BYDFi Singapore

Overview of BYDFi

BYDFi is a cryptocurrency exchange that was founded in 2017. It is headquartered in Hong Kong and is regulated by MTR. BYDFi offers a wide range of features, including spot trading, margin trading, derivatives trading, and staking. It also supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Tether, and Litecoin. BYDFi's expansive list of over 400 supported cryptocurrencies includes major players like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), along with a vast array of altcoins and emerging tokens.

BYDFi's user-friendly interface and competitive fees further enhance its appeal, making it a suitable choice for both novice and experienced traders. BYDFi's commitment to regulatory compliance and its focus on user security position it as a reputable and trustworthy platform within the cryptocurrency landscape. Its global reach and diverse offerings make it an attractive option for traders seeking a comprehensive and secure trading experience.

Pros and Cons

Pros:

• Regulated by MTR: As a regulated exchange, BYDFi is required to adhere to specific standards and practices to ensure the security and protection of its users' assets and personal information.

• Diverse Trading Products: BYDFi offers a wide range of trading products, approximately 400+, allowing users to access various cryptocurrencies and financial instruments.

• 24/7 Customer Support: BYDFi provides round-the-clock customer support, ensuring that users can receive assistance whenever they need it.

• Copy Trading: BYDFi's copy trading feature allows users to follow and replicate the trades of experienced traders, enabling beginners to benefit from expert strategies.

• Beginner-Friendly Tools: BYDFi provides user-friendly tools and features, making it easier for beginners to navigate the platform and engage in trading activities.

• Cons:

• No NFT Services: BYDFi does not offer Non-Fungible Token (NFT) services, limiting users' ability to participate in the growing NFT market.

• No Staking Capability: BYDFi does not support staking, which means users cannot earn rewards or benefits by staking their cryptocurrencies on the platform.

Regulatory Authorities

• BYDFi is dedicated to upholding compliance with financial regulations and ensuring a secure trading environment for its users. The platform is regulated by several authorities, each overseeing specific aspects of its operations.

• MTR (Nationwide Multistate Licensing System): BYDFi holds a Digital Currency License issued by MTR with Regulation Number 1905429. This license ensures that BYDFi operates in accordance with required financial standards and guidelines.



• MTR Regulated: This designation confirms that BYDFi is regulated by MTR, ensuring adherence to financial regulations and providing users with added trust and security.



• MAS (Monetary Authority of Singapore) - License Number: 201938576H: BYDFi is regulated by the Monetary Authority of Singapore (MAS) and holds a valid license with License Number 201938576H. However, it is important to note that BYDFi has exceeded the scope of their company registration beyond what is permitted by this license.



• FinCEN (Financial Crimes Enforcement Network) - License Number: 31000157825533: BYDFi is regulated by FinCEN and holds a valid MSB License with License Number 31000157825533. Nonetheless, it should be noted that BYDFi has expanded its business activities beyond the scope allowed by this license.

Security

• BYDFi prioritizes strong security measures to protect users' assets and ensure a safe trading environment. Key security features include:

• Choose your country/region and enter your mobile number.

• Click “Send” to receive the verification code via SMS.

• Enter the SMS code received.

• Set up your password.

• Optionally, enter an invitation code.

• Click “Get Started” to finalize the registration.

• Bitcoin

• Ethereum

• Tether

• Litecoin

• Bitcoin Cash

• XRP

• EOS

• Stellar

• Cardano

• Two-Factor Authentication (2FA) with Google Authenticator for added account security.

• Wallet Security with offline deep cold storage to minimize risk and multi-signature technology for enhanced protection.

• Engine Security utilizing advanced kdb+ language programming and microservices development to achieve high-speed and stable trading.

• System Security with Amazon Web Services (AWS), multiple identity verifications, hardware authentication, SSL encryption, and regular IT security audits.

