whether it has a non-custodial wallet you can use, and what you can and can’t do to make sure it’s the best fit for your needs and level of experience.
Payment methods you can use to buy Stepn (GMT)
As you’ve seen, GMT can be bought on a number of different cryptocurrency exchanges but there are also a number of different ways to fund your account.
PayPal: Globally known and undeniably safe, PayPal is a convenient way to make buy things online, send and receive money, and carry out a host of other financial actions. To buy crypto, though, you’ll need to make sure your bank or credit card is linked to your PayPal account. If it is, you may be able to use it to make purchases on partner sites. Remember, though, some banks are not crypto-friendly and may block your transactions, so if you have any problems, get in touch with them or open a crypto-friendly bank account.
Bank transfer: Deposits can be made in any major currency by bank transfer, which is available at the majority of exchanges. In comparison to other forms of payment, this procedure may take several days to complete and you may also have to alert your bank to the fact that you are making a transfer to a crypto exchange or they may block it depending on where you are and which bank you use.
Debit card or Credit Card: Because debit cards are easy to use and have minimal costs, they're a popular method of payment for buying cryptocurrency and a go-to for people who want to get things moving quickly. Check the fees before using a credit card, though, since they are often pretty high. Those fees along with any others you incur can take a nasty slice out of your budget before you place your first trade.
Crypto: If you already have crypto sitting on exchanges waiting to be used, whether that’s Bitcoin, Ethereum, BNB or something else, often the best way of buying GMT will be to swap or convert it if you can. If you have a stash of stablecoins however, just pick the right pair such as GMT/USDT or GMT/USDC and buy them that way.
Peer to Peer: This is where you buy directly from another person who holds the tokens you are looking for and wishes to sell them. In some cases, doing things this way can get you a better rate.
Buying vs. Trading Stepn (GMT)
Important things to consider before and after you’ve bought GMT
Once you have your GMT in your wallet, it’s good to keep a close eye on it and have a good feel for the crypto market in general. Depending on your strategy or trading style, you might want to hold onto GMT for a long period of time in the belief that the project is strong and the price will appreciate.
Alternatively, you might want to take advantage of strong bullish moves, selling your GMT when you've doubled your money, for example. However, trading crypto bears risks, the most obvious one being that if you buy in a strong rally, the price could dump and leave you sitting on a loss. Equally, you could sell in a downturn only to see the price rally and leave you regretting you didn’t wait longer and take profits later.
Above all, you need to decide what sort of person you are and how much time you can genuinely dedicate to your trading or investing activity. Here are some of the things that, whatever happens, you should absolutely avoid.
Things to avoid when buying Stepn (GMT)
Panic selling - this is when the price dumps and you sell your position believing the price will continue to fall.
Holding on for too long in a genuine bear market - if the market is confirmed as being bearish, holding on can leave you nursing a loss for years. That said a loss only crystallises when you a) sell or b) the project whose token you bought goes under.
Panic buy - also known as FOMO. Most people get burned when they jump on a moving train. Swamped with euphoria they forget that the price has already pumped and sellers are waiting and ready to ambush not to far up ahead.
Hold on and never sell - also known as 'HODLing until you die'. Many Bitcoin maximalists do this and never reap the rewards of their analysis and investment. Sometimes it’s a good idea to enjoy the fruits of your labour and remind yourself ‘this is real’.
There are other things that you should avoid doing, but these are the most common mistakes made by novices and experienced traders alike. Far better to have a strategy before you trade, or invest, and stick to it unless your thesis is unequivocally proven to be wrong. This can happen when something very unexpected happens, such as a pandemic or war, or both, also known as 'black swan event'.
The key thing to remember is that two things are vital. These are timing and patience. Jumping into cryptocurrency trades because they’re being hyped and shilled on YouTube channels, for example, is usually a losing strategy. Buying because you believe in a project and its tokenomics long term is usually a winning strategy. Naturally, the earlier you can get into something, the better. Even then, there are never any guarantees.
