The crypto industry is no longer a small hobbyist niche for those interested in digital assets. Online exchanges have increased dramatically in just a few years. While this may be beneficial for the community, it makes it harder to find the best crypto exchange for beginners.
BYDFi stands among the top as a trading platform with innovative features, but can it lower the learning and cryptocurrency trading curve for first-timers? In this review, we take a hands-on approach and see.
But First, What is BYDFi and Background?
BYDFi stands for ‘BUIDL Your Dream Finance’ and is also the slogan of the platform. For those who don’t know, the BUIDL is slang for ‘build’, while the ‘Fi’ can be interpreted as Finance or, in this case, ‘finance individual’.
The phrase means to encourage crypto enthusiasts to continue ‘building’ towards their dream financial standing using the platform. It’s also worth noting that the company had a rebrand just recently to better reflect its mission and vision for the crypto market and its users.
BYDFi launched in 2020 as a way for crypto enthusiasts to buy and exchange assets. It has hosted more than one million users in over 190 countries worldwide.
BYDFi Features: What Makes The Exchange Unique?
A quick look at the BYDFi website reveals it to be a Web3 and Crypto portal offering cryptocurrency investing, diverse trading, and connected services.
The number of users it has and supported countries make BYDFi one of the most popular in its niche. Other trust signals include being recognized by Forbes, transactional assurances, and ID protection built by the latest AI technologies. The fact that the company won Best Retail Investor-Friendly Exchange Globe and Most Popular Cryptocurrency Exchange Globe in 2024 adds to its reputation as a beginner-friendly trading portal.
900+ Cryptocurrencies to Invest
For traders, the more assets you have access to, the better. Even more so if it’s within a single exchange portal. This means you don’t have to sign up to multiple websites/platforms just for increased crypto coverage.
To date, BYDFi has over 900 cryptocurrencies up for trading. This includes the evergreen Bitcoin and smaller yet renowned coins such as Shiba Inu, Dogecoin, and Cardano. We also found a dozen or so coins that were unavailable in competitor exchanges.
200x Maximum Leverage
Having a 200x leverage is unprecedented for perpetual contracts. Last we checked, the highest was at 100x.
Forbes Recommended
BYDFi has appeared in Forbes’ ‘top ten best crypto exchanges in 2023’. It’s a remarkable achievement for a crypto portal launched three years prior.
Why is BYDFi the Best Crypto Exchange for Beginners?
Welcome Reward
Welcome rewards are offered in just about any online exchange that exists, but BYDFi takes it a step further with a ‘New User Welcome Package’ that has an 8100 USDT value. The reward is earned via a gamified demo. The initial tasks did a good job of making us more familiar with the platform. When it comes to beginners hoping to jump into the crypto trading action, this is a huge plus.
Demo Trading
The ability to start trading without risk is a feature most have, but it’s still nice to see. It gives beginners a feel for the exchange system and dynamics before they go and spend real money.
There’s a Trading Bot
One of our favorite features is the option to trade automatically even when you’re not on the computer or your phone. Spot investment can be automated on BYDFi across 100+ trading pairs. This form of trading is ideal for quick ‘in and outs’ so your assets can stay liquid.
Lower Fees
While not specifically a beginner-friendly feature, having lower fees can equal a higher earning rate for all users. At 0.1% for spot fees and 0.02 for derivative fees, BYDFi has a very small piece of the pie.
The Bottom Line
Our experience in using BYDFi as a crypto trader is nothing short of spectacular. The intro and gamified walkthrough are short and to the point. After that, we were buying and exchanging cryptos like seasoned veterans. Spend more time in BYDFi’s web and app portal and you can go from crypto noob to pro quickly, thanks to the intuitive layout and features.
