How to Trade at BYDFi for Beginners

How to Register at BYDFi

How to Register a BYDFi Account [PC]

Register with Email Address

Step 1: Type and search https://www.bydfi.com/ through any browser available.

Step 2: Find Get Started on the right corner of your screen.

Step 3: You will see The Registration page

1. Choose Email Registration

2. Enter your complete email address

3. Click Send to receive the Verification Code

4. Enter verification code you received from the email (The verification code will be sent to your email, it will be found on your spam or all inbox folder)

5. Set your own password

6. Type in your invitation code if its available (optional)

7. Click Register, then you all set!

Register with Phone Number

Step 1: Type and search https://www.bydfi.com/ through any browser available.

Step 2: Find Get Started on the right corner of your screen.

Step 3: You will see The Registration page

1. Choose Mobile Registration

2. Select your Country/Region and type in your mobile number.

3. Click Send to receive the Verification Code

4. Enter verification code you received (The verification code will be sent to your registered phone.)

5. Set your own password

6. Type in your invitation code if its available (optional)

7. Click Register, then you all set!

How to Register a BYDFi Account [APP]

Register with Email Address

Step 1:

1. Open the BYDFi App [BYDFi App IOS] or [BYDFi App Android] you downloaded

2. Click Login/Register on the bottom right corner of your screen.

Step 2:

1. Choose Email Registration

2. Enter your complete email address

3. Click Send to receive the Verification Code

4. Enter verification code you received from the email (The verification code will be sent to your email, it will be found on your spam or all inbox folder)

5. Set your own password

6. Type in your invitation code if its available (optional)

7. Click Confirm

Step 3: Click Get Bonus to get the welcome bonus of $258 USDT

Register with Phone Number

Step 1:

1. Open the BYDFi App [BYDFi App IOS] or [BYDFi App Android] you downloaded

2. Click Login/Register on the bottom right corner of your screen.

Step 2: Click Mobile Registration on the bottom of your screen.

Step 3:

1. Select your Country/Region and type in your mobile number.

2. Click Send to receive the Verification Code

3. Enter verification code you received (The verification code will be sent to your registered phone.)

4. Set your own password

5. Type in your invitation code if its available (optional)

6. Click Confirm

Step 3: Click Get Bonus to get the welcome bonus of $258 USDT

Download BYDFi App

BYDFi App iOS

Step 1: Download "Testflight" in Apple Store or Click here to download BYDFi iOS App

Step 2: Click the "Continue" Button


Step 3: Copy the link below and open it via "Safari" on your phone

https://BYDFi.download/

Step 4: Click Free Installation and then click Allow





Step 5: Click to BYDFi on Downloaded Profile; then click Install




Step 6:

1. Click Install

2. Enter Passcode

3. Click Done

Congratulations, you have installed BYDFi App successfully!

Notes:

1. Updating: If there is any new version, you can update it directly through TestFlight.

2. In case of failure of the new version, you are able to switch to the old version.

BYDFi App Android

Step 1: Open Google Play, enter [BYDFi] in the search bar and press [search]


Step 2: Click Install


Step 3: Return to your home screen and open your BYDFi App to get started.

How to Verify Account in BYDFi

How to Complete your Account Verification [PC]

Step 1: Visit BYDFi and click "Portrait" icon. Then press Account Security on the top right corner of your screen.

Step 2: Find Real-name-authentication on the right hand and click it.

Step 3: Real-Name Authentication, there are 2 ways to do :

Option 1: Passport

1. Choose The Passport Tab

2. Choose your Country/Region

3. Fill in your Full Name

4. Fill in your Passport Number

5. Upload a photo of your passport

6. Upload a photo of you holding your passport while holding a sheet of paper with the word handwritten " BYDFi and the date you apply "
   Example: BYDFi KYC 2020/05/05

7. Press Confirm

Note:

1. Only JPG and PNG formats are allowed, must be less than 5M

2. Make sure the photo and the words on the ID can be seen clearly

3. Processing time approx. in 2 hours

Option 2: Identity Card

1. Choose The Identity Card Tab

2. Choose your Country/Region

3. Fill in your Full Name

4. Fill in your ID Number

5. Upload the front of the ID card and the back of the ID card

6. Upload a photo of you holding your passport while holding a sheet of paper with the word handwritten " BYDFi and the date you apply "
   Example: BYDFi KYC 2020/05/05

7. Press Confirm

Note:

