BYDFi Crypto Spot and Derivatives Exchange Advances Trading Experience for Newbies and Pros: Review

Mainstream cryptocurrency trading ecosystem BYDFi (formerly BitYard) merges the benefits of a spot and derivatives exchange platform. It also offers lucrative welcome bonuses and a generous affiliate program.

Since its launch in 2020, the platform has gained a stellar reputation; its team constantly adds new options to its trading and exchange toolkits. In this review, we are going to observe its core features and the most impressive opportunities it unlocks for traders.

BYDFi creates one-stop ecosystem for spot and derivatives trading, fiat-to-crypto conversion and more: Key takeaways

Thanks to its intuitive interface, 24/7 support and feature-rich range of crypto conversion instruments, BYDFi is gaining traction in various regions across the globe.

• BYDFi is a multi-product cryptocurrency ecosystem with spot and derivatives trading dashboards.
• BYDFi is designed to guarantee secure and fast conversion of cryptocurrencies (Bitcoin (BTC), stablecoins, altcoins, 600+ trading pairs in total) and global fiat currencies.
• BYDFi offers its clients up to 150x leverage for perpetual contracts and novel types of contracts: leveraged tokens, lite contracts and so on.
• Its copy trading module allows newbie users to leverage the expertise of master traders.
• BYDFi introduced a welcome bonus (up to $2,888 in USDT) for new users; also, its affiliate program is open for everyone.
• All products of the exchange are available for U.S. residents.

As such, BYDFi aims at being a one-stop cryptocurrency ecosystem for traders and investors with various deposits and Web3 strategies from all over the globe.

What are crypto derivatives?

Just like on commodities, stocks and foreign exchange (FX) markets, crypto derivatives represent contracts on future prices of this or that asset. For instance, Bitcoin (BTC) futures are contracts on Bitcoin (BTC) price moves in both directions. With crypto derivatives, users can benefit from volatility spikes on both bullish and bearish markets.

Crypto derivatives trading also allows exchange users to be exposed to new classes of assets without owning cryptocurrency. You don’t need to own Bitcoin (BTC) physically to start trading derivatives: you can set up a crypto wallet, save and manage private keys, connect the wallet to an exchange and so on.

Introducing BYDFi, all-in-one trading machine with spot and derivatives pairs

BYDFi is a cutting-edge trading platform for cryptocurrencies. It is set to offer secure and comfortable trading for spot and derivatives pairs across 400+ cryptocurrencies.

Spot and derivatives trading with BYDFi: Single interface for many opportunities

Launched in 2020 as BitYard exchange, BYDFi (short for BUIDL Your Dream Finance) gained traction as a multi-product ecosystem for crypto investors, traders, entrepreneurs and enthusiasts. First, it is a convenient spot and derivatives crypto exchange.

In the “Spot” section, users can easily exchange cryptos between each other. BYDFi supports 400+ cryptocurrencies in the spot trading module. It works with crypto heavyweights Bitcoin (BTC), Ethereum (ETH) and XRP, meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), trending metaverse coins Axie Infinity (AXS), Decentraland (MANA) and Smooth Love Potion (SLP), “China narrative” coins Coinflux (CFX) and Nervos Network (CKB).

In order to let its customers adjust their portfolios swiftly, BYDFi created “tabs” according to all red-hot narratives: GameFi coins, L2 coins, PoW coins and so on. For maximum comfort, BYDFi offers classic, advanced and simple one-click interfaces of spot trading toolkits.

In the “Derivatives” segment, traders can try two major types of futures contracts: USDT-M Perpetual Contracts and COIN-M Perpetual Contracts. USDT-M are settled in U.S. Dollar Tether (USDT), the largest USD-pegged stablecoin and crypto equivalent of the U.S. Dollar. By contrast, COIN-M Perpetual Contracts are settled in underlying cryptocurrencies.

Up to 100 trading pairs are available in the USDT-M section, while BTCUSD, XRPUSD, ETHUSD and DOTUSD contracts are also available in the COIN-M section. All contracts available on BYDFi are “Perpetuals”: they don’t have expiration dates, which makes trading more streamlined.

Buy Crypto module introduces easiest on-ramp for fiat transfers

In order to start trading cryptocurrencies, a BYDFi user should purchase their first coins — typically, crypto newbies start with Bitcoin (BTC), Ethereum (ETH) and U.S. Dollar Tether (USDT). Buying cryptocurrencies with fiat is the easiest option here: traders don’t need to risk while purchasing cryptos on “over-the-counter” desks or through ATMs.

