If you’re wondering how to buy dYdX (DYDX) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy dYdX.
Newton is a particularly good choice for buying and selling dYdX because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.
What Is dYdX (DYDX)?
Launched in 2019 by Antonio Juliano, dYdX (DYDX) is a Decentralized Exchange (DEX) built on the Ethereum Blockchain. Its main goal is to offer an alternative to Centralized Exchanges and allow P2p transactions between participants. To accomplish this, dYdX uses an open-sourced decentralized platform that relies on smart contracts built on the Ethereum blockchain. It supports derivatives, margin, and spot trading, and also lending and borrowing through liquidity pools.
dYdX supports over 30 different cryptocurrencies and trading pairs, including Ethereum (ETH), Bitcoin (BTC), Cardano (ADA), Litecoin (LTC), and Dogecoin (DOGE), among many others. Additionally, dYdX offers many features like instant trades, access to multiple markets from a single account, and a Zero-Knowledge Layer 2 protocol through StarkWare’s integration software, ensuring anonymity and a fully non-custodial trading experience.
In terms of security, dYdX relies on the Ethereum blockchain to validate transactions. Its native token, DYDX, functions as a governance token and can be used to earn staking rewards, participate in staking and liquidity pools, and earn discounts on trading fees. As of 2022, there are 66 million DYDX tokens in circulation, out of a maximum supply of 1 billion. In 2020 dYdX suffered an attack; since then, they’ve patched the vulnerability.
Here are some other quick facts about dYdX:
|Asset Type||Ethereum-based Decentralized Exchange|
|Market Cap||$270,615,389 USD|
|All Time High||$27.86 USD|
|All Time High Date||Sep 30, 2021|
Why you should trust me
ExperiencedI bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
UnbiasedAll of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
Deep ResearchMy team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.
Where To Buy dYdX In Canada
Here’s how to buy dYdX in Canada smoothly and easily:
1. Open Your Newton Account
Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.
If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.
2. Fund Your Newton Account
Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.
Your funds will appear in your account in 30 minutes or less.
3. Buy dYdX With Newton
Once you’ve funded your account, you can go ahead and buy however much dYdX you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select dYdX from the dropdown menu.
Your order will be processed immediately, and your dYdX will show up in your account right away. And that’s it—you just bought dYdX!
Zero Trading Fees
Spreads: 0.2% – 0.7%
Why Newton Is Great For Buying dYdX
There are many reasons Newton is my exchange of choice for buying dYdX, but here are just three:
1. Extremely Low Fees
Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.
The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on dYdX on its Fees page.
2. Wide Variety Of Coins
Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from dYdX, Newton is your best bet for finding them.
3. Designed For Canadians
If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.
Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.
Where To Store dYdX
Storing dYdX is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.
I personally suggest using ZenGo, a free software wallet that supports 70+ crypto assets and is as easy to use as a banking app. Other benefits of using ZenGo include:
- ZenGo’s proprietary keyless technology means only you can access your coins
- Cloud backups allow you to access your coins even if your phone is lost or stolen
- Open an account in 30 seconds
- $10 bonus when using my signup link and the promo code ZENX0B4G
Here’s how to get started with ZenGo:
- Open your account using this signup link and the promo code ZENX0B4G for a $10 bonus upon making your first transaction.
- Transfer crypto from an external wallet or buy some direct from the ZenGo app.
- Receive your $10 bonus.
#1 Best Overall
Supports: 70+ crypto assets
Here’s how to buy dYdX in Canada:
- Open a Newton account using my referral link to get your $25 signup bonus.
- Deposit Canadian dollars into your Newton account with zero fees.
- Exchange dollars into dYdX with no commissions—you just pay the spread.
Buying dYdX In Canada FAQs
What Fees Are Involved With Buying dYdX?
Newton doesn’t charge any trading fees or commissions on dYdX, so you just pay a spread of around 0.2% – 0.7%.
Which Canadian Exchanges Offer dYdX?
Newton is the only exchange Canadians can use to buy dYdX today. Other exchanges like CoinSmart and Bitbuy may add support for dYdX in the future, but right now, Newton is the only option Canadians have.
How Do I Sell dYdX In Canada?
To sell dYdX, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of dYdX you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.
Alternatively, if you wish to transfer your dYdX to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select dYdX from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.
Is dYdX A Good Investment?
At its current price of $4.13 USD, dYdX is down 85.18% from its all-time high of $27.86 USD on Sep 30, 2021. If the past is any indication, though, there’s a good chance dYdX will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.
Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.
dYdX Price Prediction
Our price prediction for dYdX is $48.48 USD within 12 months. This equates to an increase of 1074% from its current price of $4.13 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.