An innovative Crypto Exchange - Why you should try BYDFi?

By jadams2k18 | jadam2k18 | 20 Apr 2023

Let's talk about BYDFi, first of all, I must say that I am not an expert in finance and this is not financial advice, however, one of the best things that strikes me about this platform is that it is an exchange that works in the United States and Canada. Yes, as you just read, we already have the opportunity to receive crypto transfers from the USA for legal, among other things.

This is great news, as most exchange platforms do not meet the rigorous standards to operate in the USA.

In summary, we are going to take a look at the advantages of using BYDFi as an exchange platform.

BYDFi is a cryptocurrency derivatives exchange platform that offers a wide variety of features, such as trading spot (SPOT), derivatives, and perpetuals with up to 150x leverage, copy trading, demo trading, and a user-friendly and easy-to-use interface. It handles more than 400+ crypto assets and 600+ trading pairs.

BYDFi is highly regulated and compliant (as mentioned above), with licenses to operate as an MSB (Money Services Business) in North America and Canada. It also offers an affiliate program along with a welcome bonus. Its trading platform is not only available to US residents but also allows users to purchase crypto assets with credit/debit cards, bank transfers, crypto-friendly payment systems, and Google Pay/Apple Pay accounts.

However, you have to comply with the KYC process, it is obvious that you have to comply with it, it is for sure one of the regulations it sets in order to operate in the USA. Many people hate this process; for those who don't know it, KYC (Know Your Customer) is a process where you must identify yourself with your passport or ID id, so you give up your anonymity. I don't know why some people are reluctant to follow this process, it is important to maintain transparency and anonymity but when we talk about money, it is fundamental to avoid frauds and illegalities. We all know that many money laundering transactions and other shady activities are done through the world of cryptocurrencies (I know, there is no hard proof of this, but rumors run through the internet like ants to sugar) so this process is necessary.

And as they state on their platform:

"Identity Verification (KYC) is designed to keep your account safe from the dangers of fraud, corruption, money laundering, terrorist financing, and more. After completing KYC, you can use the complete BYDFi function and have a higher transfer and withdrawal quota."

If you want to know more about how to complete this process you can visit the following link:

https://support.bydfi.com/hc/en-us/articles/5698531620367-How-to-Complete-KYC-Verification-PC-

BYDFi was originally launched in April 2020 under its former BitYard brand. It then rebranded in January 2023 to BYDFi, under the premise "BUIDL Your Dream Finance"; ensuring a way to have the possibilities to invest and build a financial future.

"BUIDL" is an intentional misspelling of the word "build"; as I understand it is a way to draw attention to crypto asset and crypto sphere lovers in favor of blockchain technology, in short as the word HODL. Those who already have time in this crypto world know what I mean.

Before we dive into the highlights of BYDFi, it is important to recognize the following:

BYDFi Celebrate 3rd Anniversary: 2023/4/1. Happy anniversary BYDFi!!!

Since its official launch on April 1, 2020, BYDFi has been dedicated to providing user-friendly trading services to users around the world.

And to celebrate its third anniversary, BYDFi will launch a series of events during the month of April to reward its loyal members:

Premium Trader Event, 40,000 USDT prize pool!
Video Competition: Celebrate BYDFi's 3rd Birthday (Win up to 1000 USDT)
Join our community to complete tasks and get a chance to win $3000 USDT Trial Funds!
BYDFi Writing Competition (Win up to 1000 USDT)

If you want to know more about these events visit the following link:

https://support.bydfi.com/hc/en-us/articles/6643983192847--BYDFi-Celebrate-3rd-Anniversary-2023-4-1-

BYDFi exchange highlights

Now it's time to get down to business. Let's get down to the nitty-gritty, the reasons why BYDFi has increased its popularity as an exchange platform.

Spot trading

BYDFi manages more than 400 crypto assets and more than 600 trading pairs, classified in both spot and derivative markets, which allows you to trade your cryptos without having to go elsewhere.

