Cavemen have probably heard about cryptocurrencies by now. With how far and wide the popularity of cryptocurrencies has grown, eskimos and other human civilisation living in the most remote parts of the world are probably looking for how to get their hands on some of the "magic internet money". Well, maybe not all caves, but this is no exaggeration at all! According to Forbes, Africa holds the record for the highest crypto adoption market. Within 2020 and 2021, the market grew by over 1,200% and received more than $105.6B worth of cryptocurrencies. If that's not convincing enough, maybe the fact that throughout the past year the highest Google search for the word, Bitcoin, came from Nigeria, the most populated country in Africa and El Salvador the most densely populated country in central America, according to Google trends. 

Google Trends | Interest in Bitcoin 

Having subtly established that indeed word about cryptocurrencies is spreading like wild fire to ends of the earth (the gray areas in the interest map above are of low interest, not zero interest), heating up the caves and rocks beneath which many have lived under for so long that they run out to ascertain where the heat of innovation is rising from, we must then figure out what it is these normies, as they're called in web3 lingo, are asking about when they first receive word of it. Google trends and other social listening tools also hints us of this - one of the most prominent questions out there is, "How to buy Bitcoin?", "Where to buy Bitcoin", "Bitcoin for beginners", etcetera. We can then make an intelligent conclusion there is a swelling population of beginners looking for the best exchange where they can buy their first crypto and begin trading. We understand the travails of this quest. 

Getting started with buying or trading cryptocurrencies has never been easy. As a beginner, you close your laptop as fast as you open it on first sight of the scary market and charts. If that doesn't deter you, the difficulty of on-ramping from fiat to crypto probably will. Say you're brave enough to push through that, the news of exchange liquidity crunches and paused withdrawals will probably make your heart skip a beat. Should you get through all of those, access to starting capital, overwhelming exchange fees, regulatory shots, exchange exploitations will be staring at you with a long face to discourage you from ever taking that first step. 

The combination of the aforementioned hurdles and its seemingly complex outlook tends to justify its nickname, magic internet money. Despite being a brilliant paradigm of finance, it's no magic at all. This is proven by user-friendly exchanges that lower the entry barrier for beginners by abstracting off the complexity or even entirely the trading efforts. After journeying through the several chains of Web3, climbing transaction block mountains, fighting several gas wars and surviving an exchange apocalypse, we finally found the best exchange for beginners to BUIDL their dream finance with! 🚀

Introducing BYDFi, a holistic exchange for secure, easy and fast crypto trading built for everyone, with a fundamentally improved trading UI that takes trading to a different level, convenient for veterans, yet fit-tailored for beginners. It is headquartered in Singapore and launched in April 2020 as BitYard, before rebranding to BYDFi. It's the fastest growing newcomer, already providing trading services to more than 150 countries. Before we invite you for the party - yes there's one, IVs will be hidden in here, somewhere, so read to the end 😏 - let's make a case for BYDFi why it's indeed the exchange that beginners should sought after to begin their crypto life or are already even searching for without knowing it. May I, my lord?

See you in court. 

A Case For BYDFi

Before this honourable court today, is the case; petition number - WEB3/CEX/003/2023, The Users v BYDFi. Users across all of Web3 have petitioned BYDFi to prove its claim before this court as being the best centralised exchange for building one's financial dream, especially as a beginner. As the defence counsel for BYDFi, we'll prove beyond reasonable doubt why BYDFi really is the exchange beginners have been looking for. Without further ado, we present this court with our arguments, some of which are backed by technical documentary exhibits. 

Argument 1 | Accessibility

The ease of trading cryptocurrencies begins with the accessibility and availability of a marketplace for this purpose, otherwise called an exchange.  Without it, whatever user-friendly features the exchange has will be out of reach from the users to get started in the first place. Regardless of a user's location or local currency, the user should be able to get started in a streamlined and seamless onboarding process. BYDFi offers trading services to more than 75% of the countries in the world, supports over 50 fiat currencies and over 400 popular cryptocurrencies can be traded on the platform.

A beginner will most likely find himself in a country where he BYDFi trading services are available and hold a currency he can easily use to get any cryptocurrency if he's just getting started. A number of exchanges today do not really care about the bridge between fiat and cryptocurrencies. They may put in great efforts for their services to be available in a wide range of locations but remain unbothered about users on-ramping to crypto from fiat. I'm sure the users present in this court and reading this would agree with me that this gap presents a high entry barrier for beginners and sometimes deters them from ever getting into cryptocurrencies. BYDFi have partnered with up to four payment channels including Transak, Banxa, Coinify, Mercuryo, to bridge this gap. With these channels users can buy crypto with either Visa cards, Google pay, Mastercard, Apple pay or Sepa. For some of these channels no fees are charged i.e You pay $30 (min buy across all partners) and get $30 credited to your account within 2-10 mins.

