BYDFI Review – Best Crypto Exchange

BYDFI has been in the crypto industry for many years now. Let us look through the products and features it offers through this BYDFI review and learn about the new developments it has undergone since then!  

Summary​

• BYDFI hosts an extensive range of crypto trading pairs.
• Currently, it offers spot trading, CFD trading, and copy trading.
• The BYDFI exchange has partnered with several prominent companies such as Paxful and Banxa to give more trading options to its users. 
• Many high-profile authorities regulate it in Singapore, USA, and Estonia.
• Users can charge 40% of the trading fee after becoming an affiliate from their referrals.
• For spot commission, affiliates can charge 30% of the trading fee. 

What is BYDFI​?

BYDFI​ exchange has been up and running since 2014. It boasts many features and products that have been elaborated on in the article below. The platform is based in Singapore and has over 500,000 users. 

Also, BYDFI trading supports a wide range of popular coins such as Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), and so on. 

GET 10% OFF YOUR TRADING FEES ON BYDFI BYDFI Review: One-Stop Trading Platform​

BYDFI is a popular crypto derivatives trading platform that provides access to the global crypto market through spot trading, copy trading, and CFDs. In the past years, it has constantly evolved to simplify the trading process and present a one-stop trading front for its users.  

Further, the easiest and most efficient way to access real-world market prices of assets for smart contracts is through the Chainlink Price Feeds. BYDFI has incorporated more than 80 price feeds to induce stability in the pricing system and upgrade exchange rate accuracy. 

One-Stop Trading Platform​ 1. Spot Market​

Traders can select spot trading and browse the numerous crypto trading pairs directly. Furthermore, the platform offers limit and market orders, which come under spot trading. 

Let’s assume that a user has selected a BTC/USDT trading pair from the list:

• First, they have to choose either limit or market order.
• Second, the user must enter the amount they want in case of a limit order.
• Next, they must specify the amount of BTC they wish to sell or purchase. The amount can be entered either in figures or in percentages.
• Finally, they have to confirm whether to buy or sell BTC to execute the order. 

BYDFI supports a wide range of crypto-USDT pairings displayed on the spot trading page. 

GET 10% OFF YOUR TRADING FEES ON BYDFI BYDFI Review: Spot Market​ 2. CFDs Trading​

CFD trading allows a user to trade on a commodity’s falling and rising prices or an asset like crypto. Profit and loss are calculated by multiplying the difference between the opening and closing prices of the user’s position with the total position size. Also, CFDs are traded directly with the broker, resulting in higher liquidity.

First, a user has to select a crypto pair to trade. Second, enter the leveraged amount according to the limits of the crypto pair chosen. Then, enter the amount in a limit order and select ‘buy’. Users can also select the overnight option to hold the position overnight and set profit and stop-loss orders. 

Finally, when the trade is confirmed, users can observe the positions in the live positions section of the page. 

CFDs Trading​ 3. Copy Trade​

BYDFI offers a one-click copy trading option, probably the most exciting feature on this platform. The feature allows novice traders to copy more experienced traders and maximize profits. In addition, beginners can watch, learn, and gain experience by following successful traders. 

BYDFI provides access to excellent leverage and margin options to their users. However, traders should handle this option carefully because the chances of profit and loss magnification go side by side. 

When you choose to copy a trader, there is no need to open or close positions yourself. Traders who allow themselves to be copied can charge a percentage of share from their follower’s profit. Also, followers can choose the traders based on their style, short-term, long-term, profit rate, trading days, etc. 

After opening their BYDFI account, users can choose the trader according to their choice. After that, decide the amount to copy and the daily copy margin limit. Advanced options include maximum position amount and stop loss ratio. Finally, click on ‘copy’ to start copy trading. 

COPY PROFESSIONAL TRADERS ON BYDFI Copy Trade​ 4. Perpetual Futures (Inverse)​

In Inverse contracts, the users have to use cryptocurrencies such as BTC, ETH as base currencies. The amount to be traded is confirmed in USD, but the profit and loss are settled in base currencies. The minimum value of a contract is 1USD. Also, if a user wants to trade on ETHUSD, they must use ETH as the base currency. 

Long position profit/loss = contract value * (1/entry price – 1/exit price)

Let’s assume that a trader purchases 1000 contracts when the value of 1 BTC is equal to 500 USD. The user is trading 1000 USD with an equivalent amount of BTC. Next, the trader sells those 1000 contracts when the value of 1 BTC is equal to 800 USD. Here, the user is trading the equivalent amount of BTC with 1000 contracts. 

Long position profit/loss = 1000 * (1/500 – 1/800)

                                             = 2 BTC – 1.25 BTC

                                             = 0.75 BTC

5. Deposits with FIAT​

Currently, BYDFI supports a total of 59 fiat currencies. The fiat currencies can be deposited in the BYDFI accounts within 2 to 3 hours.

