What is dYdX?
Built on top of Starkwire’s StarkEx Scalability engine, dYdX is the first-of-its-kind decentralized crypto Exchange that enables users to do cross-margined perpetual and future trading. dYdX is currently a layer-2 trading platform but initially, it was launched over Ethereum layer-1 back in 2017 as a decentralized margin trading, lending, and borrowing services provider platform by Antonio Juliano a California-based entrepreneur and crypto Trader.
However, later on, in August 2021, Platform started offering advanced trading options such as cross-margin perpetual trading and more in order to provide its existing users with more liquidity to tackle the issue of liquidations during high volatility season.
Similar to other Exchanges such as Binance has a utility token BNB, Kucoin has KCS, and dYdX also has a utility token DYDX that is used to pay trading fees on the platform earn high yields while taking and more discounts and bonuses.
Ranking as #1 DEX (decentralized Exchange) with the highest volume and trust score on CoinMarketCap dYdX is a decentralized open-source crypto Exchange founded by ex-Coinbase Employee Antonio Juliano.
Where is dYdX Located?
Founded in July 2017, dYdX is based in San Francisco Bay Area, West Coast Western US. As it’s a decentralized Exchange, hence the number of Employees and other information related to the company’s operations are not mentioned by official sources in the documentation of the Platform.
Who Created dYdX?
The Platform is founded by the ex-Coinbase employee Antonio Juliano an American software Engineer currently serving as CEO of the company. Antonio Juliano was not alone in creating this dream project, he was backed by A16z, Finlink Capital, Brian Armstrong, StarkWare, and more.
Coinbase is a centralized crypto trading platform listed on NASDAQ.
Who Owns dYdX?
As mentioned earlier, it’s a decentralized Blockchain-based Exchange, and similar to other decentralized projects such as Bitcoin, Ethereum, and others it is not owned by an entity or a person, although Antonio Juliano played an important role in creating it.
Is dYdX Safe?
Yes, it is 100% safe because of its decentralized nature as explained above. To protect user funds the Platform does have a multi-layer security system and is backed by Ethereum Blockchain. That’s why we can consider dYdX one of the safest Exchanges to trade future perpetual.
What is DYDX Crypto?
DYDX crypto is an Ethereum blockchain-based cryptocurrency used to fuel dYdX Ecosystem. While it is providing a liquidity buffer for fluctuating market conditions, it has the purpose of paying trading fees and staking earn yields on the dYdX platform. Currently, DYDX crypto is circulating 156,256,174 DYDX with a maximum supply of 1,000,000,000 DYDX on the market. It is been said that minted DYDX will be dispersed over a five-year period, starting on August 3rd 2021.
dYdX crypto is sometimes referred to as $DYDX to differentiate it from the dYdX exchange platform.
Pros and Cons of dYdX
Pros👍
- Accessible worldwide (Including USA, Canada, UK, and more)
- It is completely decentralized
- Doesn’t collect your personal information
- Doesn’t ask for KYC verification
- Offers Up to 20x Leverage on BTC, Ethereum, and some other coins
Cons👎
- Limited Number of Cryptocurrencies to trade
- No Copy Trading Option for Novice traders
Coin-Labs is one of the few official partners of the dYdX exchange.
Therefore, if you join the dYdX exchange through the button below, you can get the best discount.
Is dYdX Legit?
As mentioned earlier dYdX is an open-source decentralized Exchange and everything is publically available making it transparent and accessible to everyone. Hence, we can say it is legit.
How to’s of dYdX
If you are a beginner and not sure about how to start trading with dYdX, connect MetaMask wallet, and more then be with us as now, we are going to explain this and much more in the easiest way possible.
How to Buy Crypto on dYdX?
Buying cryptocurrencies on the Platform is a lot easier than centralized Exchanges. Follow below step-by-step guide to understand how to buy crypto on dYdX.
- Visit dYdX Exchange
The first step in order to buy crypto on the Exchange is to visit its official Exchange website via either searching on Search Engine or directly using this link https://dydx.exchange/.
While visiting make sure to double check URL is accurate without any unnecessary dots and slashes otherwise you might end up losing your assets.
- Go to the Trade Sections
From the homepage, now click on Trade Button available in the header menu as well as in the site content body. Once, you click on the Trade button, you will be redirected to the Portfolio section if your wallet is not connected.
- Connect Your Wallet
Now, in the Portfolio overview section, you’ll require to connect your private wallet. So, tap on Connect and a pop-up with a lot of wallet options will appear containing all famous private wallets including MetaMask, Trust wallet, Coinbase wallet, and more. Click on whatever you like to connect it with dYdX.
- Go to Trade Section
Once the wallet is connected, now go to the trade section from the header menu navigation.
- Now Initiate Trades by Placing Order
Now, from the trade section initiate trading by placing orders with advanced trading features such as market, limit and stop limit, trailing stop, and more.
How to Deposit on dYdX
Unlike Centralized Exchanges, dYdX doesn’t have blockchain to blockchain deposit system. Instead, users can deposit funds from the connected wallet from the Portfolio section. If you don’t own any cryptocurrencies already in your Private wallet then with the help of the Direct deposit option you can easily buy crypto directly from dYdX with fiat debit or credit cards.
How to Withdraw on dYdX
How to sell or withdraw on dYdX is pretty much similar to how we deposit.