1. Only JPG and PNG formats are allowed, must be less than 5M

2. Make sure the photo and the words on the ID can be seen clearly

3. Processing time approx. in 2 hours

How to Complete Your Account Verification [APP]

Step 1: Click "Portrait" in the upper left corner of the screen

Step 2: Click Unverified

Step 3: Real-Name Authentication, there are 2 ways to do: Passport or Identity Card:

1. Choose your Country/Region

2. Fill in your Full Name

3. Choose the ID Type you want to submit, (Passport or Identity Card)

4. Fill in your Passport Number or Identity Card

5. Upload a photo of your passport or front and back of your Identity Card

6. Click Next

7. Upload a photo of you holding your passport or ID Card while holding a sheet of paper with the word handwritten " BYDFi and the date you apply "
   Example: BYDFi KYC 2020/05/05

8. After finished uploading, Press Confirm

Note:

1. Only JPG and PNG formats are allowed, must be less than 5M

2. Make sure the photo and the words on the ID can be seen clearly

3. Processing time approx. in 2 hours

How to Deposit in BYDFi

How to Deposit Cryptos

[PC]

Step 1: Visit BYDFi

1. Click Assets on the top right-hand corner of your page

2. Select Deposit

Step 2:

1. Select the desired coin on the "Coin" option

2. Select Chain Type; BYDFi supports three networks to deposit digital assets: TRC20, BSC, ERC20

3. Click [Copy] icon to copy the deposit address and paste it into the withdrawal address field on the external platform or wallet. You can also scan the QR Code to deposit.

Note:

1. Each coin has its own deposit address, so please read deposit tips carefully.

2. The coins supported by BYDFi for deposit are: USDT（USDT-Erc20, USDT-Trc20, BSC）, BTC, ETH, XRP, TRX, EOS, DOGE, LINK, CRV.

[APP]

Step 1: Open BYDFi iOS App or BYDFi Android App on your phone and Login to your BYDFi Account.

Step 2: Click Assets

Step 3:

1. Choose The Spot Tab

2. Select Deposit

Step 4:

1. Select the desired coin on the "Coin" option

2. Select Chain Name; BYDFi supports three networks to deposit digital assets: TRC20, BSC, ERC20

Step 5: Click [Copy] icon to copy the deposit address and paste it into the withdrawal address field on the external platform or wallet. You can also scan the QR Code to deposit.

Note:

1. Each coin has its own deposit address, so please read deposit tips carefully.

2. The coins supported by BYDFi for deposit are: USDT（USDT-Erc20, USDT-Trc20, BSC）, BTC, ETH, XRP, TRX, EOS, DOGE, LINK, CRV.

How to Buy Cryptos via Fiat Gateway?

Before we learn more about using Fiat Gateway, please note that BYDFi does not handle fiat deposits directly, and this service is wholly handled by third-party payment providers.

Please click "Buy Crypto" on the left side of the navigation bar to enter the page.


Step 1:
Select the fiat currency you want to pay. Click on “USD” and the drop-down menu will appear.
Currently, the fiat currencies BYDFi supported include: ARS, AUD, BOB, BRL, BYN, CAD, CHF, CLP, COP, CRC, CZK, DKK, DOP, DZD, EUR, GBP, HKD, IDR, ILS, INR, JPY, KRW, LAK, MXN, MYR, NOK, NPR, NZD, PEN, PHP, PLN, PYG, RUB, SEK, SGD, THB, TRY, TZS, USD, VND, ZAR.

You can check the purchase limit for each currency in the input box. Taking USD as an example, the minimum purchase amount is $15 and the maximum purchase amount is $15,000.

Step 2:
Select the cryptocurrency you would like to receive in your BYDFi wallet address. Currently, BTC/ETH/USDT/USDC/BUSD/XRP/DOGE/LINK are supported.

Step 3:
Enter the amount. You can enter the deposit amount based on fiat currency amount (e.g. $1,000) or cryptocurrency amount (eg. 0.1 BTC) according to your needs.


In addition, you can check the reference price at the bottom left.

Step 4:
Select from the list of service providers.
According to the fiat currency and cryptocurrency selected by the user, the supplier that provides the corresponding service is displayed in the list.

We can obtain the following information from the service providers list:

a) Name of the service provider

b) Reference quotation and purchase limit

c) Estimated amount of cryptocurrency

d) Estimated transfer time and “Buy Now” button

Note:

The real-time quotation is for reference only. Please refer to the service provider’s website for the exact exchange rate. The real-time quotation in the upper right corner will be refreshed every 20 seconds. You can also click "Refresh" to get the latest quotation.


