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How to buy Mdex coin online
Use this beginner’s guide to learn everything about the Mdex exchange and token. From how it works, to its future prospects, to the best brokers to use to buy it, this page has all you need.
Compare where to buy Mdex, and open an account
To go ahead and get Mdex right away, use one of the brokers below. These are some of the best cryptocurrency trading platforms around and have been chosen by our experts. If you want to learn more about Mdex before you start, scroll down to keep reading.
What is Mdex?
Mdex is a decentralised exchange platform a marketplace for cryptocurrency coins. There is no central party overseeing this process: you don’t have to sign up, or deposit money onto the platform, you just dive in and trade. The Mdex token provides liquidity and is paid as a reward to anyone who makes a transaction.
The Mdex project has grown extremely quickly. It launched in January 2021, and by the middle of March more than $2bn was being traded on the platform every day. It sits alongside Uniswap as one of the two most popular decentralised exchanges around.
How does Mdex work?
By using a series of incentives, some computer code, and a public blockchain to run the exchange. The incentives pay a reward to people who put their coins into the platform, the code automatically sets the price for each coin (known as an automated market maker), and the blockchain keeps a record of every transaction.
That process is fairly standard for a decentralised exchange. One of the main ways that Mdex differs from the likes of Uniswap or Sushiswap is that its transaction fees are cheaper. Whereas those platforms are built on the Ethereum blockchain, Mdex is built on the Huobi Eco Chain (Heco).
The difference is more than just semantics, as the Heco chain has lower transaction fees and faster processing times. Both of those features are good for an exchange, which help it to offer better prices.
How to buy Mdex online – a step-by-step guide
Step 1. Find an exchange
An exchange platform is the best place to buy Mdex coins. They offer the widest range of tokens and coin pairs, and many now have simple interfaces or mobile apps to make it even easier for beginners. You can get coins through the Mdex exchange itself, or use another leading platform. Here are two of our favourites:
- Binance: The leading cryptocurrency exchange in the world, Binance is often the best place to go as your first port of call. It has hundreds of coins available, and a ‘lite’ app feature to simplify things if you’re new. Sign up with Binance >
- Bittrex: Another beginner-friendly crypto platform. Bittrex is a super fast exchange that prides itself on unmatched security and having a wide range of tokens. Join Bittrex now >
Step 2. Sign up and fund your account
To use a centralised exchange, you need to create an account. That means supplying some contact details and ID as verification. Then you have to deposit some money. Most platforms accept deposits in either fiat currency (like GBP or USD) or cryptocurrency, but some of the more advanced ones only take the latter.
Decentralised exchanges (like Mdex itself) are different, and there you usually only need to have a wallet address. You don’t have to deposit any money because there’s no central account to send it to, and all your trades are done directly from your wallet address to another.
Step 3. Purchase
Find the coin you want to buy by searching for its ticker symbol on the exchange. The Mdex symbol is MDX. Then you’ll be able to see a list of the different coins you can swap it for. Choose the one that matches how you’re going to pay for the coins (so use BTC/MDX if you’re going to use Bitcoin to buy them) and execute the trade.
Note that, in this case, the only swaps you’re likely to see will be with other cryptocurrencies. This is normal for altcoins, and just means that you need to swap your fiat currency for something like Bitcoin or USDT first, then use that to get MDX.
Step 4. (Optional) Get a suitable wallet
To keep your new coins secure, you can move them to a cryptocurrency wallet. Wallets are like a banking platform for your crypto and ideal if you plan to hold the coins for a while, or want some extra security. There are lots of different types of wallet available, but here are two of the top ones around:
- Ledger Nano S: This is a hardware wallet, a small, USB-like device that stores the key you need to access your coins completely offline. Even if you plug it into an infected computer, the coins are safe. Get the Ledger Nano S now >
- Infinito Wallet: Infinito is a mobile wallet that you can use to access your coins through a mobile app, just like online banking. It can hold a variety of different coins so is ideal if you own lots of crypto. Join Infinito Wallet now >
How to trade Mdex – a step-by-step guide
Step 1. Find a broker
Trading cryptocurrency usually means using a broker that lets you speculate on price moves using contracts for difference (CFD). The most important thing to look for is low trading fees, because you’re going to want to make a lot of moves and don’t want to pay too much each time.
Step 2. Deposit money
You need to use fiat currency to fund your broker account. Look out for offers and fees, as many platforms have some variation of a deposit matching scheme, but also may charge for deposits in future. Likewise, there can be fees for withdrawing money too.
Step 3. Decide how you’d like to trade
The most common way to trade is using CFDs. These are essentially agreements between a buyer and seller where one pays the other the difference between the price of a coin today and at a set point in the future.
When you use CFDs you never take ownership of the coin itself. It’s all speculation, and they’re generally used by short term traders who want to get in and out of positions quickly.
Step 4. Start trading
Before you get going for real, think about using a demo account. Most brokers offer one, and it lets you make trades using virtual money. It can be good practice to get a feel for how the market works without putting your own capital at risk.
In terms of the trading itself, you have to decide if you think Mdex is going to go up or down in price. If you think it’s going to go up, then you should get some (this is known as ‘going long’). Otherwise, you should sell it (also known as ‘shorting’).
There are more advanced ways to trade as well. One of the most common is to use leverage. That’s where you put down a deposit so that you can borrow money from your broker and make much bigger bets. Just be aware that this can be very risky, you can lose a lot of money, and we only advise it for experienced traders.
If you’re not sure whether to get Mdex yet, don’t worry. Here we have summarised the pros and cons of the coin, and below that you can find three more questions to help you come to a decision.
- Very popular platform that sees lots of daily volume
- Mdex is deflationary, so it won’t be devalued by constantly making more
- Earn rewards for staking your coins on the exchange
To help you decide if you should invest in Mdex, here are some final things to think about.
1. Is it a good time to buy Mdex coin?
That depends on why you want to own it, the state of the market, and your time frame for seeing returns. If you’re in it for the long haul and expect the value to keep going up, then it probably is a good time to get some.
For those with a short term focus, the question is more about whether your technical analysis of the current price suggests there’s an opportunity. And whichever type of investor you are, the wider market and any news affecting it is important to consider. Use the latest analysis below to help you get a feel for what’s going on:
2. What problem does Mdex solve, and what are the coin’s investment prospects?
As a decentralised exchange, it solves the problem of having a central point of weakness in the form of a company that could be hacked or block users from trading. Within the realm of decentralised exchanges it solves the problem of high transaction fees by using the Heco blockchain instead of Ethereum.
Mdex is already a very popular exchange, which bodes well for the coin’s prospects. Its closest competitor, Uniswap, saw its coin spike 10x in value during a crypto boom. Something similar is possible for Mdex given how quickly it has become a top platform.
The question mark is over the market as a whole, and what effect more attention from regulators has on the prospects for another big boom. The best way to keep track of the state of the crypto market is by following our latest news, which you can find below:
The best cryptocurrencies to invest in the exchange sector
3. Do you want to hold Mdex for the long term?
There are a few different factors to consider to help answer that question, as it depends on whether you’re more of a trader or an investor. Below we’ve summarised the key points for each strategy.
Considerations for a long term investment strategy
Mdex suits itself to a long term view if you think the crypto market is in a good place and trading volume is likely to keep going up. In that case, you should find an exchange and get some coins now, and think about finding a wallet to store them in.
Considerations for a short term trading strategy
With a shorter term view, you need to brush up on your technical analysis and use indicators to time your entry into the market. Then, finding a broker is the best bet, and be sure to pick one with low trading fees.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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