What Is BYDFi? How to Open An Account On The BYDFi Platform?

BYDFi stands for “BUIDL Your Dream Finance.” It is a one-stop trading platform that offers user-friendly and innovative solutions, which include spot trading, lite contracts, perpetual contracts, and copy trading.

BYDFi platform offers users access to over 400 listed cryptos and enables the deposit and withdrawal of all the supported cryptocurrencies, including USDT. 

In addition to the cryptos on offer, users can access the next 100x GEM. These cryptos cannot be purchased or traded on other exchanges and are exclusively available on the BYDFi exchange.

BYDFi was initially launched in 2020 with the name BitYard, but in January 2023, it was rebranded to BYDFi. The exchange is headquartered in Singapore.

Characteristics Of BYDFi Platform

• It has a user-friendly platform that supports more than 60 fiat currencies in partnership with BANXA, Transak, Mercuryo, and Coinify.
• It facilitates trading in more than 400 cryptocurrencies.
• Users can deposit and withdraw supported cryptos, with added deposit options such as debit/credit cards and bank transfers.
• The platform also supports spot and derivatives trading in addition to copy trading.
• It enables advanced trading features that include charts and access to a full array of indicators for technical analysis.
• It has a global presence as it allows operations in over 150 countries and has more than 50,000 users.
• It emphasizes security, with advanced security on offer for users.

Advantages and Disadvantages 

Advantages

• BYDFi has been recommended by Forbes among the ten best crypto apps and exchanges in 2023.
• It offers more than 400 cryptocurrencies, including the exclusive next 100x GEM.
• It offers dedicated customer support through live chat and email.
• It allows users to deposit and withdraw supported cryptos and acquire crypto by bank transfers, Apple Pay, Google Pay, and credit/debit cards.
• It is accessible for both novice and experienced traders, as it offers multiple products.
• It provides leverage up to 200x.
• It places a high emphasis on security, with multiple security settings available to protect funds.
• The registration process is simple to follow and just takes a few minutes.
• The platform has a dedicated fee page that gives users a breakdown of all fees.
• Users can increase their earnings through referrals and promoting BYDFi through the Affiliate Program.
• It gives access to successful traders and their trading strategies through copy trading.
• A demo account allows new users to learn how to navigate the platform.

Disadvantages

• It does not allow crypto staking for coin holders.
• Users are not allowed to withdraw fiat currencies.

Brokerage Services

BYDFi, being an online crypto exchange, allows crypto trading. It offers crypto trading via spot and derivatives and enables users to access copy trading services.

Supported Cryptocurrencies

It supports the trading activities for over 400 cryptocurrencies. Some of the popular cryptocurrencies traded on the platform include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB) and others.

How To Open An Account On BYDFi

To open a trading account on BYDFi, visit the homepage and click the Get Started icon on the right, as shown below.

Steps to complete the registration process

• Select the mode of account creation, either email or mobile.
• For email account openings, enter the email address in the given tab and click on Get Started. It will share the email verification code on the provided mail ID.
• Enter the 6-digit verification code received in the email.
• Enter a login password.
• Click on “Get Started” to complete the process.

The new users can complete the given new user task to get a free 2888 USDT. To get the free USDT, click on “Get in Now.”

The free USDTs are offered for the user tasks ranging from completing the KYC process to receiving rewards for the first crypto deposits.

Once a user has signed up, they must complete the KYC process to increase the 24-hour limit to 5 BTC. To complete the verification process, visit the account dropdown menu, choose Account Security, and click on the KYC verification icon.

To complete the verification process, a user needs to perform the following steps:

• Enter Country/ Region.
• Enter the Full Name and ID number mentioned on the passport or the approved identity card.
• Upload a passport or photo of the selected ID and a photo of a handwritten BYDFi on paper.
• Click on the Confirm icon.

Once the platform approves and completes the verification process, users’ 24-hour transaction limit is increased to 5 BTC.

After completing the verification process, the developers recommend enhancing security to safeguard the transactions and the funds.

To enhance the account security, go to the Account dropdown menu as previously and select Account Security, then Click Manage in the Security Center Section.

To improve the security, users have the following options:

• Phone number verification
• Google Authenticator
• Fund password
• Anti-phishing code
• Withdrawal address whitelist
• Withdrawal via Address Book

Conclusion

In the end, BYDFi emerges as a complete and user-centric crypto buying and selling platform, imparting a plethora of functions and offerings tailor-made to each beginner and experienced trader’s preferences. With its diverse choice of over four hundred cryptocurrencies and specific offerings like the next 100x GEM, BYDFi presents enough opportunities for investment and diversification.

The platform’s emphasis on safety, user-friendly interface, and committed customer service further enhance the overall buying and selling experience. While there are barriers to the absence of crypto staking and fiat forex withdrawals, BYDFi’s strengths outweigh its drawbacks, positioning it as a leading participant in the crypto trade panorama. 

As the cryptocurrency marketplace continues to evolve, BYDFi stays committed to innovation, transparency, and accessibility, using the adoption of decentralized finance and empowering users globally.

FAQs

What could be the reason for Deposits not being reflected in the Account?

There could be the following reasons:

• A user did not enter the required tag correctly.
• The blockchain transaction is yet to complete.
• Deposits are made through smart contracts.

What could be the reason for not receiving withdrawals?

Withdrawals are divided into three steps: withdrawal, block confirmation, and crediting.