How to Start BYDFi Trading in 2024: A Step-By-Step Guide for Beginners

How to Open an Account on BYDFi

Open an Account on BYDFi with Phone Number or Email

1. Go to BYDFi and click [Get Started] in the upper right corner.

2. Select [Email] or [Mobile] and enter your email address/phone number. Then click [Get code] to receive the verification code.

3. Put the code and password in the spaces. Agree to the terms and policy. Then click [Get Started].

Note: Password consisting of 6-16 letters, numbers and symbols. It can’t only be numbers or letters.

4. Congratulations, you have successfully registered on BYDFi.

Open an Account on BYDFi with Apple

Furthermore, you can sign up using Single Sign-On with your Apple account. If you wish to do that, please follow these steps:

1. Visit BYDFi and click [Get Started].
2. Select [Continue with Apple], a pop-up window will appear, and you will be prompted to sign in to BYDFi using your Apple account.

3. Enter your Apple ID and password. Then click on the arrow icon.
4. Complete the authentication process.

5. Choose to [Hide My Email], then click [Continue].

6. You will be referred back to the BYDFi’s website. Agree to the term and policy then click [Get Started].

7. After that, you will be automatically redirected to the BYDFi platform.

Open an Account on BYDFi with Google

Also, you have an option to register your account through Gmail and you can do that in just a few simple steps:

1. Head over to the BYDFi and click [Get Started].

2. Click on [Continue with Google].

3. A sign-in window will be opened, where you put in your Email or phone. Then click [Next].

4. Then enter the password for your Gmail account and click [Next]. Confirm that you’re signing in.

5. You will be referred back to the BYDFi’s website. Agree to the term and policy then click [Get Started].

6. After that, you will be automatically redirected to the BYDFi platform.

Open an Account on the BYDFi App

More than 70% of traders are trading the markets on their phones. Join them to react to every market movement as it happens.

1. Install BYDFi app on Google Play or App Store.

2. Click [Sign up/Log in].

3. Select a registration method, you can choose from Email, Mobile, Google account, or Apple ID.


Sign up with your Email/Mobile account:

4. Put in your Email/Mobile and password. Agree to the terms and policies, then click [Register].

5. Enter the code that has been sent to your email/mobile, then click [Register].
6. Congratulations! You have successfully created a BYDFi account.


Sign up with your Google account:

4. Select [Google] - [Continue]. 

5. You will be prompted to sign in to BYDFi using your Google account. Fill in your email/phone and password, then click [Next].
6. Click [Continue].
7. You will be referred back to BYDFi, click [Register] and you will be able to access your account.


Sign up with your Apple account:

4. Select [Apple]. You will be prompted to sign in to BYDFi using your Apple account. Tap [Continue].

5. You will be referred back to BYDFi, click [Register] and you will be able to access your account.

How to complete Identity Verification on BYDFi

How to Verify BYDFi Account (Web)

1. You can access the Identity Verification from your Avatar - [Account and Security].

2. Click on the [Identity Verification] box, then click [Verify].


3. Follow the required steps. Choose your country of residence from the dropbox then click [Verify].

4. Fill in your personal information and upload your ID picture, then click [Next].

5. Upload a photo with handhold ID and paper of handwritten today’s date and BYDFi and click [Submit].

6. The review process can take up to 1 hour. You’ll be notified once the review is completed.

How to Verify BYDFi Account (App)

1. Click your avatar - [KYC Verification].

2. Click [Verify]. Choose your country of residence from the dropbox then click [Next].

3. Fill in your personal information and upload your ID picture, then click [Next].

4. Upload a photo with handhold ID and paper of handwritten today’s date and BYDFi and click [Next].

5. The review process can take up to 1 hour. You’ll be notified once the review is completed.

How to Deposit on BYDFi

How to Buy Crypto with Credit/Debit Card on BYDFi

Buy Crypto with Credit/Debit Card (Web)

1. Log in to your BYDFi account and click [Buy Crypto].

2. Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. Choose your preferred payment method and click [Search].
3. You will be redirected to a third party site, in this case we will use Mercuryo’s page, where you can choose your payment order and click [Buy].

4. Enter your card information and click [Pay]. When you complete the transfer, Mercuryo will send the fiat to your account.

5. After the payment is completed, you can see the order status.
6. After successfully buying coins, you can click [Fiat History] to view the transaction history. Simply click on [Assets] - [My Assets].

