Most crypto newbies opt for easy-to-use trading platforms. One of the exchanges letting users start their crypto trading journey seamlessly is BYDFi. This guide covers everything you need to know about BYDFi, from its features to origin and trading fees.
Known initially as BitYard, BYDFi (Build Your Dream Finance) is a Singapore-based crypto exchange operating under BYDFi Fintech LTD. Based on the documents shared on the trading platform, BYDFi is a regulatory-compliant crypto exchange.
Although BYDFi headquarters are in Singapore, the platform gives users from over 140 countries access to its services. The company’s team comprises several respected individuals in the crypto sphere, including Chief Marketing Officer Michael Hung and Product Manager Hung Mao Tsai.
As of September 2023, BYDFi’s user base stands at 500,124. Over the past few months, the exchange has recorded an average of $204 million in 24-hour trading volumes. Further, there are more than 350 trading pairs on BYDFi.
As mentioned earlier, BYDFi documents indicate that the trading platform adheres to stipulated laws. It recently secured Money Service Business licenses in the United States and Canada, meaning it’s now allowed to operate in these countries. As an AML and KYC-compliant exchange, BYDFi requires all users to verify their accounts by providing official documents like an ID card.
Before going further, it is worth pointing out that BYDFi only focused on crypto trading. It does not offer ways of earning passive income, such as staking.
Here are its features:
Spot Trading Support
Most beginner traders start trading cryptocurrencies in the spot market, which simply involves purchasing certain crypto at a particular price and then selling it at a higher price. You can begin spot trading on BYDFi using these two ways:
Classical: This allows users to quickly buy cryptocurrencies without checking their price charts.
Advanced: This spot trading method is designed for those traders who like doing a technical analysis before placing a buy order. It gives access to chart tools and a market analyzer.
Crypto traders who prefer holding their positions in the market for a long period will find BYDFi’s perpetual contracts useful. Moreover, the exchange gives users access to leverage of up to 100x. However, it’s recommended to lower the leverage to avoid getting liquidated.
As a beginner-friendly crypto trading platform, BYDFi lets novice traders mirror the trades of experienced traders through its copy trading feature. This allows them to be profitable as they continue learning to trade on their own. Traders who let others copy their trades earn a commission of about 8%.
Token Listing Support
BYDFi supports crypto projects to launch tokens on its trading platform. But getting a token listed on BYDFi is not simple. The team behind the exchange has adopted a strict vetting process to assess the credibility of crypto projects before listing their tokens. This is a good move, keeping in mind that cases of scams have increased in recent years.
Existing users who invite their family and friends to create a BYDFi trading account usually receive rewards through the exchange’s affiliate program.
BYDFi Trading Fees
An exchange’s fee structure is among the first things crypto traders consider before creating an account. At BYDFi, your trades attract a fee of between 0.1% and 0.3%, depending on whether you have placed a limit order (maker) or a market order (taker) on the spot market.
There is also a conversion fee of 0.15% if you use the platform’s “Convert” functionality to exchange one token for another quickly.
Regarding perpetual contracts, BYDFi charges a taker and maker fee of 0.06% and 0.02%, respectively.
Although BYDFi hasn’t reached the levels of market leaders like Coinbase and Binance, it won’t be long before it witnesses significant adoption due to its competitive fee structure and a trading platform that is friendly to beginners.
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