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dYdX Review

Last Updated on January 31, 2024

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Written by
Adam Headshot
Edited by
dYdX logo
3.01
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit dYdX

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

dYdX has established itself as a major player among crypto exchanges, particularly in the decentralized space. It offers an impressive array of features for trading derivatives, tokens, and other crypto assets.

With its potent combination of DeFi innovation and user-centric design, dYdX is a platform that caters effectively to the needs of the modern crypto trader.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • Decentralized platform that reduces the risk of central points of failure
  • Offers high leverage on trades, up to 20x
  • No gas fees for trading as it operates on a layer 2 solution
  • Smart contracts are open-source, enhancing transparency
  • Users maintain control of their funds, promoting security

Cons

  • Limited to crypto-to-crypto trading
  • A smaller selection of trading pairs compared to some other exchanges
  • Requires a certain level of expertise to navigate and use effectively
  • Potentially lower liquidity than larger, centralized exchanges
  • The platformu2019s relatively narrow focus might not suit all traders

Quick Summary

Headquarters Location San Francisco, CA, US
Fiat Currencies Supported (through third party apps) USD, AUD, GBP, CAD, EUR + 26 others
Total Supported Cryptocurrencies 36+
Trading Fees 0.02% - 0.04%
Deposit Methods Cryptocurrency, Banxa
Support Twitter, Help Center Articles, Support Ticket
Mobile App Yes - iOS

Welcome to our comprehensive review of dYdX, a cutting-edge platform at the forefront of decentralized finance (DeFi). Aimed at delivering a state-of-the-art trading experience, dYdX has carved out a significant niche within the bustling crypto market.

dYdX homepage

Welcome to a detailed exploration of dYdX, where the intricacies of its design and the essence of its contribution to the DeFi revolution become apparent. As the platform strides forward, bridging the gap between traditional finance and the burgeoning world of decentralised finance, its role becomes increasingly pivotal.

In a space where innovation is relentless and the march of progress waits for none, dYdX continues to refine its offerings, ensuring that it not only keeps pace with the times but often sets the tempo for others to follow.

About dYdX

dYdX stands as a significant player in the DeFi landscape, offering a decentralized exchange that operates via smart contracts on the blockchain. Emerging from a vision to empower traders with open, secure, and powerful trading options, dYdX has seen substantial growth since its inception.

The platform has become synonymous with advanced DeFi trading solutions, providing a seamless interface for engaging with a myriad of crypto assets.

dYdX features

The journey of dYdX is a testament to the transformative power of DeFi in contemporary finance. Since its launch, the platform has navigated through various market conditions and regulatory landscapes, embodying the agile and dynamic spirit of the crypto market.

By leveraging advanced smart contract technology, dYdX has managed to offer sophisticated financial services that were once the exclusive domain of traditional markets, thus heralding a new chapter in the annals of digital assets. This evolution has been marked by calculated risks and strategic partnerships, with entities like the dYdX Foundation and prominent investors lending their support to the platform’s growth and vision.

dYdX has a number of active social profiles including Twitter, LinkedIn, Discord, Reddit and YouTube.

dYdX has a mobile app on the Apple App Store.

dYdX Supported Cryptocurrencies

dYdX supports trading on over 36 cryptocurrencies on their platform. This exchange currently supports 17 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Chainlink (LINK)
  • TRON (TRX)
  • Shiba Inu (SHIB)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Toncoin (TON)
  • Bitcoin Cash (BCH)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Ethereum Classic (ETC)
  • Cosmos (ATOM)
  • UNUS SED LEO (LEO)
  • Filecoin (FIL)
  • Immutable (IMX)
  • Aptos (APT)
  • NEAR Protocol (NEAR)
  • Stacks (STX)
  • Bittensor (TAO)

View all cryptocurrencies dYdX supports

  • 1INCH
  • AAVE
  • ADA
  • ALGO
  • ATOM
  • AVAX
  • BCH
  • BTC
  • CELO
  • COMP
  • CRV
  • DOGE
  • DOT
  • ENJ
  • EOS
  • ETC
  • ETH
  • ICP
  • LINK
  • LTC
  • MATIC
  • MKR
  • NEAR
  • RUNE
  • SNX
  • SOL
  • SUSHI
  • TRX
  • UMA
  • UNI
  • XLM
  • XMR
  • XTZ
  • YFI
  • ZEC
  • ZRX

Trading Experience

The trading experience on dYdX is designed to cater to both novice and seasoned traders. With a user-friendly interface and a wealth of trading features, the platform makes entering the world of DeFi trading straightforward and accessible.

Trading on dYdX is akin to navigating the waters of a vast and deep ocean with the aid of the latest navigational tools. The platform’s advanced margin trading tools and perpetual contracts cater to the nuanced demands of programmatic traders and those seeking perpetual trading opportunities.

