How to Trade Crypto on BYDFi: A Complete Guide
BYDFI is a versatile centralized cryptocurrency exchange that offers simplified and innovative trading solutions for traders worldwide. Formerly known as BitYard, BYDFI was launched in 2020 and provides traders of all experience levels access to different crypto products.
Headquartered in Singapore, BYDFI underwent a rebranding in January 2023 and adopted its new name, which is an acronym that stands for BUIDL Your Dream Finance. The platform is committed to helping traders boost their earning potential by trading crypto assets.
BYDFI supports more than 600 different cryptocurrencies, ranging from blue-chip coins like BTC and ETH to memecoins like DOGE and SHIB, as well as other popular altcoins. The platform also provides multiple trading products that appeal to different traders, including spot trading, derivatives trading, and more.
The exchange also offers advanced charting and trading capabilities, enabling traders to quickly analyze and execute trades and manage their crypto portfolios efficiently. BYDFI aims to simplify complicated crypto trading strategies and provide a unique user experience.
Quick Navigation
- How to register on BYDFI
- How to Deposit and Withdraw on BYDFI
- Trading Options on BYDFI
- BYDFI Trading Fees
- User Experience
- BYDFI Security
- Licensing and Regulation
- Customer Support
- How to trade on BYDFI – Closing Thoughts
- Frequently Asked Questions
This article will provide a detailed guide on how to use the BYDFI exchange.
Pros
- Multi-asset support, over 600 cryptocurrencies
- Diverse trading products
- Multiple deposit and withdrawal options
- Low trading fees
- Simple registration process
- BYDFI is a licensed and regulated crypto exchange.
Cons
- No crypto-staking services
- No NFT marketplace
How to Register on BYDFI
Getting started on the BYDFI platform is very easy, as the exchange offers a simple registration process. Here’s how to register:
- Step 1: Visit the official BYDFI website using any available browser
- Step 2: Click on the “Get Started” button at the top right corner of the homepage. After clicking on this button, you will be presented with the option of creating an account with either your email address or your mobile phone number.
Email Registration
- Step 3: Enter a valid email address. BYDFI requires users to confirm their email address before choosing an account password
- Step 4: Click on the “Send” button to request an email verification code.
- Step 5: Retrieve the code from your emails and enter it into the verification space provided.
- Step 6: Create a unique password with 6–16 characters consisting of lower and uppercase letters, numbers, and symbols.
- Step 7: Once you’re done, click on the “Get Started” button to complete your registration.
Mobile Registration
- Step 3: Select your country or region and enter your mobile number
- Step 4: Just like the email registration, click on “Send” to request a verification code.
- Step 5: Enter the SMS code sent to your phone
- Step 6: Set up your account password
- Step 7: Click on the “Get Started” button to complete your registration.
After this process is completed, you will be automatically logged into your BYDFI account. The platform offers new users a welcome bonus of up to 2,888 USDT. Users can claim these rewards by completing tasks on the platform.
How to Deposit and Withdraw on BYDFI
The deposit process on BYDFI is quite straightforward. Users can deposit more than 160 different cryptocurrencies on the platform. Here’s a step-by-step process on how to do it:
- Step 1: Select “Deposit” on the top right corner of the interface
- Step 2: Select the cryptocurrency to deposit
- Step 3: Choose the crypto network you want to use to process the transaction.
- Step 4: BYDFI automatically generates a crypto wallet address for the coin. Copy the address and complete the transaction. Ensure that you enter the right address and network, as any mistake can result in losing your assets.
Alternatively, the exchange allows users to buy crypto using fiat currencies. Users can purchase crypto on BYDFI using over 55 fiat currencies, including USD, GBP, EUR, JPY, and CAD.
The exchange also provides a variety of payment methods for crypto purchases, including credit/debit cards and third-party payment processors like Banxa, Coinify, Alchemy Pay, and more. Here’s a step-by-step guide on how to buy crypto using fiat:
- Step 1: Select “Deposit” on the top right corner of the website.
