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 buy dYdX coin? In this guide, we tell you everything you need to know about this crypto and explain how to buy dYdX coin.
Quick Steps to Buy DYDX
- Step 1: Choose an exchange – Make sure to also do the KYC formalities by uploading your ID to verify your account.
- Step 2: Deposit funds – At the next step, you will need to transfer funds to buy DYDX with, once your account is activated. To do this, you can either transfer fiat currency from your bank account or you can use your credit card. You can also transfer cryptocurrency from another exchange or wallet. Some exchanges also accept 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 cheaper rate 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 best 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. Crypto.com – A Simple Place to Buy dYdX Coin with a Debit Card
Crypto.com has become one of the well-known and reputed online cryptocurrency exchanges today. 
The platform aims to provide its customers an easy and economical way to invest in cryptocurrency and assets.
In fact, once you have passed the process of opening a Crypto.com account and completed your identity verification, you can directly buy dYdX via a debit card. Since both Visa and MasterCard are accepted on Crypto.com, it provides a simple way of investment.
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 hosts over 250 different digital tokens as well. These comprise of a large number of small, mid-scale, and large-scale 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.
2. Binance – Buy dYdX with Crypto for only 0.10%
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 more than 100 million customers, not least because their trading fees are low. Whenever you buy dYdX with a supported digital asset such as Ethereum, Bitcoin, or BNB on Binance, you will only be charged 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.
Cryptoassets are a highly volatile unregulated investment product.
3. 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 to spot and margin trade, earn interest, and take out crypto 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 Sell dYdX?
Depending on your own investment strategy, you might plan to sell your dYdX after maybe a month or a year post completing your purchase.
No matter what you decide, if you go by our detailed guide and decided to purchase dYdX coin via a secure crypto exchanges, your purchase will remain safe in your personal portfolio until when you want to sell them.
Conclusion
dYdX is one of the most reputable cryptocurrencies to buy in 2022. If you plan to purchase dYdX coin for your portfolio currently, it will hardly take a few minutes at an SEC-regulated provider. Also, you can pay for your dYdX tokens instantly and that too without any fee, with a debit/credit card or e-wallet, and some exchanges only require a minimum initial deposit of $10.