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GMX Referral Code | 10% off For Life (2024)
- Thomas DeMichele
GMX Referral Code: How to Save Up To 10% With Our Code
Use GMX referral code HowToReferral and get 10% off at GMX for life.
To lock in the discount you must be connected to GMX using a web3 wallet for Ethereum or Avalance and then use the link or enter the code. You can use the code on both platforms. If you don’t input the code, you won’t be able to get the discount on that address.
In this article, we tell you how to save the maximum amount on the decentralized crypto exchange GMX and how to earn up to 15% by making referrals yourself. First, use our code to lock in your discount.
GMX Referral Code Details
GMX’s referral system offers between a 5% – 10% discount. Our users typically will get a 10% discount, but neither we nor any other referral site can guarantee the 10% GMX trading fee discount. This is because for the 10% discount to kick in, a referrer needs at least 15 active users using their code per week, with a combined weekly volume of over $5 million. Since we can’t control your trading, we can’t control how many people trade per week or how much.
In cases where the full discount is not applied, a discount of at least 5% will be applied. With that said, the more people who use our code, the more likely it is that everyone will enjoy the discount each week.
Program Overview
How the GMX Referral Program Works
The GMX Referral Program offers a 5% – 10% discount to new users who sign up with a referral code. This means that if a user signs up with a referrer’s unique code, they will receive a discount of up to 10% on their trades. In addition, you, the referrer, will receive rebates from their trading fees.
When a user clicks on a referral link, the referral code will be stored with their account. Even if the user uses another device later, the referrer will still earn rebates because the referral code is stored on the contract the first time the user makes a trade.
How to Create a GMX Referral Code
Creating a referral code is easy. All you need to do is go to https://app.gmx.io/#/referrals and click on the Affiliates tab.
Once you are on the Affiliates tab, you can create a referral code using any combination of letters, numbers, and underscores. Please note that referral codes are case-sensitive, so make sure to give out your code exactly as it appears on-chain. You must also create your code on both Arbitrum and Avalanche in order to earn rebates on both networks.
Once you’ve created your code, you can copy and share the link, which should look like this: https://gmx.io/#/?ref=YourCode. You can share this link on any platform or directly with a friend. There are no specific rules as to where you can share your code!
How are GMX Earnings Distributed
The discounts and rebates will be distributed as ETH on Arbitrum and AVAX on Avalanche every Wednesday. Discounts are given as an on-chain kickback, just like referral income is. You can view your rebates history at https://app.gmx.io/#/referrals. Be sure to read the full referral terms at https://gmx.io/#/referral-terms, as the referral program is subject to change as the token holders of GMX determine it.
GMX Trading Tiers
GMX Referral Code Trading Tiers is a program designed to reward traders and referrers while preventing gaming through self-referrals. The referral program has three tiers, each offering their own discounts and rebates:
- Tier 1 is the entry-level tier and offers a 5% discount for traders and a 5% rebate to referrers. Anyone can generate a Tier 1 code, making it easily accessible for new traders.
- Tier 2 requires at least 15 active users using the referrer’s code per week, with a combined weekly volume over $5 million. This tier offers a 10% discount for traders and a 10% rebate to the referrer.
- Tier 3 requires at least 30 active users using the referrer’s code per week, with a combined weekly volume over $25 million. This tier offers a 10% discount for traders, plus a 15% rebate to the referrer for ETH and AVAX, and a 5% rebate for esGMX.
The rebates and discounts apply to the opening and closing fees for leverage trading, which are 0.1%. Additionally, there is no price impact for trades and zero spread for tokens like BTC and ETH, as the rebates are calculated before user discounts. This means that referrers would earn equivalent amounts of rebates per volume on GMX when compared to other referral programs.
Wallet providers and other protocols are also eligible for Tier 2 and Tier 3 rewards. However, there is a cap of 5000 esGMX distributed per week. If the price of GMX is $30, then the full 5% bonus can be paid for total Tier 3 referral volumes up to $3 billion per week.
Additionally, esGMX tokens distributed for this program will not require GMX or GLP to vest, and the vault to vest the tokens will be available towards the end of Q1 2023. The price of esGMX will be based on the 7 day TWAP of GMX.
