How To Buy dYdX (DYDX) Coin In Australia

A Beginner’s Guide to Buying and Trading dYdX Cryptocurrency in Australia

Last Updated March 8th 2022
11 Min Read

dYdX is a DeFi project that has recently become very popular due to the unique services and features that it offers. It is a decentralized cryptocurrency trading platform that stands out with margin trading and high leverages. The platform also has a native token - DYDX that is used within the network in multiple ways. Apart from it, the DYDX cryptocurrency is used to trade and generate rewards. 

But is DYDX worth investing in? Should you buy it right now and what you should know before trading the DYDX cryptocurrency? You will find the answers to these questions in our article and learn how to buy DYDX coins online in Australia. 

 

How To Buy In DYDX In Australia – Quick Guide

To help you buy DYDX coins as quickly as possible, we broke the process down into a few easy steps:

  • Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
  • Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time. 
  • Step 3: Deposit – Fund your new eToro account with a minimum of $10. 
  • Step 4: Search for DYDX on eToro – Search for DYDX in the eToro crypto market.
  • Step 5: Buy DYDX – Enter the amount of the worth of DYDX you want to purchase in United States Dollars (USD), then click Open Trade. 

That’s it! By following these easy steps, you can invest in DYDX in Australia in less than 5 minutes.

 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

What Is A DYDX Coin?

The DYDX cryptocurrency is the native token of the dYdX DeFi project which was founded in 2017 by Antonio Juliano. The latter worked as an engineer for such big companies as Coinbase and Uber. dYdX project offers a decentralized cryptocurrency trading platform that provides traders with margin trading, spot trading, and high leverages. 

Initially based only on the Ethereum blockchain, dYdX later cooperated with Starrware Industries to launch its Layer 2 network which offers lower fees and faster execution time for trades. Apart from a secure trading platform and a handful of trading options, the dYdX project also issued a governance token - DYDX that can be used in multiple ways. 

DYDX is used to swap cryptocurrencies on the dYdX platform, stake and earn rewards and participate in staking pools. Along with staking, you can also gain DYDX rewards by trading on the platform. The maximum supply of the DYDX coin is 1 billion DYDX tokens, and 65.5 million tokens are already in circulation. With the coin’s current price of $4.8, DYDX creates a market cap of $316.7 million which ranks it #154 on the market cap chart.

DYDX price chart

DYDX price chart. Source: coinmarketcap.com

Where To Buy DYDX Coin In Australia

Have you considered buying DYDX in Australia? Well, there are so many crypto exchanges in Australia. This can make it hard to know which platform is right for you. 

Below you will find 4 of the best brokers that allow you to buy DYDX in Australia. 

  • eToro - Best broker to buy dYdX (DYDX) in Australia
  • Binance - Best exchange to buy DYDX in Australia for asset diversity
  • Coinbase - Best exchange to buy dYdX (DYDX) for beginners
  • OKEx - Best broker to buy DYDX in Australia for low-cost

Now, when you have a lot of information about the dYdX project and its native token, you may want to buy some DYDX coins. To do that, firstly, you must find an online cryptocurrency exchange that will support buying DYDX in Australia. This process usually takes a lot of time as there are several brokers providing different services. 

To find a trustworthy and cost-effective platform, you need to check its pricing system, security features, available coins, withdrawal and deposit fees, payment methods, and several other things to make sure they match your requirements. It’s why the research process is very daunting and time-consuming and may seem even more challenging if you are a beginner. Hence, we have already analyzed several platforms to ease your job and introduced the best cryptocurrency platforms. 

Binance: Being one of the most well-known cryptocurrency brokers worldwide Binance offers secure and versatile trading. It supports more than 600 cryptocurrencies, including the DYDX cryptocurrency that the platform has listed recently. When it comes to your account safety, Binance provides such crucial security features, as 2FA, login device restriction, SMS, etc. Binance also offers one of the most competitive pricing structures in the industry. You can use Binance through a desktop browser, deposit app, or mobile app that is available for iOS and Android phones.

eToro: eToro is one of the most reputable brokerage platforms that stands out with a number of unique features. First, it offers a wide selection of assets, including stocks, indices, forex, cryptocurrencies, commodities, etc. Next, it provides zero-commission trading, and the only trading fees that are charged are spreads that are significantly low. The platform stands out with its fascinating and super easy-to-use design, social trading platform, and several trading tools for beginners and pro traders. eToro is an incredibly safe platform regulated by 4 top financial institutions. 

Check Out: The 5 Best Ways To Buy DYDX

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Buy DYDX Coin With A Credit Card?

Cryptocurrency trading platforms usually offer several options to buy assets, including credit and debit cards, bank transfers, and e-wallets. Still, buying DYDX with a credit card is the fastest and the most secure way. It’s a very straightforward process with a few simple steps. You should start creating an online account on the exchange of your choice if you don't have one. 

The following steps may differ depending on the platform but in most cases, you must click on the “Deposit Funds” or “Fund Your Account” button, select the bank card option and fill in the amount you want to transfer. When your account is charged, you can start purchasing DYDX coins. 

What’s The Best Platform In Australia To Trade DYDX Coin?

If you plan to trade DYDX cryptocurrency, one of the most crucial things to consider is to find an excellent brokerage platform. This step is essential as you will open and close positions frequently, so you need a platform that will operate flawlessly and execute your trades fast. Plus, it will have a simple design and a combination of trading tools to provide versatile trading. 

Both brokers included in our recommendation list, eToro and Binance stand out with great user interface, a wide selection of cryptocurrencies, and several trading options for beginners and advanced traders. Plus, both platforms are very safe and have a strong reputation in the market. 

