BYDFi Is A Serious Competitor To Top 5 CEX and Here is Why!
In this article, I will focus on the top features that make BYDFi stand out from the crowd in the field of centralized exchanges, I will also make a final conclusion.
1. The App
Right out of the box, the UI feels smooth and it is very responsive! Honestly, I have tried quite a few CEX apps and BYDFi provides the best experience! Also, they kept a standardized layout as the other exchanges so new users that are already familiar with the layout of other CEX won’t get confused!
You can earn a bonus between 5-5000 for providing valuable feedback! None of the exchanges I have used have ever given me anything for providing valuable feedback - I am giving a big “+” to BYDFi for that!
3. Personal Manager
Yes, you have read that right! You have your BD Manager under the upgrades section there you will see email and Telegram contact details!
4. Lite Contracts
This is truly a top feature! What you can do here is to set a “trigger” order.
Normally when you set a limit order you can’t set it anywhere, you either set the price above the current price if you go short or below if you go long.
With a trigger order, it doesn’t matter!
To better understand what I am saying:
Let's suppose you want to go long after Bitcoin breakers down a major resistance while moving upwards. You can just set a trigger order above the resistance line and join the ride to the upside for a quick profit! Of course, it is a risky trade but when BTC breaks major resistance levels it usually produces a significant pump that occurs in a very short period of time. There is little chance to catch it with a market order (unless you sit there and watch it constantly) and you can’t do it with the limit but with trigger you can and you get all the stop loss/take profit options, just like on limit orders!
5. Copy Trading
This is a great feature! If you are a lazy trader you can just take a look at Copy Trading section, see who is doing well, and just copy their trades!
6. Becoming a Master
Once you complete KYC you can become a Master then you will earn a commission from everybody who does copy your trades!
Now As we all know what BYDFi is with all the useful features it provides, it is a good time to send wishes…Happy Birthday, BYDFi on your 3rd Anniversary I wish you the very best of success!
BYDFi is a great exchange with the potential to get to the top of the tire! Although I have mentioned the unique features, I picked up on a few things:
1. Google Authenticator setup
If you follow the instruction as written, during the setup you are asked to install Google authenticator and scan the QR code or enter the key manually. At the bottom, they have also mentioned the secret key for phone replacement or loss to retrieve Google authenticator and they say to make sure to save it!
But on the next page, however, they are asking to enter the “16-digit passcode” you just saved. “digits” stand for numbers the code you have generated within the BYDFi app is mainly composed of letters. So if you follow the wording literally and first installed and set up your Google authenticator before moving to the next page you might get confused that they are asking you for a 16-digit recovery code from Google not the key from the previous page.
2. Bonus for feedback
Here they say you get a bonus of 5-5000 for providing valuable feedback, but they don't mention what - is it $5-$5000, 5BTC, 5000SHIB, or DOGE coin?
3. The Bonus structure
Getting a $2888 bonus might sound very attractive, but in reality, you have to deposit more than $200,000 to get that!
The bonus accumulates to just above 1,4% of what you have deposited - in my opinion, it is not a good bonus when you compare it to bonuses on other exchanges.
There have been many scams in crypto and the world in general, people have become very cautious and any sign of fishiness those days will turn users away BYDFi has to work on transparency.
I have sent feedback to BYDFi regarding what I have mentioned here, Let's see if they stand up to their statement and reward me for this feedback. Of course, they need to find it valuable!
Here I can say that the way to provide feedback is really well thought through making it a seamless experience, you also have history to view all feedback you have submitted and the result.
As a user do you agree with my conclusion do I deserve a reward for my feedback?
Write your thought in the comment section!
With all that being said I do recommend trying BYDFi just for the unique features I have mentioned above mainly: copy trading, and Lite Contracts. If you are a really good trader becoming a Master on BYDFi might just be for you!
Join BYDFi via my Referral link: https://www.bydfi.com/invite?ru=rItAAr
All the best and stay profitable wherever you choose to trade!