Ddydx Cryptocurrency Exchange Review – Trading with Leverage on dYdX

About Ddydx Cryptocurrency

Ddydx Cryptocurrency is a decentralized trading platform that currently supports margin trading, spot trading, lending, and borrowing. dYdX runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.

Currently dYdX supports 3 asset types which include: ETH, sDai, and USDC coin. The team has plans to add additional markets, as long as they have decent liquidity and are trading on decentralized exchanges.

Operating Company 

Exchange Name	Ddydx Cryptocurrency
Support	24/7
Language	English
Deposit Fee	Free
Currency Support	ETH, DAI and USDC
Pair Offer	ETH-DAI, ETH-USDC, and DAI-USDC
Official Site	Homepage

How To  Start With Ddydx Cryptocurrency

To Start Trading With Ddydx Cryptocurrency Indian Residents First Have To Sign Up For An Account By Following The Steps Below.

Step 1. Click On The “Login/Signup” Link On The Top Right Hand Corner Of The Ddydx Cryptocurrency Website.

Step 2. In The Form, Fill In Your First Name, Last Name, Mobile Number, Email ID And Password.

Step 3. If You Have A Referral Code, Enter The Code While Creating Your Account.

Step 4. Submit The Form And Wait For An Activation Email To Be Sent To You.

Step 5. Click On The “Confirm Email” Link In The Activation Email.

Step 6. After Your Account Is Activated, You’ll Be Sent A 6 Digit One Time Password (OTP), Which You Have To Enter After Logging Into Your Ddydx Cryptocurrency Account.

Trading on dYdX

• Currently one of the highest volume and most liquid DEXs.
• Spot trading + Margin trading with up to 5x initial leverage (Pairs offered: ETH-DAI, ETH-USDC, and DAI-USDC).
• Perpetuals trading with up to 10x leverage (Pairs offered: BTC-USD, ETH-USD, LINK-USD).

Borrowing on dYdX

• Currently support ETH, DAI and USDC.
• Minimum starting account collateralization of 125%, which must be maintained above 115% to prevent liquidation.
• Borrow directly to your wallet.

Lending on dYdX

• Currently support ETH, DAI, and USDC.
• No waiting period for matching.
• No minimum loan period.
• Interest starts accruing immediately, and is paid out every block.
• Rates are dynamic and based on utilization.

Ease of use

If you’re already a DeFi user, this should be pretty straight forward. Connect an existing wallet and you’re ready to go. As I mentioned earlier, it’s not the nicest interface, but it roughly makes sense.

If you’re not an experienced DeFi user, we don’t recommend this. If you want to simply earn interest, then go to BlockFi. They generally have better rates and don’t require strange Ethereum wallets that aren’t exactly easy to set up and use. If you don’t understand cyber security, they’re also too risky.

API

• Solo API for interacting with the spot, margin, lending and borrowing protocol.
• Perpetual API for interacting with the perpetual protocol.
• Clients are offered in TypeScript and Python for programmatic trading.

Rate Limits

If greater than 100 requests are made in 10 seconds, requests will be blocked for one minute.

Why use dYdX

The only reason to use dYdX over another DeFi product is because it offers more competitive rates. Unfortunately, rates change almost by the second, so while they may be best right now, five minutes from now, someone else could be more competitive.

The product is decent, however, it’s not great. It’s rough around the edges, feels quite dated and is definitely geared towards someone who is very familiar with decentralised finance. It provides very little in regards to guides and help, so I definitely wouldn’t recommend this to someone who isn’t comfortable with Ethereum-based wallets and already using cryptocurrencies.

There are centralised options like BlockFi which generally offer better rates and more stability. It’s far easier to use as well. If it’s DeFi only that you’re looking for, it’s an ok option, however, putting rates aside, we’d choose Dharma as a product over this. Dharma is far more polished and easy to use.

Which assets does dYdX support?

Currently dYdX supports 3 asset types which include: ETH, sDai, and USDC coin. The team has plans to add additional markets, as long as they have decent liquidity and are trading on decentralized exchanges.

The Future of the dYdX Exchange

The exchange will soon add new markets, assets, relays and features including Eth/Dai, markets and multi-collateral Dai assets in December. They will still support sDai, or single collateral Dai.

They recently integrated the 0x protocol and just added limit orders to the interface. The volume and liquidity will continue to grow for the exchange as new features and markets are added.

Disclaimer:

Not all the websites Which listed in Top List are 100% safe to use or investment. We do not promote any of those. Due diligence is your own responsibility. You should never make an investment in an online program with money you aren’t prepared to lose. Make sure to research the website. So Please take care of your investments. and be on the safe side and avoid much losing online.

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