dYdX is a popular recent project in the world of decentralized finance (DeFi). dYdX is the name of a decentralized exchange (DEX) trading platform for margin trading and perpetual futures trading of cryptos.
Then the dYdX platform also has its own native cryptocurrency, with the ticker DYDX, also called dYdX coin. It is a governance token and is used on the dYdX network to exchange cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), etc. – and earn rewards for providing liquidity to traders.
But what is it that makes the dYdX crypto coin unique? Is it the right time for you to invest in dYdX coin? In this guide, we present all the information you should have about this crypto and explain how to buy dYdX coin.
How to Buy DYDX – Quick Steps
- ✅ Step 1: Choose an exchange – We recommend eToro.com as it’s FCA regulated. Make sure to also do the KYC formalities by uploading your ID to verify your account.
- 💳 Step 2: Deposit funds – You need to deposit funds to buy DYDX with, after your account is created. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. eToro also accepts Paypal.
- 🛒Step 3: Buy dYdX – Search for dYdX coin by typing in that or the ticker DYDX then select ‘trade’ and ‘open trade’ once you’ve decided on the amount you want to buy. You can set several limit orders at a lower price to get a better average entry.
Where to Buy dYdX Coin?
The most important step, before you can complete your dYdX purchase, is to decide where to buy dYdX cryptocurrency. Being one of the latest and increasingly popular crypto assets, various brokers and crypto exchanges list the popular DYDX token for purchase.
Once you have done your research and analyzed the risks associated with your investment, you can safely buy dYdX coin through one of the cryptocurrency platforms reviewed below. Among various options to choose from, here are some of the best places to buy dYdX.
1. eToro – Best Platform Overall to Buy dYdX Coin in 2022
eToro is at the top spot in our list of the best places to buy dYdX coins. First launched in 2007,
eToro is a regulated online broker. With eToro, you will be able to buy dYdX on a spread-only basis.
This means that instead of paying conventional commissions, your fee amounts to the difference between the buy and sell price (bid and ask) at the time of the order. Spreads on cryptocurrency trades start from just 0.75% when you buy Bitcoin and 1% for altcoins.
eToro supports multiple deposit methods such as Credit cards. Debit card, Neteller, PayPal, Wire transfer, and Online banking. Besides, you can choose from more than a dozen fiat currencies to buy crypto on eToro, including GBP, USD, EUR, CAD, and HKD.
For non-USD deposits, customers will be charged 0.5% as a conversion fee. As for withdrawal charges, eToro levies a fee of $5 and the minimum withdrawal amount is $30. The minimum deposit is $10 in the US and UK.
One of the best parts about using eToro is that this popular digital broker supports more than 60 digital assets, in addition to dYdX. Bitcoin, Dogecoin, Shiba Inu and XRP are some of the most popular tokens traded at eToro. eToro also offers traditional asset classes, which include US stocks, ETFs, forex, indices, and more.
You can also explore the eToro CryptoPortfolio if you are interested in buying dYdX as well as gaining exposure to other digital assets. It is a passive financial product that through a single investment, allows you to buy more than a dozen different cryptocurrencies at various weights.
Also, you won’t need to worry about research or ongoing maintenance, since the portfolio is managed by eToro. In terms of supported platforms, eToro allows you to buy dYdX coins through its main website and also has it’s own crypto app. For peace of mind and security, it is worth knowing that eToro is regulated by the FCA, ASIC, CySEC and registered with FINRA.
Apart from buying, for those looking to stake crypto, eToro is supports crypto staking rewards for Ethereum, Cardano and Tron.
Cryptoassets are a highly volatile unregulated investment product.
2. Crypto.com – A Simple Place to Buy dYdX Coin with a Debit Card
Crypto.com has become one of the most popular online cryptocurrency exchanges in the market. 
The platform aims to offer its clients a simple and affordable way to invest in crypto assets.
In fact, once you have gone through the process of opening a Crypto.com account and verified your identity, you can directly buy a dYdX coin with a debit card. Since both Visa and MasterCard are accepted on Crypto.com, it offers a super-convenient way to invest.
