With such an interestingly sounding name prospective users will be expecting something exceptional. Yes, DYDX is exceptional in its own manner.
There is no better governance token other than DYDX. DYDX layer 2 protocol is easy to govern given that you are a dYdX holder. Traders and liquidity providers can enrich protocols by sharing dYdX tokens.
Community and ecosystem management is top-notch because dYdX is an all-powerful token. Developers are promising a future extension and advance project of the whole ordeal. Like many crypto-based tokens, DYDX lays its operation on a decentralized platform.
This means that barriers to entry and exit are zero to none. Now that’s something to smile for! With such an expanding system of governance courtesy of the dYdX token, the future surely looks exciting for many users.
This article will look at how users can buy dYdX at the best place, payment methods, where to buy dYdX tokens, the possibility of purchasing with USD, safety measures, and protection tips.
A quick guide on buying a dYdX token
The wake of this article managed to enlighten on the basics of DYDX tokens and gave a greenlight on how they can be used. This segment focuses on how to purchase dYdX tokens.
We will use Binance as a sample exchange because of its wide customer base. Binance was launched in 2017 and from then on it has become the ultimate investing site for traders from China (origin) and the rest of the world. Take note, it’s currently impossible to buy dYdX with USD.
a) Create an online account
Creating a Binance account does not take days or hours, it’s a matter of minutes. Make sure that account creation is appropriate for desired exchange connection.
Provide your phone number or an active email address. Remember, DYDX is new and fresh meaning that its features resemble modern technology.
Most of the available exchanges will be unable to execute dYdX transactions or even back up wallet processing. That’s why we recommend Binance because of its ultimate selection of currencies and stable valuations.
b) Purchase a wallet (optional).
Wallets, just like the traditional wallet keep safe digital assets. They are designed to allow high levels of security and easy access. Wallets are not necessarily there for purchases but they are meant for protection.
Using a wallet means that assets are under the safe radar. You can choose to have or not to have a wallet.
c) Make your purchase.
Look for Ethereum on the official Binance DeFi wallet. Opt for a swap option when your balance is in position. After completing the exchange, you successfully receive equal DYDX tokens in your Binance DeFi wallet.
If you seek a more secured system with better encryption, send it to a hardware wallet. We will look at hardware wallets in detail later.
Exchanges to buy DYDX
Binance has been dominating the scene. One of the biggest advantages offered by Binance is that of lower fees. Exchanges charge little while users enjoy high liquidity charts that make possible instantaneous purchases and selling in a moving market.
Luckily, many countries across the world allow Binance operation on THORChain, these include Australia, Singapore, and the UK while those from the USA are barred. Though Binance is barred from the USA, it still maintains large customer bases in many countries across the world and it looks highly probable that it will grow so huge to disband any form of competition.
Step-by-step Buying Guide
- Create an account
- Complete KYC process
- Add funds to your wallet
- Buy your crypto
Gate.io is a more ideal exchange that has a lot of guarantees. The most fantastic feature of Gate.io is the user interface. Very friendly to beginners and they can actually move up the charts to become specialists and professional technical traders.
Gate.io was launched in the year 2013 and from then it has been creating a huge base of altcoins for many users. You can easily maneuver in the market with Gate.io. For those trading in the USA, this is the best choice.
Step-by-step Buying Guide
- Sign up for an account
- Complete the KYC verification process
- Fund your wallet
- Choose a trading pair and buy
This exchange is about 5 years old, having been launched in 2016. However, in such a short space of time, it has managed to gain a great reputation and become a trusted platform worldwide. On the platform, you will be able to trade cryptocurrencies conveniently due to the various services on offer.
On the platform, you can buy 100+ cryptos at true cost. Not only that, but you will also be able to manage your visa card offered by the platform, earn interest on your crypto, make crypto payments, and so much more. Another great feature is that the company has a non-custodial DeFi wallet. As a result, you retain full control of your private keys.
Step-by-Step Buying Guide
- Sign up on the platform and provide your ID and selfie for verification
- Fund your account
- Tap on the Trade button
- Click Buy, and then your chosen crypto. This lets you choose your preferred coin
- Add your card and follow the secure link provided
How dYdX project is different
Although dYdX works like most tokens on the market, it comes with its own unique features. Discussed are some of the aspects that differentiate it from the others.
