Investing in DYDX can seem complicated, but it is much easier when you break it down into steps. Investing or trading dYdX only requires an account at an exchange, although further safe wallet storage is recommended.
dYdX is a decentralized layer-2 trading platform that offers a combination of advanced tools, including margin and leverage trading, borrowing, lending, and not only. It became popular due to its distinguished features and investments from such major companies as Coinbase, Andreessen Horowitz, Paradigm, Polychain, to name just a few. The team behind this project has recently launched a native cryptocurrency called DYDX to serve within the network which is available also for trading.
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So, how dYdX works and what innovations it brings into the trading industry. Should you buy DYDX coin right now and where you can invest in it? Continue reading the article to find out everything you need to know about the project and how to buy DYDX coins online in the US.
Where To Buy DYDX Coin In The USA?
To invest in DYDX cryptocurrency, you need to find an exchange or a brokerage platform that supports it. DYDX is a newly issued crypto asset, which makes it fair that the coin is not listed by lots of major crypto trading platforms or brokers.
However, if the project gains high prominence and utilization, the picture will change in the near future and several platforms will support it. There are still a handful of good platforms that provide DYDX trading. In the list below we have included the best platforms to buy DYDX coins in the US handpicked through our detailed research.
- Binance - Best exchange to buy DYDX USA for asset diversity
- Coinbase - Best exchange to buy dYdX (DYDX) for beginners
- OKEx - Best broker to buy DYDX USA for low-cost
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.
What Is DYDX Coin?
You may have heard a lot about the traditional trading platforms and several hundreds of such platforms exist. Still, they have some limitations especially when it comes to cryptocurrency trading. Hence, trading platforms have recently started to spring out also in the decentralized industry and dYdX is one such platform. However, dYdX has a lot of features to stand out among other similar projects and it is not just another DeFi product.
The project was created in 2017 by former Uber and Coinbase engineer Antonio Juliano. Soon, it attracted a lot of investors, including the leading cryptocurrency broker Coinbase, which invested $1 million in its liquidity pool.
Later on, the dYdX project, which was initially an Ethereum-based project, also collaborated with Starkware Industries to build its layer 2 network and to allow cross-margined perpetual. Here, traders can enjoy less gas cost, decreased trading fees, and minimum trade sizes.
How DYDX Coin Works And What Affects Its Price?
dYdX has a lot of benefits for advanced traders. Being a decentralized exchange (DEX) it offers high leverage margin trading, and almost 30 cryptocurrencies are available for perpetual trading. The list includes the most popular assets, such as Bitcoin, Ethereum, Cardano, Solana, Bitcoin Cash, Dogecoin, Polkadot, Cosmos, Aave, and several others.
On its Layer 2 network, traders can enjoy low fees and gas costs, quick and instantly confirmed transactions, and fast withdrawals. The platform has a web version with a great user experience and also provides a mobile app to download and install on your device. When it comes to safety, the incorporation of Starkware’s Layer 2 helped to further develop its safety systems and customer privacy mechanisms.
Apart from the spot trading, perpetual and margins, you can also swap between different cryptocurrencies, mine rewards, and participate in staking pools. You can also stake your DYDX coins which is the native token of the project and earn rewards. DYDX cryptocurrency is a governance token for the Layer 2 network and it is used to reward the liquidity providers. Plus, you can also get it just by trading on the platform.
DYDX coin value is obviously connected with the dYdX project and its popularity. If the project gets more adoption in the industry it will draw a lot of attention to the project, so the demand for the DYDX cryptocurrency will increase leading to its price growth. In the same way, if the dYdX project could not succeed in incorporating its solutions into the market, the demand for the coin will decrease and so will the price.
Is DYDX Coin A Buy Right Now?
With all those solutions that the dYdX project offers to the decentralized trading industry, it’s considered a really good project to consider investing in. DYDX cryptocurrency is an affordable asset and can bring you good rewards in the long term and in the short term if you invest reasonably. The cryptocurrency has a highly volatile value and if you can guess the correct signals to open and close positions you can generate good returns.