Follow the links on this site to unlock a signup bonus on Crypto.com.
When it comes to fees, Crypto.com charges a commission of 2.99% to buy dYdX with a debit card. That said, the platform waives this fee for the initial 30 days after you have opened an account.
In addition to dYdX, Crypto.com houses more than 250 other digital tokens as well. These include a wide variety of small, mid, and large capital projects, so there are many options to choose from.
Crypto.com also has its own NFT marketplace if you’re interested in trading NFTs.
Cryptoassets are a highly volatile unregulated investment product.
3. Binance – Buy dYdX with Crypto at Just 0.10% Per Trade
If you’re seeking one of the most affordable options to purchase dYdX coin from the comfort
of your home, you might consider Binance. It is a premier exchange used by over 100 million traders, not least because their trading fees are low. When you trade dYdX against a supported digital asset like Bitcoin, Ethereum, BNB, or USDT, Binance only charge 0.1% as commission, ideal for active day traders.
That is reduced further if you buy and hold its native token Binance Coin to pay fees with, and if you sign up via a Binance referral link.
The fees to buy crypto on the platform itself are on the high side as it uses third party providers and Paypal isn’t accepted. We recommend buying crypto on a platform like eToro and then transferring the portion of your funds you want to actively swing trade with, over to Binance exchange.
Cryptoassets are a highly volatile unregulated investment product.
4. Changelly – Buy dYdX with multiple payment options
Changelly offers a wide variety of cryptocurrencies and fiat providers and
has a user base of almost 2 million. You can purchase DYDX with GBP on Changelly.
It merges the best crypto offers from reputable fiat providers such as Banxa, MoonPay, Indacoin, Simplex, Coinify, Mercuryo and Wyre, and enables users to compare current rates and limits while buying cryptocurrency.
Clients can purchase dYdX online on Changelly with any of the following payment methods:
- Bank Card – You can buy dYdX with a debit, credit, virtual, or prepaid card. The purchase will be quick, secure, and easy.
- Apple Pay – If you’re using an iPhone, you can buy crypto on the go and you will be able to pay securely with Apple Pay for all your purchases.
- Bank Transfer – Customers can also use their bank account to buy dYdX and enjoy higher limits as well as lower processing fees.
Cryptoassets are a highly volatile unregulated investment product.
What is dYdX?
dYdX is a trading platform for cryptocurrency that provides access to crypto-assets users can fully own. The company was founded in 2017 as a startup company with its headquarters located in San Francisco, California.
The company’s platform operates all over the world, but US residents are unable to use the platform due to the country’s stricter regulations. dYdX primarily allows users to carry out perpetual and margin trading.
Since dYdX is powered by the Ethereum blockchain, users can synchronize their Ethereum wallet to their portfolio of assets at dYdX. Funds deposited at dYdX can be used for spot and margin trading, earning interest, and taking out crypto-backed loans. Users can also gain dYdX coins by simply trading in the company’s platform.
The dYdX token can be bought in various cryptocurrency exchanges. dYdX is a decentralized crypto derivative, unlike most tokens traded in crypto exchanges. Users can use dYdX in two ways: Layer 1 dYdX (on Ethereum) and Layer 2 dYdX (on StarkWare).
In simpler terms, dYdX endorses Layer 2 as the solution for issues in Layer 1, giving users lower fees and costs, faster withdrawals of their assets as needed, and a more secure and private security solution.
DYDX Price
dYdX price chart via CoinMarketCap
At the time of writing, the dYdX price is ranging between $5 – $6. The DYDX price can experience daily changes of several percent, even over 10% in volatile conditions.
The DYDX market cap is over $380 million. The total volume of dYdX (DYDX) traded in the last 24-hour period was $157 million. The circulating Supply of DYDX is 65,569,000. The DYDX total supply is 1,000,000,000.
Is dYdX a Good Investment?
The DYDX price appears to have broken resistance at the time of writing and might move up to retest its previous all-time high of just over $27. It has also retraced most of its original impulse move and appears to have found support. So it may be a good investment now.
