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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. Purchase Ethereum and USDC at Kriptomat

Your dYdX journey starts with funding your account. Kriptomat is the fastest, easiest way to start. In this example, we’re starting by buying Ethereum to fund your account and USDC to pay your initial transaction fees. Both Ethereum and USDC are easy to buy at Kriptomat. Simply create your free account, complete the quick identity verification procedure, and make the purchase. Visa and Mastercard support means you can complete this process in minutes.

2. 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 installation. Create a wallet and password. Set up the wallet to use the Ethereum mainnet.

3. Transfer Ethereum and USDC to your MetaMask wallet

Use the Account Details menu on MetaMask to display the numeric code that is your MetaMask mainnet wallet address.

At Kriptomat, locate My Wallets and select the Ethereum mainnet. Click on Send and paste the wallet address from MetaMask into the “Recipient address” blank. Specify the amount of Ethereum you wish to send and confirm the transaction. You may need to confirm the transfer via email. Be sure to repeat the process with a small amount of USDC.

4. Add the Ethereum and USDC to your MetaMask wallet

The Ethereum you transferred is in your MetaMask wallet, but it may not be visible until you add it manually. Visit coinmarketcap.com and locate the token contract address for ETH, then open MetaMask, select “Add token,” and paste in the address. Repeat the process for USDC.

5. Connect your MetaMask wallet to dYdX

Navigate to dYdX, click on the profile icon, and follow the instructions on your screen to link your MetaMask wallet to your dYdX account. You will be prompted to confirm the use of USDC to pay your initial trading fees during this process.

6. 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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