[ad_1]
BYDFi, formerly known as BitYard, is a new cryptocurrency exchange founded in April 2020. One of our biggest differentiators is the ability to trade over 600 cryptocurrencies, the best in the industry. You also don’t have to worry about deposit fees and have access to a sophisticated trading platform with advanced charting features and detailed trading data. However, its trading fees are above average for active traders and its fee transparency could be improved. Staking, a feature popular with some traders, is not available on BYDFi and That mobile app was removed from the iOS and Android stores during an update. Customer support could not confirm when it will be completed, but the app is available via a direct link for download.
Crypto traders looking for a more developed crypto exchange may consider Binance.US or Kraken, but following FTX’s bankruptcy in 2022, Binance is coming under increasing scrutiny. I was.
Overview of BYDFi
|
Category |
BYDFi |
|---|---|
|
Minimum balance: |
None, but minimum trades of 10 USDT |
|
Securities that can be traded: |
600+ cryptocurrencies |
|
Cost per transaction: |
|
|
customer service: |
Email, Chat, Self Help |
|
Mobile App: |
BYDFi’s mobile app is being updated and is not currently available on Apple’s App Store or Google Play Store. You can download it from the direct link. |
Pros: Where BYDFi Stands Out
Number of cryptocurrencies available
BYDFi stands out for the number of tradable cryptocurrencies. Over 600 coins are available, the best in the industry based on this metric. You can trade not only the most popular coins like Bitcoin, Ethereum and Dogecoin, but also many lesser-known coins. .
Crypto.com also offers hundreds of different coins, while popular apps Robinhood and Webbull offer only a few dozen of the most popular coins. However, if you are also looking to trade other assets such as stocks and ETFs, Robinhood and Webbull can meet your needs, while crypto exchanges cannot.
No deposit fee
BYDFi does not charge deposit fees. You just need to meet the minimum deposit amount of coins you wish to deposit. No deposit is a great feature that is becoming more common across the industry. These fees can actually eat up your money before you even start trading, so it’s nice to see BYDFi offering free deposits.
However, a withdrawal fee will be charged. These fees vary from crypto to crypto and also on the network used for withdrawals. Before choosing a cryptocurrency exchange to trade with, make sure you understand the fees you should pay. Fees can have a big impact on whether you earn or not.
trading platform
Crypto traders will be impressed by the professional feel of BYDFi’s trading platform. You can easily track the cryptocurrencies you are interested in while also checking advanced trading indicators and various charting tools. These more advanced features are especially popular with active traders and help them execute a variety of trading strategies.
customer support
BYDFi does not offer phone support as part of their customer service, but they do offer a live chat feature with real people which is very helpful if you have any questions. Also, there are many different questions online that might solve your problem without human help. Most cryptocurrency exchanges don’t offer phone support, so a live chat option is the next best thing, not just BYDFi.
Cons: BYDFi improvements
high transaction fees
Like other cryptocurrency exchanges, BYDFi uses a maker/taker model that charges fees based on whether an order adds liquidity to the market (maker) or removes liquidity from the market (taker). use. The breakdown of fees is as follows.
|
Manufacturer |
Taker |
|
|---|---|---|
|
All spot trading pairs |
0.1% to 0.3% |
0.1% to 0.3% |
BYDFi’s fees are high at 0.3%, which is close to the industry average, but the lowest of 0.1% is above average. Many other exchanges have completely eliminated or at least reduced fees to very low levels for traders with the highest trading volumes. It is also difficult to know what fees you will pay until you actually make a transaction. Other exchanges are more transparent about how their pricing works.
No staking
BYDFi does not offer staking, which is a drawback for some traders. Staking, which involves holding cryptocurrency deposits in exchange in exchange for rewards, can be a way for traders to earn additional returns. Although there are some similarities to interest-earning bank savings accounts, staking cryptocurrencies carries a very high degree of risk. Traditional bank accounts are protected by his FDIC insurance of up to $250,000 per depositor, but cryptocurrency staking has no such protection.
Mobile app availability (updating)
BYDFi has an older version of the mobile app available, but the app is currently being updated and will not be available on Apple’s App Store or Google Play Store as of January 2023. While regular updates are understandable, BYDFi pulling apps from both Apple and Google stores is a concern, and new users may look elsewhere. As mobile trading is a key feature of modern trading platforms, BYDFi is wise to complete updates in a timely manner.
how to make money
Bankrate is an independent, ad-supported issuer and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services or clicks on links posted on this website. This compensation may affect how, where and in what order the Products are displayed. Bankrate does not include all companies or all products available.
[ad_2]
Source link
