GMX Review 2023

GMX is a popular decentralized exchange created by Karsten Schramm in 2021.

It runs on 2 different chains including Arbitrum, Avalanche.

GMX offers features such as liquidity mining, staking, perpetuals, referrals, spot trading and more.

We rated GMX 4.5/5, based on it's features, security, and future prospects.

GMX Features

Liquidity Mining

GMX allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by GMX.

Staking

Has staking for it's native token; allows you to earn passive income.

Perpetuals

Offers leveraged perpetual trading. Futures, but on the blockchain.

Referrals

Has a referral scheme where you can earn commissions. Share your link with friends, family, or anyone that will click it. Every time they trade, you earn a percentage. Perfect for the marketers out there.

Spot Trading

This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.

GMX Fees

Trading Fees

All DEXs charge trading fees. GMX is no different.

Trading fees incentivise liquidity providers to provide liquidity to GMX. This enables people like you to freely trade between tokens without incurring too much slippage.

Withdrawal Fees

GMX does not charge withdrawal fees.

DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.

How to use GMX?

Get a crypto wallet that supports web3 on one GMX's of supported chains.
Deposit crypto into the wallet, ensuring you have tokens for gas
Navigate to GMX's homepage
Connect your wallet to the website
Goto Swap/Trade
Choose a token that you'd like to swap to
Finally, swap!

FAQ

Where can I buy GMX ?

You can by GMX direct from GMX. It is the native token of GMX, and they will therefore offer the most liquidity.

Is GMX safe?

Yes, GMX is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.