How to Stake GMX (GMX) in Australia

Introduction

Staking GMX can be a great option for those who want to hold GMX while earning yield safely and contributing to the network. The steps may seem daunting, especially the first time you attempt them. That's why we've created this guide for you.

Step-by-Step Guide

1. 1. Obtain GMX (GMX) Tokens

   To stake GMX, you need to own it. To obtain GMX, you'll need to buy it. You can choose from these popular exchanges.

   Platform	Coin	Cost
   Nexo	GMX (GMX)	8.57
   PrimeXBT	GMX (GMX)	8.54
   Binance	GMX (GMX)	8.55
   OKX	GMX (GMX)	8.54
   Uphold	GMX (GMX)	16.06
   BingX	GMX (GMX)	8.55

   See all 37 prices

2. 2. Choose a GMX Wallet

   Once you have GMX, you'll need to choose a GMX wallet to store your tokens. Here are some great options.

   Platform	Coin	Staking returns
   Binance	GMX (GMX)	Up to 5.9% % p.a.

3. 3. Delegate Your GMX

   We recommend using a staking pool when staking GMX. It's simpler and quicker to get started. A staking pool is a group of validators who combine their GMX, increasing their chances of validating transactions and earning rewards. You can do this through your wallet's interface.

4. 4. Begin Validation

   You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the GMX network. You'll be rewarded with GMX for these validations.

What to Be Aware Of

There are transaction and staking pool fees to consider. Additionally, there may be a waiting period before you start earning rewards. The staking pool needs to generate blocks, which can take some time.