BYDFi is a centralized crypto asset trading platform that may offer cryptocurrency trading, derivatives trading, including but not limited to futures and options, as well as other financial services. BYDFi aims to provide users with cryptocurrency buying and selling, leverage trading, and risk management tools.
What is BYDFi Exchange?
BYDFi is a cryptocurrency trading platform launched in April 2020. It was renamed in January 2023 to reflect its core value of contributing to the development of blockchain technology. BYDFi is a centralized exchange that allows users to trade cryptocurrencies, contracts for difference (CFDs), and copy trades. It also supports fiat currency deposits and offers various features such as easy payment, spot and futures trading, and more. If you’re considering using BYDFi, it’s very important to understand its security measures, terms and conditions, and other crucial details before trading.
BYDFi has obtained dual Money Services Business (MSB) licenses in the USA and Canada. Its US MSB registration number is 31000215482431, and the Canadian FINTRAC MSB registration number is M22636235.
Features
- BYDFi supports over 80 crypto assets and more than 100 trading pairs, meeting the needs of different types of traders.
- It offers copy trading, allowing new traders to learn from experienced traders and share their trading journey with the community.
- BYDFi provides a demo trading feature, allowing users to test trading strategies and familiarize themselves with the platform.
- It offers a variety of trading products, including spot, leveraged currency pairs, and perpetual contracts with leverage up to 150x.
- BYDFi has mobile and desktop application support, allowing users to trade anytime, anywhere.
- The platform is strictly regulated, ensuring users feel confident that their assets and personal information are properly handled.
- BYDFi offers a user-friendly interface, easy to navigate for both beginners and experts.
- It charges competitive fees, with spot trading fees ranging between 0.1% to 0.3%.
- BYDFi prioritizes security, regularly conducts stress tests and security audits, and stores customer digital assets offline in cold wallets.
- It features two-factor authentication for account access, using Google Authenticator and an additional password for withdrawals.
- Setting up an account on BYDFi is quick and simple, and users can link their payment methods (bank transfer/credit card/debit card) to start trading.
- BYDFi’s website is easy to use, offering real-time price updates and the ability to research and buy cryptocurrencies.
- Users can access BYDFi through its mobile app and desktop platform.
Cryptocurrencies Offered by BYDFi
BYDFi offers a variety of popular cryptocurrencies for trading, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Ripple (XRP)
- Litecoin (LTC)
- Chainlink (LINK)
- Uniswap (UNI)
- Solana (SOL)
- Cosmos (ATOM)
- Polygon (MATIC)
- Bitcoin Cash (BCH)
- Stellar (XLM)
How to Set Up a New Account on BYDFi?
Here are step-by-step instructions for setting up a new account on BYDFi:
- Open any available web browser and visit https://www.bydfi.com/.
- Click the “Start” button at the top right of the screen.
- Choose to register via email or phone.
For email registration:
- Enter your full email address and click “Send” to receive a verification code.
- Check your inbox or spam folder for the verification code and enter it.
- Set up your password and enter an invitation code (if you have one).
- Click “Start” to complete registration.
For phone registration: - Select your country/region and enter your phone number.
- Click “Send” to receive a verification code via SMS.
- Enter the verification code you received.
- Set up your password and enter an invitation code (if you have one).
- Click “Start” to complete registration.
Note that each email or phone number can only create one BYDFi trading account, and BYDFi does not allow the creation of multiple accounts. After completing these steps, you can start trading on the BYDFi platform.
How to Buy Cryptocurrencies on BYDFi?
Here are the step-by-step procedures for buying cryptocurrencies on BYDFi:
- Create a free account on the BYDFi website or app using your email or phone number.
- Click the “Deposit” button and choose your preferred payment method to deposit fiat currency or cryptocurrency. To deposit fiat currency, you can buy stablecoins like USDT or BUSD by clicking the “Buy Cryptocurrency” button and choosing a third-party payment partner.
- After confirming your deposit, select “Spot Trading” from the menu, then choose the cryptocurrency pair you want to trade. For example, BTC/USDT, BTC/USDC, or BTC/BUSD.
- Set the price you want to buy at in a limit order or buy at the market price. Enter the amount of cryptocurrency you want to buy, then click “Buy” to confirm your purchase.
- Once your order is processed, you have successfully bought cryptocurrency on BYDFi. You can store it in your personal crypto wallet or keep it in your BYDFi account.
How to Sell Cryptocurrencies?
