What is BYDFi?
BYDFi, originally known as Bityard, is a Singapore-based cryptocurrency exchange that commenced operations in 2020. The platform underwent a rebranding, adopting the name BYDFi, which stands for "BUIDL Your Dream Finance." The term "BUIDL" is a crypto community slang for "build." With a focus on crypto derivatives, BYDFi has rapidly gained popularity, boasting over 500,000 users from more than 150 countries.
Key Features
1. Reliability and Regulation
BYDFi emphasizes its reliability and regulatory compliance, positioning itself as a trustworthy platform within the cryptocurrency space.
2. One-Stop Trading Platform
The exchange prides itself on being a comprehensive one-stop trading solution, catering to the diverse needs of its user base.
3. Copy Trading
BYDFi offers a copy trading feature, allowing users to replicate the trading strategies of successful investors on the platform.
4. User-Friendly Interface
A primary selling point of BYDFi is its user-friendly interface, making it accessible and easy for both novice and experienced traders.
Trading on BYDFi
Leveraged Trading
BYDFi facilitates leveraged trading, allowing users to amplify their exposure to crypto price movements. The platform supports leverage up to 100x, enabling traders to potentially increase profits (or losses) significantly.
Mobile Support
BYDFi recognizes the growing trend of mobile trading and provides a native mobile application for users who prefer trading on the go.
Fee Structure
Trading Fees
The trading fees on BYDFi involve an opening fee, set at 0.05% (previously 0.075%). The fee calculation is influenced by factors such as margin, leverage, and order type.
Withdrawal Fees
Withdrawals on BYDFi are possible only in USDT, with a competitive withdrawal fee of 6 USDT per withdrawal, approximately 40% lower than the global industry average.
Deposit Methods and Accessibility
Deposit Methods
Users can deposit fiat currency through debit cards, although wire transfer is not currently supported.
US-Investors
BYDFi caters to users globally but does not provide specific information regarding its approach to US-based investors.
In summary, BYDFi positions itself as a reliable, regulated, and user-friendly exchange, offering a range of features including leveraged trading, copy trading, and mobile support. The platform's fee structure is designed to be competitive, making it an appealing option for traders worldwide.
What are the trading fees on BYDFi?
The fee structure of spot trading is the same as that of Inverse and USDT Contracts on BYDFi. The trading fee corresponds to the two different execution types: Maker and Taker both: 0.1%~0.3%
Does BYDFi offer leverage trading?
BYDFi facilitates leveraged trading, allowing users to amplify their exposure to crypto price movements. The platform supports leverage up to 100x, enabling traders to potentially increase profits (or losses) significantly.
