How to buy GMX (GMX)
If you’re interested in purchasing GMX (GMX), this helpful step-by-step guide will show you how. We’ll walk you through the process so you can learn how to buy GMX (GMX) with ease. Whether you’re new to cryptocurrency or just looking to expand your portfolio, this guide can provide you with the information you need to get started. So why not give it a try and learn how to buy GMX today?
Step 1: Create an account on an exchange that supports GMX (GMX)
First, you will need to open an account on a cryptocurrency exchange that supports GMX (GMX).
We recommend the following based on functionality, reputation, security, support and fees:
1
Binance
Fees (Maker/Taker) 0.075%*-0.1%*
Cryptocurrencies
Available for Trade 500+
Sign-up bonus
10% reduced trading fees*
Available in
Europe, Asia, Oceania, Africa
2
MEXC
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1500+
Sign-up bonus
10% reduced trading fees & up to $170 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
3
Gate.io
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1000+
Sign-up bonus
Up to $100 in USDT vouchers*
Available in
Europe, Asia, Oceania, Africa
When you’re signing up for a cryptocurrency exchange, you’ll typically need to provide some basic information. This might include your email address, password, and full name. Depending on the exchange, you may also be asked for additional details like your phone number or address.
It’s worth noting that some exchanges have more stringent requirements, such as a “Know Your Customer” (KYC) procedure. This is typically the case with licensed and regulated exchanges. KYC procedures help ensure that exchanges comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. If you’re required to complete a KYC procedure, you’ll typically be asked to provide additional information, such as a government-issued ID or proof of address.
Step 2: Deposit funds into your account
When buying GMX (GMX) on a cryptocurrency exchange, many of them allow you to use fiat currencies like EUR, USD, and AUD to make your purchase directly. To do this, you’ll need to fund your account with one of several deposit methods, including credit and debit cards, e-wallets, and direct bank transfers. If this is not an option on the cryptocurrency exchange that you have chosen, then simply move onto the next step in this guide.
It’s important to note that different payment methods may have varying fees associated with them. For example, credit card payments may have higher fees than other options. To avoid paying unnecessary costs, it’s a good idea to research the fees for each payment method before funding your account.
Step 3: Buy GMX (GMX)
Buying GMX (GMX) on a cryptocurrency exchange is a simple process. Look for the search bar or navigation menu and search for GMX (GMX) or GMX (GMX) trading pairs. Next, find the section that allows you to buy GMX (GMX). Enter the amount of cryptocurrency you want to spend or the amount of fiat currency you want to use to buy GMX (GMX). The exchange will calculate the equivalent amount of GMX (GMX) based on the current market rate.
Before confirming your purchase, always double-check the transaction details, such as the amount of GMX (GMX) you’ll receive and the total cost of the purchase. Additionally, some exchanges offer a proprietary software wallet to store your GMX (GMX), but you can also create your own software wallet or purchase a hardware wallet for the highest level of protection.
How to create a Binance account
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Step 1: Go to the Binance website.
Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.
Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.
Step 3: Complete the Security Verification.
Step 4: The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How to complete KYC (ID Verification) on Binance
Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
Step 2: click “Start Now” to verify your account.
Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.
Step 5: Enter your personal information and click “Continue.”
You won’t be able to change it once confirmed.
Refer to the respective options offered for your country.
Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
Once your application has been verified, you will receive an email notification.
How to buy cryptocurrency on Binance
Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”.
Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.
Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.
How to Conduct Spot Trading on Binance
Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.
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If you’re looking for more detailed instructions on buying cryptocurrency, our “Absolute Beginner’s Guide to Cryptocurrency Investing” can take you through the process step-by-step. This guide also covers how to send and receive cryptocurrency.
If you’re brand new to the world of cryptocurrency, don’t worry! We offer beginner, intermediate, and advanced level articles to help you get up to speed with everything you need to know. These articles cover a wide range of topics, so whether you’re just starting out or looking to expand your knowledge, we’ve got you covered. With our resources, you can confidently navigate the cryptocurrency space and make informed investment decisions.
What is GMX (GMX)?
GMX (Global Markets Exchange) is an innovative decentralized exchange that specializes in offering spot and perpetual trading opportunities for its users. Designed with a focus on optimizing user experience, GMX boasts low swap fees and zero price impact trades, ensuring that traders can execute their strategies efficiently and cost-effectively. This unique approach to trading sets GMX apart from its competitors, positioning it as a leader in the rapidly evolving decentralized finance (DeFi) landscape.
