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.

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  best patforms to purchase dYdX coins. First launched in 2007, eToro is a regulated online broker. With eToro, you can buy dYdX on a spread-only basis.

This means that rather than paying commissions in the conventional way, you would have to pay a fee that amounts to the difference between the purchase price and selling price (bid and ask) when you place an order. Whenever you buy Bitcoin the spreads will start from 0.75% and for altcoins it will be 1%.

eToro supports multiple deposit methods such as Credit cards. Wire transfer, Debit card, and Online banking. Besides, you have the option to select from a number of fiat currencies to purchase cryptocurrency on eToro. These options include Sterling Pound (GBP), US Dollars (USD), and Euro (EUR).

You can also explore the eToro CryptoPortfolio if you are looking to purchase dYdX and gain exposure to various other crypto assets. It is a passive investment service that lets you purchase a number of different cryptocurrencies through a single investment, in various proportions.

Also, you don’t have to worry about doing your own research or undergoing maintenance, since the portfolio is managed by eToro. In terms of supported platforms, eToro allows you to buy dYdX coins through its website and also has it’s own crypto app. For peace of mind and security, it is worth knowing that eToro is governed 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 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.

3. 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. 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 unique markets that let you to purchase and sell cryptocurrencies. These marketplaces work just like 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.

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: KYC – Verifying your identity at the exchange.

All regulated cryptocurrency exchanges would require you to complete your identity verification before any funds can be deposited and you can start with trading dYdX.

• Also called as Know Your Customer (KYC), this step requires your photo ID along with a smartphone or a webcam. You can also be required to provide your address proof. This can be done by submitting a copy of your latest bank account statement or any utility bill in your name.
• There are some exchanges that may let you invest and buy cryptocurrencies without completing the KYC process. However, even those exchanges will not permit you to deposit fiat currency from your bank account without performing KYC. Therefore, if you want to buy DYDX with your local currency, you must complete the KYC process.
• After your identity verification is complete, your next step should be to activate 2FA or two-factor authentication prior to depositing any funds. Doing so will make your account more secure and ensure that your funds are safe.

Step 3: Deposit funds

After you have created your account, you then have to deposit funds to purchase DYDX on eToro. This can be done by either depositing local currency from a bank account. Or you can also transfer crypto from a different wallet or exchange.

• Bank account: Any fund transfers made from your local bank accounts are mostly free of charge, but it is always important to confirm this with your chosen exchange.
• Credit or debit card:  Another easy way to deposit funds into your account is by linking a credit or debit card to your account. Although this will mostly attract an extra fee. But the good part is that your card can be used for instant or recurring purchases.
• Cryptocurrency: You can also buy DYDX by exchanging it with another crypto, for instance trading with Bitcoin or a Dogecoin. But this facility will depend on the exchanges. The right way is to search DYDX on the spot market and check which cryptocurrencies can be used to trade dYdX.

Step 5: Buy dYdX.

Once the funds have been successfully deposited, you can proceed to purchase DYDX on eToro. The simplest way to buy dYdX is with the help of the ‘instant buy’ feature which lets you purchase it for a fixed price as eToro offers this facility.

It is always advisable to research the market before making any investment.

Step 6: Storing your DYDX.

You can store DYDX. in mainly two ways. You can either keep your DYDX on the exchange from where you bought it or transfer it to your personal crypto wallet:

• Many of us prefer to use our personal wallets as it guarantees complete control of our deposits. They can also be used with various other applications such as DeFi services.
• We typically consider hardware wallets as the most secure types of crypto wallet. The reason is that such wallets utilize a physical device that improves safety in many 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 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 eToro, your purchase will remain safe in your personal portfolio until when you want to sell them.

The greatest benefit of using eToro is that it does not levy any storage fee. Cashing out your assets just requires you to go to your portfolio and put up a sale order. In this process, eToro helps you sell your assets at the best rate and finally deposit the earnings in your account.

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, eToro. Also, you can pay for your dYdX tokens instantly and that too without any fee, with a debit/credit card or e-wallet, and eToro only requires a minimum initial deposit of $10.

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