- First of all, go to Portfolio from the menu navigation in the header.
- Click on Withdraw available on the right bottom.
- Now, input the amount you wanted to withdraw.
Make sure it doesn’t exceed the maximum withdrawal limit which is $200K.
How to Connect MetaMask to dYdX
Connecting dYdX with MetaMask is easy. If you already don’t have the MetaMask Extension Installed, then, First of all, go to the Chrome web store or whatever your respective web store is. After that download the MetaMask extension and install it on your browser.
Once Installed, create an account then go to dYdX and follow the above-given steps in our How to Buy crypto on dYdX subheading.
How to Place a Market Order on dYdX?
In order to place a market order, go to the Trade section on the Exchange. Now, while placing an order click on the “Market” option on the right next to the Order book and place an order.
How to Use Stop Orders on dYdX?
Placing Stop Order is pretty much similar to placing a Market order, instead of selecting “Market” on the right side order book menu instead select “Stop” and then put any amount along with leverage if you are doing leverage trading then click on Buy.
What coins does dYdX support?
If you are thinking about what coins are on dYdX and what can you buy on dYdX the answer might be disappointing for some of you. Less than 30 coins in total are listed on the Exchange including,
Traders are free to trade between any of these assets.
Where to buy dYdX?
DYDX cryptocurrency is listed on most of the Major crypto Exchanges including Binance, Kraken, KuCoin, Bitget, and Coinbase. Traders can buy dYdX from any of these above-mentioned Exchanges as well from their own exchanges.
Is dYdX exchange available in US?
Yes, dYdX is available in all parts of the USA but there are certain terms of services that dYdX US customers must comply with. These terms include:
- Traders from the USA must settle all of their trades physically using dYdX
- All margin positions must be fully closed and physically settled within 28 days
Don’t use VPN (a virtual private network) to trade BTC and perpetual contracts on dYdX if you are from the USA.
dYdX Customer Service
For a newbie, it might be disappointing to know that dYdX doesn’t have a customer Support live chat system unlike most of the centralized Exchanges do have, which enables them to assist users in real time. Instead, dYdX has a community-driven public help center where you can post your questions or help others with questions. Apart from this, Platform does have an FAQ section where most of the common questions are answered as well updated continuously.
dYdX Review
Review and basic information of dYdX are as follows.
| Crypto Exchange Basics | dYdX |
|---|---|
| Official Name | dYdX |
| Exchange Representative (Founder) | Antonio Juliano |
| Headquarters Location | San Francisco |
| dYdX Launch Date | 2019-04 |
| Number of Tradable Crypto Pairs | 38 Pairs |
| Weekly Visits | 75,525 Users |
| Overall Rating | ⭐ 4.0 / 5.0 |
The rating result at the top is the result of Coin-Labs' overall evaluation of dYdX.
dYdX was rated in seven categories: fees, diversity and quality of the services provided, security capabilities, etc.
dYdX Fee 2023
The fees charged to you for transactions at dYdX are as follows.
| Maker/Taker Fees | dYdX Transaction Fees |
|---|---|
| Spot Maker Fee | 0.0% |
| Spot Taker Fee | 0.0% |
| Derivatives Maker Fee | 0.0% |
| Derivatives Taker Fee | 0.0% |
The fees shown in the table above are dYdX transaction fees charged to a regular user.
dYdX Trading Volume
Trading Volumes of dYdX are as follows. (Based on CoinMarketCap 2023-03-29 14:41:11 data)
| Trading Volume Items | dYdX Trading Volume |
|---|---|
| Daily Trading Volume (24h) | 1,210,858,067,577 KRW |
| Weekly Trading Volume (7d) | 8,684,661,398,885 KRW |
| Monthly Trading Volume (30d) | 37,514,393,060,222 KRW |
| Daily Volume Change (24h) | 5.10% |
| Weekly Volume Change (7d) | -25.83% |
| Monthly Volume Change (30d) | 37.96% |
Communicate with dYdX
You can check exchange's messenger and SNS information in the table below.
| Types | URL |
|---|---|
| https://twitter.com/dydx | |
| 🎺 Messenger | http://discord.gg/Tuze6tY |
FAQs
Who founded dYdX exchange?
dYdX was founded in 2019 by Antonio Juliano.
Where is dYdX located?
Currently, dYdX's headquarters is known to be located in the San Francisco.
How many cryptocurrencies are tradable on dYdX?
If you join dYdX, you can trade a total of 38 crypto pairs.
How much is dYdX trading fee?
dYdX has a spot maker fee of 0.0% and a taker fee of 0.0%. On the other hand, the maker fee for futures trading is 0.0%%, and the taker fee is 0.0%%. Please note that these fees are for regular users, and the higher your membership level within dYdX, the lower the fees.
How much is dYdX trading volume 24h?
dYdX's trading volume 24h is 1,210,858,067,577 KRW. Furthermore, the daily trading volume is showing a 5.10% change from the previous day.
How much is dYdX weekly trading volume?
dYdX's weekly trading volume is 8,684,661,398,885 KRW, with a total of 75,525 users. Furthermore, dYdX's weekly trading volume is showing a change of -25.83% from the previous week.
How much is dYdX monthly trading volume?
The monthly trading volume of dYdX is 37,514,393,060,222 KRW. Furthermore, this month's trading volume is showing a change of 37.96% compared to the previous month.
