🔥 Save on Fees with Our GMX Referral Code
Use GMX referral code CCFacts to save 10% on trading fees for life. This code works on Arbitrum and Avalanche.
How to Sign up for GMX
GMX lets you margin trade using up to 50x leverage on the decentralized web. That means you have full control of your funds and can use some of the highest leverage around! If you are looking to margin trade in the US, you should check out GMX.
Detailed Steps on signing up for GMX
For those of you who haven’t done it before, let’s do a walkthrough from Coinbase to trading on GMX.
- Buy Ethereum or Avax on Coinbase.
- Send this to a web3 wallet like Coinbase Wallet, Ledger Live, MetaMask, Rabby, etc.
- Go to GMX (referral link). This will ensure the discount is applied.
- Click the connect wallet button in the top right.
- Connect with the wallet that has funds in it.
- Start trading.
TIP: It can be risky to trade high leverage. Many people would suggest using more traditional leverage amounts such as 2x and 3x to reduce liquidation risks.
How the GMX Referral Program Works
Here are some key points to help you understand how the GMX referral program works.
- You can use GMX or the Arbitrum network, which you can bridge to from Ethereum, on the Avalanche Network. This means you’ll pay less in gas fees then you would trading on the Etehereum main net.
- Rebates are airdropped weekly on Wednesday.
- Rebates are paid in ETH on Arbitrum and AVAX Avalanche.
- In general you will save 10%, however the rate you save can fluctuate depending on the volume people who signed up under us are currently trading. You’ll always save at least 5%, but if our invitees trade enough, everyone saves 10%!
The Benefits of the GMX Referral System
Benefits for the Referrer:
- Commission on Trading Fees: Referrers earn a commission of 30% of the trading fees generated by the users they refer. This is a consistent benefit as long as the referred users are active.
- Unlimited Referrals: There’s no cap on the number of users a referrer can invite, offering significant earning potential.
Benefits for the Referred:
- Discount on Trading Fees: Users who sign up using a referral link get a 10% discount on their trading fees, providing an immediate financial advantage.
- Access to GMX Features: New users gain access to all the trading tools and features offered by GMX, enhancing their trading experience.
GMX Referral Program Options:
- Standard Referral Program: A straightforward referral option, allowing users to earn from their network’s trading activities.
- Affiliate Program: For users with a larger network or influence, offering enhanced commission rates and benefits. If you have a combined weekly volume above \$5 million for all your users and have at least 15 users, contact GMX support.
What is GMX
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades. It allows for efficient trading through a multi-asset pool.
GMX’s unique features include the use of its native token, GLP, for liquidity provision and trading, and GMX for governance and staking rewards. The platform emphasizes user-friendly interfaces and seamless trading experiences, making it a popular choice among traders in the decentralized finance (DeFi) space.
GMX is generally a highly liquid and trustworthy DEX and is one of the best places to trade leverage on DeFi. This is especially true in regions where there aren’t a lot of exchange options.
Everything You Need to Know About GMX
GMX operates as a decentralized exchange featuring a multi-asset pool named GLP (GMX Liquidity Provider token). This pool enables users to supply their cryptocurrencies in exchange for fee earnings. Trading on GMX includes spot swaps and perpetual futures trading up to 50x leverage, similar to centralized exchanges like Binance.
Unlike Binance However, GMX maintains the advantage of asset custody remaining with the user. Trading is executed through a user-friendly interface with zero price impact. GLP token holders benefit from the platform’s trading activities, earning yields and taking a directional bet on the cryptocurrency market, with a balanced risk due to stablecoin inclusion.
The GMX token plays a pivotal role in governance and staking, offering rewards like protocol fee earnings and Multiplier Points.
Here are some key features of GMX. Consider taking advantage of pools and yields to increase the benefits of using GMX.
- GLP Liquidity Pool: GMX’s trading is primarily facilitated through the GLP pool. This multi-asset pool allows anyone to supply their crypto, earning fees in return. The assets in this pool are used by traders for leverage trading and swaps on the decentralized exchange (DEX).
- Leveraged Trading and Spot Swaps: On GMX, users can engage in spot swaps and trade perpetual futures with up to 50x leverage. This feature is akin to what platforms like Binance offer but with the added benefit of retaining custody of your assets. Your assets remain in your wallet, offering a decentralized approach to leverage trading.
- Trading Interface and Mechanics: GMX offers an intuitive swap interface for opening trading positions, characterized by zero price impact. This means large orders do not create price slippage, which is often a challenge in order book-based exchanges.
- Yield Earning Through GLP: When users provide liquidity by minting GLP, they essentially take a position on the market’s direction. However, the risk is mitigated since half of the assets in the index are stablecoins. This provides an attractive yield while balancing exposure.
- Role of GMX Token: The GMX token is used for governance and staking, allowing token holders to vote on proposals and earn rewards from protocol fees and Multiplier Points. A significant portion of the protocol fees generated on GMX is distributed to those staking GMX tokens.
- Trading Pairs and Liquidity Pools: GMX supports a limited but focused range of cryptocurrencies for trading and swaps. The liquidity pool on GMX is large enough to minimize slippage, which is a common issue in smaller pools.
Trading on GMX
To trade on GMX, use the trading interface alongside the price chart. Select “Long” or “Short” based on your market prediction. Use the leverage slider to set the amount borrowed from the GLP pool. GMX offers limit orders, take profit, and stop loss options. Trades can be managed under ‘Positions’.
GMX charges a fee for opening and closing leveraged trades and an hourly borrowing fee depending on utilization. For spot swaps, use the “Swap” tab.
Providing Liquidity and Staking on GMX
Provide liquidity by minting GLP tokens, representing a share in a diverse pool of cryptocurrencies. Earn a portion of the fees generated on the blockchain. GLP tokens are automatically staked and non-transferable.
Check out this official GMX post on CoinMarket cap for more information.