What to Consider Before Buying Stepn GMT
One thing to note is that there is a difference between GMT (Green Metaverse Token) and GST (Green Satoshi Token). While GMT is Stepn’s main token bestowing governance on owners who want to have a say in the company's future roadmap, GST is the in-game token that acts as a reward for effort, in this case physical exercise.
This is similar to the way the popular play-to-earn game, Axie Infinity is constructed, where AXS is the main governance token and SLP is the in-game token. These can all be bought on exchanges, but while GMT and AXS have a finite supply of tokens, GST and SLP have an infinite supply. This is important to consider if you plan to hold your tokens long-term.
Key takeaway: GMT is an investment token, while GST is a gaming token.
What Features Does Stepn (GMT) have?
Stepn is the first of its kind in the move-to-earn Web3 space. Built on Solana, which is known for its high transaction speeds, Stepn is a robust, thoroughly tested dApp that is likely to rise in popularity because it does what no other fitness app does—allows users to earn money for exercising.
Stepn has a wallet where tokens and NFTs can be stored. This connects to Solana’s Phantom wallet allowing owners to move their assets around. The swap function also allows holders to exchange GMT for GST, GST for SOL, and so on.
Using those same holdings, users can mint new trainers, pay for trainer repairs, carry out in-app purchases, level up and carry out a host of other activities within Stepn's marketplace
Will Buying GMT Make Me Money?
It is impossible to categorically say you will make money buying anything, even stocks or shares. For example, if you bought shares in Facebook (FB) in August 2021, seeing that the price was rising and believing it to be the next big metaverse play, just a few months later you would be deeply in the red on that investment. Is Facebook a bad company? Did you make a mistake? Should you throw rotten tomatoes at Mark Zuckerberg? It really doesn’t matter. As pointed out, timing and patience are key, along with managing your emotions so you don't make rash decisions.
Should I Buy GMT?
Stepn (GMT) is a new and exciting project that has got a lot of tongues wagging (and a lot of feet moving). The main questions to ask? Are you:
A speculator standing on the sidelines and trading volatility?
An investor who really believes the project has legs (pun fully intended)?
A fitness fanatic who wants to clock up a thousand miles and earn GMT as a reward?
Eager to get fit and in some way gamify the experience to make it more enjoyable and relevant?
Whatever your reason, and it could be a combination of all of the points above, make sure you’re comfortable with the level of investment you’re making and are realistic about your goals. It costs to buy Stepn virtual swag and footwear, and this should be one of your main considerations before investing.
In addition, the price has accelerated at an astonishing rate, yet only a fraction of the available 1billion tokens are currently in circulation. From a tokenomics point of view, this should raise eyebrows. But, if you think the project is strong, you like it and want in, below are some places where you can get some GMT today.
Frequently Asked Questions
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It is called the Green Metaverse Token because Stepn takes small taxes out of every transaction that happens on the network and uses these funds to purchase carbon removal credits. In doing this it aims to be carbon neutral.
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You should stake GMT if you want to have a say in the future roadmap of the company. As a holder of NFT trainers (‘sneakers’ if you’re in the US) and GMT staker, you get voting rights through a process known as governance. This means you can vote on proposals made by the community. If enough people want a certain thing to happen within Stepn, the team will implement those changes.
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Stepn is available on both Android and Apple phones. You can download the Stepn app from the iOS app store or Google Play Store.
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You can rent a Stepn sneaker NFT from somebody who has bought one. If they are renting it out, you can select and use their NFT and get going. You will receive 30 percent of the Green Satoshi Token (the app's in-game currency) as a reward and the owner of the NFT will get 70 percent. When you have earned enough tokens, you can buy your own NFT.
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Yes, you can swap any tokens recognised within the Stepn app. Stepn is built on the Solana blockchain. Any tokens you have can be kept in your Phantom Wallet (Solana’s version of Metamask) and transferred to and from the Stepn app. Within the wallet, you can seamlessly swap one token for another.
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