How to Buy dYdX (DYDX) in 2022: A Simple Guide

dYdX (DYDX)In this guide you’ll get information about where to buy dYdX, if you are planning to buy DYDX token – You’re in the right place!

From a glimpse, dYdX may seem like another crypto platform for lending and borrowing constructed on Ethereum. It’s probably just another protocol that manages crypto assets for lending and borrowing. However, those who are interested in the subject may dig deeper, and they will find a next level DeFi that also includes investment and trading.

In traditional investment and trading, derivatives, options, and margin trading are common. They are considered ‘everyday’ tools for the investors. In crypto world, however, these features have limited proportions. They are only accessible to centralized exchanges, like Binance, Huobi, and Kraken. dYdX wants to change it by building these (standard) trading tools within a decentralized and trustless way. Therefore, interested traders, investors, and users in general should be able to make use of this platform to trade, and basically make bets.

Decentralized platforms for lending and borrowing have already existed within DeFi, especially with the existence of Compound and MakerDAO. However, dYdX isn’t only focusing on it, but rather on building more trading tools within the Ethereum blockchain. Users can access their smart contracts to manage their trade, and the results. Moreover, dYdX wants to focus more on margin trading, whose implementation is similar to betting – with educated insights and manners, of course.

dYdX (DYDX) Features

  • Staking pools. There are 2 types in this platform. The safety pool acts like a safety net for those staking their tokens. It has its own safety mechanism that will protect users from misuse of funds. Liquidity pool, on the other hand, is designed to encourage investors or market makers to invest and to provide the liquidity needed by the network.
  • Governance. Token holders can take part in crucial decision making, including the proposed changes happening to layer 2 protocol. They can participate in the development of the platform, including the future path.
  • Rewards. Token holders are promised handsome rewards through different schemes. Retroactive mining rewards, for instance, are for those who trade within layer 2 protocol or users who have been loyal members for quite a while. Trading rewards, on the other hand, would be given to crypto traders to encourage trading activity. Liquidity provider rewards would be given to those taking part in the staking pool. Long term investors can definitely take the benefits of this reward.

Where to Buy, Sell and Trade DYDX

You can basically use debit card, credit card, or even PayPal to buy the dYdX (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the dYdX as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy  Tether first. After you get the ETH or BTC or USDT, you can convert it to dYdX. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.

In general, the process would be:

  1. You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
  2. Find a crypto exchange that supports dYdX currency and exchange your Ethereum / Bitcoin / Tether with the dYdX
  3. Store your dYdX to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)

There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.

The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.

Get $10 Bonus when you sign up for Coinbase!

coinbaseClick here to register (opens in new tab)

  • You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
  • Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
  • You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.

That’s the first step in buying dYdX, once you get your Bitcoin or Ethereum or Tether, you can continue to the next step.

Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments

After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH or USDT from your Coinbase wallet.

With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.

These are the best exchanges we can recommend for you to exchange BTC or ETH or USDT with dYdX:

GATE.io
gate.ioGate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.

  • Deposit Methods: Cryptocurrency Only
  • Fiat Currencies: N/A
  • Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 1040+ more
  • Trading Pairs: 1801+
KUCOIN
kucoinKucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.

  • Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
  • Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
  • Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
  • Trading Pairs: 1044+

IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the DYDX/BTC or DYDX/ETH or DYDX/USDT trading pair and then place the order to buy those pairing cryptocurrencies.

Most likely you’ll find this pair available to you DYDX/USDTso you need to convert your BTC or ETH to USDT first in order to buy dYdX (DYDX)

Step 3: Managing Your Crypto Assets in a Secure Wallet

As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.

You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.

There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.

For Securing your dYdX (DYDX) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

Frequently Asked Questions (Faqs)

Can I Buy dYdX (DYDX) with PayPal?

You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the dYdX. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy dYdX (DYDX) with Cash?

You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:

  • Make sure you have a BTC / ETH wallet before you buy from seller
  • Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.

Can I Buy dYdX (DYDX) with Skrill?

You can’t buy DYDX directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to dYdX. You can buy BTC/ETH with skrill by using these exchanges::

  • LocalBitcoins
  • Paxful
  • Virwox
  • SpectroCoin
  • Lykke
  • Exmo
  • Coingate

Can I Buy dYdX (DYDX) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair DYDX/BTC and begin the transactions.

Can I Buy dYdX (DYDX) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support DYDX/ETH trading pair.

What Is the Best Payment Method to Buy dYdX (DYDX)?

The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the dYdX right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect dYdX (DYDX)?

Once you have purchased the dYdX, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

Ledger Wallet

Trezor Wallet

 

 

 

 

 

 

How to Sell dYdX (DYDX)?

Find a crypto exchange which allow pairing DYDX with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine dYdX (DYDX) and Not Buying It?

You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a dYdX is to buy it from a reliable exchange.

Conclusion

When we are talking about dYdX, this decentralized platform is about margin trading with Ethereum base. It wants to construct and build trading tools (which are normally only found within fiat markets) to the blockchain ecosystem. In the simpler manner, the platform enables users to lend and borrow so they can make ‘bets’ on future prices of some popular cryptocurrencies. They need to buy dYdX (DYDX), though, if they want to join.

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