BYDFi (acronym stands for build your dream finance; individual(s)) formerly known as Bityard started in 2019 based out of Singapore, is a DeFi (decentralized finance) exchange platform for complex contract and crypto trading mechanisms, derivatives and options in an ultra simplified manner for novice and veteran online traders. With features such as margin, copy, derivative, token and coin trading.
The first Cryptocurrency and Digital Currency Exchanges
The old days of exchanging cryptocurrency apart from mining involved immense amounts of trust among peers and traders on forums and the IRC. But today we have a thriving Decentralized Exchange economy in the world. Let's see how we arrived here.
The centralized and distributed shared ledger utility coin called Bitcoin (BTC), the world’s first cryptocurrency was launched in 2009 by a computer programmer or a group of programmers under the pseudonym Satoshi Nakamoto, whose identity is still one the greatest anonymous mysteries in the decentralized world.
The early days of obtaining bitcoin as a cryptocurrency were either mining it on a personal computer (since astronomical computational power was not required) or via peer to peer trading on forums like Bitcoin Talk founded again by Satoshi Nakamoto. The initial exchanges were plagued by scams, theft and fraud resulting in the closure of several exchanges and apprehension to the whole idea of decentralized currency. But BTC was traded initially at ‘0’ dollars and reached an all time high of 0.39 cents in 2010. The stakes were negligible and the theft of hundreds of thousands of Bitcoin did not really matter that much..
The first cryptocurrency exchange in the world was BitcoinMarket, founded in 2010. The site was blacklisted by Paypal after several frauds and scams in June 2011. The same time period saw the rise of infamous exchanges such as Mt.Gox, which would later hit the headlines for its fall! Linden Dollars (digital currency of the game Second Life) could be exchanged for Bitcoin on VirWox. Tradehill was another exchange among many that allowed users to submit FIAT currency (government issued currency with no asset backing apart from the guarantee by the issuing government itself) to instantly exchange it for Bitcoin. Bitinstant was another platform to facilitate exchange in the same time period which also subsequently closed doors in 2014 over allegations of wire fraud and money laundering.
The only surviving exchange still in business from the fiasco of 2011 crypto wild wild west days of no regulations and threats was Bitstamp, considered arguably the oldest cryptocurrency exchange still in business.
Post Mt.Gox Failure and the rise of sophisticated exchanges
Certain key lessons were learnt by the early adopters about the importance of security, keys and wallets in the decentralized world. The world was shocked that Mt.Gox was not even aware of such a huge missing quantity of BTC -this led to the belief that your keys are your coins and the exchange’s keys are the exchange’s coins, therefore crafting a perception that it is futile to hold funds in exchanges beyond a short time duration.
The rise of other coins (correctly referred to as altcoins) after Bitcoin and Ethereum gave rise to diversity and multi faceted trading pairs both between altcoins and FIAT currency. This further propelled the exchange business model to evolve with superior security, fluidity and technological clout building on the follies and fallen foundations of the initial exchanges. Once Mt. Gox failed, now well-known names like Coinbase, Kraken, Bittrex, Gemini, and others started to gain popularity and slowly increase their market share.
Crypto to Crypto Exchanges and Initial Coin Offering Boom
2017 saw the rise of crypto to crypto currency exchanges pioneered by Changpeng Zhao’s Binance exchange. In the light of the alt coin fever and emergence of a plethora of tokens, Binance set themselves up as the first exchange to offer a multitude of crypto to crypto trading options and began listing the most amount of altcoins on their exchange.
The remainder of the cryptocurrency exchange sector has been attempting to catch up and reclaim market share in 2018 and 2019. Since then, Coinbase has added a number of cryptocurrencies to its 2017 lineup, while other exchanges like Huobi and Bitfinex have followed Binance in releasing their own exchange tokens with comparable loyalty-based rewards in an effort to attract and keep users.
