dYdX

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dYdX is the developer of a leading non-custodial decentralized exchange on a mission to build open, secure, and powerful financial products. dYdX runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. The exchange combines the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange.

Features of dYdX

  • No minimum amount
  • Secure, stable investment growth
  • No lock-up period
  • No gas fees
  • No identity verification
  • Earn interest

Advantages of dYdX

  • dYdX has its own unique pros to ease of use.
  • No gas fees when trading perpetuals or swapping supported assets
  • You can earn interest on deposited assets and competitive borrowing rates
  • dYdX have a general help center and a chat box for support, which are useful in assisting with common issues

Disadvantages of dYdX

  • dYdX supports only 3 assets for swap
  • Interest rate for Ethereum can sometimes hit 0%, effectively making it worthless
  • As there are only three assets supported, there is limited selection on margin trading pairs

Conclusion
dYdX is extremely safe to use because it is decentralized, so users’ funds are locked into smart contracts rather than being held by an exchange. The fees you pay on dYdX varies depending on if you are doing margin or perpetual trading, and it should be noted that swaps between DAI, ETH and USDC are free. Fees for margin trading are based on a maker and taker model where maker orders (orders that add liquidity to the order book) have no fees, while taker orders (orders that fill existing maker orders) have a fee or 0.3% or the variable gas cost, whichever is higher.

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