At the heart of GMX’s trading ecosystem is a distinctive multi-asset pool that serves as the foundation for its market-making, swap, and leverage trading functionalities. This versatile pool allows liquidity providers to earn fees from a variety of sources, ultimately creating a more diversified and rewarding experience for those who contribute to the platform’s liquidity. By supporting multiple revenue streams, GMX encourages greater participation from liquidity providers, which in turn enhances the overall efficiency and stability of the exchange.
One of the key features of GMX that contributes to its superior trading experience is the integration of dynamic pricing. To achieve this, GMX leverages the power of Chainlink Oracles, a highly regarded and reliable decentralized oracle network. By harnessing the capabilities of Chainlink Oracles, GMX ensures that its pricing data is accurate, up-to-date, and tamper-proof, providing users with a dependable source of information upon which to base their trading decisions.
In addition to Chainlink Oracles, GMX also incorporates an aggregate of prices from leading volume exchanges in its dynamic pricing model. By drawing upon a diverse range of sources for its pricing data, GMX further enhances the accuracy and reliability of its platform, providing users with a comprehensive and trustworthy view of the market.
What is the GMX Token?
The GMX Token is the essential utility and governance token for the Global Markets Exchange (GMX) platform. Holding GMX tokens unlocks a plethora of benefits and opportunities for users, making it a valuable asset within the decentralized trading ecosystem.
GMX Token Information and Address
The GMX token operates on both the Arbitrum and Avalanche blockchains, providing users with a versatile and accessible asset for their trading activities. Detailed steps on how to purchase GMX tokens can be found on the platform’s official website. After purchasing GMX, users will receive a staked GMX token, which includes their total staked amount along with any escrowed GMX tokens and Multiplier Points. To bridge GMX tokens between Arbitrum and Avalanche, users can follow the instructions provided by the platform.
Staking GMX Tokens: Rewards and Benefits
By staking GMX tokens, users can enjoy a variety of rewards, including:
- Escrowed GMX
- Multiplier Points
- ETH (Ethereum) or AVAX (Avalanche) rewards
More information about Escrowed GMX and Multiplier Points can be found on the platform’s dedicated resources. 30% of fees generated from swaps and leverage trading are converted to ETH or AVAX and distributed to staked GMX tokens. Note that fees distributed are based on the number after deducting network costs and keeper costs, which typically amount to around 1% of the total fees.
To stake GMX tokens, users can follow the step-by-step guide provided by the platform.
GMX Token Floor Price Fund: Ensuring Liquidity and Rewards
The GMX token features a floor price fund in ETH and GLP (Global Liquidity Pool), which grows through two main channels:
- GMX/ETH liquidity is provided and owned by the protocol, with fees from this trading pair converted to GLP and deposited into the floor price fund.
- 50% of funds received through the platform are sent to the floor price fund, while the remaining 50% is allocated for marketing purposes.
The floor price fund ensures liquidity in GLP and provides a reliable stream of ETH rewards for all staked GMX tokens. As the fund grows, it can also be used to buy back and burn GMX tokens if the Floor Price Fund divided by the Total Supply of GMX is less than the market price, resulting in a minimum price for GMX in terms of ETH and GLP.
GMX Token Supply and Distribution
The GMX token supply can be viewed on the platform’s website. The increase in circulating supply will vary depending on the number of vested tokens and the amount used for marketing and partnerships. The forecasted maximum supply is 13.25 million GMX tokens, with minting beyond this limit controlled by a 28-day timelock. Additional minting will only be considered if more products are launched, requiring liquidity mining, and a governance vote will be conducted before any changes.
GMX liquidity on Uniswap is gradually added as the price of GMX increases, with the Uniswap liquidity pool available on the platform.
Bridging GMX Tokens
GMX tokens can be bridged between Ethereum and Arbitrum, although it is generally not recommended unless absolutely necessary. All platform features are available on Arbitrum, so there should be no strong reason to bridge tokens. If you bridge tokens from Arbitrum to Ethereum, be aware of the 7-day waiting period during which you will not have access to your tokens. Instructions for bridging between Arbitrum and Avalanche can be found on the platform’s resources.