Buy Crypto with Credit/Debit Card (App)

1. Click [Add funds] - [Buy Crypto].

2. Enter the amount you want to buy, choose [Next].

3. Choose your payment method and click [Use USD Buy] - [Confirm].


4. You will be directed to the Mercuryo’s page. Fill in your card order and wait for it to be completed.

5. After successfully buying coins, you can click [Assets] to view the transaction history. 

How to Deposit Crypto on BYDFi

Deposit Crypto on BYDFi (Web)

1. Log in to your BYDFi account and go to [Deposit].
2. Select the cryptocurrency and network you want to deposit. You can either copy the deposit address to your withdrawal platform or scan the QR code using your withdrawal platform app to make the deposit.
Note:

1. When depositing, please deposit strictly according to the address displayed in the cryptocurrency; otherwise, your assets may be lost.
2. The deposit address may change irregularly, please confirm the deposit address again every time before depositing.
3. Cryptocurrency deposit requires network node confirmation. Different currencies require different confirmation times. The confirmation arrival time is generally 10 minutes to 60 minutes. The details of the number of nodes are as follows:

   BTC	ETH	TRX	XRP	EOS	BSC	ZEC	ETC	MATIC	SOL
   1	12	1	1	1	15	15	250	270	100

Deposit Crypto on BYDFi (App)

1. Open your BYDFi app and choose [Assets] - [Deposit].

2. Choose the cryptocurrency and network you want to deposit.

3. You can either copy the deposit address to your withdrawal platform app or scan the QR code using your withdrawal platform app to make the deposit.

How to Buy Crypto on BYDFi P2P

P2P is currently only available on BYDFi app, remember to update to the latest version to access it.

1. Open BYDFi App, click [Add Funds] - [P2P transaction].

2. Select a tradable merchant for purchase and click [Buy]. Fill in the required digital assets by amount or quantity. Click [0 handling fee], after the order is generated, pay according to the payment method provided by the merchant

3. After successful payment, click [I have paid]. The merchant will release the cryptocurrency upon receiving the payment.

How to Trade Crypto on BYDFi

What is Spot trading?

Spot trading is between two different cryptocurrencies, using one of the currencies to purchase other currencies. The trading rules are to match transactions in the order of price priority and time priority, and directly realize the exchange between two cryptocurrencies. For example, BTC/USDT refers to the exchange between USDT and BTC.

How to Trade Spot On BYDFi (Web)

1. You can access BYDFi’s spot markets by navigating to [Trade] on the top menu and selecting [Spot Trading]. 
Spot trading interface:

2. BYDFi provides two types of spot trading orders: limit orders and market orders.


Limit Order 

1. Choose [Limit]
2. Enter the price you want
3. (a) Enter the amount of BTC you want to buy or sell
   (b) Choose the percentage
4. Click [Buy BTC]

Suppose you want to buy BTC and your spot trading account balance is 10,000 USDT. If you choose 50%, 5,000 USDT will be used to buy BTC.

Market Order

1. Choose [Market]
2. (a) Choose the amount of USDT you want to buy or sell
   (b) Choose the percentage
3. Click [Buy BTC]

Suppose you want to buy BTC and your spot trading account balance is 10,000 USDT. If you choose 50%, 5,000 USDT will be used to buy BTC.

3. Submitted orders remain open until they get filled or are canceled by you. You can view these in the “Orders” tab on the same page, and review older, filled orders in the “Order History” tab. Both these tabs also provide useful information such as the average filled price.

How to Trade Spot On BYDFi (App)

1. You can access BYDFi’s spot markets by navigating to [Spot].

Spot trading interface:

2. BYDFi provides two types of spot trading orders: limit orders and market orders.


Limit Order 

1. Choose [Limit]
2. Enter the price you want
3. (a) Enter the amount of BTC you want to buy or sell
   (b) Choose the percentage
4. Click [Buy BTC]

Suppose you want to buy BTC and your spot trading account balance is 10,000 USDT. If you choose 50%, 5,000 USDT will be used to buy BTC.

Market Order

1. Choose [Market]
2. (a) Choose the amount of USDT you want to buy or sell
   (b) Choose the percentage
3. Click [Buy BTC]

Suppose you want to buy BTC and your spot trading account balance is 10,000 USDT. If you choose 50%, 5,000 USDT will be used to buy BTC.

3. Submitted orders remain open until they get filled or are canceled by you. You can view these in the “Orders” tab on the same page, and review older, filled orders.

