Buy dYdX in Canada

dYdX is a token that powers a decentralized derivatives exchange. The exchange allows you to trade on margin – with up to 20x more buying power than your initial investment and without having to provide any personal information. The exchange is built on top of Ethereum and supports a handful of cryptocurrencies, including Bitcoin and Ethereum.

The dYdX token has a maximum supply of one billion. As of March 2022, just 65 million tokens, of 6.5% of the token’s maximum supply, are in circulation. The rest will be issued by August 2026, five years after the token’s launch. Half of all tokens will go to the community, 27.73% to past investors, 15.27% to the employees and founders of the organizations responsible for building the exchange, and a further 7% to future employees and consultants.

Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.

Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:

Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.

Always keep solid records of any dYdX transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

dYdX’s current market cap is $1,793,126,353.00.

The current price for dYdX in Canadian dollars is $1.80.

Buying dYdX with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.

From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in dYdX 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order

You can choose between two different order types when buying dYdX. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.

You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.

A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.

You can more earn dYdX by staking tokens in the protocol’s safety module, hold the token to receive discounts on the fees charged by the exchange, or use it as a voting chip in the project’s governance module. Lots of tokens are also held in the community treasury, and you can vote within the governance module to distribute those funds to promising projects seeking to advance dYdX. Lastly, you can always just hold the token for speculative purposes – in the hopes that it’ll increase in price over time.