Last update: Jun 6, 2022

How to Buy dYdX (DYDX)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy dYdX. Depending on your country, you’ll have different exchanges to choose from.

In this guide, we not only cover the top 3 global crypto trading platforms, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Dydx

How to Buy dYdX – 4 Easy Steps

1. Choose a cryptocurrency exchange

Finding a cryptocurrency exchange isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have dYdX of course.

2. Sign up with the crypto exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger cryptocurrency trading platforms.

4. Buy dYdX

Now that you have what you need to buy dYdX, head over to the market or buy section of the crypto exchange and buy some DYDX.

If the crypto exchange doesn’t have any dYdX on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has dYdX first), and trade your Ethereum for dYdX.

Where to Buy dYdX (DYDX)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell dYdX

  1. Sign into the cryptocurrency exchange where you bought dYdX.
  2. Move your dYdX to the right place on the cryptocurrency exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell dYdX.

 

Crypto trading

How to Buy dYdX (DYDX) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy dYdX in Australia, the process remains the same:

  1. Find a cryptocurrency exchange below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy dYdX if it’s available. If the exchange doesn’t have dYdX. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has dYdX), and trade your ETH for dYdX.

Or, if you’d like to know more about which exchanges we prefer, read our comparison of the top exchanges to buy and sell cryptocurrency in Australia.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy dYdX (DYDX) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy dYdX in Canada, the process remains the same:

  1. Find a crypto exchange below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy dYdX if it’s available. If the exchange doesn’t have dYdX. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has dYdX), and trade your ETH for dYdX.

It’s also possible to take a look at our analysis of the bitcoin trading platforms in Canada if you’re looking to learn more about the exchanges we like.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy dYdX (DYDX) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy dYdX in the UK, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy dYdX if it’s available. If the exchange doesn’t have dYdX. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has dYdX), and trade your ETH for dYdX.

Also, take a look at our analysis of the best bitcoin exchanges in the UK for those curious to know more about which ones we would recommend.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying dYdX? DYDX Rundown

DYDX (dYdX), is the governance token of the layer 1 protocol. It is used to power the decentralized non-custodial cryptocurrency exchange. It facilitates layer 2 operation and allows liquidity providers, traders, and partners to participate in the future of the protocol as a community.

Token holders have the right to propose changes to the dYdX layer 2 and can also profit from token staking or trading fees discounts.

Layer 2 allows cross-margined perpetuals to be traded on the platform. It is built on Starkwire’s StarkEx scaling engine. The scaling solution allows the dYdX platform to improve transaction speed, eliminate trading costs, lower trading fees, and reduce minimum trade sizes.

dYdX, an open-source platform that supports smart contracts, allows users to borrow, lend and trade crypto assets. Although spot trading is supported by dYdX, the main focus of the platform lies on derivatives trading and margin trading.

In 2017, the exchange was launched with more than $10 million in seed capitalist funding. It went live in 2019. DXDY token The initial coin offering (ICO), took place on September 9, 2021.

dYdX, a cryptocurrency exchange, combines advanced financial tools and decentralization. The platform supports margin Trading, a financial product that allows investors to increase their exposure in digital assets via leverage. dYdX's isolation margin allows traders to allocate funds to their account in order to trade. Cross-margin uses all assets a trader has on the platform. Perpetuals, a type futures contract without a fixed selling date, can also be traded on dYdX. The exchange currently offers 25x leverage on synthetic assets without an expiry date.

Users of dYdX can earn interest by depositing funds to the account. Their assets are added to the global lending pool for each cryptocurrency. Lenders are guaranteed security by the platform, which ensures that all borrowers have sufficient collateral at all times. Users can borrow on dYdX to instantly purchase any asset on the platform, using funds they have as collateral. Unlike automated market makers like Uniswap, dYdX has an order book architecture.

dYdX Layer 2 increases the network's scalability by using a form zero-knowledge rollup --zkSTARKS. While validating transactions on-chain, the technology generates proofs. These proofs are sent back to blockchain where they are checked by smart contracts. zkSTARKS allows you to remove costly computations from your mainnet without any sacrifices in decentralization.

Together with liquidity provider rewards and trading, dYdX offers retroactive mining benefits. This allows the platform to show appreciation for historical users and encourage them to trade on layer 2. Holders can place their tokens in dYdX’s liquidity and safety pools. The safety pool offers the platform a safety net in the event of a shortfall, while the liquidity pool attracts high-quality market makers.

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.