BYDFi Crypto Spot and Derivatives Exchange Improves Trading Experience for Newbies and Pros: Review

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Mainstream cryptocurrency trading ecosystem BYDFi (formerly BitYard) combines the advantages of a spot and futures exchange platform. It also offers lucrative welcome bonuses and a generous affiliate program.

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Since its launch in 2020, the platform has built an excellent reputation; his team is constantly adding new options to their trading and exchange toolkits. In this review, we will observe its core features and the most impressive opportunities it opens up for traders.

BYDFi creates a one-stop ecosystem for spot and derivatives trading, fiat-to-crypto conversion and more: Key Takeaways

Thanks to its intuitive interface, 24/7 support and feature-rich range of crypto conversion tools, BYDFi is gaining traction in different regions around the world.

  • BYDFi is a cryptocurrency ecosystem with multiple products and dashboards for spot and derivatives trading.
  • BYDFi is designed to ensure secure and fast conversion of cryptocurrencies (Bitcoin (BTC), stablecoins, altcoins, 600+ trading pairs in total) and global fiat currencies.
  • BYDFi offers its customers up to 150x leverage for perpetual contracts and novel contract types: leveraged tokens, lite contracts and so on.
  • Its copy trading module allows beginners to leverage the expertise of master traders.
  • BYDFi introduced a welcome bonus (up to $2,888 in USDT) for new users; In addition, the affiliate program is open to everyone.
  • All products on the exchange are available to US citizens.

As such, BYDFi aims to be a one-stop cryptocurrency ecosystem for traders and investors with various deposits and Web3 strategies from around the world.

What are crypto derivatives?

Just like in the commodities, stocks and foreign exchange (FX) markets, crypto derivatives represent contracts on future prices of this or that asset. For example, Bitcoin (BTC) futures are contracts on Bitcoin (BTC) price movements in both directions. Crypto derivatives allow users to profit from spikes in volatility in both bullish and bearish markets.

Crypto derivatives trading also allows exchange users to be exposed to new classes of assets without owning cryptocurrency. You don’t need to physically own Bitcoin (BTC) to start trading derivatives: you can set up a crypto wallet, store and manage private keys, connect the wallet to an exchange, and so on.

Introducing BYDFi, an all-in-one trading engine with spot and derivatives pairs

BYDFi is a state-of-the-art cryptocurrency trading platform. It aims to provide safe and convenient trading for spot and derivatives pairs in over 400 cryptocurrencies.

Spot and derivatives trading with BYDFi: One interface for many possibilities

2020 launched as BitYard exchange, BYDFi (short for BUIDL Your Dream Finance) rose to prominence as a multi-product ecosystem for crypto investors, traders, entrepreneurs, and enthusiasts. First, it is a convenient spot and derivatives crypto exchange.

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In the “Spot” section, users can easily exchange cryptos with each other. BYDFi supports more than 400 cryptocurrencies in the spot trading module. It works with crypto heavyweights Bitcoin (BTC), Ethereum (ETH) and XRP, meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), trending Metaverse coins Axie Infinity (AXS), Decentraland (MANA) and Smooth Love Potion (SLP). , “China narrative” coins Coinflux (CFX) and Nervos Network (CKB).

In order for its customers to quickly adjust their portfolios, BYDFi has created “tabs” according to all the red hot narratives: GameFi Coins, L2 Coins, PoW Coins and so on. For maximum convenience, BYDFi offers classic, advanced and simple one-click interfaces of spot trading toolkits.

In the Derivatives segment, traders can try two main types of futures contracts: USDT-M Perpetual Contracts and COIN-M Perpetual Contracts. USDT-M will be settled in US Dollar Tether (USDT), the largest US dollar-pegged stablecoin and crypto equivalent of the US dollar. In contrast, COIN-M perpetual contracts are settled in underlying cryptocurrencies.

Up to 100 trading pairs are available in the USDT-M range, while BTCUSD, XRPUSD, ETHUSD and DOTUSD contracts are also available in the COIN-M range. All contracts available on BYDFi are “Perpetuals”: ​​they have no expiry date, which streamlines trading.

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The Buy Crypto module introduces the easiest ramp for fiat transfers

To start trading cryptocurrencies, a BYDFi user should buy their first coins – typically, crypto newbies start with Bitcoin (BTC), Ethereum (ETH), and US Dollar Tether (USDT). Buying cryptocurrencies with fiat is the easiest option here: traders don’t need to take any risks when buying cryptos from over-the-counter counters or through ATMs.