Step 5:
Click the “Buy Now” button. You will be redirected to the third-party payment provider’s official webpage.

Note:

If you are a first-time user, you need to create an account, and then complete KYC verification first.

After successfully depositing fiat currency into BYDFi, you can click "History" to view historical transaction records.

How to Trade Crypto at BYDFi

How to Trade Crypto [PC]

Step 1: Visit BYDFi, then Sign in to your BYDFi Account. If you do not have a BYDFi account, register here

Step 2: Go to BYDFi main page. Click [Spot]

Step 3: Enter the token you need in the search bar, then click Search and choose the trading pair you want.

Take BTC/USDT as an example:

Step 4: There are two order types.

Option 1: Market Order

• Price: the order will be traded quickly at the current market price

• Enter Amount

• Then choose [Buy] or [Sell]

Note:
Market order does not require the trader to set order price by itself. Instead, the order will be traded quickly at the current market price. After a market order is submitted, the execution price of the order cannot be guaranteed although the execution of the order can be guaranteed. The execution price of the order will fluctuate under the influence of the current market situation. You need to pay attention to the order list when selecting market order, otherwise, a market order of large position will lead to “close-out”. The trader only needs to fill in “position quantity” when submitting market order.

Option 2: Limit Order

• Enter The Price you want to buy or sell that token

• Enter Amount of the token you want to buy or sell

• Then choose [Buy] or [Sell]

Note:
Limit order requires the trader to set order price by itself. When market price reaches the order price, the order will be executed; when market price is far away from the order price, the order will not be executed. By submitting limit order, the trader can control position-opening costs by controlling the trading price of the position. After limit order is submitted, it will be displayed in the “current order” list to wait for trading. Only when any market order meeting the order price appears will the limit order be traded. You can “cancel order” at any time in the “current order” list before the limit order is not traded. The trader needs to fill in “order price” and “position quantity” when submitting limit order.

Step 5: You can review your order at [Order History]. If you want to cancel your order:

• Click Cancel

• Click Yes

How to Trade Crypto [APP]

Step 1: Open BYDFi iOS App or BYDFi Android App on your phone and Login to your BYDFi Account.

Step 2: Click Markets


Step 3: Click Spot on the upper - right corner.


Step 4: Enter the token you need in the search bar, then click Search and choose the trading pair you want.

Take BTC/USDT as an example:

Step 5: If you want to Buy Token: Click Buy

There are two order types:

Option 1: Market Order

1. Click to the dropdown order, choose [Marker Order]

2. Price: the order will be traded quickly at the current market price

3. Enter Amount of crypto you want to buy

4. Then choose [Buy]

Note:
Market order does not require the trader to set order price by itself. Instead, the order will be traded quickly at the current market price. After a market order is submitted, the execution price of the order cannot be guaranteed although the execution of the order can be guaranteed. The execution price of the order will fluctuate under the influence of the current market situation. You need to pay attention to the order list when selecting market order, otherwise, a market order of large position will lead to “close-out”. The trader only needs to fill in “position quantity” when submitting market order.

Option 2: Limit Order

1. Click to the dropdown order, choose [Limit Order]

2. Enter The Price you want to buy the token

3. Enter Quantity of the token you want to buy

4. Then choose [Buy]

Note:
Limit order requires the trader to set order price by itself. When market price reaches the order price, the order will be executed; when market price is far away from the order price, the order will not be executed. By submitting limit order, the trader can control position-opening costs by controlling the trading price of the position. After limit order is submitted, it will be displayed in the “current order” list to wait for trading. Only when any market order meeting the order price appears will the limit order be traded. You can “cancel order” at any time in the “current order” list before the limit order is not traded. The trader needs to fill in “order price” and “position quantity” when submitting limit order.

Step 6: If your want to Sell Token: Click Sell

There are two ways to Sell:

Option 1: Market Order

1. Click to the dropdown order, choose [Marker Order]

2. Price: the order will be traded quickly at the current market price

3. Enter Amount of crypto you want to sell

4. Then choose [Sell]

Note:
Market order does not require the trader to set order price by itself. Instead, the order will be traded quickly at the current market price. After a market order is submitted, the execution price of the order cannot be guaranteed although the execution of the order can be guaranteed. The execution price of the order will fluctuate under the influence of the current market situation. You need to pay attention to the order list when selecting market order, otherwise, a market order of large position will lead to “close-out”. The trader only needs to fill in “position quantity” when submitting market order.

