GMX: Know Everything Related To This Derivatives Market 

• 1 GMX is a decentralized exchange available on Ethereum Layer 2, Arbitrum.
• 2 It allows trading in derivatives with up to 50x leverage quickly and with very low fees.

GMX is a decentralized exchange on which trading is supported by a multi-asset liquidity pool (GLP). The token of the same name is required to participate in future protocol decisions. It also guarantees its owners a share in the platform’s profit. 

GMX became popular on Arbitrum’s blockchain and later landed on Avalanche, allowing its users to trade derived (perpetual futures) easily and cheaply. It is the most widely used protocol on Arbitrum. 

How to Buy GMX 

1. Create a free account on the website or app of the platform

Just like buying any other cryptocurrency, create a free account on the website or app. After this verify the identification process. To complete the identification process enter the verification process i.e. depositing the identity proofs like IDs which can be a selfie. After completing it, register and create a free account.

2. Choose how to buy the GMX asset

The user has to top up the account after completing the registration. Deposit by choosing the options available. There is a navigation process available on every website. Follow the process and click on the buy now option. Check the payment options available for buying GMX. It can be a credit-debit card- VISA or Mastercard, bank deposit, or third-party payment.

If the user chooses the option of bank deposit then transfer fiat currency from the bank account to the app and use the amount to buy GMX. If the user selects the third-party payment option then there are multiple options for third-party payment channels. Different options are available for different countries.

3. Check the payment details and fees

Take time and recheck the payment details and fees.

4. Store GMX on the crypto wallet

Now, when GMX buying is complete following the above procedures, users can store the GMX on the app. 

Market Analysis of GMX

GMX is popular because it offers derivative trading. Moreover, it launched on Arbitrum which allows it to offer low fees. As per CoinMarketCap, it is ranked at number 88. Its current market cap is $344,826,170 and its 24-hour volume is $25,318,540. Based on volume, it is ranked at 61st position. Its circulating supply is 9,115,624 GMX and its total supply is 9,468,234 GMX

GMX Ecosystem and Wallets

GMX does not have its blockchain. Therefore it does not have an ecosystem like Ethereum or other. GMX exists on Arbitrum; many EVM-compatible wallets can facilitate the GMX token. A few of them are MetaMask, Trust Wallet, Ledger, Trezor, etc.

GMX Staking

GMX staking allows the user to lock the GMX tokens in return for rewards. By staking GMX users can earn in the form of multiplier points (MPs), GMX, ETH, or AVAX. Kucoin, OKX, Binance, and Kraken are some of the exchanges from where users can buy GMX.

Conclusion

GMX is easy to buy trade and stake. One of the most used protocols on Arbitrum, it offers low fees and is available on many exchanges. It is EVM-compatible and holds a good position in the market.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.