BYDFi Review: BUIDL Your Dream Finance

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In the ever-evolving landscape of cryptocurrencies, investors and traders seek secure, efficient, and innovative platforms to engage with digital assets. Amidst the multitude of crypto exchanges available, one platform stands out with a commitment to revolutionizing the industry – BYDFi. This BYDFi crypto exchange review will delve into the unique features that set the platform apart from its competitors and explore how it embraces innovation to provide users with a cutting-edge trading experience.

What is BYDFi?

BYDFi is a fresh and dynamic crypto exchange with unique features in the ever-expanding crypto landscape. While the platform was launched in 2020 under the name BitYard, it recently rebranded as BYDFi, representing its vision as “BUIDL Your Dream Finance.”

Catering to a diverse range of users, BYDFi allows a wide range of options for traders, copiers, project teams, media, and various communities to interact and communicate. This inclusive approach creates an ideal trading environment, suitable for both beginners and seasoned professionals in the crypto sector. As complex trading methods like crypto derivative contracts can be challenging for newcomers, BYDFi focuses on making this process as easy as possible for its users.

BYDFi allows users to access most of its functions without KYC verification. It boasts a user-friendly interface and offers a wide range of advanced, innovative and convenient trading tools, including spot trading, perpetual contracts, lite contracts, and copy trading. Despite being a relatively new exchange compared to its counterparts, it has rapidly gained popularity among crypto enthusiasts around the world.

What Makes BYDFi Unique?

BYDFi stands out for its user-friendly interface and exceptional trading features, making it a standout among crypto exchanges. It provides a diverse range of trading options, including contracts for differences (CFDs), margin trading, and leveraged tokens trading.

The exchange provides two distinct trading platforms: the classic and advanced versions. Both platforms offer extensive charting and trading capabilities, far surpassing those of standard centralized crypto exchanges.

Moreover, BYDFi rewards its users through certain engaging tasks. As a user completes actions like setting up Know Your Customer (KYC) registration or making deposits using different payment methods, they are offered “mystery box” rewards by the exchange, containing random digital assets. New users are also welcomed with several rewards and bonuses as they complete specific tasks, execute their first trade, and refer friends.

Interestingly, BYDFi also allows users to earn free cryptocurrencies by enabling other traders to copy their trades, with the rewards based on the number of followers. 

What does BYDFi offer?

BYDFi provides a wide range of services to its traders, which enable its users to diversify their investment strategies and capitalize on potential market opportunities with ease. Here are some of offerings by the platform:

Spot Trading

BYDFi facilitates spot trading for an impressive portfolio of up to 400 crypto trading pairs, presenting a diverse and extensive selection to its users. This includes almost all the popular cryptocurrencies including Bitcoin and Ethereum, alongside a plethora of altcoins, like Ripple, Dogecoin, and Cardano, enabling users to choose from massive investment opportunities within the ever-evolving crypto market.

Leveraged Tokens

At BYDFi, traders are presented with a compelling array of leveraged tokens for popular cryptocurrencies like BTC, ETH, XRP, DOT, LINK, ADA, AAVE, ATOM, AVA, BCH, BNB, and UNI. These tokens allow users to engage in 3x long and 3x short options, empowering them to implement strategies that align precisely with their individual preferences and market outlooks.

Lite Contracts

Indeed, BYDFi offers lite contracts to its users, allowing them to speculate on the price movement of various cryptocurrencies without owning the underlying assets. 

Perpetual futures

BYDFi stands out in the competitive crypto exchange landscape by offering an impressive range of perpetual futures, including USDT-M and Coin-M perpetual futures. With leverage of up to 200x for these perpetual contracts, traders gain access to higher potential returns, enhanced flexibility, and unmatched convenience. This level of leverage sets BYDFi apart from other exchange platforms, where maximum leverage for perpetual contracts is often limited to 100x or 125x.

Copy trading

BYDFi offers copy trading, allowing traders to effortlessly follow and copy the trades of skilled advanced traders. This feature is perfect for beginners, who may lack in-depth technical analysis skills, as it grants them access to the expertise of seasoned traders. They can choose from a large number of professional traders with proven track records, filter by trading styles and performances, and let experts trade on their behalf, even while they sleep.

Demo trading

BYDFi provides a valuable feature called demo trading, where users can thoroughly try their hands on different trading strategies in a risk-free environment before venturing into live trading. With a generous allocation of 100k USDT in a demo account, individuals can practice trading without any risk to their real funds. This feature is particularly beneficial for beginners, allowing them to become familiar with the platform’s functionalities and gain insights into the dynamics of the cryptocurrency market. 