In the “Buy Crypto” module by BYDFi, users can buy cryptos with credit/debit cards, bank transfers, crypto-friendly payment systems and even Google Pay/Apple Pay accounts.

Image by BYDFi

Unlike many competitors, BYDFi enabled the purchasing of dozens of cryptos with cards, from Bitcoin (BTC) and U.S. Dollar Tether (USDT) to 1Inch (1INCH), Aave Finance (AAVE) and SushiSwap (SUSHI). It also accepts all major world fiat currencies, including U.S. Dollars, Euros, Australian Dollars, UAE Dirhams and Swiss Francs.

To guarantee deep liquidity and seamless conversion experience in various jurisdictions, BYDFi partnered with four top-tier crypto-to-fiat conversion providers Mercuryo, Banxa, Transak and Coinify. They accept Visa, MasterCard, SEPA transfers, Google Pay and Apple Pay transactions. For some pairs, 0% fees are available: for instance, with Transak, you can exchange 1 USD for 1 USDT (for up to $1,500 in equivalent) in 2-10 minutes.

In order to comply with international regulations, all traders on BYDFi should pass “Know Your Customers” checks after registration.

New-gen trading options: leveraged tokens, copy trading, lite contracts

Besides classic instruments for spot and derivatives segments, BYDFi integrated a number of next-gen options designed to optimize trading experience for newbies and pro traders. BYDFi clients can try leveraged token trading, copy trading and lite contracts.

Leveraged tokens gained popularity in the 2020-2021 bullish rally. Basically, it is a simplified form of futures contracts: when Bitcoin (BTC) adds 1% in price, its “Bitcoin 3x Long Contract” (BTC3L/USDT) gains 3%, and so on. Both “Long” and “Short” leveraged tokens are available on BYDFi. Bitcoin (BTC), Ethereum (ETH), XRP, Polkadot (DOT), Chainlink (LINK), Cardano (ADA), Binance Coin (BNB), Uniswap (UNI) tokens are available in this section. Leveraged token traders cannot be liquidated.

Lite contracts are the simplest version of futures contracts with no leverage. It is the easiest way to start trading derivatives: it merges the simplicity of spot trading with the toolkit of futures trading.

Those cryptocurrency enthusiasts who are interested in upgrading their levels of understanding of crypto markets can experiment with the “Copy Trading” dashboard. In this module, users can follow master traders to automatically copy all of their positions. For doing so, traders share part of their earnings with the “Masters.” With BYDFi, users can compare the ROI of professional traders, their styles and favorite coins in order to choose the most appropriate one. Best traders demonstrate over 300% in 30D ROI.

Affiliate program and welcome rewards: Your premium class ticket to Web3

Focused on bringing a new generation of traders to the cryptocurrency segment, BYDFi introduced a couple of welcome options for newcomers. To start with, every new user can claim a welcome bonus in U.S. Dollar Tether (USDT); the net sum of bonuses can be as high as $2,888 in USDT.

Newbies can claim a “Mystery Box” for submitting KYC information and 2 USDT for the activation of 2FA and an anti-phishing code. Additionally, 30-50 USDT rewards are distributed to those who try fiat deposits and crypto deposits from third-party services.

Image by BYDFi

BYDFi introduced advanced rewards for big accumulated deposits (10 USDT bonus for a 1,000 USDT deposit, 30 USDT bonus for a 3,000 USDT cumulative deposit and 10,000 USDT trading volume and so on). Valuable feedback can be rewarded with a special bonus of up to 5,000 USDT.

BYDFi users can benefit from their social media audience by joining an Affiliate Program. Every user of the platform can claim a unique link and share it with followers, friends, colleagues and others. Accurate details of the offer can be checked in the Affiliate Center system. 

Also, seasoned crypto influencers can get higher commission and enjoy special conditions of collaboration with BYDFi.

Closing thoughts

BYDFi is a cutting-edge platform for spot and derivatives trading. It works with seamless crypto-to-fiat on-ramp supporting 400+ cryptocurrencies and 50+ fiat currencies. BYDFi offers spot trading pairs, USDT- and crypto-settled derivatives, leveraged tokens, lite futures.

BYDFi offers its applications in both App Store and Google Play digital marketplaces.

For newcomers, BYDFi offers copy trading, welcome bonuses of up to $2,888 and a lucrative multi-level affiliate program.