These advanced trading options combined with features such as cross-margin trading and a sophisticated scaling solution offer a rich and nuanced experience crafted for discerning traders in the DeFi space.

dYdX exchange marketing

dYdX Fees

Navigating the fee structure of dYdX is an experience marked by transparency and competitiveness. The exchange employs a dynamic model that aligns with industry standards, ensuring traders can execute transactions without facing prohibitive costs.

The fee structure of dYdX is a sophisticated tapestry woven with the intent of balancing affordability with sustainability. With a strategic emphasis on incentivising liquidity providers and traders alike, the platform ensures that it remains an attractive venue for a variety of market participants.

Through the thoughtful calibration of trading fees and discounts, dYdX caters to the needs of active traders while also encouraging wider participation within the DeFi ecosystem.

Type Fee
Trading Fee 0.02% - 0.04%

dYdX supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.000079 BTC compared to the industry average of 0.000075 BTC. So dYdX has a fee that is above the industry average by 5.33%.

dYdX has a maker/taker fee schedule which you can see below.

Tier Volume (30d) Maker Taker
I < $1,000,000 0.02% 0.05%
II ≥ $1,000,000 0.015% 0.04%
III ≥ $5,000,000 0.010% 0.035%
IV ≥ $10,000,000 0.005% 0.030%
V ≥ $50,000,000 0% 0.025%
VIP ≥ $200,000,000 0% 0.02%

Security - Is dYdX Safe?

Security on dYdX is paramount, with a strong emphasis on regulation and safeguarding user funds. The platform’s reliance on blockchain technology and smart contracts means that it upholds the highest standards of security in the crypto industry, providing peace of mind for its users.

As the bedrock of the platform, dYdX’s security protocols are meticulously crafted to weather the tempests of the crypto industry. The exchange’s use of decentralized trading protocol and smart contract code, regularly scrutinised by reputable firms such as Zeppelin Solutions, underscores its commitment to protecting user funds.

Moreover, the platform’s architecture is designed to minimise trust and maximise transparency, allowing for trustless trades that put the power squarely in the hands of the users.

dYdX Customer Support

dYdX prides itself on offering responsive and helpful customer support. Users can expect timely assistance and a wealth of resources to ensure any issues are promptly resolved, enhancing the overall user experience.

In the fast-paced world of DeFi, dYdX recognises the importance of providing steadfast guidance and support to its community. The platform’s customer support framework is designed to offer clarity and assistance, ensuring that users’ questions and concerns are addressed with efficiency and care.

Whether it’s through a detailed dydx review or prompt answers from people behind the scenes, dYdX strives to cultivate a user experience defined by accessibility and empowerment.

dYdX support

dYdX Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on dYdX

  1. Create Account - Visit the dYdX website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the methods listed below. Remember this exchange only supports depositing fiat currencies through third party apps it supports.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Cryptocurrency
  • Banxa

dYdX Alternatives

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
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Trading Fees
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Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 10 others

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
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Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
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Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 70 others

Visit Bancor Network

Final Thoughts

Reflecting on the offerings of dYdX, it’s clear that the platform stands as a robust solution for traders seeking a decentralized yet powerful trading environment. Its commitment to continual improvement and user empowerment is evident across its services.

dYdX FAQs

Compensation in the context of dYdX typically refers to the rewards or earnings users might receive for participating in the platform’s activities, such as trading or providing liquidity. The specifics can vary based on user participation and market conditions.

While no online platform can be guaranteed as completely safe, dYdX takes several measures to enhance security, such as smart contract audits and decentralized system architecture. Users should also practice personal security measures to protect their accounts.

dYdX may have withdrawal fees, which can be dynamic, influenced by network activity and underlying blockchain fees. It’s important for users to review the current fee structure on the dYdX platform before initiating a withdrawal.

dYdX was founded by Antonio Juliano. It is a decentralized platform run by a team of developers and governed by a community of token holders, with decisions often being made through a decentralized autonomous organization (DAO) structure.

dYdX operates as a decentralized exchange and is not owned by a single entity. Its governance is distributed among its community and token holders, who propose and vote on changes to the protocol.

The maximum withdrawal limit from dYdX can vary depending on several factors, including account verification level and the current liquidity of the platform. Users should consult the dYdX website or support for the latest information on withdrawal limits.

The number of users on dYdX can fluctuate over time. For the most current user metrics, one would need to check the latest data provided by dYdX or analytics platforms tracking dYdX activity.

As forecasts and predictions can be speculative, it’s important to conduct thorough research and consider multiple factors when seeking insights on the future of dYdX. This may include market trends, technological developments, and regulatory changes.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: