How and Where to Buy Impermax (IMX) – Detailed Guide
- What is IMX?
- Step 1: Register on Fiat-to-Crypto Exchange
- Step 2: Buy ETH with fiat money
- Step 3: Transfer ETH to an Altcoin Exchange
- Step 4: Deposit ETH to exchange
- Step 5: Trade IMX
- Last Step: Store IMX securely in hardware wallets
- Other useful tools for trading IMX
- Frequently Asked Questions
- Latest News for IMX
- IMX Price Prediction and Price Movement
What is IMX?
##What Is Impermax? Automated Market Makers like Uniswap rely on liquidity providers to maintain liquidity for decentralized exchange services. Liquidity providers are sometimes called yield farmers, and their positions are tracked with LP tokens. Although LP tokens have well-defined values, traditional DeFi lending services do not accept LP tokens as collateral for loans. Impermax solves this problem.
Impermax is a DeFi lending platform that lets liquidity providers use their LP tokens as collateral for permissionless loans, potentially unlocking billions of dollars locked in LP token contracts that are otherwise unusable.
These LP token backed loans can be used for trading, staking, or any other purposes, but the most notable case is to use loans to further increase one's liquidity providing position. This allows yield farmers to multiply farming returns many times over without adding any additional funds of their own. This is called Leveraged Yield Farming, and it's what Impermax is designed for.
##What Is Leveraged Yield Farming? A yield farmer can use Impermax to leverage (multiply) their AMM yields up to 20 times, (although leverage comes with increased risk of impermanent loss.) For example, if a liquidity provider is earning 40% apy, they can borrow to increase their position to multiply that yield up to x20, or 800% apy, minus interest payments to lenders. The Impermax smart contract performs numerous borrowing steps to create a leveraged position in a single transaction. This gives liquidity providers the ability to choose the level of risk and reward they want, increasing economic efficiencies across the entire AMM industry.
##Lending On Impermax Users can also choose to supply funds for lending, indirectly adding to liquidity on AMMs and earning interest with no risk of impermanent loss (since this risk is entirely transferred to the borrower.) Interest rates earned by lenders are dynamic, always changing based on supply and demand of each token.
Since borrowers can only borrow the same assets they are using as collateral, each loan's collateral is precisely matched to the value borrowed. This allows Impermax to nearly eliminate the overcollateralization commonly required in the DeFi lending industry.
Uniswap V2 is the first supported AMM, but plans are in place to support Uniswap V3 and all other major AMMs. Anyone is free to add any trading pair to the app using a simple UI.
##What Is The IMX Token For? Impermax keeps a percentage of every interest payment. IMX token holders control governance, profits, and reserves generated by interest and fees on the Impermax lending platform.
##Who Created Impermax? The Impermax app was created by software developer Simone Rigolon and game designer/economist Brian Tinsman and launched on Ethereum March 1 2021. The team saw economic inefficiencies in the AMM industry's use of LP tokens and designed the protocol to fill in this missing piece of the DeFi puzzle. The IMX token launched April 29 2021.
##Where Can I Buy IMX? IMX is available on Uniswap V2 https://app.uniswap.org/#/swap
The Impermax platform is available at https://app.impermax.finance/
IMX was first tradable on 3rd May, 2021. It has a total supply of 100,000,000. As of right now IMX has a market capitalization of USD $27,128,650.9. The current price of IMX is $0.271 and is ranked 3401 on Coinmarketcap and has recently surged 40.61 percent at the time of writing.
IMX has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Ethereum from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy IMX.
Step 1: Register on Fiat-to-Crypto Exchange
You will have to first buy one of the major cryptocurrencies, in this case, Ethereum (ETH). In this article we will walk you through in details two of the most commonly-used fiat-to-crypto exchanges, Uphold.com and Coinbase. Both exchanges have their own fee policies and other features that we will go through in detail. It is recommended that you try both of them and figure out the one that suits you best.
Select Fiat-to-Crypto Exchange for details:
- UpHold
Being one of the most popular and convenient fiat-to-crypto exchanges, UpHold has the following advantages:
- Easy to buy and trade among multiple assets, more than 50 and still adding
- Currently more than 7M users worldwide
- You can apply for UpHold Debit card where you can spend the crypto assets on your account like a normal debit card! (US only but will be in the UK later)
- Easy to use mobile app where you can withdraw fund to a bank or any other altcoin exchanges easily
- No hidden fees and any other account fees
- There are limited buy/sell orders for more advanced users
- You can easily set up recurring deposits for Dollar Cost Averaging (DCA) if you intend to hold cryptos long term
- USDT, which is one of the most popular USD-backed stablecoins (basically a crypto that is backed by real fiat money so they are less volatile and can be treated almost as the fiat money it's pegged with) is available, this is more convenient if the altcoin you intend to buy has only USDT trading pairs on the altcoin exchange so you don't have to go through another currency conversion while you buy the altcoin.
Type your email and click 'Next'. Make sure you provide your real name as UpHold will need it for account and identity verification. Choose a strong password so that your account isn't vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, UpHold is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.
Step 2: Buy ETH with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You may be charged higher fees depending on your credit card company and the volatile prices when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees.
Now you are all set, on the 'Transact' screen under the 'From' field, select your fiat currency, and then on the 'To' field choose Ethereum, click preview to review your transaction and the click confirm if everything looks good... and congrats! You've just made your first crypto purchase.
Step 3: Transfer ETH to an Altcoin Exchange
But we are not done yet, since IMX is an altcoin we need to transfer our ETH to an exchange that IMX can be traded. Below is a list of exchanges that offers to trade IMX in various market pairs, head to their websites and register for an account.
Once finished you will then need to deposit ETH to the exchange from UpHold. After the deposit is confirmed you may then purchase IMX from the exchange view.
Last Step: Store IMX securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used on desktops and laptops
- Lightweight and Portable
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Ledger Nano X
- More powerful secure element chip (ST33) than Ledger Nano S
- Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
- Lightweight and Portable with built-in rechargeable battery
- Larger screen
- More storage space than Ledger Nano S
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your IMX for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Frequently Asked Questions
Can I buy IMX with cash?
There is no direct way to buy IMX with cash. However, you can use marketplaces such as LocalBitcoins to first purchase ETH, and finish the rest of the steps by transferring your ETH to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy IMX in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Uphold.
Are there any alternative platforms to buy IMX or Bitcoin with credit cards?
Yes. is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.
Read more on Impermax's fundamentals and current price here.
Latest News for IMX
