If you are one of the participants in the digital currency market, you must know that in order to use common trading tools such as margin, options, derivatives, etc., you must visit decentralized exchanges such as Kraken, Binance, and Hubei. But the Didex exchange changed the game altogether and gave users around the world the opportunity to easily use advanced trading tools; Therefore, we plan to introduce you to this international and advanced exchange in the dydx exchange training , so stay with us.
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What is dydx exchange?
dydx is an emerging decentralized exchange that operates on the ethereum network and provides facilities such as borrowing, lending, margin, spot and perpetual trading to its users. Has set. It is interesting to know that permanent contracts are performed on the basis of the Ethereum 2 layer, and in this way, it reduces the cost of gas and transaction fees to an amount close to zero. Currently, the dydx exchange is trying to transfer its advanced trading tools such as spot, lending, etc. to layer 2 of the Ethereum network.
What is dydx cryptocurrency?
DYDX cryptocurrency is actually a native and abbreviated token of this exchange written with the ERC-20 Ethereum network standard. DYDX has played an important role in the development of this exchange, and it is better to get to know them; Participating in governance processes, liquidity pool rewards and tier 2 eligibility suppliers in permanent contract transactions and discounting permanent contract transaction fees for holders are among the uses of DYDX currency. Those interested can visit Hobi Global, Gate, UniSwap and Sushi Swap centralized and decentralized exchanges to buy and receive DYDX currency. Note, you can easily earn DYDX tokens by staking or depositing in DYDX or USDC pools. You can see the dydx token price chart below.
What is dydx exchange service?
As mentioned, the dydx exchange has advanced features that it is better to familiarize yourself with their nature before reviewing the dydx exchange training .
Lending in dydx decentralized exchange
Users who deposit their assets into margin or spot accounts are actually providing liquidity to the exchange. Keep in mind that the interest of these people, who are also called lenders, is automatically calculated and credited to their account after deposit. It is interesting to know that the dydx decentralized exchange does not lock your assets and allows you to withdraw your deposited amount at any time. When you deposit your asset to the dydx exchange, this asset is transferred to a liquidity pool, and the profit you earn from this comes from the loan interest of users who borrowed the same asset.
Borrowing in dydx decentralized exchange
To get a loan (Borrowing) in dydx, you must consider the collateral more than the loan amount. In simpler terms, your collateral should be a little more than 100% of your loan amount (roughly 120% of your loan amount). Note that in this case, if your collateral reaches less than 115%, the possibility of your liquidation increases.
Margin transactions in dydx exchange
Margin trading is actually a type of trading in which the user borrows an asset and trades it to receive another asset, and after the specified period of time, returns the borrowed asset to the lender along with its profit. In this exchange, users can open long and short positions using leverage or leverage. It is better to know that in the dydx exchange, the maximum amount of leverage to open a margin position is up to 5 times. The mechanism of profit and loss in long and short positions is such that if the trader opens a short position and the price of the asset decreases, he receives a profit. Because the purchase price of this asset is lower than the initial price to repay the lender.
On the other hand, if the asset increases, the trader loses; Because he has to pay more to repay the loan. Those interested in learning margin and spot trading can learn about all trading steps and new trading techniques by referring to advanced digital currency training.
Spot transactions in Didex exchange
Spot transactions or spot trading are transactions in which assets are exchanged between the buyer and the seller during trading. Like Binance, Kocoin, etc., Didex exchange has Spot, Limit and Market options.
Permanent contracts on dydx exchange
Users can trade synthetic assets with a leverage of up to 25% through the permanent contract trading tool. You can also open long and short positions with leverage and benefit from market fluctuations. It is interesting to know that in this exchange, you only need 10 dollars to start trading permanent contracts.
dydx exchange fee
As mentioned at the beginning of the dydx exchange training section, the close to zero fee of this exchange is one of its most popular features. It is interesting to know that users do not need to pay a fee for depositing or withdrawing; But paying the transaction gas fee that belongs to Ethereum miners is one of the requirements. Now, if you want to withdraw your tokens from the layer 2 service of permanent contracts, there are 2 options for you:
Fast Withdrawal and Slow Withdrawal. Keep in mind that for fast withdrawal you have to pay a 0.1% transaction fee in addition to the gas fee. With the help of this fee, the liquidity of the exchange is provided due to your quick withdrawal. The fee of dydx exchange is somewhat similar to the popular coinx exchange, and according to some digital currency experts, dydx exchange can be a suitable alternative to coinx. Those interested in getting to know the Coinx exchange can read the article on buying and selling in Coinx.