DYDX Margin Trading Protocol
If you are an avid user of dYdX tokens, you can create a lot of leverage and margin from down-trending price movements. If you turn out to be a long trading position type of client, you get to receive low-risk collateral loans. However, each and everyone can gain ERC-20 tokens or a reasonable margin.
DYDX Options Protocol
Speculation and risk management are possible with dYdX tokens. Remember, every trader can trade (buy and sell) ERC-20 tokens. Ease of trade is superbly guaranteed.
Things to consider before buying DYDX
Purchasing dYdX tokens are not that tricky but what users need to know is that markets are ever-changing. There are possible factors one has to grasp before investing or purchasing. These are :
Don’t FOMO buy tokens
Remember this is a real money situation and extra research has to be put in place to avoid loss. Spend most of your time doing quality research on what dYdX tokens are all about and how they can give you margin at the end of the day.
Use reputable exchanges
Reputation is very important in trades. Well-known and long-standing exchanges like Binance are practical, professional, and convenient for traders of different statuses (savvy or newbies). The chances of losing money through dubious and anonymous exchanges are 80 to 100 % and no one wants to lose hard-earned.
Check for the men behind the making
Do you know the creators of your exchange of choice? It’s always important to know the men behind the making. You are guaranteed safety as compared to some anonymous service providers.
Where to store DYDX token
Storing digital assets is the heart of the whole deal. There are various options one can use though they come with different features. First on the line is hardware or cold wallets.
i. Cold wallets
These are good when it comes to the long-term storage of cryptocurrencies like bitcoin, ethereum, litecoin, and dYdX. They operate on an offline basis meaning that traders can rest assured of barring against hackers. Advantages include :
- strong encryption
- guaranteed private key protection
- freedom from online hacks and scams
However, for something very reliable, the price has to be upfront. Hardware wallets are hefty when purchasing.
It’s also advisable that users purchase hardware wallets from reputable and registered producers rather than peers. Examples of hardware and cold wallets include USB, Trezor, Ledger, and Keepkey.
ii. Hot wallets
Hot wallets are literally opposite to cold wallets. They operate on an online basis. Ideal for short-term and instant trading experiences. Some of its advantages include :
However, for a wallet operating online hacking and scamming loopholes are eminent. Examples of hot wallets include cloud-based and exchange-based wallets.
Privacy and security tips
DYDX is a valuable governing token and you wouldn’t want it to fall into the predatory hands of hackers and gray market masters.
There is need for a sound protection of investments and transactions. Below we have listed some important safety tips used to achieve ultimate assets protection.
i. Spread the risk
It is very bad for any crypto trader out there to rely on one wallet. Risks are encountered in trading and spreading it is the best primary solution. Use various wallets to keep your dYdX tokens safe. It’s all about minimizing loss.
ii. Avoid Phishing
Hackers are expanding their tactics and one of those is pop-up manipulations. Hackers use pop-up links, messages, and promos to penetrate your device and pass the virus. It’s best if you ignore such links.
iii. Use a secured network
Using a secured network does not only guarantee to browse data protection but also keeps safe personal account and wallet details. To top it a notch, utilize VPN networks.
VPN network system is fast and reliable, unlike other network provisions. Desist from public domain networks because you don’t know who is at the other end.
iv. Do not share passwords
A crypto password should be on one end while social media passwords should be separate. Using the same password on various accounts is biased.
Q. Which is the best purchasing platform for dYdX tokens?
Binance is the best and readily available. Binance has been there for the past 4 years and has a lot of options like fiat to crypto purchase options. Price valuation is stable as compared to other exchanges.
Q. How can one make a profit through dYdX tokens?
By assessing and taking advantage of price trending movements, traders can come up with ideal margin levels.
Q. Is Binance DeFi wallet reliable?
Remember that Binance is reliable both in asset protection and trading. You must utilize that opportunity to keep digital assets safe.
Q. What are other storing options?
Traders can opt for hardware wallets or cold wallets. They do have different features but can be used at the same time.
Now that you are aware of the best place to buy dYdX and all the features bound to it, there is no better way to enter the market at this final fold of the year.
DYDX has some of the loudest voices when it comes to profitable achievements. Numbers speak for themselves. Having made $2.5 billion in 2020, 2021 is no exception. The tally is increasing as the year is coming to an end.