Summary: BYDFi is a global digital asset trading platform with over 500,000 users across 150+ countries. It offers a variety of trading tools and services, including spot trading, derivatives, leveraged tokens, and a unique copy trading system.
The platform supports over 250 cryptocurrencies and provides competitive fees. BYDFi is known for its regulatory compliance, robust security measures, and diverse crypto offerings.
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What is BYDFi
BYDFi is a comprehensive digital asset trading platform, that enables buying, selling and trading over 250 crypto assets. It offers various user-friendly trading tools, including spot trading, derivatives, and leveraged tokens. A unique feature of BYDFi is its copy trading system, which generates additional income for copiers and listed traders.
With a user base exceeding 500,000 across over 150 countries, BYDFi has a substantial global footprint. It's known for its diversified services, regulatory compliance, and multiple licenses, underscoring its reliability. While it caters to both novice and experienced crypto traders, it's crucial to remember that cryptocurrency trading, particularly leveraged trading, carries significant risk and should be approached with caution.
BYDFi Features Overview
BYDFi is a robust and trusted crypto trading platform that offers a wide array of features to cater to both novice and experienced traders. Some of the key features that stand out include:
- Crypto Diversity: Buy, sell, stake and trade over 250 cryptocurrencies across emerging sectors in DeFi, NFTs, GameFi and more.
- Industry-leading Fees: Efficiently execute your crypto trades with competitive fees starting at 0.1% Maker fees.
- Copy Trading: Learn from the best by replicating the trades of the highest-performing traders and investors on the Bydfi platform.
- Crypto Derivatives: Get unfettered access to advanced financial instruments such as spot, derivatives, and leveraged tokens.
Is BYDFi Safe?
BYDFi, registered in Seychelles as BYDFi Fintech LTD, is a secure cryptocurrency trading platform. It adheres to the same regulatory standards as other popular exchanges like Gate.io and KuCoin. The platform employs robust security measures, including cold storage for most funds, real-time risk auditing, and user-side security features like two-factor authentication. However, as with all trading platforms, users should exercise caution and only trade with funds they can afford to lose.
BYDFi's fee structure varies based on the type of transaction. For spot trading, both maker and taker fees range from 0.1% to 0.3%. For instance, if a trader purchases 0.25 BTC at $50,000, the taker's fee would be 0.00025 BTC.
In conversions, the transaction fee is between 0.1% and 0.15%. For example, converting 2 BTC to USDT at a rate of $45,000 would incur a fee of 90 USDT. Perpetual Contracts have a taker fee of 0.06% and a maker fee of 0.02%. The calculation differs for USDT-M and COIN-M contracts, based on the fulfilled amount and entry price.
Lastly, leveraged tokens have a transaction fee of 0.2% and a daily management fee of 0.03% of the token's true value. Unfilled or cancelled orders do not incur fees. For assistance, BYDFi offers live chat customer service.
BYDFi Available Countries
BYDFi does not offer any services to users from China, Pakistan, Bangladesh or Kazakhstan according to their list of supported countries. This means that any other resident of any other country can sign up and KYC with BYDFi to leverage their crypto asset services.
In addition to this and in accordance with their AML/KYC Policy, BYDFi adheres to stringent Anti-Money Laundering and Know Your Customer (AML/KYC) policies in the Cayman Islands. It collects customer information and screens against a List of Designated Individuals and Entities, which includes regions and groups associated with high risk, such as North Korea, Iran, and entities on the UN Al-Qaida and Taliban Lists. As part of its risk mitigation strategy, BYDFi refrains from engaging with any individuals or entities identified on this list, ensuring a secure and compliant trading environment.
In conclusion, BYDFi is a comprehensive digital asset trading platform that offers a wide range of services, including spot trading, derivatives, and leveraged tokens. With a user base of over 500,000 across more than 150 countries, it has a significant global presence.
BYDFi stands out for its copy trading system, competitive fees, and diverse crypto offerings. It adheres to stringent regulatory standards and employs robust security measures, making it a reliable platform for novice and experienced traders. BYDFi's commitment to regulatory compliance and user security, along with its diverse range of services, makes it a noteworthy player in the crypto trading space.