Onto the next argument.

Exhibit A | Buy Crypto With Fiat on BYDFi

Argument 2 | Starting Capital

Web3 is all about financial inclusion. Banking the unbanked and catering for even the most remote user situated in deep rural areas. People living in these rural areas are usually characterised by low financial status and so it's not out of place to conclude that there are beginners who are exposed to this brilliant innovation of cryptocurrencies but are without funds to get started. An exchange true to this tenet of Web3 should also make room to accommodate users like these. It's also important to state categorically before this court that the reason for the viral growth of some web2 platforms is the "free entry" structure they provide. No instagram user ever needed money to start using the platform, rather, only after the need for some extra service is payment required. This may seem impractical for a virtual asset service provider, specifically a trading marketplace, because no one can come to a market without money to engage in a trade right? Well, wrong! 

BYDFi in its commitment to get everyone onboard to building their financial dreams, regardless of their financial buoyancy, takes an unexpected route to make this work. Prepare to be mind-blown, my lord. BYDFi gamifies the user onboarding experience. For account setup you'd normally do on other exchanges without any incentives, BYDFi welcomes users with rewards in the form coupons and bonuses which can be used to execute some type of trades and initiate discounts on a number of transactions. For providing valuable feedback, a user can earn up to 10,000 USDT bonus, in the new user and advanced tasks combined. On the coupon side, the tasks which do not require a user to make deposits can earn the user up to 8 USDT and a mystery box which contains more rewards. With this, users can experience crypto trading, although not fully, but as a demo entry and even make withdrawable profits as stated in the task rules on BYDFi welcome rewards page. BYDFi also has an Affiliate program that earns you commission for referring users to the platform. So, If you don't have the starting capital, you have the opportunity to earn it. 

Exhibit B | BYDFi Welcome Rewards

Argument 3 | Multiple Trading Instruments & Copy Trading

Trading is an art as much as it is a science. The goal may be to simply acquire another digital asset with the one you own, make profit, cut or hedge against losses or balance out a portfolio, regardless of what it is, there are several ways of getting to the end goal. BYDFi provides a number of trading instruments to get to the end goal with some of them specifically tailored for beginners. 

As we've established in argument 1, paragraph 1, sentence 4, BYDFi supports trading a number of fiat and crypto currencies. Even more, it supports trading derivatives, which are contracts which derive their value from these other digital assets. These contracts allow traders bet on the future price directions of the underlying asset. BYDFi currently supports perpetual contracts settled in USDT (USDT-M), perpetual contracts settled in cryptocurrency (COIN-M), Leveraged tokens and the beginner-friendly Lite contracts. 

What we've found objectively interesting about BYDFi support for multiple trading instruments is how it's UI is tailored to every kind of beginner considering their experience already, risk appetite and technical adeptness. For example, traders who have successfully funded their wallet do not need to use the main spot market to execute a trade. They can easily use the swap crypto page, which also serves as an OTC desks. This page abstracts off all of the frightening complexities of the market and its candlesticks, as shown below. 

Exhibit C | Swap Crypto Without Complexities on BYDFi

Quite sure the court is now wondering why the Lite contract trading instrument was tagged beginner-friendly. Let us expand on that. Derivative trading is a high-risk and high-reward trade instrument. Oftentimes, novice traders are lured in to trade them because of the rewards but end up smacked down in knee deep losses. However, they must learn how to swim the waters, and we learn to swim by actually swimming. So then, how do we help young traders swim without drowning? This is where lite contracts becomes vital. 

Firstly, Lite contracts can provide beginner traders with a risk free environment to trade with its Demo mode. In this mode the user can fund the demo wallet with demo funds and execute transactions on the actual market timeline. This provides users a feel of what it is to trade with the interface also test out strategies without putting real funds on the line. On this demo mode, losses depletes your wallet fund and profits increases it but all funds are just props. Secondly, there's a trial fund for lite contracts which allows traders to trade, with some terms and conditions, but actually keep the profit made. These trial funds are given as rewards from community event and other tasks. These benefits of Lite contracts also consolidates the Argument 2 of how beginner traders can get an opportunity to trade cryptocurrencies without a starting capital. 