If you already have experience in exchange platforms, you surely already know this fundamental aspect of any exchange. In short, this section allows users to buy or sell cryptocurrencies using market or limit orders.

As you can see in the image, BYDFi allows three ways for users to make their spot tradings:

Direct conversions: this option allows you to trade your cryptos with a single click. It's great if you're in a hurry and don't want to deal with complicated charts and a list of red and green numbers.

Classic spot market: the classic trader's option, with charting tools to watch market trends, orders, and pairs. Normally, I like to use this form to better understand market behavior before making my trades.

Advanced spot market: This option as its name suggests is for advanced traders a more optimized tool to measure trends and go crazy with the ups and downs of the market. I am not ready for this kind of tools yet. With the previous two, I have enough for me.

Perpetual trading

I am not an expert trader, however, I will try to explain a little about this. They are called perpetual futures, which are nothing more than contracts for an asset or assets between a buyer or buyers and a seller or sellers which will be settled at an undetermined future date according to the interests or conditions established by themselves. These contracts are traded on open markets and are traded on the basis of their future prices.

In this section, BYDFi offers four types of derivatives based on crypto assets:

Lite contracts: if you want to enter the world of futures and not die trying, this section is for you; it is a section for beginners that allows you to learn how to trade derivatives and futures through a trading demo or paper trading, which I will delve into later.

USDT-M contracts: these are futures contracts established in USDT, a widely recognized stable currency.

COIN-M contracts: these are futures contracts based on specific cryptos such as BTC-M, or ETH-M that settle in Bitcoin and Ethereum, respectively;

Leveraged tokens: these are contracts with leveraged positions in a specific asset. This section is for expert traders and although they have a lot of profit they are highly risky, that's why you should be experienced when dealing with this type of contract. BYDFi handles BTC3L/USDT or BTC3S/USDT pairs which are contracts that represent 3x level positions in Bitcoin against USDT for long and short positions, respectively.

Copy trading

This is one of the coolest options of the platform and obviously the most popular today in the crypto-sphere. As the name suggests, this option allows beginners to copy the trading strategies of experts and thus make profitable trades from the very beginning.

Copy trading not only benefits beginners but also benefits experts, as they receive between 8% and 10% commission for sharing their strategies. On the other hand, novices not only benefit financially but also learn while earning.

Paper trading

As I mentioned before, this is the demo option that allows you to practice trading futures without risking your capital. BYDFi credits you with 100,000 USDT to test your strategies in the market (Isn't it great?). This way you can learn without having to lose your money. Obviously, this money cannot be withdrawn, it is simply a balance to buy and sell and experiment with your own or copied strategies.

You can activate this option in the Derivatives menu, in Lite Contracts, and when you open the page, look for the [Assets] tab and click on the [Live] button and select the [Demo] option.

If you run out of money, which is most likely at the beginning, you should close your open positions and then click on the [Add funds] button to fill your demo wallet again. Happy trading!

Buying and Selling Cryptoassets

Unfortunately, BYDFi does not support buying or selling cryptocurrencies (so far), but it does allow deposits and withdrawals of the cryptocurrencies it supports. BUT (thank heavens there is always a but), BYDFi has Coinify, Transak, Banxa, Mercuryo, and PaxFul (strategic partners) as fiat gateways, allowing users to buy and sell cryptocurrencies.

On the other hand, it is important to know the following, as they state in their FAQ:

Most of these gateways charge transaction fees for buying cryptocurrencies. Please refer to the official website of the respective service provider for the actual commission.
BYDFi will not charge users any transaction fees through fiat gateways.
The prices indicated on BYDFi are from prices provided by third-party service providers, and are for guidance only. They may differ from the final quote due to market movements or rounding errors. For accurate quotes, please refer to the official website of the respective service providers.
Cryptocurrency is usually deposited into your BYDFi account within 2 to 10 minutes after purchase. However, it may take longer, depending on the state of the blockchain network and the service level of the respective service provider. For new users, it may take up to a day.

