You probably already know the BYDFI exchange because it used to be known as BitYard (based in Singapore). BYDFI stands for "Build Your Dream Finance". The exchange has been launched since 2020, as you know the crypto landscape evolves quickly. Almost 4 years have passed since 2020 and many things have changed. We have witnessed the collapse of the Terra ecosystem, the failure of exchanges and centralized platforms but BYDFI is still here. The 4-year history definitely speaks in their favor.
A FIRST LOOK
If you want to try this exchange, you can register here: BYDFI
You can also get up to $2,888 in trading bonus by performing simple tasks such as:
-activate Google Authenticator
-Anti Phishing Code
-by making the first Fiat & Crypto deposit
-leaving feedback
-using copy trading and leveraged token services
-community rewards
You can also get a Mystery Box by completing the KYC (increase daily withdrawal limit up to 5 BTC. 0.2 BTC daily withdrawal limit without KYC)!
Once registered you can see that the exchange is very basic. What do I mean? Graphically it is well organized and if you are familiar with the main exchanges you can see that it is very similar to Binance and Bybit. For example, one of the reasons why someone should use this exchange is the presence of "leveraged tokens" and "perpetual". You can use up to 150x leverage. I am Italian and one of Binance's problems in the Italian territory is that futures, derivatives and leveraged tokens have been banned so a solution for the Italian crypto community is to use BYDFI. Trading commissions are also very competitive (0.1%-0.3% maker/taker fees and 0.06% for derivatives). A very interesting feature is the division of tokens into various categories. There are also Fan token (Milan, Roma, Atletico Madrid, Juventus, Santos, PSG, Porto, Alpine F1), NFT token (AXS, ENJ, GMT, GHST, ILV, GODS, SAND, etc), Storage token, Proof Of Work token, Web3, Metaverse, Meme, etc
This subdivision is very useful because as you know the Crypto world works with trends. You could check the tokens in Trend on CoinMarketCap and then trade them on BYDFI.
MAIN FUNCTIONS
-Fiat and crypto deposits: credit/debit cards and wire transfers (Transact, Coinify, Mercuryo). Over 50 supported fiatcurrencies. Of course, you can also deposit crypto. Major networks are supported. For example for USDT you can use: Erc20, Trc20, Bep20 (BSC), Sol, Polygon. BTC and ETH support their native networks and Bep20 (BSC)
-Trading: Spot (advanced and conversion similar to Binance) and Derivatives (Perpetual and Leveraged Token 3L/3S). Graphically the advanced Spot feature is very similar to Binance with the order book, you can execute "market" and "limit" orders. Market orders at the best price and limit by setting the buy and sell price.
-Future Account: I tried TRX/USDT and in this case you can use up to 50x leverage. I remind you that you can go "long" (if you think the asset will go up in price) or "short" (if you think it will go down). BTC/USDT you can leverage up to 150x. For Perpetual you can use: Cross and Isolated Margin. If you use very high leverages, you need to be careful with liquidation!
-Copy Trading (for each trader, you can check 30D ROI, 30D Win Rate, 7D PNL, Followers). It's a very useful function for beginners, however I personally don't use it. I advise you to study and open trades using your own strategies.
-Security features: Google Authenticator, Phone Number Verification, Fund Password for Withdrawals, Anti-Phishing Code, Withdrawal Address Management. Still speaking of security, I would like to underline that cryptocurrencies are stored in offline cold wallets. The exchange adheres to the regulations of Singapore, USA, Estonia and Australia. If you have any problem you can contact their support: chat (7 days a week and 24 hours a day) or email.
CONCLUSIONS
BYDFI has been considered by Forbes among the top 10 exchanges, mainly for its low fees, for its security (cold storage) and for all the supported fiatcurrencies.
I add simplicity of use. The menu are very organized: you don't have to go crazy between dozens of sections. This exchange is aimed at both experienced users and beginners. The only advice I would give to the exchange is to add staking and lending services. This would attract even more users. Clearly, lending exposes centralized platforms to counterparty risk, however, if done properly, it is an interesting solution for attracting even more liquidity.
SOCIAL CONTACTS
BYDFi (Twitter)
BYDFi English (Telegram)
BYDFI (Instagram)
Are you interested in ways to earn crypto bonus? Check it out here: Some Sites To Earn Crypto Bonus (Old & New)