KYC verification is necessary to perform Fiat Gateway deposits with third-party service providers such as Banxa, Ramp, XanPool, and Transak. The users can make the deposits via electronic fund transfer, credit/debit cards, and cash deposits(for specific locations only).

How to register​ on BYDFI?

For registration on this platform, the user first has to click on register and type their email address or phone number. Second, they will have to enter the verification code, receiving it via their email or phone number. Next, they have to set up a password for their BYDFI account and enter an invitation code(if they have any). Finally, they have to click register, and they are good to go!

SIGN-UP ON BYDFI Register on BYDFI Is BYDFI legit and safe?

Users can trade on BYDFI without worrying about the safety of their assets on the platform. BYDFI exchange has implemented strong safety measures to reduce online theft and fraud. In addition, it has set up multiple wallets stored offline to keep its users’ assets secure.

Furthermore, it uses SSL encryption for secure conversations and multistep login procedures to further protect crypto assets. 

It has also acquired multiple licenses over the past years and has established itself as a secure and safe place to trade cryptocurrencies and other commodities it offers. The following authorities regulate the exchange.

• The Accounting and Corporate Regulatory Authority of Singapore.
• Money Services Business from Financial Crimes Enforcement Network in the USA
• MTR (Register of Economic Activity) of Estonia
• AUSTRAC (Australian Transaction Reports and Analysis) 

Is BYDFI legit and safe?

BYDFI has partnered with multiple leading companies to give uninterrupted and advanced services to their users. For example, it has teamed up with Paxful to present extensive payment options to its users.

As a result, BYDFI users can now buy Bitcoin with more than 150 fiat currencies. Not only this, but users will also have over 300 different payment options to purchase cryptocurrencies. 

This partnership aims to remove the barriers in fiat-to-crypto transactions and provide accessible crypto assets trading services to their users. 

Also, BYDFI has also joined hands with another third-party fiat gateway service provider, Banxa, that will enable the users to deposit and buy crypto with credit cards! 

BYDFI

BYDFI Review: Fees​

The spot handling fee is as follows:

• BYDFI charges 0.1% as the maker’s fee.
• Similarly, it charges 0.1% as the taker’s fee. 
• The conversion fee is 0.1%.

Similarly, for CFDs:

• The transaction fee varies from 0.075% to 0.05%.
• The price of opening/closing position can be calculated as follows: margin * leverage * 0.05%
• BYDFI charges 0.1% when opening a position.

For Derivatives:

• The opening/closing fee can be calculated as follows: margin * leverage * 0.025%
• BYDFI charges 0.05% when opening a position.

To know the entire fee structure, visit the BYDFI help centre. 

GET 10% OFF YOUR TRADING FEES ON BYDFI BYDFI Review: Mobile App 

The BYDFI App contains all the features of the websites, making trading much easier and faster. Now analyze market prices or copy trade from anywhere, anytime. The app is available for both Android and iOS users. 

BYDFI App  BYDFI Review: Customer Support​

BYDFI boasts a comprehensive guide that lists solutions to general problems that the customers general problems. In addition, an email([email protected]) and live chat support are available to answer any customers’ queries. 

BYDFI Review: Affiliate Program​

Prominent trading professionals can become affiliates and earn passive income while trading side by side on BYDFI exchange. 

The platform provides a referral link to its users to share through media channels. For each referral that starts trading, they will earn a commission. In addition, if the user performs exceptionally well, they can become an eContract member that will further boost their career. 

A trader is entitled to a 40% commission on the trading fees. In addition, they will get real-time updates of their referrals and detailed reports on the commissions. 

Apart from this, BYDFI also offers up to 30% spot commission to their affiliates. Also, a user can contact [email protected] to apply for a higher commission if they want to join the BYDFI affiliate program.

EARN PASSIVE INCOME WITH BYDFI Attractive Affiliate Program​ BYDFI Review: Pros and Cons Conclusion

BYDFI exchange presents a simple yet intuitive interface with fast processing and leveraged trading to its users.

Many prominent authorities of different nations regulate the platform, showing that all the transactions are legal and completely safe. Moreover, the exchange’s extensive and straightforward trading options cater to the needs of both novice and experienced traders.   

GET 10% OFF YOUR TRADING FEES ON BYDFI Frequently Asked Questions u003cstrongu003eHow to Deposit on BYDFI?u003c/strongu003e

First, select the coin you want to deposit under the assets section of the website. Second, select the chain name. After this, a QR code and deposit address will be displayed, and then the user can deposit the coin onto that address. 

u003cstrongu003eWhat is the deposit and withdrawal fee?u003c/strongu003e

BYDFI does not charge any deposit fee. However, for withdrawal, the transaction fee for withdrawing USDT is as follows:u003cbru003e1. 0.8 USDT for BSCu003cbru003e2. 24 USDT for ERC-20u003cbru003e3. 1 USDT for TRC-20

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