Is BYDFi really safe?

The question we all ask ourselves. Obviously, in this world, nothing is safe; however, the BYDFi platform complies with many aspects that offer security, and before mentioning them it is important to recognize the following:

BYDFi was awarded as One of the Top Ten Recommended Exchanges by Forbes in 2023 (2023/3/28)

If you want to know more, visit the following link

https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/

As we can see, BYDFi strives to provide excellent trading service, so it is worth noting the following:

"BYDFi is committed to implementing rigorous, precise, and comprehensive security standards, ensuring that the industry's most stringent security measures and tools are used to prevent any accidental events and threats to customer assets at multiple levels, including trading systems, network transmission, customer accounts, fund custody, insurance, and auditing. The platform conducts regular stress tests and security audits to ensure compliance with the strictest security standards, providing global clients with the industry's top security protection."

Let's take a look at the main security features BYDFi offers to keep our money safe inside its platform

Account Security

BYDFi uses two-step verification provided by Google Authenticator, to get users into the system. This is much more secure than traditional password verification and even SMS verification.

Wallet Security

BYDFi employs deep cold storage offline wallets to store users' assets. And in the most extreme case, where a hacker manages to break into the database or web server, they will not be able to steal the funds as there is no private key on the cloud servers.

Engine Security

BYDFi has an advanced traiding engine that allows you to perform 1 million trades per second, achieving unprecedented speed and reliability. This engine has the highest standard in the online asset trading industry. This engine is used by leading financial institutions in their high-frequency trading programs. This ensures efficient and stable trading.

System Security

BYDFi uses Amazon Web Services (AWS), a world-class security service with a reputation for physical security and internal control. This system not only encrypts and protects website traffic but also uses hardware checks for high-level access to provide a highly secure service. However, the BYDFi team performs periodic tests and checks to determine any vulnerabilities in the system.

You can read more about this at

https://support.bydfi.com/hc/en-us/articles/5754493048207-Security-of-BYDFi

BYDFi Fees

Usually, other things we want to know are the fees charged by the platform. Well, BYDFi offers competitive trading rates, with a fee structure that is transparent and easy to understand. To compete in the global exchange market, the fees make it a strong option for traders and investors. Let’s see them:

Trading fees

Spot trading: the fee varies between 0.1% and 0.3% for both makers and takers.
Convert: the fee ranges between 0.1%–0.15%;
Lite Contracts: fees range from 0.075% to 0.05%;
Perpetual Contracts (USDT-M & COIN-M): Taker 0.06% ; Maker 0.02%
Leveraged Tokens: the transaction fee rate is 0.2%

Deposit & Withdrawal Fees

You can learn more about these fees directly from their support page at:

https://support.bydfi.com/hc/en-us/articles/6467936836751-Deposit-Withdrawal-Fees

My Referral Link

This is my BYDFi referral link:

https://www.bydfi.com/en-US/account/register?ru=PeCxXp

If you want to create an account in BYDFi I would appreciate it very much if you use my referral link.

BTW, I did complete KYC on BYDFi

If you want to know where to find this link you can get it at:

https://affiliate.bydfi.com/#/user/mine

Final thoughts

BYDFi is a relatively new exchange in the global cryptocurrency market, but it has several features and advantages that differentiate it from other exchanges. As we have already seen, BYDFi is a very robust exchange and trading platform that not only provides what any other exchange does, such as spot trading, derivatives, and futures but also offers two advantageous options such as copy trading and demo trading that allow not only to get better dividends but also to learn in the process of trading crypto assets. So, I think we should definitely try BYDFi.

Exchange Cryptocurrency Exchanges BYDFi BYDFi Exchange (BitYard) BYDFiii

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jadams2k18

I'm a system engineer. I like to program and write about crypto and sci-fi stories.

jadam2k18

I suppose cryptos have come to be part of our economy and means of sustenance. Especially for me. This is a new style of living. So, I create this blog to continue improving my writing skills and earning during my journey