Trading Market

BYDFi offers a comprehensive suite of trading assets, encompassing a wide range of cryptocurrencies and diverse trading products to cater to the needs of its global user base.

Cryptocurrency Trading:

BYDFi supports over 400 cryptocurrencies for spot trading, allowing users to buy and sell digital assets directly. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) are readily available, along with a vast array of altcoins and emerging tokens.

Derivatives Trading:

BYDFi provides a variety of derivatives trading products, including perpetual contracts, settled in USDT or BTC/USD, ETH/USD, XRP/USD, and DOT/USD. These contracts offer leveraged exposure to the underlying cryptocurrency, enabling traders to amplify their profits or potentially hedge against market movements.

Leveraged Tokens:

BYDFi offers leveraged tokens, which are essentially tokens that provide a predetermined leverage ratio to the underlying cryptocurrency. These tokens allow traders to gain exposure to magnified price movements without the complexities of margin trading.

Copy Trading:

BYDFi's unique copy trading system enables users to replicate the trading strategies of experienced and successful traders. This system simplifies the trading process for novices and allows them to potentially benefit from the expertise of seasoned professionals.



Cryptocurrencies Available

• BYDFi supports a wide range of cryptocurrencies, including:

• and more



Services

BYDFi offers a comprehensive suite of services catering to both individual traders and businesses:

Buy Crypto: Easily purchase a wide range of cryptocurrencies using various fiat currencies, including USD, EUR, and SGD.

Affiliate Program: Earn rewards by referring new users to the BYDFi platform and sharing your trading experience.

Listing Application: Submit an application to have your cryptocurrency listed on the BYDFi exchange, gaining exposure to a vast global user base.

API: Access real-time market data and trading functionalities through BYDFi's powerful API, enabling the development of customized trading tools and applications.

Collaboration: Explore partnership opportunities with BYDFi to leverage its expertise and reach, expanding your business horizons within the cryptocurrency ecosystem.

Block Explorers: Utilize BYDFi's integrated block explorers to track transactions and verify the integrity of the blockchain network.

Sitemap: Navigate seamlessly through BYDFi's website with the comprehensive sitemap, ensuring easy access to all available resources and services.

Status: Monitor the real-time status of BYDFi's services and infrastructure, ensuring optimal trading performance and uninterrupted access.



BYDFi APP

BYDFi app is a user-friendly and feature-rich mobile application that provides seamless access to BYDFi's comprehensive cryptocurrency trading platform. It empowers users to buy, sell, trade, and manage their digital assets from the convenience of their smartphones.

To download the BYDFi app, follow these simple steps:

• Visit the BYDFi website or app store on your iOS or Android device.

• Search for “BYDFi” and select the official BYDFi app.

• Click on the “Download” or “Get” button to initiate the installation process.

• Once the app is installed, launch it and follow the on-screen instructions to create an account or log in to your existing BYDFi account.

• Start exploring the app's intuitive interface and discover a world of cryptocurrency trading possibilities.



How to Open an Account？

To open an account on BYDFi using a PC, follow these steps:

• Access BYDFi Website:

• Locate “Get Started”:

• Email Registration:

Follow these steps based on your preferred registration method to successfully open an account on BYDFi using your PC.

Mobile Registration:



How to Buy Cryptos？

Here are five steps on how to buy cryptos on BYDFi:

Open a BYDFi account for free:

• Go to the BYDFi website or app and click on the “Sign Up” button.

• Enter your email address or mobile number and create a strong password.

• Click on the “Sign Up” button to create your account.

Keep your account safe:

• Enable two-factor authentication (2FA) by linking your Google Authenticator app.

• Set an anti-phishing code to protect yourself from phishing attacks.

• Set a trading password to add an extra layer of security to your account.

Verify your account:

• Go to the “Account Verification” page in your BYDFi account settings.

• Enter your personal information, including your name, date of birth, and address.

• Click on the “Submit” button to verify your account.

