🟠 How to Buy Mdex (MDX) Token in 2024

Mdex is a decentralized exchange platform built on Ethereum, BNBChain, and Huobi Ecological Chain (HECO). Given the success of many native exchange tokens, several investors are looking for ways to buy MDEX tokens.

Interestingly, there are many platforms where you can buy MDX. The token is listed on decentralized exchanges and was added to Binance in May 2021. We’ll review how to buy it on whichever platform you choose.

If you already have USDT or BTC, you can easily get some MDX on Binance using the steps outlined in the next heading.

A quick guide on buying Mdex (MDX) on Binance

• Register at Binance.com.
• Go to Wallet > Fiat and Spot
• Click Deposit on your USDT or BTC wallet and transfer funds to the provided Binance address.
• If you transferred BTC, go to Trade > Convert to convert the BTC to USDT.
• Next, go to Markets and find the MDX/USDT pair.
• Under the box for Buy MDX, switch the Order Type to Market (Use Limit Order to buy when the price drops to a specific level).
• Enter the amount of USDT to spend on the purchase.
• Click Buy MDX

Where to buy Mdex (MDX)

Huobi

Being a native HECO-chain project meant that listing of MDEX on the Huobi exchange was almost always inevitable. At the time of writing, Huobi offers MDX pairs against BTC, USDT, and HT (Huobi token).

How to do it:

• Create an account on Huobi.com and verify your email
• Go to Balances > Exchange Account
• Locate your USDT wallet and transfer funds to the provided address (Huobi also has a prompt to send the address to your email.)
• Go to Spot Trading > Exchange
• Use the search bar on the left side to locate the MDX/USDT pair.
• Switch the Order Type to Market 
• Fill in the amount of USDT to spend on MDX and click Buy MDX.

MDEX

MDEX is the decentralized exchange platform for which the MDEX token serves as a native and governance token. If you’re conversant with using DeFi applications, especially on BNBChain, then you can buy MDEX tokens on the platform

How to do it:

• Install the Metamask extension and connect it to BNBChain (you can read this guide from Binance Academy on how to do it).
• Withdraw some BNB from Binance.com using the BEP-20 wallet address on your Metamask or Trust Wallet.
• Visit MDEX.com and click Swap from the provided options.
• Select BNB as the token to swap to MDX.
• Approve BNB spending and wait for the network confirmation.
• Once successful, click swap MDX and confirm the transaction.
• Congrats! You’ve purchased some MDX.
• To view the purchased assets on your wallet, add MDX as a custom token to Metamask or Trust Wallet using this contract address: 0x9c65ab58d8d978db963e63f2bfb7121627e3a739

Gate.io

Gate.io is another popular centralized exchange with support for MDX. Gate.io offers MDX/USDT and MDX/ETH trading pairs. In other words, you have to send USDT or ETH to the platform to directly exchange it to MDX, or convert whatever crypto you send there to USDT before buying MDX.

How to do it:

• Sign up at Gate.io and complete the email verification process.
• Go to Deposit and find your USDT wallet address from the list of supported assets.
• Transfer USDT to the address provided by Gate.io 
• Alternatively, you can use the Deposit USD option on the website to buy some USDT
• using your credit/debit card. (Note that this requires KYC verification).
• Next, go Trade > Spot Trading
• Switch the markets table to Alts and search for the MDX/USDT pair.
• Enter the Limit Price at which you wish to buy MDX. This price has to be slightly lower or equal to the current market price on the order book.
• Enter the amount of USDT to spend.
• Click Buy MDX.

Where to store MDX

Hardware wallets such as Trezor and Ledger are among the most secure ways to store your crypto assets. However, none of these devices supports MDX, as it is a newly launched token.

The alternative would be to store MDX on other applications that also let you keep your private keys or seed phrases. The following options are available:

• Metamask (Web Extension/Mobile)
• Trust Wallet (Web Extension/Mobile)

Things to consider before buying Mdex Token

Price History: Although past performance does not guarantee future price gain, you might want to consider MDX’s price action for the duration it has been on the market.  The token hit an all-time high of £8.25 ($10) in February 2021 but has significantly dropped since then.

There is no guarantee that the token will revisit its previous highs, and it might as well soar even higher. Investors must gauge their risk appetite and invest accordingly.

Competition: Mdex is competing in an already saturated market for decentralized exchanges. On BNBChain alone, the project trails PancakeSwap, BakerySwap, and several other DEXes with a first-mover advantage.

The Ethereum blockchain, Uniswap, 1inch and Sushiswap are also more prominent competitors, leaving Mdex with the daunting task of raising its own community and launching numerous features to outwit competitors. The focus on the Huobi Ecological Chain (HECO) arguably also gives Mdex some edge. However, much more is required for the project to remain competitive and reach its full potential.

Community: In the crypto industry, the project's community plays a significant role in its success. Community members typically promote the project to other investors, attend project events, and support the team through periods of market decline. You may find it helpful to review the Mdex community involvement across different social media channels before buying into the project

Privacy and security tips

• The recommended options in this article for storing MDX tokens are so-called "hot wallets." Being connected to the internet means they are not fully secure and, thus, require advanced personal measures to prevent loss. 
• If you use decentralized exchanges such as Mdex for your purchase, it might be best to dedicate a computer or device for this purpose and use strong passwords to secure your wallet.
• Write and store seedphrases in secure offline locations and use material less susceptible to fire and other hazards. Some investors use a metal plate to engrave their seedphrase, thus making it secure against hazardous destruction.
• If you purchase and store tokens on an exchange, ensure you enable advanced security features such as email verification for withdrawal and app-based two-factor authentication (2FA).

Conclusion

This article explained how to buy Mdex tokens using both centralised and decentralised exchanges. Users must decide how much to invest in the asset and do so with full knowledge of the risks and rewards associated with cryptocurrency investing.