How to make a Withdrawal on BYDFi

How to Sell Crypto through Cash Conversion

Sell Crypto through Cash conversion on BYDFi (Web)

1. Log in to your BYDFi account and click [Buy Crypto].
2. Click [Sell]. Select the fiat currency and the amount you want to sell. Choose your preferred payment method then click [Search].
3. You will be redirected to the third-party website, in this example we will use Mercuryo. Click [Sell].

4. Fill in your card details and click [Continue].

5. Check the payment details and confirm your order. 

Sell Crypto through Cash conversion on BYDFi (App)

1. Log in to your BYDFi App and click [Add funds] - [Buy Crypto].

2. Tap [Sell]. Then select the crypto and the amount you want to sell and hit [Next]. Choose your preferred payment method and click [Use BTC Sell]. 

3. You will be redirected to the third-party website. Fill in your card details and confirm your order.

How to Withdraw Crypto from BYDFi

Withdraw Crypto on BYDFi (Web)

1. Log into your BYDFi account, click [Assets] - [Withdraw].

2. Select or search the crypto you would like to withdraw, enter [Address], [Amount], and [Fund Password], and click on [Withdraw] to complete the withdrawal process.

3. Verify with your email then click [Confirm].

Withdraw Crypto on BYDFi (App)

1. Open your BYDFi app, go to [Assets] - [Withdraw].

2. Select or search the crypto you would like to withdraw, enter [Address], [Amount], and [Fund Password], and click on [Confirm] to complete the withdrawal process.

3. Verify with your email then click [Confirm].

How to Sell Crypto on BYDFi P2P

BYDFi P2P is currently only available on the app. Please update to the latest version to access it.

1. Open BYDFi App, click [Add Funds] - [P2P transaction].

2. Select a tradable buyer, fill in the required digital assets by amount or quantity. Click [0FeesSellUSDT]

3. After the order is generated, wait for the buyer to complete the order and click [Release crypto].

Frequently Asked Questions (FAQs)

Account

What Should I Do If I Can’t Receive the SMS Verification Code?

If you are unable to receive the verification code, BYDFi recommends that you try the following methods:

1. First of all, please make sure your mobile number and country code are entered correctly.
2. If the signal is not good, we suggest you move to a location with a good signal to get the verification code. You can also turn on and off the flight mode, and then turn on the network again.
3. Confirm whether the storage space of the mobile phone is sufficient. If the storage space is full, the verification code may not be received. BYDFi recommends that you regularly clear the content of the SMS.
4. Please make sure that the mobile number is not in arrears or disabled.
5. Restart your phone.

How to Change Your Email Address/Mobile Number?

For your account’s safety, please make sure you have completed KYC before changing your email address/mobile number.

1. If you have completed KYC, click on your avatar - [Account and Security].
2. For users that have a bound mobile number, fund password, or Google authenticator already, please click the switch button. If you have not bound any of the above settings, for the security of your account, please do so first. 

Click on [Security Center] - [Fund Password]. Fill in the required information and click [Confirm].


3. Please read the instructions on the page and click [Code is not available] → [Email/Mobile Number is unavailable, apply for reset] - [Reset Confirm].

4. Enter the verification code as instructed, and bind a new email address/mobile number to your account.

Note: For your account’s safety, you will be barred from withdrawing for 24 hours after changing your email address/mobile number.

Verification

What is KYC Verification?

KYC stands for "Know Your Customer." The platform requires users to perform identity verification in order to comply with anti-money laundering regulations and ensure that the identity information submitted by users is true and effective.

The KYC verification process can ensure the legal compliance of user funds and reduce fraud and money laundering.

BYDFi requires fiat deposit users to complete KYC authentication before initiating withdrawals.

The KYC application submitted by users will be reviewed by BYDFi within an hour.

What information is needed for the verification process

Passport

Please provide the information as follows:

• Country/Region
• Name
• Passport Number
• Passport Information Image: Please make sure the information can be read clearly.
• Handhold Passport Photo: Please upload a photo of yourself holding your passport and a paper with "BYDFi + today’s date."
• Please make sure you place your passport and the paper on your chest. Do not cover your face, and make sure all the information can be read clearly.
• Only support images in JPG or PNG format, and the size cannot exceed 5MB.

Identity Card

Please provide the information as follows:

• Country/Region
• Name
• ID Number
• Front Side ID Image: Please make sure the information can be read clearly.
• Back Side ID Image: Please make sure the information can be read clearly.
• Handhold ID Photo: Please upload a photo of yourself holding your ID and a paper with "BYDFi + today’s date."
• Please make sure you place your ID and the paper on your chest. Do not cover your face, and make sure all the information can be read clearly.
• Only support images in JPG or PNG format, and the size cannot exceed 5MB.