- Step 2: Click on “Buy Coin” and select the amount to spend, the fiat currency to pay, and the coin you want to buy.
- Step 3: Select the payment method that suits you to complete the transaction.
Withdrawal
BYDFI also offers a simple withdrawal process. Withdrawals on the platform can only be made in crypto. Here’s how to do it:
- Step 1: Go to the “Assets” page and select “Withdraw.”
- Step 2: Select the cryptocurrency to withdraw and the network to use.
- Step 3: Enter your wallet address, the amount to withdraw, and the fund password.
- Step 4: Click on “Withdraw” to complete the process.
The withdrawal limit may vary depending on whether you have completed the account verification and KYC process.
Trading Options on BYDFI
BYDFI offers users a diverse range of trading products that appeal to the needs of traders of different experience levels. Here’s a detailed breakdown of all the trading products available on the platform:
Spot Trading
BYDFi offers traders a wide range of cryptocurrencies to trade on. The platform’s spot market features more than 400 crypto pairs, including coins like BTC and ETH, SOL, DOT, and SHIB.
Users can leverage BYDFI’s extensive selection of cryptocurrencies on the spot market to trade multiple altcoins and generate lucrative returns.
Trading on BYDFI Spot Market
BYDFI allows users to choose between two spot trading interfaces, classic and advanced, based on their preferences and experiences. The classic interface has beginner-friendly features and basic charting tools, while the advanced interface offers more sophisticated trading tools for expert traders.
Users can place two types of orders on BYDFI’s spot trading platform: limit orders and market orders. Limit orders allow traders to open a position at a specified price. A spot-limit order is executed once the target price is reached.
A market order, however, allows traders to open a position immediately at the best available price on the order book.
Convert
BYDFI offers users a way to seamlessly convert their cryptocurrencies to another via its Convert and OTC Portal. This section of the platform allows traders to instantly swap their crypto holdings with a few clicks. Here’s how to do it:
- Step 1: Click on the drop-down menu at the top right corner of your homepage
- Step 2: Click on “Trade” and select “Convert.” You’ll be taken to the Convert and OTC Portal
- Step 3: Select the cryptocurrency to convert and enter the amount
- Step 4: Click the “Convert” button to immediately swap the cryptocurrency
Derivatives Trading
One of the most appealing features of the BYDFI platform is its derivative product offering. BYDFI simplifies the process of accessing and trading over 250 crypto assets with 200x leverage.
Derivatives contracts are tradeable financial instruments that derive their value from underlying crypto assets. They allow traders to speculate on the price movements of cryptocurrencies without actually owning them.
BYDFI offers traders access to two derivatives products: perpetual futures contracts and leveraged tokens.
- Perpetual Futures Contracts
Perpetual futures contracts are derivative products that allow traders to speculate on the future price of a crypto asset without an expiration date. Unlike the regular futures contract, which has a fixed expiration date that traders need to worry about, perpetual futures contracts can be held indefinitely.
BYDFi offers two perpetual contracts, USDT-M and COIN-M. The USDT-margin futures, or USDT-M contract, is the most popular derivative product on BYDFi. It is a perpetual contract that is settled in the stablecoin, USDT. Thus, traders can easily calculate their returns in USDT.
The exchange offers more than 160 USDT-M futures trading pairs, consisting of popular coins like BTC, ETH, BCH, DOGE, XRP, and more.
The COIN-margin (COIN-M) futures contract is a perpetual contract that is denominated in USD and settled in the underlying cryptocurrency. Thus, a coin-margined BTC/USD futures contract will yield returns in BTC.
BYDFI offers access to only five COIN-M trading pairs, consisting of some of the most popular cryptocurrencies like BTC, ETH, DOGE, XRP, and DOT.
Adjusting Leverage and Margin
BYDFI provides traders with different tools, including leverage and margin bars, to make their trading experience more seamless. Users can adjust their leverage based on their risk appetite.
