BYDFi: Review of the Cryptocurrency Exchange Surpassing Binance in Volume

BYDFi, formerly known as BitYard, is one of the rapidly growing cryptocurrency exchanges, offering a wide range of trading tools and features for traders of all experience levels. This article provides a detailed review of BYDFi, including fees, trading options, deposits and withdrawals, and a step-by-step guide on how to trade on this platform.

What is BYDFi

BYDFi is a cryptocurrency exchange offering a wide range of trading options, including spot trading, derivatives, leveraged trading, copy trading, and staking. The platform is known for its competitive fees, user-friendly interface, and robust security measures.

BYDFi Fees

Fees on BYDFi are competitive and transparent. The fee structure includes fees for spot trading, derivatives, and other specific services.

Spot Trading Fees

• Maker fees: 0.10%
• Taker fees: 0.20%

Derivatives Fees

• USDT-M Perpetual: 0.05% for maker, 0.06% for taker
• COIN-M Perpetual: 0.05% for maker, 0.06% for taker

Other Fees

• Deposit fees: None
• Withdrawal fees: Varies by cryptocurrency, e.g., 0.0005 BTC for BTC withdrawal.

Trading Options

BYDFi offers various trading options including:

Spot Trading

Spot trading allows users to buy and sell various cryptocurrencies directly on the market. BYDFi supports over 400 cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and many other altcoins. Spot trading is ideal for traders who want to own actual cryptocurrencies and hold them in their wallets.

Derivatives

BYDFi offers derivatives trading, including USDT-M and COIN-M perpetual contracts. These products allow traders to speculate on cryptocurrency price movements without owning the underlying asset. Derivatives trading is suitable for experienced traders who want to leverage and hedge risks.

USDT-M Perpetual Contracts

USDT-M perpetual contracts are denominated in USDT and allow traders to speculate on cryptocurrency price movements using leverage. These contracts do not have an expiration date, allowing traders to hold their positions indefinitely.

COIN-M Perpetual Contracts COIN-M perpetual contracts are denominated in cryptocurrencies like BTC or ETH. Like USDT-M perpetual contracts, these allow traders to speculate on cryptocurrency price movements using leverage and do not have an expiration date.

Leveraged Trading

Leveraged trading allows users to trade with larger volumes than they have available. Leverage can significantly increase potential profits but also risks. BYDFi offers different leverage levels depending on the market type and specific cryptocurrency, up to 1:200 on BTC/USDT and ETH/USDT.

Trading Bots

BYDFi also offers the use of trading bots, which can automate trading strategies according to pre-set parameters. This is ideal for traders who want to optimize their trading without constantly monitoring the markets.

Deposit and Withdrawal Options

BYDFi supports various deposit and withdrawal methods to make the platform accessible to users worldwide.

Deposits

• Cryptocurrency Deposits: BYDFi supports deposits in a wide range of cryptocurrencies. Users can easily transfer their cryptocurrencies to the platform using a unique deposit address.
• Fiat Deposits: Users can make fiat deposits using credit cards or bank transfers. This method is ideal for new users who do not yet own any cryptocurrencies.

Withdrawals

Withdrawals on BYDFi are fast and efficient, but fees vary by cryptocurrency. Withdrawals are typically processed within a few hours, ensuring quick access to funds.

Demo Account

For new users who want to try trading without risk, BYDFi offers a demo account. This account allows trading with virtual funds, providing experience with the platform and trading strategies without the risk of losing real money.

BYDFi Step-by-Step Trading Guide

• Registration
  • Visit BYDFi and click “Create Account.”
  • Fill in your details, including email and password.
  • Confirm your registration by clicking the verification link sent to your email.

• Deposit Funds
  • Log in to your account.
  • Go to “Wallet” and select “Deposit.”
  • Choose the cryptocurrency you want to deposit and copy the deposit address.
  • Send the cryptocurrency to the provided address.
• Select Market
  • You can choose between spot trading or derivatives trading.
• Create Order
  • Choose the order type (Market, Limit, or Stop Order).
  • Enter the amount and price (for Limit orders).
  • Confirm the order by clicking “Buy” or “Sell.”

• Monitor Trades
  • Monitor your open positions in the “Orders” section.
  • You can also set price alerts to monitor market movements.
• Withdraw Funds
  • Go to “Wallet” and select “Withdraw.”
  • Choose the cryptocurrency and enter the withdrawal address.
  • Confirm the withdrawal and wait for it to be processed.

Security

BYDFi places great emphasis on the security of its users. The platform is regulated and licensed in several jurisdictions, providing users with confidence that their funds are secure. It also uses advanced security technologies such as two-factor authentication (2FA), encryption, and regular security audits.

User-Friendliness

The platform is designed to be user-friendly for traders of all experience levels. The website and mobile app are intuitive and easy to navigate, enabling quick and efficient trading. BYDFi also offers a wide range of educational materials to help users better understand the markets and optimize their trading strategies.

Customer Support

BYDFi provides 24/7 customer support through various channels, including live chat, email, and social media. Users can also access an extensive FAQ database and support articles covering a wide range of topics.

Mobile App

BYDFi offers a fully functional mobile app available for iOS and Android. The app allows users to trade on the go, monitor real-time markets, and manage their accounts from anywhere. The mobile app is intuitive and offers all the features available on the web platform.

Mystery Boxes and Bonuses

One of the attractive aspects of BYDFi is its mystery boxes and various bonuses. Users can earn mystery boxes containing different rewards such as tokens or fee discounts. This feature adds an element of fun and surprise to trading on the platform.

KYC (Know Your Customer)

BYDFi places a strong emphasis on KYC (Know Your Customer) compliance. This process ensures that the platform knows the identity of its users, helping to prevent fraud and ensure security. The KYC process is simple and quick, allowing users to start trading promptly.

BYDFi Review: Conclusion

BYDFi is a comprehensive cryptocurrency trading platform offering a wide range of trading tools and features. It is suitable for both beginners and experienced traders due to its user-friendly interface, competitive fees, and diverse trading options. The security measures and easy deposits and withdrawals ensure that users can trade with peace of mind. If you are looking for a reliable and efficient crypto exchange, BYDFi, which can surpass Binance in volume, is definitely an option to consider.