 

Deposit

What is the daily withdrawal limit?

The daily withdrawal limit will vary depending on whether KYC is completed or not.

• Unverified Users: 1.5 BTC per day
• Verified Users: 6 BTC per day.

Why is the final offer from the service provider different from what I see on BYDFi?

The quotations on BYDFi come from the prices provided by the third-party service providers and are for reference only. They may differ from final quotes due to market movements or rounding errors. For accurate quotations, please visit the official website of each service provider.

How long does it take for my purchased cryptos to arrive?

Cryptocurrencies are usually deposited into your BYDFi account within 2 to 10 minutes of purchase. However, this may take longer, depending on blockchain network conditions and the service level of a particular service provider. For new users, cryptocurrency deposits may take a day.

If I have not received the cryptos I bought, what could be the reason and who should I ask for help?

According to our service providers, the main reasons for the delay in buying cryptos are the following two points:

• Failed to submit a complete KYC (identity verification) document during registration
• The payment didn’t go through successfully

If you haven’t received the cryptos you bought in your BYDFi account within 2 hours, please seek assistance from the service provider immediately. If you need assistance from BYDFi customer service, please provide us with the TXID (Hash) of the transfer, which can be obtained from the supplier platform.

What do the other states in the fiat transaction record represent?

• Pending: Fiat deposit transaction has been submitted, pending payment or additional verification (if any) to be received by the third-party provider. Please check your email for any additional requirements from the third-party provider. Beside, If you do not pay your order, this order is shown "Pending" status. Please note that some payment methods may take longer to be received by the providers.
• Paid: Fiat deposit was successfully made, pending cryptocurrency transfer into the BYDFi account.
• Completed: The transaction has been completed, and cryptocurrency has been or will be transferred into your BYDFi account. 
• Canceled: The transaction was canceled due to one of the following reasons:
  • Payment timeout: Traders did not pay within a certain amount of time
  • The trader canceled the transaction
  • Rejected by the third-party provider

Trading

What are Fees on BYDFi

As with any other cryptocurrency exchange, there are fees associated with opening and closing positions. According to the official page, this is how the spot trading fees are calculated:

	Maker Transaction Fee	Taker Transaction Fee
All Spot Trading Pairs	0.1% - 0.3%	0.1% - 0.3%

What are Limit Orders

Limit orders are used to open positions at a price that’s different from the current market price.

In this particular example, we have selected a Limit Order to buy Bitcoin when the price drops down to $41,000 as it currently trades at $42,000. We have selected to buy BTC worth 50% of our currently available capital, and as soon as we hit the [Buy BTC] button, this order will be placed in the order book, waiting to be filled if the price drops down to $41,000.

What are Market Orders

Market orders, on the other hand, are executed immediately with the best available market price – this is where the name comes from.

Here, we’ve selected the market order to buy BTC worth 50% of our capital. As soon as we hit the [Buy BTC] button, the order will be filled immediately at the best available market price from the order book.

Withdrawal

Why hasn’t my withdrawal arrived in the account?

Withdrawal is divided into three steps: withdrawal - block confirmation - crediting.

• If the withdrawal status is "Successful", it means that the transfer processing of BYDFi has been completed. You can copy the transaction ID (TXID) to the corresponding block browser to check the progress of the withdrawal.
• If the blockchain shows "not confirmed", please wait patiently until the blockchain is confirmed. If the blockchain is "confirmed", but the payment is delayed, please contact the receiving platform to assist you in the payment.

Common Reasons for Withdrawal Failure

Generally speaking, there are several reasons for the failure of withdrawal: 

1. Wrong address
2. No Tag or Memo filled in
3. Wrong Tag or Memo filled in
4. Network delay, etc.

Checking method: You can check the specific reasons on the withdrawal page , check whether the address copy is complete, whether the corresponding currency and the selected chain are correct, and whether there are special characters or space keys.

If the reason is not mentioned above, the withdrawal will be returned to the account after failure. If the withdrawal has not been processed for more than 1 hour, you can submit a request or contact our online customer service for handling.

Do I have to verify KYC?

In general, users who have not completed KYC can still withdraw coins, but the amount is different from those who have completed KYC. However, if the risk control is triggered, the withdrawal can only be made after completing KYC.

• Unverified Users: 1.5 BTC per day
• Verified Users: 6 BTC per day.

Where I can see Withdrawal History

Go to [Assets] - [Withdraw], slide the page to the bottom.