In BYDFi’s Buy Crypto module, users can buy cryptos using credit/debit cards, bank transfers, crypto-friendly payment systems, and even Google Pay/Apple Pay accounts.

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Unlike many competitors BYDFi enabled the purchase of dozens of cryptos with cards, from Bitcoin (BTC) and US Dollar Tether (USDT) to 1Inch (1INCH), Aave Finance (AAVE) and SushiSwap (SUSHI). It also accepts all major fiat currencies in the world including US Dollars, Euros, Australian Dollars, UAE Dirhams and Swiss Francs.

To ensure deep liquidity and a seamless conversion experience across multiple jurisdictions, BYDFi has partnered with four premier crypto-to-fiat conversion providers Mercuryo, Banxa, Transak, and Coinify. They accept Visa, MasterCard, SEPA transfers, Google Pay and Apple Pay transactions. 0% fees are available for some pairs: For example, with Transak you can convert 1 USD to 1 USDT (for up to $1,500 equivalent) in 2-10 minutes.

To comply with international regulations, all merchants on BYDFi should pass the Know Your Customers exams after registration.

New generation trading options: Leveraged Tokens, Copy Trading, Lite Contracts

In addition to classic instruments for spot and derivatives segments, BYDFi has integrated a number of next-generation options designed to optimize the trading experience for both novice and professional traders. BYDFi Clients can try Leveraged Token Trading, Copy Trading and Lite Contracts.

Leveraged tokens gained popularity in the 2020-2021 bullish rally. Basically, it’s a simplified form of futures contracts: if bitcoin (BTC) adds 1% in price, its “Bitcoin 3x Long Contract” (BTC3L/USDT) gains 3%, and so on. Both “long” and “short” leverage tokens are available on BYDFi. Bitcoin (BTC), Ethereum (ETH), XRP, Polkadot (DOT), Chainlink (LINK), Cardano (ADA), Binance Coin (BNB), Uniswap (UNI) tokens are available in this section. Leveraged token traders cannot be liquidated.

Lite contracts are the simplest version of non-leveraged futures contracts. It’s the easiest way to start trading derivatives: it combines the simplicity of spot trading with the toolbox of futures trading.

Cryptocurrency enthusiasts interested in improving their understanding of the crypto markets can experiment with the Copy Trading dashboard. In this module, users can follow master traders to automatically copy all their positions. To do this, retailers share part of their income with the “masters”. BYDFi allows users to compare the ROI of professional traders, their styles and favorite coins to choose the most suitable one. The best traders have a 30D ROI of over 300%.

Affiliate Program and Welcome Rewards: Your premium class ticket to Web3

Focused on bringing a new generation of traders into the cryptocurrency segment, BYDFi introduced some greeting options for newcomers. To start, every new user can claim a welcome bonus in US Dollar Tether (USDT); The net sum of the bonuses can be up to 2,888 USD in USDT.

Newbies can claim a “Mystery Box” for submitting KYC information and 2 USDT for enabling 2FA and an anti-phishing code. Additionally, 30-50 USDT rewards will be distributed to those who try fiat deposits and third-party crypto deposits.

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BYDFi introduced enhanced rewards for large accumulated deposits (10 USDT bonus for a 1,000 USDT deposit, 30 USDT bonus for a 3,000 USDT cumulative deposit and 10,000 USDT trading volume and so on). Valuable feedback can be rewarded with a special bonus of up to 5,000 USDT.

BYDFi users can capitalize on their social media audience by joining an affiliate program. Every user of the platform can claim a unique link and share it with followers, friends, colleagues and others. Exact details of the offer can be checked in the Affiliate Center system.

Also, experienced crypto influencers can get higher commission and enjoy special terms of cooperation with BYDFi.

Final Thoughts

BYDFi is a state-of-the-art platform for spot and derivatives trading. It works with seamless crypto-to-fiat on-ramp and supports 400+ cryptocurrencies and 50+ fiat currencies. BYDFi offers spot trading pairs, USDT and crypto settled derivatives, leveraged tokens, lite futures.

BYDFi offers its applications in both app store And google play digital marketplaces.

For newcomers, BYDFi offers copy trading, welcome bonuses up to $2,888, and a lucrative multi-level affiliate program.

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