BYDFi Review: A Look into the World of BUIDL-ing Your Dream Finance

Summary

2022 was a roller coaster ride for the entire crypto community that resulted in changing the course of many projects, even some of the major ones. A market that used to be dominated by giants like FTX has now opened the door for exchanges around the world to capture market share.

The void that was left after the collapse of the largest derivatives exchange is now being filled by new derivatives exchanges, and this is where BYDFi comes into the picture. Let’s get to the review, where we have weighed up the latest exchange in detail for you.

About the project

Let’s start with what BYDFi is all about. Formerly known as BitYard, BYDFi is a Singapore-based cryptocurrency trading platform directed towards global investors who are interested in trading cryptos, especially through innovative features.

The acronym BYDFI stands for

B – BUIDL

Y – Your

D – Dream

F – Finance

I – denotes each person

The user-friendly platform stands out from the rest for its list of advanced features. BYDFi enables users to trade crypto derivatives, including perpetual contracts, lite contracts, and leveraged tokens. Although BYDFi primarily focuses on crypto derivatives, the platform offers an array of products and services, including spot trading and copy trading.

Since 2020, the exchange has been a leading example of bringing professional, innovative, and convenient trading services to investors around the world. According to the official website, the platform already has more than 500,000 users from 150 countries around the world.

About the team

The journey of BYDFi starts with co-founder and marketing director Michael Hung under the name BitYard, which has been online for almost 3 years. In January 2023, the company responded to the changes in the encryption market, which led to the rebranding of the name to BYDFi.

Ideal for beginners and professionals alike, the ecosystem of BYDFi is all about bringing traders, project teams, copiers, and other communities together and forming a way of interaction and communication.

The BYDFi team understands how the potential uses of cryptocurrencies would expand rather than being confined to NFT, GameFi, or Metaverse. To keep pace with the ever-evolving digital landscape, the rebranding was necessary, according to the team.

The new brand name purposefully reflects the vision and mission of the company and presents the core value, i.e., BUIDL-ing the potentials that are going to shape the future.

Project details overview

What makes BYDFi unique?

We have discussed the primary features of BYDFi so far, which include derivatives trading, copy trading, and spot trading. In this section, we will highlight the things offered by the platform to give you a fair idea of the uniqueness of BYDFi.

• BYDFi is a one-stop trading platform that enables contract trading services that include lite contracts and perpetual contracts that offer up to 150x leverage.
• Users can get hold of advanced trading tools since the platform has developed copy trading tools to make trading easier for even beginners.
• What really differentiates BYDFi is the ability to find the next 100x GEM, meaning traders can easily trade or purchase cryptocurrencies that are unavailable on other exchanges.
• The copy trading feature offered by BYDFi is something traders can take advantage of, unlike on popular exchanges like CoinBase, Crypto.com, and Kraken.
• BYDFi offers a New User Welcome Package that rewards users for signing up and finishing basic tasks.
• The affiliate program of BYDFi is the cherry on top when it comes to discussing its uniqueness. With the program, users will get access to a dedicated affiliate center, a lifetime rebate, real-time settlement commissions, and the option to create 100 unique referral links.

Now that we have covered the main features provided by BYDFi, it’s time to get deep into exploring what makes BYDFi unique from other exchanges.

The funding fee is charged every 8 hours; it differs for lite contracts and perpetual contracts.

Funding Fee = Last Price * Position Quantity * Funding Rate

• For a perpetual contract:
  

Funding Fee = Position Value * Funding Rate

As for the transaction fees, they also vary for spot trading, leveraged tokens, lite contracts, and perpetual contracts.

Spot Transaction Fee = Filled Order Quantity x Transaction Fee Rate

• Lite contracts transaction fees: (transaction fee: 0.05%)

Opening Fee = Margin * Leverage * 0.05%

Closing Fee = Margin * Leverage * 0.05%

• Perpetual Contracts (USDT-M and COIN-M):

Opening Fee = Fulfilled Amount (Coin) * Entry Price * Transaction Fee Rate (Taker 0.06%; Maker 0.02%)

Closing Fee = Fulfilled Amount (Coin) * Closing Price * Transaction Fee Rate

The transaction fees for leveraged tokens are charged separately when trading USDT, where the fee rate is 0.02%.

How secure are BYDFi users?

BYDFi takes stern measures when it comes to security features, and some of the examples are personal data protection through the Jumio KYC system and multi-party approvals for authorizing transactions. The platform takes the safety features to another level by storing digital currencies offline in cold storage wallets. Additionally, users will get segregated cold storage accounts where the transactions are restricted to a whitelist to prevent any kind of unauthorized withdrawals.

Detailed analysis of various parameters:

Available tokens on the platform: BYDFi supports a huge range of cryptocurrencies, where some of the major coins are BTC, XRP, ETH, DOGE, SHIB, and ADA, to name a few.

Licenses: BYDFi holds MSB dual license from both US and Canada.

Available on android/IOS: BYDFi is also available through its mobile app, which enables trading on-the-go with a user-friendly interface.

Conclusion

BYDFi undoubtedly has the features that make the platform a promising exchange in the coming days. Judging by the highs and lows, we believe BYDFi is only going to improve and get better as time passes.