Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy dydX. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a good number of reliable and regulated cryptocurrency trading platforms, so it’s quite easy finding an exchange that has dydX. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy dydX in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has dydX in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying dydX, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer dydX.
Alternatively, if you want to know more about which exchanges we prefer, read our comparison of the best crypto platforms.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy dydX, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy dydX
The final step is to go to their asset list, find dydX, navigate to the buy section, and then trade your AUD for some DYDX. Once you’ve bought dydX, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
Where to Buy dydX (DYDX)
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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How to Sell dydX
If you’re thinking about selling dydX, just follow the steps below.
- Sign in to the cryptocurrency exchange (like Swyftx).
- Click on dydX in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell dydX for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying dydX in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy dydX with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find dydX. Have a look on their site first, you might be lucky.
How to buy dydX with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy dydX with your credit/debit card.
DYDX (dYdX) is the governance token for layer 2 protocol of the eponymous, decentralized cryptocurrency exchange. It allows liquidity providers, traders and partners to take part in the future development of the protocol.
Token holders can propose changes to the layer 2 of the dYdX and can also benefit from trading fees discounts or token staking.
Starkwire's StarkEx scaling engines allows layer 2 to trade cross marginal perpetuals on Starkwire's platform. The scaling solution allows dYdX to increase transaction speeds, reduce trading fees and lower minimum trade sizes.
dYdX is an open-source platform that supports smart contract support. It allows users to lend, borrow and trade crypto assets. Spot trading is supported by the dYdX platform, but the main focus of this platform is on derivatives trading or margin trading.
With more than $10 million of seed capitalist funding, the exchange was launched in 2019. DXDY token September 9, 2021 was the date of the initial coin offering (ICO) for DXDY token.
dYdX is a cryptocurrency exchange that combines financial tools with decentralization. Margin trading allows investors to increase their exposure to digital assets through leverage. dYdX's isolation Margin allows users to transfer funds to their account to trade. Cross-margin is a trading strategy that uses all of the assets an individual trader has on the platform. You can also trade on dYdX perpetuals, which are type futures contracts that have no fixed selling date. The exchange allows maximum 25x leverage for synthetic assets and has no expiry date.
Users of dYdX start to earn interest when funds are deposited to an account. Each cryptocurrency's global lending pool is added to their assets. The platform ensures that all borrowers have enough collateral to make them feel safe. Using funds as collateral, users can borrow money on dYdX in order to purchase any asset listed on the platform. Unlike automated market makers such as Uniswap dYdX uses an order book architecture.
dYdX Layer 2 increases network scalability through a zero-knowledge rollup called ZkSTARKS. The technology generates proofs while validating transactions on-chain. These proofs are sent back onto the blockchain, where they are checked and verified by smart contracts. zkSTARKS makes it possible to remove expensive computations from your mainnet with no sacrifices in decentralization.
dYdX also offers trading and liquidity provider rewards, as well as retroactive mining benefits. This allows the platform show appreciation to historical users and encourage them trade on layer 2. Holders have the option to place tokens in dYdXaEUR (tm)'s liquidity or safety pools. The platform's safety pool provides a safety net in case of a shortage, and the liquidity pool attracts top-quality market players.