Bityard-now known as BYDFi’s entry into the global cryptoscape
Officially launched as Bityard in 2020 with HQ in Singapore, the exchange was re-branded to BYDFi due to ramifications in the encryption market. The exchange is the best option for traders frequenting advanced cryptocurrency trades seeing that its UI/UX and general orientation are the most intuitive and easiest to use among all other players existent in the market.
BYDFi is making adoption a cake walk for new users to get into trading and at the same time, its advanced trading capabilities are a haven for seasoned traders working with crypto derivatives such as contracts for difference (CFD), leveraged tokens, margin trading and other contracts. The exchange has different options for trading with varied charting and trading capabilities (Advanced and Classic), pretty different to a generic centralized exchange platform.
What is so great and easy about BYDFi?
BYDFi in just 3 years of operations is recommended by Forbes Advisor in its curated top 10 cryptocurrency exchanges list of 2023.
BYDFi’s spot and derivative trading flexibility and core capabilities allow for a vast envelope of trading pairs compared to other major exchanges, that too seriously competitive fees. In a nutshell copy trading, no KYC trading, no KYC deposit and withdrawals, free demo trading and 24/7 customer support are a few noteworthy features inherent on the BYDFi platform which platforms such as coinbase, kraken and crypto.com do not offer to the most extent. All this at a trading fee of 0.1% on BYDFi!
BYDFi derivative services include more than 150+ derivative pairs, a leverage of more than 150x, all above mentioned spot services while charging a trading fee of just 0.06%.
It has arguably the fastest login and signup process.
Technical Analysis is one of the most apprehensive and deterrent factors for newbie traders who give up or blame an exchange of price manipulation after executing a series of non-profitable trades. Novice traders can copy master traders in a single click on BYDFi, which pretty much automates the analysis phenomenon.
In the perspective of master traders who allow users to copy their trades, masters can earn free crypto.
The FIAT gateway supports hundreds of different currencies and the process is very usercentric allowing credit and debit cards alongside global wire transfers for FIAT deposits.
For more extensive international payment alternatives, BYDFi collaborated with leading payment systems such as BANXA, Xanpool, Transak, Mercuryo, and Coinify.
BYDFi offers $2888 in rewards for completing welcome bonus tasks, KYC, deposit, first trade and more. Their affiliate program is an amazing way to keep earning rewards for a lifetime over your referral’s trading activity, funding and so on.
The platform allows users to mine cryptocurrency using personal computer’s computational resources to earn rewards.
How secure is security on BYDFi?
If the platform is encouraging individuals to ‘Buidl your own dream finance’ (In the crypto world, "build" is an informal way to refer to "BUILD."), it will definitely not trash those dreams by not learning from the mistakes of its predecessors from the 2011 era, all of whom used hot wallets and unregulated marketplaces to conduct their exchange activities.
All digital assets on the platform are stored in offline cold storage wallets. An offline, physical device is typically used as the secure storage location for user’s private crypto keys in a cold wallet. It's also known as a hardware wallet, and it works by employing a flash drive storage device that isn't online to secure user holdings from hackers.
BYDFi adheres to regulations and trading standards pertaining to Singapore, USA, Australia and Estonia.
BYDFi employs a K-line weighted average to present the fairest and most accurate cryptocurrency values. This average gathers information from three major cryptocurrency exchanges: Binance (30%), OKEx (40%) and Huobi (30%).
Regular stress, vulnerability and security audit tests are conducted by the BYDFi platform across its ecosystem.
Users are mandated to employ dual authentication or 2 factor authentication to access their trading profiles on the platform.
BYDFi has not been the victim of a single security hack over its years of operation due to its robust security measures.
Setting up for your account to trade on BYDFi
Hop on to https://www.bydfi.com/ or this referral link belonging to me https://www.bydfi.com/en-US/account/register?ru=iVMTWy the following screen after the link will ask you either for an email or mobile number, further to which you will have to verify the OTP/Code sent to your mobile/email to set up your account.
You can then link a card or a bank account or deposit crypto assets from your existing wallet outside BYDFi. You do not need to finish your KYC yet in order to accomplish the latter mentioned actions, even after you execute your first trade or would like to withdraw your assets. However KYC completion and adhering to AML (anti-money laundering) regulations has its own benefits, security and in-house incentivization so, why not?
