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How To Buy dYdX (DYDX)?

DYDX 500x286 1 - How To Buy dYdX

A common question you often see on social media from crypto beginners is “Where can I buy dYdX?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports dYdX (DYDX)

First, you will need to open an account on a cryptocurrency exchange that supports dYdX (DYDX).
We recommend the following based on functionality, reputation, security, support and fees:

1

 Binance

Create Binance Account - How To Buy dYdX

Fees (Maker/Taker)            0.075%*-0.1%*

Cryptocurrencies
Available for Trade                             500
+

Sign-up bonus
 10% reduced trading fees*

Available in
Europe, Asia, Oceania, Africa

2

 FTX

Create FTX Account - How To Buy dYdX

Fees (Maker/Taker)            0.020%*-0.070%*

Cryptocurrencies
Available for Trade                             200
+

Sign-up bonus
 5% reduced trading fees*

Available in
Europe, Asia, Oceania, Africa

3

 Kucoin

Create Kucoin Account - How To Buy dYdX

Fees (Maker/Taker)                       0.1%*-3%*

Cryptocurrencies
Available for Trade                               
250+

Sign-up bonus
 Up to $500 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase dYdX (DYDX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy dYdX (DYDX)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for dYdX (DYDX) or dYdX (DYDX) trading pairs. Look for the section that will allow you to buy dYdX (DYDX), and enter the amount of the cryptocurrency that you want to spend for dYdX (DYDX) or the amount of fiat currency that you want to spend towards buying dYdX (DYDX). The exchange will then calculate the equivalent amount of dYdX (DYDX) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of dYdX (DYDX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is dYdX (DYDX)?

The rise of blockchains has enabled anyone to own and transfer assets across an open network without needing to trust any external parties. Unlike existing financial architecture, blockchains are freely and
equally available worldwide. This has led to a large and rapidly increasing number of digital assets existing on the blockchain. Many centralized and decentralized platforms designed to facilitate the efficient exchange of these assets already exist, and more are in development. Such platforms allow investors to take long positions in various assets. However, it is currently very difficult or impossible to take more complex financial positions.
dYdX allows creation of entirely new asset classes which derive their value from underlying blockchain-based assets. Financial products such as derivatives and margin trades allow investors to achieve superior risk management with their portfolios, and open up new avenues for speculation. They also increase market efficiency for the underlying asset by aiding in price discovery and allowing individuals to express more complex opinions on price and volatility. dYdX provides advantages over traditional financial products by eliminating the need for a regulated central clearing house, providing global and equal access, and allowing users full control of their funds at all times.

dYdX allows any standard buy/sell decentralized exchange to be used. This is done by wrapping external decentralized exchange smart contracts in another contract that provides standard interface to Margin. The wrapping contract is known as an ExchangeWrapper. The ExchangeWrapper is specified by the trader for each margin trade and requires no special permissions. This means anyone can write, deploy, and use an ExchangeWrapper for any decentralized exchange. dYdX has implemented the first ExchangeWrapper which wraps the 0x Exchange Contract, and allows any 0x order to be used to open a dYdX position.

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol (“the protocol”). By enabling shared control of the protocol, DYDX allows traders, liquidity providers, and partners of dYdX to work collectively towards an enhanced Protocol.

DYDX enables a robust ecosystem around governance, rewards, and staking — each designed to drive future growth and decentralization of dYdX, resulting in a better experience for users.

Staking pools are designed to promote liquidity and safety on the Protocol. Rewards programs for trading, liquidity providing, and past usage of dYdX will help drive growth and adoption of dYdX.

How does dYdX work?

Instead of individual borrowers and lenders making and accepting loan offers, everyone interacts in one “global lending pool.” Each asset has its own lending pool managed by smart contracts so withdrawing, borrowing, and lending can happen at any time without needing to wait for matches or sufficient capital. The interaction between borrowers and lenders–demand and supply–determine the interest rates of each asset. 

The dYdX Margin Trading protocol uses one main Ethereum Smart Contract to facilitate decentralized margin trading of ERC20 tokens. Lenders can offer loans for margin trades by signing a message containing information about the loan such as the amount, tokens involved, and interest rate. These loan offers can be transmitted and listed on off-blockchain platforms.

Who Invented dYdX?

The dYdX protocol was founded in 2017 by Antonio Juliano, an ex-Coinbase and Uber engineer. 

dYdX Features

Perpetuals on Layer 2 – https://alpha.dydx.exchange/

Spot / Margin Trading on Layer 1https://trade.dydx.exchange/margin

  • Currently one of the highest volume and most liquid DEXs

  • Spot trading + Margin trading with up to 5x initial leverage (Pairs offered: ETH-DAI, ETH-USDC, and DAI-USDC)

Borrowing on Layer 1https://trade.dydx.exchange/borrow

  • Currently support ETH, DAI, and USDC

  • Minimum starting account collateralization of 125%, which must be maintained above 115% to prevent liquidation

  • Borrow directly to your wallet

Lending on Layer 1 https://trade.dydx.exchange/balances

  • Deposit funds into your Margin or Spot Account to start lending funds to the protocol

  • Currently support ETH, DAI, and USDC

  • No waiting period for matching

  • No minimum loan period

  • Interest starts accruing immediately and is paid out every block

  • Rates are dynamic and based on utilization

Market Overview

Coinmarketcap.com

Find the latest dYdX (DYDX) price chart, trade volume, market cap, and other vital information to help you with your cryptocurrency trading and investing.

Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:

Market Capitalization And Daily Trading Volume

Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)

Circulating And Total Supply

Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).

CMC - How To Buy dYdX

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