To apply for Tier 2 or Tier 3, referrers need to fill out the application form at https://forms.gle/8QF2bxdYhUHNo7c96, then send a DM to @GMXPartners to follow up.
With GMX Referral Code Trading Tiers, traders and referrers have the opportunity to benefit from discounts and rebates while also helping to prevent gaming through self-referrals.
GMX Referral Program Review
GMX is a mixed bag. On the one hand, they have all the features we love. We get to share a % discount and get a % kickback. We have margin trading to help everyone earn or save big bucks. We also, in this case, have a system anyone can access since it’s on-chain! Those are all big deals.
However, we have one of the worst mechanics we have ever seen as well, the fact that invitees either get 5% or 10% off, and we can never really know which, is a bummer to explain. We have to explain to each user that the other guy offering 10% can’t really offer it, and we have the same quality code.
Yikes, that is confusing.
We are okay with higher tier income being harder to reach for us, but having confusion for the user is never good. Still, what this one gets right, it gets really right, so we have gone with a solid 4-out-of-5 stars based on our 5-star system.
Platform Documentation
Platform Doc.
About GMX
GMX is a decentralized perpetual exchange that allows users to trade Bitcoin, Ethereum, AVAX, and other top cryptocurrencies with up to 50x leverage directly from their wallets. The platform has a total trading volume of over $100 billion and 250,000 users as of March 2023.
GMX offers a range of features to reduce liquidation risks, minimize costs, and simplify swaps. It is currently live on Arbitrum and Avalanche as of writing this article, and uses two tokens (GMX and GLP) to create its ecosystem.
When using GMX, users can benefit from reduced liquidation risks as an aggregate of high-quality price feeds determine when liquidations occur. This keeps positions safe from temporary wicks. Additionally, users benefit from minimal spread and zero price impact when entering and exiting positions, allowing them to get the optimal price without incurring additional costs. Lastly, GMX’s simple swap interface allows users to conveniently swap from any supported asset into the position of their choice.
GMX’s governance token (GMX) accrues 30% of the platform’s generated fees and the liquidity provider token (GLP) accrues 70%. The APR as of writing this article for GMX on Arbitrum is 4.50% and on Avalanche is 4.47%. For GLP, the APR on Arbitrum is 10.18% and on Avalanche is 14.00%. GMX and GLP tokens can be found at the following link: token page.
GMX Questions and FAQs
esGMX are escrowed GMX tokens, locked and subject to vesting rules. They can be staked or vested but cannot be sold. Over 365 days, esGMX linearly unlock to become GMX.
Vesting esGMX involves reserving a proportional amount of GMX or GLP tokens in your GMX or GLP Vault.
Yes, unstaking GMX results in the proportional burning of Multiplier Points.
The max supply is capped at 13,250,000 GMX tokens. Any minting beyond this limit requires a DAO vote and a 28-day timelock.
GMX did not have private fundraising rounds with venture capital firms or crypto hedge funds.
The esGMX emissions for liquidity mining tapered off, with emissions to GLP holders ending in December 2022 and to GMX stakers in March 2023.
GMX is a decentralized crypto exchange focusing on perpetual contracts. It supports leveraged trading of various tokens with up to 30x leverage and offers various passive income opportunities through its ‘Earn’ module.
GMX is a 360° on-chain platform for trading both spot and margin (up to 30x leverage) positions and allows trading through Arbitrum and Avalanche wallets. It supports fiat integration for transactions.
In the context of GMX, perpetual contracts are derivatives without an expiry date, allowing traders to close them anytime. These contracts derive their value from underlying assets such as cryptocurrencies.
The GMX token is the native cryptocurrency of the GMX service, acting as a governance and utility token. It offers staking opportunities with rewards in esGMX, multiplier points, and direct ETH or AVAX rewards.
Paid contributors receive monthly compensation in a mix of stablecoins and GMX tokens.
Yes, risks include counterparty risk, token price risk, liquidity risk, smart contract risk, and protocol solvency risk among others.
