How to earn extra profits with BYDFi?
Over the previous decade, cryptocurrencies have gained tremendous popularity. However, cryptocurrency investments contradict typical investing patterns and are prone to absurd fluctuations, distinguishing them from any other financial system.
A trader venturing into the crypto space can be wary of the ever-evolving ecosystem minting out new coins on a daily basis, with technological advancements and new features being introduced constantly.
A major issue that traders confront is that cryptocurrencies are qualitatively diverse and not interchangeable. The confusing array of cryptocurrencies differs in many ways, notably in terms of security, programmability, and governance.
Thus, the general dilemma faced by traders venturing into crypto trading is to find a reliable one-stop-shop that offers numerous cryptocurrencies along with various trading features that makes the job easy for traders.
BYDFi is an all-in-one crypto trading platform that has a wide array of cryptocurrencies combined with top-notch features like spot trading, copy trading, perpetual futures, demo training, and much more.
The platform is extremely convenient for traders since they do not have to open numerous accounts on various exchanges when everything can be done on a single platform – BYDFi.
This leads to increased speed and efficiency, both of which are crucial for anybody aspiring to become a professional trader and seeking the best pricing.
BUIDL Your Dream Finance
BYDFi, formerly known as BitYard, is a cryptocurrency trading platform for individual investors from around the world. BYDFi offers a wide range of goods and services, including spot trading, derivatives trading, and copy trading. Since 2020, it has continued to provide professional, convenient, and novel trading services to global users.
BYDFi was formally established in 2020 as BitYard and entered the cryptocurrency industry. It was rebranded BYDFi in January 2023 in response to developments in the encryption sector.
BYDFi stands for “BUIDL Your Dream Finance”. BUIDL is a common slang word meaning “build” among cryptocurrency enthusiasts. This term, in addition to its original meaning, inspires those who believe in the future of cryptocurrencies to take action in order to realize their ambitions. The “F” in BYDFi represents Finance, while the “i” represents each individual.
In the future, the possible applications of cryptocurrencies will be broader and will not be restricted to recent applications such as NFT, Metaverse, and GameFi. To stay up with the ever-changing digital world, the platform changed its brand name to represent its vision and objective for the cryptocurrency industry, as well as to demonstrate the platform’s dedication to crypto consumers.
A one-stop shop
BYDFi is the ultimate solution for a trader that satisfies all of their trading needs. With a wide selection of cryptocurrencies, traders can easily jump from one trading option to another without going through the hassle of creating multiple accounts on different platforms. The different trading methods offered are:
- Spot Trading
- Perpetual Contracts
- Copy trading
Here, traders can employ a variety of trading methods, all in the same platform with maximum benefits and optimum security. These trading methods assure greater profit as compared to other trading platforms.
Rookie traders new to the market may struggle to navigate the site’s complicated capabilities, but they may opt to disregard all of the advanced features offered on the platform and focus on simple crypto spot trading.
The platform offers 400+ crypto trading pairs and users can trade popular coins such as Bitcoin, Ethereum, Ripple, Dogecoin, and altcoins.
There are three versions of the spot interface that users can utilize to conduct trades:
Direct conversions: These are the most convenient way to purchase and sell crypto on BYDFi since they use immediate swaps and bypass the order book. Users may convert crypto with just a single click.
Classic Spot Market: This provides traders with basic trading instruments like charting software, several order types, and the order book.
Advanced spot market: This part includes all of the capabilities accessible in the spot market in addition to what is available in the traditional interface, such as market depth and a more optimized interface for technical analysis.
The most versatile feature of BYDFi is its copy-trading functionality. This tool allows users to imitate a certain trader and execute all of their deals. On their official website, BYDFi provides a special area where visitors may locate the most successful traders over a given time period.
This feature is perfect for beginners without extensive knowledge of technical analysis. Users can follow other profitable traders with proven track records. Users can filter between traders with different trading styles and performances. Users can use the Copy Master Trader with just a click, then sit back and relax while the trading takes place automatically.
Thus, the copy trading function may assist beginners understand crypto technical analysis by mimicking skilled traders. It also assists newcomers in reducing possible losses in the transaction by initiating expert trade routines.
Copy trading also helps the experts, who get an 8% commission from users who duplicate their trades. They not only get compensated but also receive a channel for sharing their experience and maybe obtaining beneficial comments from other traders.
Thus, BYDFi provides opportunities for high-quality traders to generate media exposure.
Copiers, on the other hand, gain from the expertise of their skilled counterparts and get to learn while they earn.
Perpetual futures are contracts between buyers and sellers of a certain asset that reflect their interests and the terms under which payment is to be made at an indefinite future period. These contracts can be traded on open markets, with speculators taking positions based on their future price estimates.
The perpetual contract feature offers both USDT-M and Coin-M perpetual futures. Users can gain up to 150x leverage for perpetual contracts, which is one of the best out there in the market as exchanges only offer a maximum leverage of 100x or 125x for perpetual contracts.
Thus, the platform guarantees higher potential returns, greater flexibility, and convenience while using this feature.
BYDFi offers four types of cryptocurrencies-based derivatives:
Lite Contracts: These are great for a new futures trader who wants to experiment and learn how to trade derivatives. This section also contains the paper trading function.
USDT-M Contracts: The exchange provides perpetual futures that are settled in USDT, the largest stablecoin by market cap at the time of writing.
COIN-M Contracts: These are settled in the underlying cryptocurrency on which the contract is based, for example, BTC-M or ETH-M contracts in Bitcoin and Ethereum, respectively.
Leveraged tokens: These are contracts that have leveraged stakes in a certain asset. Traders can employ margin trading to open a leverage position or use a leverage token to buy/sell the same asset. The advantage of choosing the latter is that they have lesser fees.
BYDFi develops a trading environment appropriate for both beginners and pros by allowing traders, copiers, project teams, media, and other communities to engage and communicate thus symbolizing the guiding idea of BUIDL-ing the possibilities that will shape the future.
The platform offers features and benefits that stand out from its industry competitors. Traders using BYDFi can gain assured gains and maximize returns. With an array of numerous cryptocurrencies, a highly versatile list of trading options, and up to 150x leverage for perpetual contracts the platform surely is a one-stop shop for anyone looking to maximize their gains.