Please note if you have deposited FIAT currency like the US Dollars you will have to finish KYC before withdrawing the funds as this mechanism is unduly taken advantage of by many individuals looking to conduct money laundering.
It is recommended that users take some additional security measures after their initial profile setup such as:
-PIN verification for funds’ withdrawal
-SMS authentication
-Google Authenticator verification
-Withdrawal Address Management
How to fund the account and withdraw funds
The main menu button called ‘Assets’ will lead to a sub-menu drop down button ‘Deposits’ the ‘Assets’ will be situated on the top right corner of your desktop screen.
From the drop down menu provided after clicking through ‘Deposit’ you can select which currency you would like to deposit, while on the right side the preferred network can be selected to process the transfer of funds. Some networks are more expensive than others in terms of gas fees (transaction fees used to execute transactions on the blockchain, not to be confused with exchange platform fees). For example the Ethereum network might charge you close to $50 in ETH for a transaction amounting to not more than $10, while the TRON network TRC20 would charge you just about $0.06 or 1 TRX for a transaction of even a $1000 in TRX.
Users can also fund their trading accounts with crypto bought using BANXA.
The sub-menu item or tab to the left of the ‘Deposit’ will be ‘Withdraw’, the process is very similar but reverse engineered in terms of output to withdraw funds from your account. Users will have to provide a withdrawal address which will be an alphanumeric hash and also input their funding passcode to initiate the withdrawal transaction. Please note this will be different from the login password.
Users will have to be extra cautious about double checking if it is the correct withdrawal address as transactions on the blockchain are absolute and irreversible.
Trading on BYDFi
A minimum trade on the platform is 2 USDT at the moment. For ease of orientation let us take the spot trading classic view port for trading for now.
Users can navigate to the main menu item called ‘Spot’ (situated on the upper left in the desktop view) with a submenu drop down selection item called ‘Classic’.
The screen following this will have a centralized trading view live chart depiction, to the left column would be a list of trading pairs and search box to select which pair you would like to trade and to the extreme right column will be the order book and recent trades columns. Right below the central trading view chart would be the buy and sell confirmation tabs to input the amount of trade for buy/sell. There are two types of orders that can be executed, namely Limit and Market.
Limit orders are orders that are to be executed at a price determined by the user, different from the current strike rate or market price, while market orders are executed at the best available market rates from the order book.
BYDFi also has futures trading options on Lite Contracts for traders to speculate both up and down price movements unlike trading view spot perspective which is a majorly long option based trading instrument.
There is an option to trade in inverse perpetual futures on BYDFi, the demarcating difference here is that these trades are settled in cryptocurrency and not in FIAT.
Copy Trading is one of the most robust features offered by BYDFi for novice traders or traders who do not have a lot of time on their hands to analyze and take calls. There is a thriving community of master traders who allow traders to copy them now on the platform. Users can adjust their direction of trading (long or short), duration and profit rate from the dashboard after navigating to the main menu item ‘Copy Trading’. From here the users select their preferred master trader and emulate his trades by assigning desired value, fixed ratio or limit orders to an ‘x’ amount of assets.
Trading Fees
All spot pairs are charged a default of 0.1% makers and takers fee.
Futures is a slightly dynamic model but roughly it is 0.05% on opening and closing. There is an overnight fee for trades you like left opened into the next day’s trading session, the formula is fee = margin * leverage * 0.05% * overnight.
Customer Support
BYDFi has 24x7 customer support which can be reached through chat on the website. For issues that are beyond the scope of resolution over chat the email option is available.
The BYDFi ecosystem has evolved as a simplified trading solution for complex contracts and assets while maintaining high quality UI/UX which is very intuitive and easy for even people with no knowledge of trading in such volatile assets such as cryptocurrencies. Cheers again to the occasion of the 3rd Anniversary of BYDFi! Trade on people!