Traders can access up to 200x leverage on USDT-M trading pairs and up to 100x on COIN-M trading pairs. The platform warns against trading with high leverage, as it increases the chances of liquidation.
By default, the leverage on USDT-M contracts is set to 10x and 50x for COIN-M contracts. However, BYDFI allows users to manually adjust their leverage by moving the indicator or clicking the [+] or [-] icon.
Users can also select the type of margin mode they want to use simultaneously. Like most exchanges, BYDFI supports two types of margin modes: isolated margin and cross margin.
An isolated margin is a type of margin that is restricted to a single position and cannot be shared across different positions. In isolated margin mode, only a specific portion of your assets is at risk for a single trade. Thus, in the event of a liquidation, your remaining portfolio will not be affected.
Cross margin, on the other hand, shares the same amount of margin across multiple positions. In the event of liquidation, the entire portfolio will be affected.
Cross margin is the default margin type set for both USDT-M and COIN-M contracts on BYDFI. However, traders can manually change the margin depending on their strategy. After adjusting the leverage and margin, click “Confirm” to effect the changes.
- Leveraged Tokens
Leveraged tokens are another derivative product available on the BYDFI platform. This derivative product allows traders to trade the price fluctuations of several cryptocurrencies with leverage without putting up any collateral.
Leveraged tokens multiply the percentage price movement of the underlying asset. For example, a 3x long leveraged token for BTC will yield two times the percentage change in BTC’s price movement.
Thus, if the price of BTC increases by 20%, the 3x long leveraged token will increase by 60%. However, if the price of BTC falls by 20%, the 3x long leveraged token will decrease by 60%.
Traders often use leveraged tokens to multiply their profits from token price movements and to hedge against market volatility. Leveraged tokens can be used for both long and short positions.
BYDFI offers traders access to 3x Long and 3x Short leveraged tokens on more than 30 cryptocurrencies, including BTC, ETH, SOL, SHIB, and more. Leveraged tokens are safer derivatives products for newcomers, especially as they do not need to worry about liquidation risks since there are no collateral deposits.
Nevertheless, like other derivatives products, leveraged tokens also have risks associated with them. BYDFI warns users of the risks involved in trading these tokens.
Demo Trading
Demo trading, also known as paper trading, is a powerful feature that allows traders to participate in simulated trading activities without using real funds. Demo trading enables traders to explore the intricacies of the crypto market, test new trading strategies, and gain practical experience in a controlled environment using demo funds.
BYDFI offers traders a fully funded demo account, where they can build needed expertise without the financial risks associated with live trading. Users receive 50,000 SUSDT demo funds and can execute trades using this capital.
The BYDFI demo page mimics the live trading charts. Traders can increase their leverage up to 200x. However, since the money is not real, users cannot withdraw their funds even if they make massive profits trading on the demo.
Trading Bots
BYDFi allows users to automate their trades via its Grid trading bot. The robot helps traders place buy and sell orders within a specified range without constantly monitoring the trades in real-time.
Users can choose to either implement the predefined AI Grid bot or customize their own to suit their specific needs.
Copy Trading
BYDFI plans to launch a copy trading feature in July to support less experienced traders. Copy trading allows novice traders to automatically copy the trades and strategies of successful traders without analyzing the market themselves.
Copy trading helps new traders boost their trading performance without requiring extensive knowledge of the crypto market. On the other hand, the traders who are copied can earn a commission from the replicated trades.
BYDFI’s copy trading marketplace will allow users to explore and copy the trading strategies of successful traders on different exchanges. BYDFI users can copy these trades for free.
BYDFI Trading Fees
BYDFI implements a fair and transparent fee structure, with fees varying based on the specific transaction conducted. The platform offers a detailed breakdown of all the trading fees, allowing traders to easily calculate their fees.
- Deposit and Withdrawal
BYDFi does not charge fees on crypto deposits. The withdrawal fees are determined by the blockchain network used for the withdrawal and can change at any time due to factors like network congestion.
