What is GMX (GMX) and how to purchase it? All the information

What is GMX?

GMX is the native currency of the GMX cryptocurrency exchange.

It is a decentralized trading platform which supports reduced rates and the transactions of zero impact on prices. Initially operating on BSC, Binance’s blockchain, waiting to migrate to Arbitrum. The project has also come to Avalanche.

The platform provides its users with extensive variety of tools for spot trading, with a strong focus on cost reduction, no arbitrage or financing fees, and minimal settlement options.

The platform allows users to provide liquidity With different tokens for which receive GLP tokens (tokens representing the liquidity pool of GMX). When a user wants to recover their liquidity, they only have to sell their GLPs to recover tokens from the pool.

GMX token

As we have already mentioned, this is the platform’s native token and as such is needed for the small payments required by the platform. At the same time, it grants some benefits to its holders, such as the power to vote on government activities.

On the other hand, they will also receive rewards when they wager tokens:

– They will participate in the revenue sharing users holding GMX stock tokens . The platform distributes 30 percent of of the assets obtained through the transaction fees among these users. Users receive their fees with AVAX or ETH.

– GMX on Escrow (enGMX): making. GMX stake you will receive esGMX.

– By betting on GMX, users can also. get MP (multiplier points). By betting MP, users can get a reward equivalent to that of 1 GMX.

At the time of publication the price is $34.65. It ranks 106th in cryptocurrency market capitalization. Its circulating assets are 7,990,696.00 GMX out of a total of 18,3382,639.2 GMX.

How to buy GMX?

In the table below you can see a list with the names of the cryptocurrency trading platforms we recommend, as well as the payment methods offered by each of them and the estimated deposit time.

BEST CRYPTOCURRENCY EXCHANGES

Choosing a reliable broker is critical

We do not recommend using the Coinbase trading platform because of its high fees.

eToro is a trading platform that offers different investment options. We can access the platform to invest in stocks, CFDs (financial products) and cryptoassets (cryptocurrencies), depending on our preferences. We would like to warn you about two of them, CFDs and cryptoassets.

On the one hand, CFDs are really complex instruments that are subject to high risks. Anyone who invests in these products should be aware of this and could lose their money. 76% of investors who use this platform to invest in CFDs lose money. Before taking the first step, it is important to understand this product, how it works, and assess whether the risk of this type of investment is within one’s means.

This article is informational and educational only; it should not be considered an investment recommendation.

Steps to follow to buy cryptocurrency from a broker.

Buying and trading

GMX Shop

This is not the first time that we at Bitcoin.es have stressed the importance of Keeping our assets in a safe place.

Although exchanges are a good option for buying or selling cryptocurrencies, it is not advisable to store your assets on them. If a hacker attacks the platform, you are very likely to lose your cryptocurrencies, as has happened a considerable number of times on different platforms.

Wallets for GMX

It is therefore important to know the different options for cryptocurrency storage. existing, as well as its pros and cons. It is always recommended to keep them offlineThe more we keep them isolated from the Internet, the safer they will be.

There are several alternatives with this function:

Hardware Wallet

On the one hand, the hardware portfolio are a highly recommended option for any cryptocurrency. These devices are one of the safest ways to store them, as both keys and cryptocurrencies remain under our safekeeping. Some hardware wallet options include. Ledger Nano S or TREZOR.

Paper wallet

Another option is the paper wallet. It is nothing more than an important sheet of paper on which both the private and public keys are listed.. This option is also considered very secure, however, great care must be taken and guard it well so that no one has access to it and that we can find it when we need it.

More wallets

Because one token inhabits several blockchains, you will need to take into account the standard of your token. Each platform usually offers storage solutions that may be useful for you.

Related Links

Here are some links that may be of interest to you:

• What is blockchain? A comprehensive explanation of blockchain
• A blockchain dictionary with the information you really need.
• What are decentralized applications (dApps)?
• Utility tokens and security tokens – What are they and how to distinguish them?
• What is DEFI? Decentralization comes to finance