To trade on eToro you must go through these quick and effortless steps. First, you must sign up for an online account and verify your identity. As eToro is a regulated broker, it’s a compulsory step and is used to protect your safety. When you have completed all the technical steps with your account, you can eventually deposit funds and start trading. 

Creating an account on eToro

eToro offers several methods to fund your account, including bank transfers, credit cards, debit cards, and e-wallets (Skrill, Neteller, Paypal, etc.). There are no deposit fees for all of them, but to withdraw your funds you need to pay a flat fee of $5. eToro also won’t charge any commissions for the trades you execute. The only trading fee that it charges is the buy and sell spreads which differ depending on the cryptocurrency.

Binance also offers a quick registration process and quick executions for your trades. You need to go through similar steps like eToro, meaning to open an account and deposit funds. Binance allows you to buy some crypto without verifying your account, but only in small amounts. To use all the benefits of the platform you need to verify your account completely providing proof of identity and address. 

Here’s How You Can Instantly Buy DYDX Coin In Australia

In this section of the article, we will guide you on buying DYDX coins in Australia. Follow these quick and straightforward steps to purchase DYDX cryptocurrency. 

1. Open an Account with a Crypto Exchange or Online Broker that Supports DYDX

There are multiple places where you can buy DYDX cryptocurrency, including traditional brokers and cryptocurrency exchanges. Along with becoming more and more popular, DYDX gets listed on several major brokerage platforms and exchanges, so you have a big selection here. Having decided on which platform you will trade, create an account and fill in the necessary details. This process involves providing some personal data, and verification of your identity. 

2. Select a Payment Method and Make a Deposit

Definitely, you cannot trade DYDX coins without a funded account. Hence, your next step is to deposit money into your exchange account. The transaction time may differ depending on the broker you use, but it is usually faster when you use a bank card option and may take up to 7 days in the case of bank transfers. Meanwhile, deposit fees may be less budget-friendly when using a bank card and more cost-effective with bank transfers. So, you need to select one based on your budget and trading goals. 

3. Buy DYDX coins and Store them in a Crypto Wallet. 

With a funded and verified account, it’s finally time to execute your first trades. Open the section of the market on the platform or type DYDX in the search bar to find the coin. Click on the “Trade” button and fill in the amount you want to purchase. After completing the transaction you will immediately get the coins on your exchange account. 

Depending on your trading plans, you should also decide where to keep your DYDX coins. If you will trade actively and need the trading tools provided by the exchange, the best decision is to leave them on your exchange account. But you can also use a software decentralised wallet which usually provides an exchange where you can swap between different cryptocurrencies. Or if you plan to make a big investment and keep the coins for a long time you can buy a hardware wallet and keep your assets offline and secure. 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Here’s How You Can Start Trading DYDX Coin In Australia

DYDX coin price fluctuates too often which is an excellent benefit for those who want to trade the coin and earn rewards. Still, there are a few crucial points to consider before you start trading DYDX. In the first place, you must find a good brokerage platform, which plays a fundamental role in the whole process. We have already introduced how to select a good crypto broker and included our recommendation list where you can trade DYDX coins efficiently. 

If you want to generate good rewards trading DYDX cryptocurrency, you need to also understand the market. This includes a lot of research about the coin, its price movements, projects, goals, etc. In other words, you must do a fundamental and market analysis of the DYDX cryptocurrency which will help you get a better idea of what future prices the coin can experience. 

After doing thorough research and understanding all the nuances you can eventually develop a trading strategy. It’s not a mandatory step but will help you a great deal in maximizing your wins and minimizing the risks of losing money. 

Best Digital Wallet For DYDX Coin

Digital wallets are used to provide better and more secure storage for your cryptocurrencies. Hence, when selecting a crypto wallet, you should pay attention to how reputable the wallet is and what security systems it offers to the users. These wallets fall into two large groups - software and hardware. 

Software wallets are good for active trading, they are free to download and are compatible with your mobile device too. Some reputable crypto exchanges, including Binance and eToro, provide their software decentralised wallet to store your coins. Both Trust (Binance wallet) and Money (eToro wallet) wallets are safe, versatile, easy-to-use, and support a good variety of coins. 

Hardware wallets stand out with robust security structures and are considered the safest way to store your coins. A hardware wallet is the best choice for keeping cryptos in large amounts. As DYDX is an Ethereum-based token, it can be stored on such hardware wallets that support ERC-20 tokens. Among those are Ledger and Trezor wallets which are the most popular and reputable cold storage wallets in the market. 

Should You Buy DYDX Coin Right Now?

When it comes to cryptocurrencies, it's always hard to decide whether this or that asset is worth investing in or not. The problem is that they are highly volatile, which increases the risk of losing your capital. Still, there are some crypto projects that seem more trustworthy and prospective. These projects offer not only a copied cryptocurrency to trade but also bring new ideas in the industry trying to improve the DeFi world and offer solutions. 

The dYdX is one such project that aims to advance the decentralized trading industry. It is backed by a team of professionals that have set progressive goals to bring the DEX industry to a new level. Plus, the network has already got several investments from major companies and has attracted a lot of public attention. With all these things happening around the dYdX project, we can consider DYDX coin a good investment for now. 

Don't Miss: DYDX (dYdX) Price Prediction

Conclusion

In conclusion, dYdX is a decentralized project that struggles to improve the DEX industry and offer better alternatives to traditional trading. The project is still fresh in the market and has not been established well but it has managed to succeed in various ways, including investments from such companies as Coinbase. 

​​DYDX is an excellent choice for active and long-term trading if you invest reasonably and consider all the nuances in the market. You can easily buy DYDX coins in Australia through a combination of a few simple steps. Visit one of the brokers in our recommendation list and start investing in DYDX coins in Australia. 

eToro — Top Cryptocurrency Platform To Buy DYDX

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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