Add a payment method:

• Once your BYDFi account is verified, you can add a payment method.

Buy cryptos:

• Once your payment method is added, you can buy crypto.

• Go to the “Buy Crypto” page and select BTC as the cryptocurrency you want to buy.



Fees

BYDFi maintains a transparent and competitive fee structure across its various trading products. The fee summary is as follows:

• Enter your full email address.

• Click “Send” to receive the verification code.

• Retrieve the code from your email inbox or spam folder.

• Enter the email verification code received.

• Set up your password.

• Optionally, enter an invitation code.

• Click “Get Started” to complete the registration.

• Find the “Get Started” option in the upper-right corner of the screen.

• Open any available browser and go to https://www.BYDFi.com/.

Product Type	Fee Type	Rate
Spot Transaction	Maker Fee	0.1% to 0.3%
Spot Transaction	Taker Fee	0.1% to 0.3%
Currency Exchange	Handling Fee	0.1% to 0.15%
Simple Contract	Opening Fee	Margin * Leverage * 0.05%
Simple Contract	Closing Fee	Margin * Leverage * 0.05%
Perpetual Contract (U standard)	Taker Fee Rate	0.06%
Perpetual Contract (U standard)	Maker Fee Rate	0.02%
Forward Perpetual Contract (U std)	Opening Fee	Transaction amount (coins) * opening price * fee rate
Forward Perpetual Contract (U std)	Closing Fee	Transaction amount (coins) * closing price * fee rate
Inverse Perpetual Contract	Opening Fee	(Number of contracts * contract multiplier transaction price) * fee rate
Inverse Perpetual Contract	Closing Fee	(Number of contracts * contract multiplier transaction price) * fee rate
Leveraged Token	Transaction Fee Rate	0.2%
Management Costs (ETF)	Management Fee	0.03% of ETF real value

Payment Methods

• BYDFi provides its users with a diverse selection of payment methods to deposit funds and initiate trading activities. Users can conveniently fund their accounts using wallets, debit cards, ACH transfers, wire transfers, and a wide range of cryptocurrencies.

• For withdrawal fees, they may vary based on the chosen method. However, BYDFi has not publicly disclosed specific fees related to wallet and cryptocurrency conversions at this time. Users are encouraged to refer to the platform's official website or contact customer support for the most up-to-date information regarding withdrawal fees and related transactions.

• Here is an example of the fees charged by BYDFi for various cryptocurrencies:

• USDT: TRC20 - Free; BEP20 (BSC) - 10; ERC20 - 15; MATIC - 55; SOL - 10.3

• USDC: TRC20 - Free; BEP20 (BSC) - 10.3; ERC20 - 50; MATIC - 55; SOLANA - 10.3

• BUSD: ERC20 - 55; BEP20 (BSC) - 50

• BTC: BTC - Free; BEP20 (BSC) - 0.0012

• ETH: ERC20 - Free; BEP20 (BSC) - 0.02

• BCH: BCH - Free; BEP20 (BSC) - 0.02

• And so on, the fees are listed for various cryptocurrencies.

• BYDFi does not charge any deposit fees for any cryptocurrency.

• For withdrawals, users need to pay a fixed fee for each transaction to cover the network transaction cost. The withdrawal fees vary depending on the cryptocurrency being withdrawn and the blockchain network it belongs to. The fees are as follows:

Customer Support

BYDFi ensures accessible customer support through various channels.

For real-time updates and queries, follow their official Twitter account at https://www.twitter.com/BYDFiand Facebook page at https://www.facebook.com/BYDfiOfficial/.

Direct inquiries can be sent to cs@BYDFiOfficial via email.

The company also maintains an extensive online presence, including Telegram channels (https://t.me/BYDFiEnglish, https://t.me/BYDFiNews), YouTube (https://www.youtube.com/@BYDFiOfficial), Medium (https://medium.com/bydfi), Discord (https://discord.com/invite/VJjYhsWegV), Reddit (https://www.reddit.com/r/BYDFi), Linkedin (https://www.linkedin.com/company/bydfi/), and Instagram (https://www.instagram.com/bydfi_official/).

