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Sirwin

In a Land Controlled By Binance Let BYDFI Help Build Your Financial Dream

By Cje95 | Chronic Illness and Crypto | 22 Apr 2023


Within the current crypto landscape, there are a couple of issues that will be necessary to address if we ever want crypto to reach the stage of mass adoption. One of if not the biggest issues out there boils down to the current crypto exchange offerings. There is one absolute behemoth exchange leader, Binance, that has a daily transaction volume that is several times larger than its next competitor. Binance benefitted from being the first major mover in many crypto spaces allowing it to grow at an explosive rate. 

 

Luckily for the health of the crypto industry and users everywhere, other options have been slowly building equally if not more impressive platforms. One, in particular, BYDFi just celebrated its 3rd birthday and is shaping up to be able to take on more popular names like KuCoin, Kracken, and even Binance itself. If you haven't heard of BYDFi before that could be because it used to go by another name, BitYard, before it rebranded to the name it has now. BYDFi stands for BUIDL Your Dream Fianance and its offerings are something that I think one could really utilize to do just that! Unlike various popular exchanges that really are regional in their operations BYDFi has over 500,000 users across 150 different countries.

 

They were able to accomplish this through the licenses they have received from 4 different countries (Singapore’s Accounting and Corporate Regulatory Authority (ACRA), the US's Money Services Businesses (MSB), Estonia’s MTR, and Australia’s AUSTRAC) that have unlocked this ability. As many people have seen getting licenses can be a complete nightmare for crypto companies so securing four across the world is a huge feat in itself. Since Estonia is part of the European Union that further helps BYDFi reach even more people! Given how unclear regulations are having secured these licenses really helps establish trust in the exchange.

 

Key/Unique Features

Cryptos and Fees

With over 400 cryptocurrencies and over 600 trading pairs, BYDFi is no slouch when it comes to the options that users have! They even boast spot trading support for two cryptos in particular Tron (TRX) and Telegram's The Open Network (TON) which Coinbase, Kracken, and Crypto.com do not fail to support! Even though these are not exactly the most loved or widely adopted blockchains they are still decent-sized players out there.  

 

A common complaint and issue with centralized exchanges are the crazy fees that users run into when using their platform. BYDFi cuts against the grain and instead offers extremely low fees. While Coinbase has Spot trading fees of around 1% for BYDFi offers fees as low as 0.1 to 0.3% beating most exchanges out there! Convert fees from 0.1 to 0.15%, Perpetual Contract 0.06% (Taker) / 0.02% (Maker), and Leverage Token (0.2% (buy or sell) / 0.03% (daily) all of which are much lower than you tend to find out there! I cannot imagine the amount of money I have lost on Coinbase with Spot trading fees being 10 times higher than you would find on BYDFi and it pains me to think about it now.  

 

Demo Trades

This feature I have only seen previously offered on Investopedia in their simulated stock market which follows the market in real time but with users being able to play with fake money and see how they are able to perform. When I saw that BYDFi offers something in the same vein with its Demo Trades product I was extremely impressed. Add to the fact that Demo Trades is a free service that allows you to test out strategies before executing them with your own crypto saving you from a possible easy-to-identify mistake.  

 

Copy Trading

When I read about this I was shocked at how simple yet unavailable in the crypto space this option is. Often in the stock market, you will have different ETFs or other funds that trade based on what well-known or respected professional traders do. A prime example of this is the Reverse Jim Cramer ETF which trades the opposite of whatever Jim Cramer says or recommends. In the crypto space though I haven't ever heard of or found a company or protocol that offers this feature. 

 

BYDFi's idea behind this is to give inexperienced traders the ability to limit risks and save time and money while they learn in the space. To help protect these users BYDFi does require people who want to have their trades copied to apply to be a part of the Copy Trading program. Even better for those that are selected to participate is that there is something in it for them as well. The person who copies you has to pay between 8 to 10% royalty which depending on how big the ROI could be a pretty penny to those that are well at trading. This structure really does incentivize the traders who are being copied to really perform the best they can since this will massively benefit them! 

 

Final Thoughts

While I highlighted my favorite three features of BYDFi there are still many other things offered! These include leverage token trading, perpetual futures contracts, and more. When you first sign up they offer new users a wide variety of welcome rewards and coupons to use. If you have not signed up for an account with BYDFi here is my referral code! Oh and last but not least they also have a mobile app if you are like me and tend to do most if not all of your crypto trades on your mobile phone! 

 

 

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

 

BYDFi

If you do not have a BYDFi account you can find my referral link here!

 

Publish0x

If you have made it this far and do not yet have a Publish0x account sign up I would appreciate it if you signed up with my referral link here! The Publish0x Community is really one of a kind that rewards not only authors but also readers by letting readers choose how much of a tip they would like the author to receive and the reader receives the rest!  

 

Fold App

Offers daily wheel spins to win free sats daily! If you sign up for Fold with my link here you will get 20,000 sats for free!  

 

Robinhood

Robinhood is offering an excellent signup deal if you use my link here where we will both be awarded free stock. All that you have to do is sign up and connect your bank account for the award! With commission-free crypto trading and the ability to set limit orders, it is a great hybrid offering in my opinion! Not to forget the addition of wallets and the ability to send and receive crypto!

 

Unstoppable Domains

Sign up using my link here and get a free $10 credit towards your first $40+ purchase!

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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