DYDX Price Prediction
One of the best crypto Telegram groups to follow, Yo Crypto, also posts DYDX price predictions and other crypto price analysis. He posted the following DYDX price chart towards the open of April 2022.
If the price of DYDX does close several more HTF (high timeframe) candles above that diagonal resistance it would suggest further continuation to the upside and another bull run.
You might want to consider dollar cost averaging (DCA) to get a better average entry as altcoins can be volatile and the breakout shown above could end up as a fake out.
How to Trade on dYdX
To trade on dYdX, users must first deposit funds into their relevant account. On dYdX, you have a perpetual futures account. dYdX exchange currently offers cross-margining across your perpetual account. Offering portfolio margining across all products is something the dYdX development team will be looking into in the future.
dYdX offers Perpetual Contract Markets that allow up to 20x leverage on synthetic assets with no expiry. dYdX offers perpetual markets for BTC-USD, ETH-USD, LINK-USD, etc., and will be adding more markets in the future.
How to Buy dYdX – Full Tutorial
If you’re planning to buy cryptocurrency at low prices in 2022, there are many options. dYdX coin (DYDX) can be purchased on various crypto platforms.
These are specialized marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Simply follow the quick guide below to learn how to buy DYDX in a matter of minutes:
Step 1: Choose a cryptocurrency exchange.
Cryptocurrency exchanges offer similar services but differ in a few key ways – mainly fees, the range of cryptocurrencies available, and payment methods.
You can use compare the features of popular cryptocurrency exchanges to help you choose the one that’s right for you.
We suggest going with the eToro crypto platform as it is regulated and licensed by institutions such as FINRA, CySEC, FCA, SIPC, among others.
If you want to daytrade the dYdX price action you might also open a second account on a crypto exchanges such as Huobi, Crypto.com, or Binance. Currently dYdX coin is not on Coinbase Pro.
Step 2: Verify your identity with the exchange.
All regulated cryptocurrency exchanges will require you to verify your identity before you can deposit funds and start trading dYdX.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges will allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing DYDX with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable two-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Step 3: Deposit funds
Once your account has been created, you will need to deposit funds to buy DYDX on eToro. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet.
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. One advantage though is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase DYDX by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for DYDX on the spot market to see what cryptocurrencies it can be traded for.
Step 5: Buy dYdX.
After depositing the funds successfully into your account, you will be ready to buy DYDX on eToro. The easiest way to do this is by using the ‘instant buy’ feature to purchase it for a set price as eToro offers this facility.
Always research and analyze the market conditions before making a purchase. Make sure to get an idea of how the price of dYdX has been performing recently, to help you decide if now is the right time to buy dYdX.
Step 6: Storing your DYDX.
There are two ways to store your DYDX. You can either keep your DYDX on the exchange you purchased it on or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- We typically consider hardware wallets to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways.
We suggest opting for eToro wallet as it offers unmatched features in terms of safety and ease of access. You can install eToro crypto wallet by visiting this link.
How to Sell dYdX?
Depending on your personal investment strategy, you may want to sell your dYdX tokens after a few weeks, months, or even years post completing your purchase.
The best part about it is that if you followed our step-by-step guide and decided to buy dYdX coin via eToro, your tokens will remain in your portfolio until the time you decide to sell them.
Another great advantage is that eToro does not charge any storage fee and cashing out simply requires you to head over to your portfolio and place a sell order. By this way, eToro will sell your tokens at the next best available price and finally deposit the earnings in your account.
Conclusion
dYdX is one of the most promising cryptocurrencies to buy in 2022. If you’re looking to buy dYdX coin for your portfolio right now, it will just take five minutes at an SEC-regulated provider, eToro. The good news is that you will be able to pay for your dYdX tokens instantly and that too without any fee, with a debit/credit card or e-wallet, and eToro requires a minimum initial deposit of just $10.
Cryptoassets are a highly volatile unregulated investment product.
Frequently Asked Questions on How to Buy dYdX Coin
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