Greetings Publish0x community! It’s the last day to join the latest Publish0x contest #BYDFiii Writing Contest and Giveaway - 1,000 USDT Prize Pool and I’m here to compete with other entries. In this article, I want to tell you how BYDFi exchange helps you to promote affiliate marketing strategies, and compare what has changed & improved in over 2 years from the first competition. Lastly, I'll remind my 5 expectations from BYDFi, formerly Bityard exchange, which I already wrote down in my article in December 2020. If you weren't a P0x bro back in 2020, please check my article here.
Why BYDFi, Not Bityard?
Bityard was an exchange that lets you trade through contracts. Contract trading means that you don't have to hold the underlying asset in your pocket to trade it. For example, Natural Gas was a contract type that you can trade through contracts on Bityard. But it's obvious that you don't have to store it while the trade is going on. Of course, it's not limited to contract trading but the main focus is to trade on contracts, back in that time. And the slogan was: ''Complex Contracts Simple Trade''.
Within the 2-year period of time, crypto traders faced tons of challenges within the space. Some of them were DeFi hype, not even concluded long bear markets, many more scams, and so on. During such a period, the team behind Bityard made a simple decision to change the exchange name & slogan to make them great again! By doing so, the team expressed their commitment to changing minds from traditional markets to emerging ones. BYDFi is not a simple crypto exchange, it lets you form a trading basement in which both sides are profitable. On one hand, the trader forms his/her trading basis to get a better trading experience, wider options, and a new choice of Lite trading. On the other hand, the exchange widens its customers through affiliate marketing options which are again profitable for both sides.
It was exciting for me to trade, and still is, traditional asset classes with my crypto assets. For example, shorting the US dollar through EURUSD or GBPUSD pairs was a good option to take after certain FED announcements. As far as I see, it's not available to trade on BYDFi anymore. Adding more crypto pairs, and more spot and derivatives trading tools are good but keeping the hardly found traditional assets is also important. Never mind, maybe it will come back later and be better!
Another difference in the trade section of BYDFi is the 'Convert' feature in addition to 'Leveraged Tokens'. The Convert feature is the easiest way to trade any kind of tradeable material in any market. It works by market order and results in seconds. It may be better action to take if you're a beginner or wish to learn more before heading into much more complex paths of trading. On the other hand, I don't have good memories of Leveraged Tokens on different crypto exchanges. Leveraged Tokens make money for you while the trading range is not over-expanded. For example, in BYDFi the token leverages are limited to 3. It means that until the daily trading range reaches 30% up or down, it's still profitable for traders who seek the right way. But over-expansion of the range may result in trading suspension, and even delisting the tokens. So, please DYOR before investing!
How to Improve Affiliate Stats on BYDFi? What is New for Referrers & Referreds?
Before diving deep into affiliate marketing, I want to note that the 'Welcome Bonus' for newbies on Bityard was $258 in December 2020. The upper limit is capped at $2888, meaning more than a 1000% increase. The upper limit can be tagged via either coupons or trading bonuses. And the most valuable feedback about the exchange can be rewarded with up to a $5000 bonus. Now again, it's profitable for both sides. Don't forget to register BYDFi using my referral link to unlock all the features of a multi-layered commission system.
The referral system on many exchanges relies on someone to come and bring many more with him/her. And it's limited to 'make them trade to earn'. It's quite different in BYDFi. The multi-layered commission system still relies on trading and creating trading fees but you can receive a portion of the commission from your referral's referral's referral's referral... BYDFi team substitutes referrals into referrals (1st layer), direct advocates (2nd layer), and indirect advocates (remaining layers). So, you can receive some USD from anywhere on your trading basis in this sustainable structure.
I've seen that the trading fees for all the active trading pairs were 0.05% when I checked my previous article. If we control the active trading fees, it's ranging from 0.02% for maker trades of the perpetual contract sections to 0.3% for some spot trading pairs indicated on the relevant page. Please don't feel upset because trading fees are still competitive with the challengers and it lets you get more commission back through the referral system.
Until now, I want to introduce you to what's new and what's history for BYDFi. Now, it's time to check the 5 expectations of 'insidetrader' in 2020.
My 5 Expectations From BYDFi & What're the Results?
Here is the list from 2020;
1. When there is a lower number of crypto tokens to trade, it's acceptable for some time that the exchange pair count is not even 100. Now, there are 30 trading pairs just listed on the front page of the exchange. So, the BYDFi team reached 1/1!
2. Under the spot trading section, there are many pairs listed under the brand of GameFi, Layer2, Meme, Storage, and many more. Even Polkadot has 12 different pairs compared with the past. It looks like BYDFi has not missed the DeFi hype! The score is 2/2, then.
3. As a Turkish crypto trader, I faced lots of exchanges has added Turkish language support to their platform in 2+ years. Bityard had only 9 supported languages at that time which don't have Turkish in them. When we consider the base is located in Singapore, it's quite understandable to focus more on Asian ones. But over time, language options are increased and Turkish is included, too. 3/3, great work team until now!
4. Looks like we don't have $BYD anymore. And if you look for an announcement about a $BYD delist, there is no result listed on the announcements page. Please don't trust, verify in the announcement section, here. The score is 3/4 now.
5. As a trader who wants to trade on traditional assets more during the bear market periods, I expect to see Gold and/or Crude Oil contracts on exchanges. Today, there is a limited number of exchanges that lets you trade over traditional markets which have lower ranges and more predictability. In the end, the overall result is 3/5!
Not perfect but good result for me! I'm confused when I didn't see the $BYD token anymore. Maybe, I should follow the announcements more often. Probably for the first time in the history of writing contests in P0x, there is an opportunity for writers to get a regular job on a crypto exchange. That's how people get their financial independence. Thanks for the opportunity!
*This article is created to spread awareness of BYDFi and its features by utilizing my own experiences. None of the words above contain any kind of investment advice! Please DYOR (Do Your Research) before investing.
**If you are interested in writing articles about ANYTHING on Publish0x, you can follow this link.
