BYDFi Surpasses 1 Million Subscribers…"Easy to Use for Beginner Investors"

Singapore-based cryptocurrency exchange BYDFi is attracting the attention of futures investors by highlighting its high leverage and low fees, it announced on the 31st. BYDFi plans to strengthen its support for Korean services to attract domestic investors.

BYDFi is an exchange launched in 2020 targeting 'beginner investors' in cryptocurrency. It focused on an intuitive user interface (UI) to target beginner investors. The U.S. economic magazine Forbes selected BYDFi as a cryptocurrency exchange for beginner investors along with global exchanges such as Coinbase, Kraken, and Crypto.com. Forbes evaluated BYDFi as "user-friendly" and "quick and simple to sign up."

Support for 100,000 USDT 'Demo Trading'

BYDFi allows users to sign up without going through Know Your Customer (KYC) verification. According to BYDFi, most of the platform's features, including trading over 600 cryptocurrencies, can be used without KYC. However, users who sign up without KYC are limited to withdrawing 1.5 Bitcoin (BTC) per day.

The platform also supports 'demo trading.' All BYDFi users can conduct demo trading with 100,000 virtual Tether (USDT) given upon signing up. A BYDFi representative explained, "Demo trading allows users to test trading strategies and techniques before investing actual funds," and added, "We also offer a 'copy trading' feature that makes it easy to follow the strategies of professional traders."

Additionally, BYDFi enhances security by storing most of its users' cryptocurrencies in cold wallets. Cold wallets are offline cryptocurrency wallets physically separated from the internet, posing a lower risk of hacking than hot wallets. All assets within BYDFi must go through Multi-party Approval for withdrawals, and cold wallet transactions are only possible with addresses registered on the whitelist. BYDFi stated, "User assets are stored in cold wallets completely separate from platform assets," and "withdrawals to unauthorized external addresses are completely blocked."

Strengths such as Low Fees

Relatively low fees are also a strength. BYDFi's spot trading fee rate is 0.1%. This is the same level as Binance (0.1%), the world's largest cryptocurrency exchange known for low fees. It is lower compared to beginner investor exchanges selected by Forbes, such as Kraken (0.16%), Crypto.com (0.25%), and Coinbase (0.5%). BYDFi stated, "Users can check fees in real-time," and "We strive to maintain a transparent fee structure."

It also supports up to 200x leverage for perpetual futures trading. Unlike regular futures, perpetual futures are derivatives that allow profits by predicting asset price fluctuations without an expiration date. Unlike most exchanges such as Binance, which support only up to 100x to 125x leverage for perpetual futures trading, BYDFi offers up to 200x. BYDFi explained, "More than 200 items are available for perpetual futures trading," and "It is also characterized by the ability to trade futures without going through KYC."

Advanced trading features such as Cross Margin are also supported. Cross Margin is a trading method that utilizes all of a user's funds as collateral to operate multiple positions simultaneously. It has the advantage of reducing the risk of liquidation of a single position and increasing the efficiency of fund management. Additionally, BYDFi supports a 'Long-Short Position Hedge' feature that allows users to operate both long and short positions in the same futures trading item simultaneously.

Surpassing 1 Million Subscribers

There is also a feature to open positions with unrealized profits. This is a trading method that maximizes profits by predicting asset prices using profits that have not yet been realized. A BYDFi representative said, "Traditional trading methods had the limitation of having to wait for liquidation," and "(With the unrealized profit utilization feature) profits can be reinvested immediately to maximize fund efficiency."

The number of BYDFi subscribers recently surpassed 1 million. BYDFi supports cryptocurrency trading services in about 150 countries. According to CoinMarketCap, BYDFi's daily spot trading volume is approximately $144 million (about 210 billion KRW).

BYDFi is also accelerating its efforts to penetrate the Korean market. At the end of last year, it joined the Virtual Asset Service Provider (VASP) alliance of CODE, a joint venture of three domestic exchanges: Bithumb, Coinone, and Korbit. Major exchanges such as Binance and Bybit are also members of CODE's VASP alliance. BYDFi stated, "(By joining the alliance) we have secured a leading position over competitors in terms of regulatory responsiveness and market accessibility," and "We will continue to strive to provide customized services for Korean investors."