GMX referral code: promo100 (Best discount)
Last update: January 06, 2023
GMX is a decentralized exchange that allows trading cryptocurrencies without registration (username and password) with up to 30x leverage directly from your wallet, all through the platform’s official app.
The GXM exchange has two tokens:
- GMX: utility and governance token that accumulates 30% of the fees generated by the platform;
- GLP: liquidity provider token that accumulates 70% of the fees generated by the platform.
Decentralized perpetual futures exchanges are promising because they provide traders and investors with a number of benefits, including:
- Lessening of counterparty risk. Decentralized exchanges do away with the need for middlemen, which lowers counterparty risk.
- Low costs. Decentralized exchanges frequently have built-in mechanisms to cut costs and provide tighter spreads.
- More liquidity. GMX have the potential to provide traders with more liquidity because liquidity is gathered from various sources and have a basket of assets (GLP).
- Greater security. Decentralized exchanges are designed to stop security breaches and ensure the security of traders’ money. Their open source nature allows more audits and transparency.
- Order transactions with flexibility. Decentralized exchanges give traders more freedom to execute trades under their own terms, including the ability to set limit orders, stop loss orders, and leverage ratios.
- Greater anonymity. The majority of decentralized exchanges like GMX provide anonymous trading environments, where transactions can be completed without providing any personal information.
- Global access is simpler. Decentralized exchanges can create opportunities for international trading that traditional exchanges might not be able to because they are not dependent on any one location.
What is the GMX referral code in 2023?
GMX, like other exchanges, has a refer-a-friend rewards program. This reference code is optional.
Use the GMX referral code promo100 to get a discount of up to 10% on all transaction fees at GMX and rebates through the referral program in 2023. Discounts and rebates are distributed with ETH tokens on the Arbitrum network and AVAX tokens on the Avalanche network.
How and where to enter the GMX referral code in 2023?
To activate the discounts, you first need to find the referral menu.
1) On the main page of the site, click on the top menu “Referrals”:
2) Read and accept the terms and conditions:
3) Click on “Connect Wallet”. Choose one of the available wallets (for example: Metamask) and login with that wallet:
Note: since GMX works on the Arbitrum and Avalanche networks, you need to select one of these networks after connecting your wallet. If your Metamask is by default on the Ethereum network, a message will appear asking you to switch networks. Accept and verify that the correct network has been selected. The code promo100 can be used on both networks.
4) Enter the promo100 reference code and click “Submit”.
In the “Referrals” tab, you will see two options: Traders and Affiliates. You must click on “Traders”. Then you will see the message: “Please input a referral code to benefit from fee discounts“. This is the place where you will paste the code promo100 and click “Submit”.
Congratulations! You have successfully added a GMX referral code and are eligible for the special discounts on the platform.
Is the promo100 code valid in 2023?
Yes. The GMX referral code promo100 is valid in 2023 and guarantees discounts forever on the platform (or until the terms and conditions change).
Is there a different referral code on Avalanche?
As there are two independent networks (Arbitrum and Avalanche) in the GMX app, they can have different referral codes. But we can say that the GMX referral code on Avalanche is promo100. As we also can say that the GMX referral code in Arbitrum is promo100. The reason is that we registered the same code on both networks, so you can get the benefits.
What is the maximum discount possible at GMX with a reference code?
The GMX referral program has a tiered system, and for each tier there is a percentage discount for traders and for referrers.
- Level 1: 5% discount for traders and 5% rebate for referrers.
- Level 2: 10% discount for traders and 10% rebate for referrers.
- Level 3: 10% discount for traders, 15% rebate for referrers (paid in ETH) and 5% rebate for referrers (paid in esGMX).
Any user can create a Level 1 code, but to upgrade to the next levels, you need to follow some criteria:
Level 2: at least 15 active users using the referral code per week, and a combined weekly volume above $5 million.
Tier 3: at least 30 active users using the referral code per week, and a combined weekly volume over $25 million.
You can check out this information by reading the official GMX referral program page.
How to recommend friends to GMX using your promo code
The GMX rewards program is not only for you to earn discount on transaction fees, but also for you to be rewarded for referring friends to GMX.
To create a referral code at GMX, click on the Referral tab of the main page of the website and create a referral code using any combination of letters, numbers, and underscores, paying attention to differentiation between uppercase and lowercase letters.
Also note that your code must be created on both Arbitrum and Avalanche to get discounts on both networks.
Note: you need to have some ETH (or AVAX, depending on whether you are on the Arbitrum or Avalanche network) in your wallet to pay for the network fee when creating the referral code. In the case of the Arbitrum network, you need to swap ETH on the Ethereum network to the Arbitrum network. The address will remain the same, only the network will change.
After creating the code, click the copy icon and share the link with your contacts and friends on Facebook, Twitter, Telegram, or wherever you prefer.
When a user clicks on your link, your referral code is stored in their account. When he makes a trade, he gets a rebate and you get discounts on your trading fees.
The rebates and discounts apply on the opening and closing fees for leveraged trading.
Advantages and risks of using GMX
As GMX is a decentralized perpetual futures exchange, this means that all the wallets’ private keys are under the control of the user.
This is fundamentally different from centralized exchanges, where the private keys are held by the platform, increasing the risk of losing funds if problems occur.
The problems an exchange can suffer are many, from regulatory censorship to hacks. In this sense, not having access to the private keys of your wallet can be a problem.
In addition, a decentralized exchange like GMX allows for more privacy during trading.
The futures market has grown increasingly popular in the cryptocurrency world as it allows users to bet on both the rise and fall of assets with leverage.
The arrival of decentralized exchanges like GMX represents a breakthrough in the industry. GMX is currently one of the largest DEXs operating on the Ethereum network, and uses advanced technologies to reduce transaction fees, such as rollups.
However, be aware that leveraged futures markets are high-risk assets. Trade with caution.