Fiat Gateway

BYDFi takes a step towards user convenience with its fiat gateway, ensuring a user-friendly experience for new traders. With a variety of deposit options, including credit/debit cards and bank transfers, BYDFi ensures seamless access for traders worldwide.

The platform has a strategic partnerships with BANXA, Transak, Mercuryo, and Coinify. This further enhances the coverage of payment options, allowing users to transact globally with ease. 

Who Should Choose BYDFi For Crypto Trading?

BYDFi is a great choice for investors who aim to engage in frequent cryptocurrency trading. It is one of the best crypto exchanges for both beginners and advanced traders, who seek more sophisticated trading techniques and features.

However, if you’re looking to make long-term investments in cryptocurrencies and want features like crypto staking and lending, BYDFi might not be the best option, as it currently lacks these specific functionalities.

Features

Here’s an overview of BYDFi’s features and benefits:

Forbes Recommended

Renowned media company Forbes recently recognized BYDFi as one of the top ten best crypto exchange platforms in 2023. The platform’s inclusion in Forbes’ esteemed list is a testament to its unwavering dedication to offering users a reliable and secure trading experience.

Wide Range of Cryptocurrencies

BYDFi currently offers over 400 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Polkadot (DOT), and Polygon (MATIC). Moreover, users can easily find the next 100x GEM on the platform that cannot be traded on other exchanges.

While its competitors like Coinbase offer around 200 spot pairs with 1% spot fees, BYDFi offers more than 400 spot pairs with 0.1% spot fees.

Provide 200x leverage:

BYDFi differentiates itself from other exchanges by offering up to 200x leverage on perpetual contracts, surpassing the typical maximum leverage of 100x or 125x found in most platforms.

User-friendly

BYDFi offers a seamless and user-friendly experience on its website. In addition, it extends its accessibility through a well-designed mobile app and a user-friendly desktop platform. This multi-platform approach enables users to stay connected to their accounts and the cryptocurrency market, irrespective of their preferred device.

Efficient Customer Support

The platform provides dedicated 24/7 customer support, ensuring prompt assistance through various channels, including email and live chat. The platform ensures that users’ queries and concerns are addressed promptly and effectively, making their overall trading experience hassle-free.

Affiliate Program

BYDFi’s Affiliate Program offers a dedicated Affiliate Center to track referrals and earnings. The program stands out with its Lifetime Rebate, providing commissions forever from referred users. Real-time settlement ensures instant rebate reflection after a referral completes a trade. Affiliates can create up to 100 unique referral links to efficiently track different promotion channels’ effectiveness.

Security

BYDFi prioritizes robust security measures to safeguard its clients’ assets. The exchange carries regular security audits and stress tests, ensuring a resilient system. User crypto assets are stored offline in cold storage wallets, bolstering protection against potential threats.

MSB dual license in US and Canada further strengthens the platform’s security framework. Moreover, for withdrawals, users go through a two-factor authentication, requiring Google Authenticator and an additional pin, adding an extra layer of security.

BYDFi upholds personal data protection through the Jumio KYC system, safeguarding user information. Moreover, multi-party approvals, segregated accounts, and strict whitelisting of transactions provide enhanced security, establishing BYDFi as a haven for secure and reliable cryptocurrency trading.

Fees

BYDFi offers a transparent fee structure with no hidden charges. For regular spot trading, the transaction fee ranges from 0.1% to 0.3%, depending on the type of crypto involved. Users can review the potential fee before approving the trade. 

Moreover, the exchange charges a conversion fee between 0.1% to 0.15%, varying based on the specific cryptocurrency.

Opening a BYDFi Account

To open a BYDFi account, follow these simple steps:

  1. Visit the BYDFi website or download the mobile app.
  2. Click on the “Get Started” button at the right corner.
  3. Provide the required information, including your email address or mobile number and set up a password.
  4. Agree to the terms and conditions, and complete the registration process.
  5. Link a payment method like a credit/debit card or bank account.

Start using your new BYDFi account to access a wide range of crypto trading features and services. You can also transfer any existing cryptocurrency you have from an existing wallet.

NOTE: The daily withdrawal limit depends on the status of KYC. While the users with KYC verification can withdraw 10 BTC per day, the exchange allows unverified users to withdraw up to 0.5 BTC in a single day.

Conclusion

BYDFi is a one-stop social trading platform for both beginner and professional traders. Its professional, convenient, and innovative trading solutions along with an intuitive interface have set it apart from other crypto exchanges, making it an attractive choice for traders and investors alike.

Rooted in the core values of its founders, BYDFi is committed to building a future that empowers users and leaves a lasting impact on the expansion of the cryptocurrency sector. With a strong focus on autonomy and innovation, BYDFi is the first first choice for many crypto traders.

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