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Cryptocurrencies are increasingly getting popular everyday while also increasing the importance of crypto exchanges around the globe. BYDFi is a cryptocurrency trading platform delivering services including derivatives, spot trading and more. The company has provided users with new trading services since its launch in 2020.
What is BYDFi?
BYDFi stands for BUIDL YOUR DREAM FINANCE and encourages users to believe more in the future of digital assets. Data shows that there are over 400 Million cryptocurrency users worldwide. With the rising number of users, holders of various crypto assets will potentially look for more options to trade their assets, and BYDFi will be among the leading exchanges in future.
Forbes has identified the platform as among the top ten crypto exchanges of 2023, a considerable mark for a company that began its journey in 2020. The momentum has not lost the friction yet as the platform is constantly seeing an increase in its user base.
Features of BYDFi
As of now, the exchange supports more than 400 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA)and more. In contrast to other cryptocurrency exchanges like Coinbase, Kraken and more, BYDFi has lesser spot fees and more spot pairs.
In terms of perpetual contracts, BYDFi offers 150x leverage to users. They can find leveraged tokens available for assets including Uniswap (UNI), Polkadot (DOT), Ripple (XRP) and more.
The platform also delivers copy trading where beginners can try their hand without knowing any intricacies of trading. Moreover, users can follow professional traders and learn from their proven track records. They can filter out traders with unique trading styles and performances.
Platform’s demo trading enables users to practice their skills without losing any funds.As trading can lead to financial blows, it is better to practice on a cushion before actually entering the arena. Furthermore, demo trading is a great way to enhance trading skills as a user can experiment without any risk of financial blow.
Making deposits on the platform is quite easy as new traders can use debit/credit cards or bank transfers to make transactions. Additionally, the platform supports more than 100 currencies for deposits.
The company has a US and Canada MSB dual license. To ensure the user assets are secured, BYDFi uses cold wallets to store cryptocurrencies offline, making it immune to online threats. Moreover, a transaction requires multiple authorizations to advance. As transactions are restricted to a whitelist, unauthorized transactions are already eliminated from the game.
Platform offers welcome rewards to new users for crypto trading. New User Welcome Package rewards them forsigning up and completing certain tasks. Users are required to go through a Know Your Customer (KYC) process. Other tasks will help the users to acquaint themselves with the platform too.
Their affiliate program lets the users earn through referrals. The commission will keep coming back once a referral signs up. Additionally, a user can create upto 100 referral links in the program which users can easily track in different promotional channels.
Final Take
Overall, BYDFi has a robust interface with a variety of features for users to choose from. An individual with basic trading and crypto knowledge can easily navigate through the platform.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