This multi-platform approach ensures users can engage with BYDFi across various social media channels for timely assistance and updates.



Educational Resources

BYDFi is committed to providing its users with a comprehensive range of educational resources to enhance their understanding of the cryptocurrency market and trading strategies. This commitment is evident in the platform's dedicated “Learn” section, which offers a wealth of informative materials tailored to various experience levels.

For beginners, BYDFi provides a structured introduction to cryptocurrency fundamentals, covering topics such as blockchain technology, cryptocurrency wallets, and basic trading concepts. The platform's interactive tutorials and explainer videos further reinforce these concepts, making them accessible to even those with no prior knowledge of the cryptocurrency domain.

As users progress, BYDFi offers more advanced educational resources delving into technical analysis, market analysis, and risk management strategies. These resources equip traders with the tools to make informed decisions and navigate the dynamic cryptocurrency landscape with greater confidence.

Is BYDFi a Good Exchange for You？

BYDFi is the best exchange for copy trading, offering a unique and user-friendly system that allows novice traders to replicate the strategies of experienced professionals. BYDFi's copy trading system is designed to simplify the trading process and potentially amplify profits for beginners who may not have the expertise or time to conduct in-depth market analysis. The platform's intuitive interface and comprehensive risk management tools make it an ideal choice for traders of all experience levels seeking to explore the world of copy trading.

BYDFi's diverse target groups reflect its commitment to providing a comprehensive and accessible trading platform for users of all experience levels and interests.

Beginners:

• BYDFi's user-friendly interface and comprehensive educational resources make it a great choice for beginners who are new to cryptocurrency trading.

Experienced Traders:

• BYDFi's advanced trading features, such as derivatives trading and leveraged tokens, make it a great choice for experienced traders who are looking for a powerful and versatile platform.

Cryptocurrency Enthusiasts:

• BYDFi's support for a wide variety of cryptocurrencies, including major cryptocurrencies, altcoins, and emerging tokens, makes it a great choice for cryptocurrency enthusiasts who are looking to explore the full range of the cryptocurrency market.

FAQ

Q: Where are my digital assets stored on BYDFi？

A: Your digital assets are stored in our offline deep cold storage wallet, ensuring maximum security.

Q: What kind of rewards can users earn on BYDFi？

A: BYDFi offers various rewards and incentives, such as trading bonuses, referral rewards, and staking rewards for certain cryptocurrencies.

Q: Can you trade NFTs on BYDFi？

A: Yes, BYDFi supports NFT trading for select non-fungible tokens.

Q: Does BYDFi require KYC (Know Your Customer) verification？

A: Yes, for certain actions and to comply with regulations, BYDFi may require users to undergo KYC verification.

Q: Is BYDFi suitable for beginners？

A: Yes, BYDFi provides a user-friendly interface and offers educational resources to help beginners navigate the platform and understand cryptocurrency trading.

User Review

• User 1:

• BYDFi is a gem in the crypto world. Security's solid, my assets feel snug. Regulation's a bit unclear though. Interface？ Sleek, I navigate trades smoothly. Liquidity can be bumpy, but they're growing. They've got a cool range of cryptos, feeds my trading cravings. Customer support？ Quick and friendly. Trading fees？ Competitive. Love the emphasis on privacy.

• User 2:

• BYDFi's my crypto playground. Security's top-grade, that's crucial. Regs？ Not crystal clear, but vibes look good. Interface is sleek, user-friendly for me. Liquidity sometimes stumbles, but they're making strides. Crypto choices are impressive; I find what I want. Customer support's a pro, had my back a few times. Fees？ Fair enough. Deposit speed's fine, withdrawals could be zippier. Solid stability overall.

Risk Warning

• Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.