GMX Io crypto perpetual exchange cover image

GMX Referral Code 2024 – Exchange Review

GMX DEX Review Summary

  • Competitive Trading Fees: GMX offers low and transparent trading fees, 0.1% for maker and taker.
  • GMX is available on both Arbitrum and Avalanche blockchains.
  • GMX has a trading volume similar to Quickperps, but both are way behind dYdX in perpetual trading volumes.

GMX Referral Code for 5% off from Trading Fees

There are two transactions involved in opening, closing, or editing a position on GMX:
 
1. Trading fee charged by GMX: The cost to open/close a position is 0.1% of the position size. Compare all the lowest crypto futures trading fees.
 
2. Execution fee charged by the blockchain: This network cost is paid to the blockchain network.
 
  • You will get 5% off all trading fees charged by GMX by using our referral code.

Referral Code: 559101

What is the GMX DEX?

GMX is a DEX that allows users to trade perpetual contracts on various cryptocurrencies. Perpetual contracts are similar to futures contracts but do not have an expiry date. This means that users can hold their positions for as long as they want.

GMX offers a variety of features that make it an attractive choice for traders, including:

  • Up to 30x leverage: GMX allows users to trade with up to 30x leverage, which can amplify their profits. However, it is essential to note that leverage trading can amplify losses.
  • Low fees: GMX charges very low trading fees, which makes it one of the most cost-effective DEXs on the market.
  • Fast and secure transactions: GMX is built on the Arbitrum and Avalanche blockchains, which offer fast and secure transactions.
  • Deep liquidity: GMX has a deep liquidity pool, meaning users can quickly execute their trades at fair prices.

Decentralized blocks image

A decentralized exchange has no custody over your funds. Here, you must trust the code rather than the people in charge of a centralized crypto exchange.

When was GMX Io launched?

It launched on Arbitrum, an Ethereum layer-2 network, in September 2021.

Where is GMX located?

It was founded by anonymous developers that are reported to be based in Sydney, Australia.

Can I trade on GMX with no KYC?

The exchange is no-KYC, and you can connect to it directly with a MetaMask Wallet on the Arbitrum and Avalanche networks.

Does GMX allow US traders?

Yes, there are no KYC requirements at the moment.

Is there a GMX Io Sign-up bonus or promo code?

GMX has no signup bonus, but you will receive 5% on your trading fees using our referral link.

Can I go short on GMX?

Yes.

What leverage can I use on GMX IO DEX?

Up to 50x leverage.

GMX Summary

Leveraging Potential: Amplifying Profits Responsibly

One of GMX’s standout features is its leverage functionality, allowing traders to magnify their positions up to 30x and even up to 50x in the alpha stage. This leverage potential is accompanied by a reduction in the risks of liquidations, mitigated by reliable price oracles that prevent sudden, significant price fluctuations.

Simplicity Meets Functionality: User-Friendly Interface

GMX DEX trading interface screenshot

GMX’s user interface is designed with simplicity, enabling traders to navigate the platform effortlessly, regardless of their experience level. The platform’s simplicity doesn’t compromise functionality, offering a range of features to enhance the trading experience.

Multi-Chain Presence: Expanding Accessibility

Operating across multiple chains, including Arbitrum and Avalanche, GMX ensures a multi-chain presence on low-fee networks. This strategic move enhances the platform’s accessibility, attracting a diverse user base.

A Basket of Opportunities: Tradable Assets on GMX

GMX boasts diverse tradable assets, including popular cryptocurrencies such as BTC, ETH, UNI, LINK, USDT, and USDC. The liquidity pool, known as GLP, adopts a multi-asset pool design, streamlining trading and boosting liquidity for the supported assets.

Realizing Yield: Rewarding Token Holders

GMX is committed to providing actual yield to its users. A significant portion of the protocol’s revenue, a remarkable 100%, is distributed to token holders. This distribution occurs through the platform’s utility and governance token, GMX, and chain-specific GLP tokens. Staking GMX or GLP tokens allows investors to earn substantial rewards and boosts, further augmenting their returns.