Introducing the GLP Token: A Comprehensive Guide to Global Liquidity Pool Tokens
The GLP Token serves as the platform’s liquidity provider token, offering holders a range of benefits while ensuring optimal liquidity for swaps and leverage trading on the platform.
GLP Token Overview: Index, Rewards, and PnL Data
GLP is an index of assets used for swaps and leverage trading. It can be minted with any index asset and burnt to redeem any index asset. The price for minting and redemption is calculated based on the total worth of assets in the index, including the profits and losses of open positions, divided by the GLP supply.
For Arbitrum, GLP token holders earn escrowed GMX tokens and 70% of platform fees distributed in ETH. For Avalanche, GLP token holders earn escrowed GMX tokens and 70% of platform fees distributed in AVAX. Note that the fees distributed are based on the number after deducting network costs and keeper costs, which typically amount to around 1% of the total fees.
Please be aware that GLP is specific to the network you mint it on and is not directly transferable between networks. The price and rewards associated with the tokens will differ between networks. As GLP holders provide liquidity for leverage trading, they will make a profit when leverage traders make a loss and vice versa. Past PnL data, GLP price charts, and other stats can be viewed on the platform’s website.
Minting and Redeeming GLP Tokens: A Step-by-Step Guide
To mint GLP tokens, follow these steps:
- Bridge any of the GLP tokens to Arbitrum or Avalanche. A list of GLP tokens can be found on the platform’s website.
- Fees will be lower for tokens that the pool has less of, so check the “Mint GLP” section to find the lowest fees.
- Buy the token with the lowest fees on Ethereum and then bridge that token directly, as these tokens are likely more expensive to purchase on Arbitrum.
- For Arbitrum, ensure that some ETH is bridged over, as you need it to pay for the network fees. For Avalanche, ensure that you have some AVAX for network fees.
- Key in the amount of GLP you’d like to purchase on the platform’s “Mint GLP” page.
- Fees for buying GLP will vary based on which assets the index has less or more of, and the “Buy GLP” page will show which assets have the lowest fee.
After buying, your tokens will automatically be staked, and you will start earning Escrowed GMX and ETH or AVAX rewards. You can check your rewards on the platform’s website.
To redeem GLP tokens, key in the amount of GLP you’d like to redeem on the platform’s “Redeem GLP” page.
Token Pricing and Rebalancing
Token pricing may have a spread, with minting GLP based on the lower value of the token and redeeming GLP based on the higher value. For stablecoin tokens, the spread will be from the Chainlink price of the stablecoin to 1 USD. The price of GLP will depend on the spread of the tokens in the pool as well.
The fees to mint GLP, burn GLP, or perform swaps will vary based on whether the action improves or reduces the balance of assets. For example, if the index has a large percentage of ETH and a small percentage of USDC, actions that increase the amount of ETH will have a high fee, while actions that reduce the amount of ETH will have a low fee.
Token weights can be seen on the platform’s website and are adjusted to help hedge GLP holders based on the open positions of traders. For instance, if many traders are long on ETH, then ETH would have a higher token weight. Conversely, if many traders are short, then a higher token weight will be assigned to stablecoins.
The performance of token prices will also influence the price of GLP. If token prices increase, the GLP price will increase as well, even if a significant number of traders have a long position on the platform. The portion reserved for long positions can be treated as stable in terms of its USD value since, if prices increase, the profits from that portion will be used to pay traders. If prices decrease, the losses of traders will keep the USD value of the reserve portion the same.
If many traders are short and larger weights are given to stablecoins, then GLP holders would have synthetic exposure to the tokens being shorted. For example, if ETH is being shorted, the price of GLP will decrease if the price of ETH decreases. If the price of ETH increases, the price of GLP will increase due to the losses of the short positions.
In conclusion, the GLP token serves as an essential tool for liquidity provision on the platform, offering holders the opportunity to earn rewards while maintaining a dynamic balance of assets. By understanding the process of minting and redeeming GLP tokens, as well as the factors influencing token pricing and rebalancing, holders can optimize their positions and benefit from the platform’s innovative approach to swaps and leverage trading.
GMX development updates in 2023
In 2023, GMX has made significant strides in its technological infrastructure and network capabilities. Here’s an overview of the most notable developments:
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Deployment Proposal on Coinbase’s Base Blockchain: A key development for GMX this year was the proposal to deploy on Base, a new layer 2 network started by Coinbase. This move, if finalized, would mark a substantial expansion in GMX’s capabilities and reach, potentially increasing its user base and overall market impact.
