The new dYdX mobile app introduces a simplified yet powerful interface, designed to onboard the next generation of perpetual traders. Whether you're new to derivatives trading or an experienced trader, this guide will walk you through the key features and how to navigate them efficiently.
1. Understanding the Two Trading Modes
The dYdX mobile app offers two distinct experiences tailored to different trader profiles:
- Default Mode: A user-friendly interface designed for those new to perpetual trading. This mode simplifies navigation, trade execution, and market monitoring.
- Pro Mode: Offers advanced tools and features similar to the dYdX web platform, providing professional traders with a high-performance mobile experience.
Traders can switch between these modes at any time, making it easy to adapt as they grow more familiar with perpetual contracts.
2. How to Deposit Funds and Check Buying Power
Before trading, users must deposit funds into their dYdX wallet. As a fully decentralized platform, dYdX ensures that users maintain full custody of their funds at all times.
How to Create Your dYdX Trading Wallet
- Select a supported wallet such as MetaMask, Rabby Wallet, Coinbase Wallet, Trust Wallet or sync with your Desktop.
- Approve the connection in your wallet interface.
- Click on "Send request" to begin creating your dYdX wallet.
- Sign the message in your wallet to confirm the creation of your dYdX wallet.
- Sign a second message to verify compatibility with dYdX.
- Once confirmed, your wallet is ready, and a deposit window will appear.
How to Add Funds to Your dYdX Account
- Select "Deposit Funds"
- Choose the cryptocurrency you want to deposit (dYdX supports USDC as collateral).
- Enter the amount you wish to deposit (in USD equivalent).
- Review the deposit details, including fees and estimated transaction time.
- Click "Confirm Order" to proceed.
- Sign the transaction in your wallet to complete the deposit.
Once confirmed, your funds will quickly be credited to your dYdX wallet.
3. Navigating the Market and Placing Trades
The redesigned market page provides a streamlined view of available trading pairs, price movements, and order execution options. Users can:
- Go Long if they expect an asset’s price to rise.
- Go Short if they expect a decline, a key feature of perpetual contracts.
- Access up to a maximum of 50x buying power.
Understanding buying power and Risk
Using leverage to increase buying power impacts both potential gains and losses. Below is a simplified example:
It’s important to understand that leverage carries significant risks, as seen in the example above.
4. Understanding Margin and Risk Levels
The app categorizes a user’s risk level based on the percentage of their deposit used as margin:
- Low Risk: Less than 20% of the deposit used as margin.
- Medium Risk: 20%-40% of the deposit used as margin.
- High Risk: Greater than 40%, where liquidation risks increase significantly.
Users can monitor their liquidation price in the UI to manage risk effectively.
Final Thoughts:
The dYdX mobile app is built to onboard the next million perpetual traders to DeFi, combining a streamlined interface with powerful trading tools. By simplifying access to perpetual contracts while maintaining full control, it bridges the gap between traditional and decentralized trading. As DeFi adoption grows, dYdX continues to enhance usability, risk management, and market accessibility for traders at all levels.
Learn more here: https://apps.apple.com/ly/app/dydx/id6475599596
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