Innovative Features: Escrowed GMX and Multiplier Points

GMX introduces innovative features like Escrowed GMX and Multiplier Points. Escrowed GMX represents a locked form of GMX tokens, allowing users to earn a higher share of fee distribution to GMX holders or vest them linearly over a specified period. Multiplier Points serve as rewards for long-term GMX holders, enhancing their earnings without active trading, and get burned upon unstaking.

Low Fees, High Appeal: Cost-Effective Trading

GMX maintains low perpetual trading fees, typically 0.1% for open and 0.1% for closing a position. Most fees come from margin trading, with some contribution from swaps. The platform’s commitment to low fees enhances its appeal among traders, especially those engaging in significant trading volumes.

Conclusion: GMX Exchange – A New Horizon for DeFi

GMX Exchange is at the forefront of the DeFi space, redefining decentralized trading. With its innovative features, user-friendly interface, and commitment to providing actual yield, GMX Exchange attracts traders and investors seeking high returns with reduced costs and risks.

GMX IO Exchange Trading Fees

A percentage symbol for the lowest crypto futures trading fees

There are two transactions involved in opening, closing, or editing a position on GMX:
  1. Trading fee charged by GMX: The cost to open/close a position is 0.1% of the position size. Compare all the lowest crypto futures trading fees.
  2. Execution fee charged by the blockchain: This network cost is paid to the blockchain network.

Collateral on GMX Exchange

The collateral of long positions is the token being longed; for ETH longs, the collateral is ETH; for BTC longs, the collateral is WBTC, etc.

The collateral of shorts positions is any supported stablecoins e.g., USDC, USDT, DAI, FRAX.

Summary GMX trading fees

GMX Exchange maintains competitive and transparent trading fees, making it an attractive choice for traders seeking cost-effective options. The trading fees on GMX typically range from 0.02% to 0.05% per trade, depending on the specific asset being traded. These fees are relatively low compared to many other exchanges, enhancing the platform’s appeal to traders, especially those involved in high-frequency or large-volume trading.

Most fees on GMX are generated from margin trading activities, emphasizing the platform’s focus on providing leverage and margin trading opportunities to its users. Additionally, swap fees contribute to the overall fee structure, ensuring a diverse fee revenue stream for the platform.

The commitment to maintaining low fees underscores GMX’s dedication to offering a cost-effective trading environment, aligning with its mission to empower traders and investors to make the most out of their digital assets while keeping expenses at bay.

Overall, GMX’s competitive and transparent fee structure, combined with its emphasis on minimizing trading costs, positions the exchange as an appealing choice for traders looking to optimize their trading experience.

What markets can I trade on GMX?

➤GMX offers more markets on Arbitrum than on Avalanche.

Open Market place

Arbitrum

You can pay with ETH, WETH, BTC, LINK, UNI, USDC, USDT, DAI, FRAX

You can go long or short on ETH, BTC, LINK, UNI

Use up to 50x leverage

Avalanche

You can pay with AVAX, WAVAX, ETH, BTC, WBTC, USDC, USDCe

You can go short or long on AVAX, ETH, BTC, WBTC

Use up to 50x leverage

GMX Crypto Tokenomics

THE GMX tokenomics has made it the current largest decentralized exchange for crypto perpetual trading. Here, users can earn up to 30% APY in protocol rewards from trading revenues if they buy and stake the GLP token, a basket of all of the tradable tokens on GMX.

GLP on GMX

➤GMX is the utility and governance token

➤GLP is the liquidity token

GMX token VS GLP token

 

Of the total revenue, 30% is distributed to GMX. The remaining 70% from each chain is distributed to chain-specific GLP.

GMX Arbitrum vs GMX Avalanche

GMX io arbitrum VS avanlanche logos

The GMX Arbitrum platform is better than the Avalanche version because it offers more trading pairs, higher rewards, and cheaper fees.

Another difference between GMX Arbitrum over GMX Avalanche is that rewards are paid out in Ethereum (ETH) on Arbitrum instead of Avalanche (AVAX).

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