BYDFi Crypto Exchange Review

What is BYDFi?

BYDFi serves as an all-inclusive social trading hub for investors worldwide, consistently delivering professional, user-friendly, and innovative trading solutions since its inception in 2020.

Embracing the motto “BUIDL Your Dream Finance” along with a significantly enhanced user interface, BYDFi elevates crypto trading to unprecedented heights, ensuring a superior user experience.

The platform aims to empower its users with control and aims to make a lasting impact on the industry’s evolution.

BYDFi’s growing reputation as ‘probably the best no KYC exchange’ indicates its rising stature in the crypto exchange arena. Its emphasis on smaller and mid-cap coins presents a unique proposition, potentially attracting investors interested in exploring beyond the well-known cryptocurrencies. The accessibility of BYDFi to global users also suggests an enlargement of its market presence, hinting at potential growth in market penetration.

How to Purchase Crypto with Fiat on BYDFi

First sign up.

BYDFi offers different markets for investors and traders including spot, perpetuals and leveraged tokens.

To buy crypto with fiat, choose the currency you wish to purchase with. Depending on your location, there may be limits for how much you can purchase at any one time with fiat. BYDFi uses Transak which offers a simple on ramp integration to allow you to buy more than 170 cryptocurrencies with credit/debit cards, or bank transfers.BYDFi is a non-KYC platform for crypto-to-crypto transactions, however, if purchasing crypto with fiat, the payment processor may require you to go through the KYC process.

How to Trade Spot on BYDFi

Spot trading on BYDFi is simple and straightforward because the interface is suitable for both beginners and experienced traders.

Choose the type of order you’d like, i.e. Limit or Market order. Select the asset pairs you’d like to trade. Here we are trading USDT for Bitcoin.

Choose the price at which you wish the trade to execute, if a Limit order and place your order.

Once your trade has been executed, you’ll see the balances of the assets you hold to confirm.

How to Trade Derivatives/Perpetual Contracts on BYDFi

First you need to go to the Derivatives section and open a futures trading account.

Currently you can get a $50 bonus for signing up to BYDFi and trading futures.

Simply navigate to your Bonus Wallet which is a wallet dedicated to bonus transactions.

Bonuses are distributed to this wallet. If you use the bonus for trading, you need to switch to this wallet to trade, and the transaction’s profit after closing the order can be withdrawn.

Please note:

After receiving the bonus without holding any positions, any transfer out of the perpetual contract account will lead the bonus to become invalid.
When there are bonus and positions, the bonus wallet cannot be transferred out.

To get started, choose the margin mode and leverage. You can choose Isolated or Cross margin.

You can go LONG or SHORT. In this example, we are taking a LONG position on BTC. Futures contracts on BYDFi are settled in USDT.

you’ll be able to see details of your positions on the dashboard including the Index and Mark prices, Contract Value, Profit and Loss, Margin Balance, etc.