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How to use dYdX DEX

All you need is a credit card to buy, sell, and swap crypto at this decentralized cryptocurrency exchange

How to use dYdX

What is dYdX?

dYdX is a decentralized exchange for cryptocurrency trading. The DEX specializes in borrowing, lending, and derivatives investing.

The DEX was launched in 2017 by Antonio Juliano, a software engineer with experience at Coinbase and Uber.

dYdX is operated by dYdX Foundation, a nonprofit organization based in Switzerland.

Based on Ethereum, dYdX operates on a a StarkEx Layer 2 Ethereum subchain that offers better performance and lower gas fees than the Ethereum mainnet.

The dYdX platform supports five order types:

  • Market orders
  • Limit orders
  • Stop limit orders
  • Trailing stop orders
  • Take profit limit orders

You’ll need some USDC to pay fees when you initially fund your dYdX account, but after that you should find that your transactions don’t entail any fees.

dYdX has its own cryptocurrency, the DYDX, which you can purchase at Kriptomat. This is the governance token of the dYdX community. It can be used to gain mining rewards, participate in staking pools, and receive trading discounts.

year

Year Established: 2019

blockchain

Blockchain: Ethereum

Start using dYdX DEX now

Here’s the fast, easy way to get started with the dYdX DEX: The Kriptomat DEX Onramp.

1. Set up a MetaMask wallet

MetaMask is a crypto wallet that is implemented as a browser extension on PCs and an app on mobile devices. Visit Metamask.io and select “Download” and you will receive the proper version for the device you are using. Follow the instructions to complete the installation. Create a wallet and password. Set up the wallet to use the Ethereum mainnet. 

Now you can use the MetaMask Account Details menu to display the numeric code that is your MetaMask wallet address for the Ethereum mainnet.

2. Purchase Ethereum and USDC and transfer them to your MetaMask wallet

Your dYdX journey requires that you have some Ethereum. Simply use the tool at the top of this page to specify how much Ethereum you wish to purchase and where it should be sent – to the MetaMask wallet address you acquired in Step 1. Visa and Mastercard support means you can complete this process in minutes. (If you have a Kriptomat account, you can acquire and send Ethereum in the normal way.) Repeat the process with USDC.

3. Connect your MetaMask wallet to dYdX

Navigate to PancakeSwap, click on the profile icon, and follow the instructions on your screen to link your MetaMask wallet to your PancakeSwap account.

4. Begin trading

Now that you have funded your MetaMask wallet, you are ready to begin executing transactions at dYdX.

It’s just that easy!

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