Decentralized exchanges are quite popular among Pakistanis. After all, DEX exchanges are secure, legit, transparent, and don’t involve any intermediary.
If you’re a Pakistani interested in DEX, chances are that you might have heard about dYdX – a leading decentralized exchange.
Without any further ado, let’s uncover more details about this popular exchange.
What is dYdX?
Built on top of Starkwire’s StarkEx Scalability engine, dYdX is the first-of-its-kind decentralized crypto Exchange that enables Pakistanis 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.
However, later on, in August 2021, the platform started offering advanced trading options such as cross-margin perpetual trading in order to provide its existing users with more liquidity to tackle the issue of liquidations during high volatility season.
Similar to other Exchanges, dYdX also has a utility token DYDX that is used to pay trading fees on the platform to earn high yields while offering attractive 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 Antonio Juliano, an ex-Coinbase employee who’s also 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, Astarkware, and more.
Did you know? 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 exchange available in Pakistan?
According to the help centre page of dYdX, dYdX doesn’t list Pakistan as one of the restricted locations. Therefore, it can be assumed that Pakistanis can trade on this DEX exchange.
What is dYdX crypto?
dYdX crypto is an Ethereum blockchain-based cryptocurrency used to fuel dYdX Ecosystem.
Is dYdX safe for Pakistani users?
Yes, it is 100% safe for Pakistanis since it’s a decentralized exchange. To further enhance the protection of user funds, the platform also has a multi-layer security system and is backed by Ethereum Blockchain.
All of these facts combined show that dYdX is safe for Pakistanis.
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 safe.
Pros and Cons of dYdX for Pakistanis
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
How to’s of dYdX
If you are a beginner and not sure about how to start trading on dYdX, first you should connect your MetaMask wallet. Now stay with us as we unravel the mystery of trading on this #1 DEX exchange.
How can Pakistanis purchase 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:
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.
It is often advised to double-check that the URL is accurate while visiting the website without any unnecessary dots and slashes to avoid ending up losing your assets to scammers. We, Coin-Labs, make sure to provide a safe and trustworthy environment for investors.
- Connect your wallet:
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.
Now, in the Portfolio overview section, you’ll be required 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.
- Now initiate trades by Placing Order:
Once the wallet is connected, now go to the trade section from the header menu navigation.
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 can a Pakistani user deposit on dYdX
Unlike Centralized Exchanges, dYdX doesn’t have a blockchain-to-blockchain deposit system. Instead, users can deposit funds from the connected wallet to the Portfolio section. If you don’t own any cryptocurrencies already in your Private wallet, then as a Pakistani, you would need to purchase dYdX coin using PKR from any other crypto exchanges.
How can a Pakistani user 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 and click on Withdraw available on the right bottom. Now input your withdrawal amount and it’s all done!
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 you installed MetaMask, you can 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.
Where can Pakistanis buy dYdX?
DYDX cryptocurrency is listed on most of the Major crypto Exchanges including Binance, Kraken, KuCoin, Bitget, and Coinbase. Pakistanis can easily buy dYdX from any of these above-mentioned Exchanges from their P2P marketplace option.
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, BTC, ETH, Sol, CRV, and MATIC.
dYdX Customer Service Channels for Pakistanis
Since it’s a DEX exchange, it doesn’t offer a live chat system like other crypto exchanges. But don’t worry. There’s a community-driven help centre where Pakistanis can post queries and get their answers. Plus, the platform has an extensive FAQ page to resolve common queries of its users.
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.