- Spot Trading
The exchange charges a maker-and-taker fee that ranges from 0.1% to 0.3% of the transaction amount.
- Conversion
When using the Convert and OTC Portal, traders are charged a transaction fee ranging between 0.1% and 0.15%.
- Perpetual Contracts Trading
BYDFI charges 0.02% maker fees and 0.06% taker fees on all perpetual futures contracts.
- Leveraged Tokens
The transaction fee for leveraged tokens is charged separately for buying or selling USDT, and the rate is 0.2%.
User Experience
BYDFI has a user-friendly interface with well-organized icons that allow users to quickly find whatever they are looking for. The intuitive design makes it ideal for both newbies and expert traders.
The two different spot trading interfaces, classic and advanced, allow traders of different experience levels to use the platform. BYDFI also supports over 15 languages, including English, French, Portuguese, Tagalog, Japanese, and more, making it accessible to a wider audience.
BYDFI Security
BYDFI is committed to providing users with the highest level of security and protecting their crypto assets and sensitive information from being exploited by cybercriminals. The exchange employs rigorous security measures across its platform.
The exchange implements some of the best encryption methods available in the industry, including an encrypted SSL protocol to secure website traffic and process sensitive data. It also uses a two-step verification process to ensure that no third party can access users’ accounts.
To ensure all user funds are safe from exploitation, BYDFI stores all cryptocurrencies on the platform offline using cold storage wallets. It also uses multi-signature technology for deposits and withdrawals to add an extra layer of security.
Licensing and Registration
BYDFI seeks to enhance the credibility of its platform. Hence, the exchange has sought regulatory approval from different prominent regulatory bodies.
Currently, the exchange holds a Money Services Business (MSB) license in North America. BYDFI is registered with the US FinCEN and Canada FINTRAC. This regulatory compliance enhances the platform’s credibility and trustworthiness.
Customer Support
BYDFi offers users a robust customer support system dedicated to assisting them as they navigate the platform. The exchange has a 24/7 interactive chatbot located at the bottom-right corner of the website. This highly responsive, multilingual chatbot provides users with quick responses to their questions and complaints.
While the exchange does not have a mobile number for direct contact, users can reach the support team via their email address, cs@bydfi.com. BYDFI also has a comprehensive Help Center, which contains numerous learning materials and a FAQ section with detailed answers to common questions users might have.
BYDFI also has an active community across social media and instant messaging platforms where users can receive the latest information. Users can engage with the BYDFI community on X, Facebook, Reddit, Discord, YouTube, Telegram, and Instagram.
How to Trade on BYDFI – Closing Thoughts
Since its launch, BYDFI has attracted millions of users to its trading platform with unique product offerings and an intuitive interface. The exchange offers features that are tailored to suit the needs of traders with different skill levels, from beginner to expert.
BYDFI’s commitment to providing top-notch security safeguards, customer service, and simplified trading products makes it a go-to for traders. The exchange’s competitive fee structure also appeals to users. As the crypto market continues to grow, BYDFI remains poised to evolve and fit into the industry’s dynamic nature.
Frequently Asked Questions (F.A.Q.)
Here are a few frequently asked questions about trading on BYDFI:
Does BYDFI require KYC verification?
BYDFI does not require Know Your Customer (KYC) verification to create an account. However, users must complete the KYC verification to remove all limits from their accounts.
Additionally, although the KYC verification on the exchange is not mandatory, BYDFI urges users to complete the process to enhance their security.
Does BYDFI have a mobile app?
Yes, BYDFI has a mobile app compatible with Android and iOS devices. The app offers the same features available on the web version, allowing users to monitor their trades anytime, anywhere.
How long do deposits and withdrawals take?
Crypto deposits on BYDFI are processed almost instantly. Fiat purchases, however, take longer to be processed.
Since withdrawals are made in crypto, they can take anywhere from a few seconds to an hour to process.