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Enhancements in the GLP Pool and Liquidity Provision: GMX’s multi-asset pool, known as the GLP pool, has been at the center of its trading functionality. In 2023, this pool continued to evolve, encompassing a wider range of index assets such as USDC, BTC, ETH, LINK, FRAX, DAI, and USDT. Liquidity providers in the GMX ecosystem play a critical role, contributing to the liquidity and earning rewards in escrowed GMX (esGMX). These developments have further solidified the platform’s position as a community-driven and versatile trading platform.
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Advancements in GMX Staking Mechanism: The staking feature of GMX has seen improvements, offering users an opportunity to earn diverse rewards, including multiplier points, escrowed GMX, and a share of the platform’s trading fees in ETH or AVAX. These enhancements have made the staking process more lucrative and appealing, encouraging long-term investment and participation within the GMX ecosystem.
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Positive Market Sentiment and Price Prediction: The market sentiment towards GMX in 2023 has been predominantly bullish, driven by the increasing popularity of decentralized exchanges and GMX’s growing adoption, especially on the Arbitrum blockchain. Price predictions for GMX indicate a potential maximum price of around $63.18 by the end of the year, reflecting significant growth from its current position. However, these projections also account for market volatility, underscoring the dynamic nature of cryptocurrency investments.
These updates highlight GMX’s commitment to advancing its technological framework and enhancing its platform’s functionality. The focus on network expansion, liquidity provision, staking mechanisms, and positive market response positions GMX as a significant player in the evolving decentralized finance landscape.
Official website: https://gmx.io/#/
Best cryptocurrency wallet for GMX (GMX)
Navigating the world of cryptocurrency wallets can be quite an adventure, as there are numerous options available to suit different needs. To find the perfect wallet for you, consider your trading habits and the level of security you require. Generally, there are two main categories of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical).
Each type of wallet comes with its own set of advantages and drawbacks, so there isn’t necessarily a one-size-fits-all solution. As you embark on your journey to find the best crypto wallet for your GMX (GMX) tokens, remember to keep an open mind and explore the features that align with your personal preferences and requirements.
When choosing the right wallet for your GMX (GMX) tokens, consider the following factors:
- Trading frequency: Hot wallets are generally more suitable for active traders due to their quick login capabilities, allowing for seamless buying and selling of crypto. Cold wallets, on the other hand, are better suited for those who make less frequent trades.
- Supported cryptocurrencies: Although not all wallets cater to every cryptocurrency, some of the best ones can trade a vast array of currencies, offering a versatile experience. Make sure the wallet you choose supports GMX (GMX).
- Security concerns: If you’re worried about potential hacking incidents, a physical cold wallet stored in a safe deposit box or a secure location at home provides the highest level of protection. However, if you’re confident in safeguarding your hot wallet, you might prefer its convenience.
- Associated costs: Investigate the costs of each wallet option. While many hot wallets are free to set up, cold wallets, being hardware devices, will require an upfront investment.
- Wallet features: While the basic functions of cryptocurrency wallets remain the same, additional features can distinguish one wallet from another. Hot wallets often come with advanced reporting tools, crypto market insights, and currency conversion capabilities. Security features can also be an essential factor when making your decision.
By considering all of these aspects, you’ll be better equipped to select the perfect cryptocurrency wallet for your GMX (GMX) tokens.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
If you’re planning to handle larger amounts of crypto, investing in cold storage can be a wise decision. Two of the most popular cold storage options are the Ledger Nano and the Trezor.
Ledger creates cold storage wallets designed for users who prioritize security. Their wallets are physical devices that connect to your computer, and you can only send cryptocurrency from them when they’re connected. Ledger offers a range of products, including the Ledger Nano S and the Ledger Nano X, which features Bluetooth connectivity.
Trezor, a trailblazer in the hardware wallet industry, combines top-notch security with an intuitive interface and compatibility with various desktop wallets. This blend makes it suitable for both beginners and experienced users. Trezor has earned a great deal of respect within the Bitcoin community over time. They offer two primary models – the Trezor One and the Trezor Model T, which comes with a built-in touchscreen.
GMX (GMX) Price & Charts
- Market Capitalization And Daily Trading Volume
- Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
- Circulating And Total Supply
- Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
