วิธีใช้ dYdX

The dYdX exchange is decentralized and built on top of the Ethereum blockchain network, and it delivers major financial instruments to its users, like perpetuals, as well as borrowing.

Moreover, dYdX equips cryptocurrency traders with these off-chain order books and on-chain settlement while enabling them to sell tokens short, raise exposure by using leverage, and more. dYdX also utilizes StarkWare’s Layer 2 so that there is no need to trust centralized exchanges while trading,

therefore blending the transparency and security of decentralized exchanges with the utility and speed of centralized exchanges.

How to Use dYdX (5 Easy and Quick Steps)

Step 1. Register

One thing to note here is that dYdX happens to be a non-custodial exchange. This implies that one’s funds can either be in their own wallet or within a “smart contract,” a program that operates on the Ethereum network. Also, your Ethereum wallet owns your dYdX account.

However, for perpetuals, due to it being on Layer 2, you’ll have to register for a perpetual account on Layer 2 by utilizing your wallet through their official website, with the sign-up process being one-time.

To set up an account on dYdX, from its homepage, select the “Trade” button in the upper right corner, which will open a portfolio tab within your browser. Click that “Connect Wallet” button, after which you will be directed to identify the wallet type you’d like to link to dYdX. 

Choose the specific wallet that has the funds you want to use while making sure that the wallet you choose contains some ETH and USDC collateral, which will cover those initial gas fees incurred at deposits. 

Now, since you’re a first-time user, you will have to complete the onboarding flow to begin trading on dYdX. The first step would therefore be to confirm the ownership of the wallet you are trying to connect, so click that “Send Request” button, which will result in dYdX sending you two entirely identical signature requests.

Signing is free here, and you will receive a notification from your connected wallet asking you to “sign” the message that you received from dYdX. On the MetaMask wallet, for instance, you can click that “Sign” option in the notification, and after doing so, you’ll have to do it once more to enable trading.

Now that your wallet is connected, you’ll find yourself once again on the portfolio page. Go to the “Preferences” tab, and if you desire, add an optional username or adjust some other preferences. If you select “Email Notifications,” you can enter your email address and decide what notifications you would like to receive while also ensuring the verification of your email address.

---

Step 2. Complete KYC

From what we have gathered, the dYdX exchange is a non-KYC exchange, meaning that it does not have a mandatory KYC process that needs to be completed to trade without experiencing  any limits on its platform. That said, there is some KYC involved if you buy tokens with fiat currencies.

---

Step 3. Add fund

To buy cryptocurrencies on the dYdX exchange, you will obviously have to fund your account first or make a deposit, which this section will cover. Here, we will be looking at USDC as an example.

So, start by clicking the “deposit” option at the lower corner of the screen and entering the USDC amount you wish to deposit. You will need to “enable USDC” if this is your first time doing this, which will be followed by a gas fee that can vary. This enabling fee, however, is something that you will only have to pay once when you’re setting up an account. Now, you can confirm your deposit, which will also incur a gas fee, but once everything is in order, your trades will not require any gas fees beyond this point.

---

Step 4. Buy crypto

Now that you have funded your account with some cryptocurrency, you can buy the various tokens it offers in its trading service, which is primarily centered around perpetuals.

So, simply head over to its trading page and select “Market,” which you will find towards the left, and then click “Buy.” You can select your preferred trading pair, and once you do, enter the number of tokens you wish to purchase. Your leverage will be adjusted accordingly based on the amount of USDC you already own, or you can adjust it yourself.

Following that, once you have checked everything, click the “Place Market Order” button below to open your position. After you are satisfied with the profits you have made or are simply done trading, you can close your position, and the funds will be deposited into your account. And that’s it; this is how you can buy the cryptocurrencies it supports.

Fiat currency

The dYdX exchange does offer fiat currency support for deposits, i.e., you can use fiat currencies to buy USDC through bank transfers or credit cards without incurring any gas fees.

So, from the overview screen, click the “Deposit” button and then select “Buy Now” under the “Deposit with Fiat” heading. Enter the amount you are willing to purchase and click the “Acknowledge Terms” button to go through its Terms of Service.

Select the “Buy USDC” button, and once you have reviewed its terms, you will be directed to another page where you can select your method of transfer, which, again, includes either credit card or bank transfers. This method, as stated previously, does necessitate a KYC process, where you have to verify your email address and other personal information.

Once you have done so, you can then instantly buy USDC with your preferred fiat currency.

Debit/credit card

If you went through the fiat process highlighted earlier, you can choose credit cards as an option to buy USDC on its platform instead of a bank transfer.

P2P

Unfortunately, we haven’t gathered any resources that indicate that it does offer P2P trading like other cryptocurrency exchanges. So, it is safe to assume that it does not offer it at the moment.

---

FAQs