Exhibit D | BYDFi Copy Trading

This perhaps is the most rewarding BYDFi feature for beginners and veterans alike and I'm certain that it will please this honourable court to know what it is. You've heard people say that we learn before we earn, or experience is the best teacher. Well, experience may be the best teacher but not necessarily ours, and we can earn as we learn. This BYDFi feature proves that. BYDFi copy trading allows beginners or veterans alike synchronise their trades with master traders who've been verified by BYDFi. This means that even as a beginner trader your account can automatically emulate the trades of professional traders and share in their profits. If your goal of getting into crypto trading was solely profit making, then this BYDFi feature takes away all of the stress for you. All you need to be is a good judge of trading competence - BYDFi provides the metrics to gauge the performance of copyable traders including their ROI, PNL and win-rate for the past 30days. Walk in their shoes and reap the rewards or become a master trader yourself and lead others to earn from the profit made. The choice is yours. 

NB: BYDFi ensures that the reported values are accurate and are done near real time, to prevent misleading metrics from traders. 

Argument 4 | Low Trade Barriers

Now, we've gotten the beginner to the verge of trading. what hurdles usually deter new traders from making a trade after getting to the point of discovering the great features of a new exchange? It's usually the lack of liquidity leading to a wide spread between the highest buy and the lowest sell which result to value slippage during a trade, or the trade fees. In comparison to some of the most reputable exchanges in the space including Kraken, Gemini, Coinbase etcetera, BYDFi fees are the lowest - 0.1% & 0.3% maker and taker fees respectively. About the liquidity, although we could not get the daily trading volume of the exchange on popular data aggregators like Coingecko and Coinmarketcap, your honour, on inspection of the order depth of some popular pairs including LINK/USDT, DOT/USDT & BTC/USDT on BYDFi we found tight spreads below 0.1%. I encourage users in this court to inspect these pairs as well, and others of course to confirm this. 

Argument 5 | Longevity & Licensing

BYDFi is 3 years old! 🎉

This means, even in its infancy, my client survived LUNA crash and the FTX apocalypse that brought down some of the most seasoned companies, including exchanges and lending solutions. Recall, projects affected were not just those who held funds in FTX, but also those who were caught up in the spread of the contagion as a result of the exchange run and liquidity crunch that affected a number of exchanges due to traders' panic. Given that BYDFi is still standing today proves that the team must have been strategic enough to handle the chaos and other strains on the exchange, and most importantly wasn't tampering with user funds or using quickbooks for accounting. To add to this, BYDFi has obtained trading service license from the strictest of jurisdictions to Cryptocurrencies including the United states. Other countries where BYDFi has obtained license include Singapore and Australia. 

Its longevity and licenses demonstrates the credibility of BYDFi and gives beginner traders who wish to securely and safely trade cryptocurrencies a place to call home. 

Lastly, before I take my seat, i'd like to invite some witness to the stand for examination. These witnesses have at some point in the past shared some testimonies about my client and i'd like them to share it before this honourable court and perhaps share more thoughts, with your permission, my lord. Thank you.

Defence Witness 1 |

Examination Question - What was your public testimony about my client, BYDFi?
   “BYDFi provides excellent fiat on-ramps for cryptocurrency investors and a very user-friendly advanced trading platform for both beginners and seasoned crypto traders. ”

Defence Witness 2 |

Examination Question - What did you say about trading on BYDFi?
   Anyone Can Trade Like A Professional on BYDFi.

Examination Question - Anyone, including beginners?
  Yes, Anyone!

Defence Witness 3 |

Examination Question - What do you think about BYDFi copy trading system? 
BYDFi also has developed a professional copy trading system that will greatly benefit both copiers and signal providers.

Defence Witness 4 |

Examination Question - Can you share with this court how you described BYDFi's transaction engine?
BYDFi's transaction aggregation engine has one of the highest industry standards in the online trading of blockchain assets and is one of the most advanced, efficient, and stable transaction aggregation engine in the market. 

To draw the curtain on my defence address, this court must also know, in addition to the 5 arguments in favour of my client, BDFi, and 4 witnesses that have testified about, it is pertinent that I add that my client, BYDFi has also been awarded one of the best exchanges for beginners in 2023 with a rating of 4.6 stars by Forbes advisor. Forbes advisor sited some of the arguments we've earlier outlined in addition to its tight security offerings. With all of these arguments and evidence that has been placed before the honourable court, it's quite glaring that this ambitious newcomer, as Forbes addresses my client, has positioned itself to cater to the needs for beginners in crypto trading. As the heat of innovation continue to chase out people who have been living under a rock or in a cave to embrace new financial technology, BYDFi will be that platform that meets their need all the way to suck them into the growing web3 space and deter them from returning back to sticks and stones they've been using or whatever cave they came out from. 

Having convinced you beyond reasonable doubt, now download BYDFi and BUIDL Your Financial Dreams, Available on android, web and iOS. 

Cheers,
CED.