How to buy GMX (GMX) in Australia
Learn how to buy GMX (GMX) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy GMX
1. Compare crypto exchanges
The easiest way to buy GMX is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
2. Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – cryptocurrency, simplex, banxa and xanpool payments are widely accepted.
4. Buy GMX
You can now exchange your funds for GMX. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your GMX to your personal wallet.
Where to buy GMX in Australia
Find an exchange to buy, sell and trade GMX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy GMX
Look for an exchange that supports both fiat and cryptocurrency to simplify buying GMX.
- Compare cryptocurrency exchanges that support GMX.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy GMX.
- Buy GMX.
Complete your GMX purchase and then find the best wallet to store GMX.
What to consider when buying GMX
All investments require an understanding of the risks and potential upsides. With regards to GMX, here are a few things to consider:
- Dual token system:The GMX trading platform utilises two tokens: GMX and GLP. While GMX is the utility and governance token used to vote on proposals and reduce trading fees, GLP serves as the platform’s liquidity provider token and is priced according to an index of assets used for trading.
- Opportunity to earn multi-token rewards: Both GMX and GLP tokens allows users to earn a mixture of AVAX and native esGMX rewards. The addition of AVAX means that a proportion of all rewards are being received in a popular and well-known layer-1 blockchain. This may help to drive GMX adoption.
- Diverse DEX toolset: The expanding GMX ecosystem offers a diverse set of trading tools, including analytics, trading bots, terminals, advanced charts, and yield return calculators. The expanding GMX developer community is responsible for designing all the above features. Leveraged trading is an attractive feature not offered by many other decentralised exchanges within the ecosystem which may, therefore, attract those looking to amplify available liquidity.
How to sell GMX
You can cash out your GMX with the same exchange you bought it through:
- Sign in to the exchange you have GMX on.
If you store your GMX in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of GMX you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of GMX.
Disclaimer: Cryptocurrencies, including GMX, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of GMX is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the GMX or any other cryptocurrency discussed.
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