DYDX (dYdX)
...
dYdX is a decentralised exchange for trading cryptocurrency derivatives. It has the advanced financial tools of a centralised exchange but enables its users to decide the project’s future through its governance token—DYDX. Keep reading to find out how you can purchase DYDX.
How to Buy dYdX
If you’re looking for a simple way to buy dYdX, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell dYdX and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing dYdX.
1. Choose a platform
To start with, find the broker or crypto exchange that’s right for you. This may be based on the fees it charges, how easy the platform is to navigate, or whether it has any special features such as copy trading. You can find a shortlist of the top platforms later in this guide, but if you’re raring to go, simply sign up with one of our top choices below.
2. Create and fund your account
Once you’ve found a platform, you will need to provide an email address and password to create an account. The verification process may require additional documentation such as a photo ID if the platform is KYC-compliant. Then head to the deposit page and choose one of the supported payment methods to fund your account.
3. Buy dYdX
With a funded account, you can purchase DYDX. It’s possible you may have to purchase BTC or USDT first if DYDX isn’t available in a trading pair with your local currency. To make your purchase, enter how much you want in a buy order. A market order executes immediately, while a limit order lets you specify a future price to buy at.
Where to Buy dYdX?
There are many crypto brokers and exchanges out there but not all of them offer DYDX. Some of them may even be unsecure or unscrupulous, which is why it is important to select a platform that is reputable and regulated. To make things easier, here are some of the best and safest platforms for purchasing DYDX.
Things to Consider When Buying dYdX
It is imperative that investors are well-informed about a project before committing any of their own money to it. Here are some factors about dYdX that you may want to consider before making a purchase.
-
Strong Backing. As well as a strong community of users, dYdX received financial backing from some of the biggest names in the crypto industry, including Andreessen Horowitz, Paradigm, Polychain, and Coibase CEO Brian Armstrong.
-
Decentralisation. Although dYdX has the tools and user experience typical of a centralised exchange, the DYDX token provides governance rights, enabling holders to decide on the parameters and future of the protocol.
-
Incentives and Rewards. dYdX aims to drive future growth, with traders on the platform being rewarded with DYDX tokens. What’s more, DYDX holders receive trading fee discounts and can stake their tokens for further rewards. This could drive demand for DYDX, making it more valuable as the project develops.
Related Content
Cronos (CRO)
Celsius (CEL)