Here are the step-by-step procedures for selling cryptocurrencies on BYDFi:
- Log into your BYDFi account on the website or app using the email or phone number you registered with.
- Click “Spot Trading” from the menu, then select the cryptocurrency pair you want to trade. For example, BTC/USDT, BTC/USDC, or BTC/BUSD.
- Click the “Sell” button and enter the amount of cryptocurrency you want to sell.
- Set the price you want to sell at in a limit order or sell at the market price. Enter the amount of fiat currency or stablecoins you wish to receive from the sale.
- Click “Sell” to confirm your sell order.
- Once your sell order is processed, you have successfully sold cryptocurrency on BYDFi. You can withdraw the funds to your personal wallet or keep them in your BYDFi account.
How to Deposit on BYDFi?
Here are the step-by-step procedures for depositing cryptocurrency on BYDFi:
- Log into your BYDFi account on the website or app using the email or phone number you registered with.
- Select the “Deposit” button on the homepage.
- Choose the cryptocurrency you wish to deposit.
- Select the network you want to use and copy the deposit address displayed on the screen.
- Go to your personal crypto wallet and initiate a transfer to the copied deposit address.
- Wait for the required network confirmations, which vary depending on the currency.
- Once the deposit is confirmed, the deposited cryptocurrency will be credited to your BYDFi account.
How to Withdraw from BYDFi?
Here are the step-by-step procedures for withdrawing cryptocurrency from BYDFi:
- Log into your BYDFi account on the website or app using the email or phone number you registered with.
- Click on the “Assets” page and select “Withdraw.”
- Choose the cryptocurrency you want to withdraw, enter the withdrawal address, amount, and fund password.
- Click “Confirm” to initiate the withdrawal request.
- Wait for the withdrawal request to be processed. Daily withdrawal processing times are from 09:00 to 21:00 Singapore time. If you submit a withdrawal request outside this timeframe, BYDFi will process it as soon as possible during service hours.
- Once the withdrawal request is processed, the cryptocurrency will be sent to the specified withdrawal address.
Exchange Fees and Supported Payment Methods
BYDFi charges different rates and formulas for fees for each type of transaction, with spot trading fees ranging from 0.1% to 0.3%, conversion fees from 0.1% to 0.15%, simplified contracts at 0.05%, perpetual contracts from 0.02% to 0.06%, and leveraged tokens at 0.2%. BYDFi supports deposits and withdrawals of multiple cryptocurrencies. Additionally, daily withdrawal limits vary depending on KYC status, and daily withdrawal processing times are from 09:00–21:00 Singapore time.
Mobile Application
BYDFi offers mobile applications for Android and iOS users, allowing traders to access their accounts and trade anytime, anywhere. The app provides a user-friendly interface for easy navigation and trading, with features for depositing, withdrawing, buying, and selling cryptocurrencies. Through the app, traders can also monitor market trends and execute trades in real-time, offering convenience and flexibility for those who need to trade on mobile devices. Overall, the BYDFi mobile app is a reliable and efficient cryptocurrency trading tool.
Referral Program
BYDFi offers a referral program that allows users to earn commissions by sharing referral links on social media. Users can view their commission details through the affiliate center system and can even become elite agents with outstanding performance. BYDFi’s referral program is convenient, with a richer product range including spot trading, USDT-M perpetual, COIN-M perpetual, Lite, and more, with low trading fees.
Additionally, BYDFi provides a concise interface, comprehensive trading functions, simple registration process, and convenient deposit methods, making it a fast-growing and internationally recognized high-quality brand.
Customer Support
BYDFi offers customers an easy and convenient way to contact online customer service. On both PC and mobile applications, users can access the support function to search for answers to their questions. If they need manual assistance, they can easily connect to a
customer service representative through the platform. With this feature, BYDFi ensures that users can quickly resolve any issues they may encounter and receive timely support when needed.
Recent Updates
January 2023 – Bityard renamed to BYDFi (Build Your Dream Finance)
Bottom Line
In summary, BYDFi is a reliable and accessible cryptocurrency exchange that offers a range of trading products for everyone from beginners to experts. With its user-friendly interface, copy trading, and paper trading features, it is an ideal platform for newcomers to cryptocurrency trading. The platform supports hundreds of crypto assets and markets and operates in a highly secure environment. The customer support team is responsive, and the registration process is simple. However, BYDFi lacks the means to withdraw fiat currency, which may be a disadvantage for some traders. Overall, BYDFi is a trustworthy and efficient cryptocurrency exchange worth considering for anyone looking to enter the world of cryptocurrency trading.