Meanwhile, dYdX is backed by an advanced project and a professional team of developers. The team has set serious plans to bring new value to the DEX industry. And it makes DYDX cryptocurrency also an excellent long-term investment and a good asset to diversify your portfolio.
DYDX coin price has also experienced a good rise over the months since it was issued. The coin managed to gain a lot of prominence and sales during the first days of its launch and its value increased to $10. DYDX hit an all-time high shortly after its launch, increasing to $27. This growth was mainly associated with the investments that the project got and DYDX coin listing by various crypto exchanges. Though the coin has significantly dropped after that, it’s still traded at a higher price than its initial value.
dYdX price history. Source: coinmarketcap.com
How To Buy DYDX Coin Online In The USA - A Step by Step Guide
Now, when you have learned what the dYdX project and the DYDX cryptocurrency are, you may be curious about how you can invest in it. Below, we have provided a quick guide that explains step-by-step how to buy DYDX coins in the US.
Register for an Online Account and Deposit Funds
What you need to do first is to find a cryptocurrency exchange that supports DYDX cryptocurrency and accepts customers from the US. Of course, you can’t make an investment without having an account, so you should begin creating an account. It is a short process where you will be required to fill in some personal data and provide an email and a phone number to complete the first stage of verification.
Next, you should jump to the complete verification of your profile which is a required process by regulated exchanges and serves your own safety. After you get verification confirmation for identity and address, you can charge your account. Several options are available to deposit money, including credit and debit cards, e-wallets (Skrill, Neteller, Paypal), and bank transfers. The main differences between these options are in the transaction speed and deposit fees.
Buy DYDX Coin
Now when your account is charged and verified, you can eventually buy the DYDX cryptocurrency. Depending on the cryptocurrency exchange, you may have several investment options, including limit orders, standard orders, etc. So, first, you can browse the website to find out what tools it offers. However, if you don’t plan to be actively involved in this and don’t have spare time to spend on it, you can just create a standard offer and get your coins.
Transfer Your Funds to a Hardware Wallet
When you get your coins, you can now decide where to keep them. You have multiple options here. But before selecting one of them, try to determine your trading goals and choose the one that best suits your strategy. The first option is to leave them on your exchange account which is a centralized platform and is less secure than the crypto wallets.
The next option is to move your coins to a software wallet, which is a decentralized crypto wallet designed for storing your coins and gives additional features such as staking, buying, selling, swapping, etc. Most crypto exchanges offer their decentralized wallet, so you can explore to find the best one for you.
And eventually, you can buy a hardware wallet, which is less flexible but more secure than the previous two options. Hardware wallets are mainly used for long-term storing purposes and for storing a huge amount of cryptos.
Don't Miss: The 5 Best Ways To Buy DYDX
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.
How To Trade DYDX Coin In The USA - A Step by Step Guide
When you are trading a DYDX coin, there are three main things to consider - choosing a brokerage platform, doing the technical and fundamental analysis about the cryptocurrency, and developing a trading strategy.
Selecting the right broker is actually one of the crucial factors in the process, as with a good and safe broker you can perform more efficient trades and vice versa. So, when selecting a broker give your preference to the one that offers competitive trading fees, robust security features, an easy-to-operate platform, fast confirmations, and a versatile platform.
Apparently, you can't start trading a coin without knowing what it is created for, what problems it solves, and its price experience. So, you need to explore how the coin experienced in the market and examine its price history. Additionally, you should get familiar with the project, read about its future plans, explore what problems they want to solve, etc. This will help you better understand how and how much to invest in that cryptocurrency.
And finally, develop a trading plan, meaning decide how you will execute your trades. You can select either an active strategy or a passive strategy. For the first one, you must be ready to spend some of your time during the day on the trading process, examine the market, read news, open or close positions, etc. Passive traders usually invest and wait for the perfect moment to sell the asset and profit.
