Disclosure: This post was written by the BYDFi team for the RankFi audience
What Is BYDFi?
BYDFi, formerly known as BitYard, is a young crypto exchange formed in April 2020. The exchange is designed to make it easier for users to access the blockchain and tokenize their assets.
The platform combines the best of both worlds, combining the security and reliability of a traditional blockchain with the flexibility and scalability of a decentralized network. This allows users to transfer and trade assets with less risk and cost securely.
How Does BYDFi Work?
The BYDFi platform has been designed to be highly secure, with a range of features such as multi-signature wallets and two factor authentication. To start trading on BYDFi, users need to create an account and deposit funds into it. They can then start trading digital assets, including Bitcoin, Ethereum, Litecoin and more.
What Countries does BYDFi support?
BYDFi serves a global customer base from over 150 countries and holds four distinguished licenses in the United States, Europe, Australia, and Singapore. The platform is available in English, Portuguese, Turkish, and Bahasa Indonesia.
Key Features
BYDFi Walkthrough
Trading Dashboard
Users can place orders, keep an eye on their portfolios, and access real-time market data through the trading dashboard. The dashboard is intuitive and user-friendly, allowing users to navigate the platform easily.
Copy Trading
Copy trading allows users to copy the trades of other traders and make profits without having to do any of the work.
Contract Trading
BYDFi provides contract trading services, ranging from lite contracts and perpetual contracts, featuring diverse asset types, to satisfy the varied demands of investors globally.
Mobile App
BYDFi offers a convenient app for accessing the platform from your smartphone, covering both Apple and Android products.
Trading Fees
BYDFi has some of the lowest trading fees in the industry. The rates are Spot: Maker 0.1% / Taker 0.1% Lite contracts, perpetual contracts (USDT-M), and Inverse perpetual Contract ( COIN-M) transaction fees are only made for market price orders where transaction cost is created when the order is filled, and for limit price orders where the user is charged when the order is fulfilled.
Customer Support
Despite not having phone help as part of their customer support, BYDFi offers a real-time conversation alternative where users can receive guidance when they have inquiries. Furthermore, professional attendants are available 24/7 to provide patrons with general help.
Deposit & Withdrawals (fiat currencies)
BYDFi supports deposits and withdrawals in various fiat currencies, such as USD, EUR, GBP, and AUD. However, users should check with their local bank or financial institution to determine if there are any fees associated with deposits and withdrawals.
Security Measures
BYDFi is devoted to carrying out exact, accurate, and exhaustive safety measures, ensuring that the industry's most stringent security protocols and tools are taken advantage of to stop any unintended occurrences or risks to customer resources.
Regularly, the system administers tension evaluations and surveillance assessments to guarantee adherence to the most rigid security regulations, thus furnishing worldwide customers with the industry's premier safety coverage.
Account Security
Using Google Authenticator, dual authentication (or two-step verification) mandates users to authenticate their identity using two distinct processes, thus providing a higher level of security than conventional single-stage confirmation. Password safeguarding bars unapproved individuals from logging into accounts and is more dependable than SMS authentication.
Wallet security
Your digital assets are kept in BYDFi's offline, deep cold storage wallets, with no risk of a single point of failure in a layered, deterministic cold wallet and total compromise.
BYDFi provides a secure platform for users to access and trade assets, whether they are looking for futures trading, copy trading, or want to store their digital assets securely.
Is BYDFi Safe?
BYDFi has implemented various security measures, such as multi-sig wallets and cold storage. The platform also requires users to complete KYC and AML procedures before opening an account. These measures help ensure that user funds are safe and secure.
The diverse licensure of BYDFi and its multiple security protocols render them an incredibly reliable and secure option for users.
FAQ
Can you use BYDFi in the USA?
Yes, BYDFi is available in the USA. However, it is essential to note that some of the services and features offered by BYDFi may be available in some US states. Therefore, users should check if their state is covered before using the platform.
How Big Is BYDFi?
BYDFi is one of the world’s fastest-growing digital asset exchanges, serving over 150 countries. The platform has experienced exponential growth since its launch in 2020. BYDFi is currently ranked among the top ten digital asset exchanges in the world.
Is BYDFi Regulated?
Yes, BYDFi is regulated in many jurisdictions. The platform holds four distinguished licenses in the United States, Europe, Australia, and Singapore.
Through these licenses, users can rest assured that their funds are secure and the platform is compliant with applicable laws and regulations.
Investors can also benefit from the protection of a secure custodial system, by which their funds are held in segregated accounts.