Cryptocurrencies have taken off in a way that not many people expected. The market is currently worth over $2 trillion, and users are rushing in to get a piece of the action.
This is largely thanks to the adoption that cryptocurrencies saw in 2021 – in terms of both retail and institutions. We saw many different trends come and go and retail investors undoubtedly participated in some of them – such as the Shiba Inu mania, for example. Institutions, on the other hand, clearly jumped on board, even though some believe that they’ve just dipped their toes so far.
In any case, it’s undeniable that cryptocurrency trading has also surged in popularity, as evident by the surging overall trading volumes.
With this said, the demand for regulated exchanges has also grown as regulators across the world have issued stark warnings and have even taken action against some of the bigger names in the industry.
BYDFi is a licensed cryptocurrency exchange that has recently updated its overall user interface and provides a wide range of trading options that suit both novice users and experienced professionals.
The BYDFi Spot Market
BYDFi is a cryptocurrency exchange that allows a range of various trading options suited for experienced traders and beginners as well.
Right off the bat, it comes with a comprehensive spot exchange that’s easy to use thanks to its straightforward interface, similar to that of other well-known exchanges. This is what it looks like:
On the left side, the users can find all the available cryptocurrency trading pairs, which are hundreds and include the most popular coins. In the middle, there’s a chart provided by TradingView, and the orders are right below it. On the right side, there’s the order book.
In addition to that, BYDFi offers a range of derivatives products such as lite futures, inverse contracts, and perpetual contracts.
Copying Different Traders
Another cool feature is that users are able to follow other traders in a process called “copy trading.” This is most suited for those who have little to no experience and are willing to follow someone else’s strategy.
Users can select different traders after researching their previous performance and follow them to automatically sync their own trading behavior and potential profits and losses.
The system is streamlined to an extent where all of this happens in a click. This does come with a few advantages, such as it’s a more hands-off approach to trading, and it can be beneficial for those who don’t have a lot of experience. Of course, if the trader that’s being copied starts losing, then so will the follower.
All in all, BYDFi can be characterized as a one-stop trading platform that combines a range of different features, catering to both novice traders and experienced professionals.
Another thing to consider is the fiat gateway through BYDFi’s partnership with Banxa. Users are able to buy cryptocurrencies directly using their Visa or MasterCard. This is convenient as it allows traders to access funds without having to deposit them somewhere else and send them to BYDFi subsequently.
BYDFi and Its Regulatory Licenses
Another thing that’s worth considering in the current environment is the fact that BYDFi has managed to obtain a few regulatory licenses in different jurisdictions.
For example, it has managed to receive the MSB Cryptocurrency Trading License from the Financial Crimes Enforcement Agency (FinCEN). MSB stands for Money Services Business and is regulated by FinCEN, where the main objective is to provide proper supervision and licensing of companies that operate in the money services industry.
The exchange is also doing work towards catering to its customers, as evident by the most recent revamp of their website, as well as the addition of many features.