DYDX Coin Advantages And Disadvantages
Overall, here are all the points you need to consider before investing in DYDX or trading this cryptocurrency.
Advantages:
- Offers DEX for margin, leverage, and perpetual trading.
- Supports almost 30 cryptocurrencies.
- Brings innovations in the decentralized exchange industry.
- Cooperated with Starkware to build a more cost-effective and secure Layer 2 platform.
- Got investments from various big companies, including Coinbase.
- The token increased to $10 after the first listing on a crypto exchange.
- Supports staking and lending to earn rewards.
- DYDX coins can also be earned by trading on the platform.
Disadvantages:
- Has several competitors in the decentralized and traditional trading industries.
- Investing involves high risks as DYDX is a volatile cryptocurrency.
What Is DYDX Coin Price Prediction?
It’s also interesting to look at the DYDX price predictions conducted by various algorithms designed for such purposes. The price forecast for this cryptocurrency significantly differed from platform to platform. The most bearish predictions we have found on the Wallet Investor platform, which indicate that the cryptocurrency seems to crash in the near future and its price can drop to $0.5 from $5.9.
Check Out: DYDX (dYdX) Price Prediction
In contrast, the Digital Coin Price considers DYDX a profitable investment and indicates that its value will increase over the following years. According to this platform, the maximum price of the DYDX coin can reach $9.38 in 2023. Moreover, it will hit $10 in 2024 and keep growing to hit $20 in 2028.
| Year | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| 2023 | $7.84 | $8.72 | $9.38 |
| 2024 | $7.27 | $9.50 | $10.57 |
| 2025 | $10.20 | $11.91 | $12.80 |
| 2026 | $9.60 | $10.44 | $11.25 |
| 2027 | $11.39 | $13.32 | $15.55 |
| 2028 | $17.28 | $18.81 | $20.53 |
| 2029 | $23.19 | $24.12 | $25.13 |
| 2030 | $26.14 | $26.81 | $27.89 |
The Price Prediction algorithm is even more bullish. It indicates that DYDX will hit $13 in the next year and continue increasing drastically and eventually hit $100 in 2029.
| Year | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| 2023 | $10.50 | $10.89 | $13.44 |
| 2024 | $14.78 | $15.22 | $18.40 |
| 2025 | $21.94 | $22.55 | $26.03 |
| 2026 | $32.18 | $33.08 | $38.16 |
| 2027 | $45.03 | $46.68 | $56.49 |
| 2028 | $65.96 | $67.83 | $79.97 |
| 2029 | $92.07 | $94.78 | $113.04 |
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.
How Do I Mine DYDX Coin In The US?
You can earn rewards in the form of DYDX coins in two ways. The first is trading on the platform and the second one is staking your DYDX coins. DYDX is based on the Ethereum blockchain, so it’s an ERC20 token and can be mined through the Proof of Stake mechanism providing DYDX coins in the form of USDC. To stake your coins, you need to link your wallet, go to the Liquidity pool and click on the “Stake” button. You can find detailed information about DYDX staking on its website.
What Is The Total Supply Of DYDX Coin?
The maximum supply of the DYDX cryptocurrency is 1 billion tokens. 65,569,295 DYDX tokens are already in circulation. With the value of $5.9 pet token DYDX has a market cap of almost $388,000 ranking it #145 on the Coin Market Cap ranking table.
Things To Consider Before You Invest In DYDX Coin In The US
When you invest in any cryptocurrency project, there are basically two things to consider - how well-established it can become and its volatility. The same is with the DYDX coin. As DYDX is a crypto asset, its prices are fluctuating quite often and this volatility creates high risks when investing in cryptocurrencies. So, you need to always be ready to lose your money, and only invest what you can afford.
The next thing is to examine the dYdX project. DYDX is not just another cryptocurrency, nor a simple DeFi project. It’s a project with problem-solving ideas and is developed by a team of experts. So, DYDX can be considered a good long-term investment. If you want to buy DYDX coin in the US, visit the broker of your choice from our list and create an account.
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