Trading fees for permanent contracts in dydx
|Layer 1 transactions of permanent contracts||Ordering fee||The minimum order volume||Order fee||Take the minimum volume of trades|
|BTC-USDC||0.025 percent||0.01 BTC||
0.2% or transaction fee
|ETH-USD||0.025 percent||100 USD||
0.2% or transaction fee
|LINK-USD||0.025 percent||151 LINK||
0.2% or transaction fee
Trading fees for permanent contracts layer 2 dydx
|order taker||Maker||Transaction volume (in dollars)||level|
|0.10 percent||0.05 percent||From zero to 1 million||1|
|0.09 percent||0.04 percent||From 1 million to 5 million||2|
|0.08 percent||0.03 percent||From 5 million to 10 million||3|
|0.075 percent||0.015 percent||From 10 million to 50 million||4|
|0.07 percent||Zero percent||From 50 million to 200 million||5|
|0.06 percent||Zero percent||More than 200 million||vip|
Margin and spot trading fees in dydx exchange
|The lowest transaction volume for pick order||The lowest transaction volume for the orderer||Order fee||Ordering fee||Trading currency pairs|
|20 ETH||ETH 1||0.3% or gas cost||Zero percent||ETH-DAI|
|20 ETH||ETH 1||0.3% or gas cost||Zero percent||ETH-USDC|
|100,000 DAI||DAI 200||0.3% or gas cost||Zero percent||DAI-USDC|
Learning how to work with the dydx exchange
To learn about dydx exchange training, first go to the official website of dydx exchange and click on the Trade option. As you can see in the image below, after clicking on the trade option, two options, Perpertuals and Margin, will be displayed to you. In this part of the dydx exchange tutorial, we will first explain how to trade with margin, so click on the margin option.
In the next part, you must connect your wallet to the Didex exchange before starting anything. Currently, many wallets support the dydx exchange. The best dydx hardware wallets are Trezor wallet and Keepkey wallet, and the best dydx software wallets are Enjin wallet, Trust wallet and Metamask.
After choosing dydx wallet and registering in it, go to dydx exchange and click on Connect your wallet option. Metamesh wallet is used in this article, because Metamesh is the best option for platforms that operate on the Ethereum network. Now, on the new page, first select your trading currency pair and then click on one of the Margin Isolated and Margin Cross options. It is better to know that in isolated margin transactions, you can leave leverage for only one asset; But in margin cross trading, you can leverage all the assets in your account at the same time. Finally, choose the amount of leverage and determine the size of the position and find out whether your position is long or short.
dydx permanent contracts trading training
To start trading dydx perpetual contracts, you can go back to the main page and this time click on the Perpetuals option. Keep in mind that permanent contracts are performed on the Ethereum Layer 2 platform by default. Those interested can also find the assets that are traded in Ethereum layer 1 platform by referring to the All markets section.
To start trading permanent contracts in layer 2, you must first deposit your ERC-20 token into your permanent contract account. Then click on Generate a Stark Key option on the opened page. Note that the Stark Key is actually a public key used to identify a user account that only uses Layer 2. Finally, choose the market you want to operate in.
Now choose your position based on your order type (Stop Limit, Limit Order, Market and Trailing Stop) and choose your leverage rate in the next step.
How to borrow in dydx exchange
To get a loan at Didex exchange, you must first go to the Borrow tab and select your chosen asset. Be careful that you have to pay the deposit first.
Is dydx exchange suitable for Iranians?
One of the things that has become a problem for traders and investors in Iran and the regions under embargo is the restrictions and sanctions of some Barzag exchanges such as Binance. As mentioned in many articles, Binance exchange is known as the best and most popular exchange in the world; But due to the need for registration and authentication, it has made it difficult for users under embargoed areas. On the other hand, dydx exchange is one of the most popular exchanges in the world, which has given its users the opportunity to use its facilities without the need for registration and authentication. Therefore, in answer to the question of whether dydx exchange is suitable for Iranians or not, we must say that yes, this exchange is currently considered a very suitable option for Iranians due to its numerous benefits and low fees.
Frequently Asked Questions
How secure is Dex exchange?
As mentioned in the dydx exchange tutorial, the dydx exchange is a decentralized exchange that operates on the platform of the blockchain network, and since the blockchain of this exchange is the blockchain of the Ethereum network, it has almost made it difficult for hackers and profiteers. .
Where to buy dydx token?
Currently, various exchanges offer the DYDX token, among which we can mention Binance, UniSwap, Sushi Swap, etc.
What is dydx wallet?
According to the official website of dydx, users can use Metamsk, Coinbase, Wallet Connect, Trezor, etc. wallets to buy and sell currency in this exchange.