Option 2: Limit Order

1. Click to the dropdown order, choose [Limit Order]

2. Enter The Price you want to sell the token

3. Enter Quantity of the token you want to sell

4. Then choose [Sell]

Note:
Limit order requires the trader to set order price by itself. When market price reaches the order price, the order will be executed; when market price is far away from the order price, the order will not be executed. By submitting limit order, the trader can control position-opening costs by controlling the trading price of the position. After limit order is submitted, it will be displayed in the “current order” list to wait for trading. Only when any market order meeting the order price appears will the limit order be traded. You can “cancel order” at any time in the “current order” list before the limit order is not traded. The trader needs to fill in “order price” and “position quantity” when submitting limit order.

Step 7: You can review your order at [Order History]. If you want to cancel your order:

• Click to the Icon on the right side of The Open Orders Section
• Choose Orders History
• Choose the Order you want to cancel and click Cancel

How to long or short?

In the contract trading of digital assets, based on the market price fluctuations, you can make a profit by choosing to Long(Buy) or Short(Sell).

How to long?
Open long, refers to investors who expect the market price will rise in the future and buy a certain amount of digital asset bullish contracts.

When you expect the contract price will rise, you can open long from contract trading. The operation procedure is: transfer part of USDT as margin, select the required leverage, order type, and buy a certain amount of bullish contracts. When the contract price rises, sell the contract at a high price to get a profit, that is buy low and sell high.

Take bitcoin contract trading as an example. When the price of bitcoin is $ 5,000, we buy a contract worth 1 bitcoin. If the price of bitcoin rises to $ 5,500 each, we sell this contract worth 1 bitcoin and get a $500 profit.


How to short?
Open short, refers to investors who expect the market price will fall in the future and sell a certain amount of digital asset bearish contracts.

When you expect the contract price will fall, you can short from contract trading. The operation procedure is: transfer part of USDT as margin, select the required leverage, order type, and sell a certain amount of bearish contracts. When the contract price falls, buy the contract at a low price to get a profit, that is sell high and buy low.

Take bitcoin contract trading as an example. When the price of bitcoin is $ 5,000, we sell a contract worth 1 bitcoin. If the price of bitcoin falls to $ 4,500 each, we buy this contract worth 1 bitcoin and get a $500 profit.

How to Withdraw at BYDFi

How to Withdraw Cryptos [PC]

Step 1: Visit BYDFi

1. Click Assets on the top right-hand corner of your page

2. Select Withdraw

Step 2:

1. Coin: Select the coin you want to withdraw; if available please select Chain Name.

2. Manage Address: If you already add your withdraw address you can directly type the label of your address on the box. If you havent added your deposit address, please click the "Manage Address" and you will be direct to this page.

3. Select Chain Name; BYDFi supports three networks to deposit digital assets: TRC20, BSC, ERC20

4. Amount: Check the availability of coins you have and enter the amount correctly.
   Note: please also left some amount for the fee.

5. Click Withdraw

Step 3: PIN: Enter your PIN; if you havent set it, please set it first

Step 4: After finished, please click "Confirm"

Note:

1. The daily withdrawal limit will vary depending on the selected coins and whether KYC has been completed.

2. The withdrawal service hours are 9:00-21:00 Singapore time.

How to Withdraw Cryptos [APP]

Step 1: Open BYDFi iOS App or BYDFi Android App on your phone and Login to your BYDFi Account.

Step 2: Click Assets

Step 3:

1. Choose The Spot Tab

2. Select Withdraw

Step 4:

1. Coin: Select the coin you want to withdraw; if available please select Chain Name.

2. Select Chain Name; BYDFi supports three networks to deposit digital assets: TRC20, BSC, ERC20

3. Manage Address: If you already add your withdraw address you can directly type the label of your address on the box. If you havent added your deposit address, please click the "Manage Address" and you will be direct to this page.

4. Amount: Check the availability of coins you have and enter the amount correctly.
   Note: please also left some amount for the fee.

5. Click Confirm

Step 5: PIN: Enter your PIN; if you havent set it, please set it first

Step 6: After finished, please click "Confirm"

Note:

1. The daily withdrawal limit will vary depending on the selected coins and whether KYC has been completed.

2. The withdrawal service hours are 9:00-21:00 Singapore time.

Frequently Asked Questions (FAQ)

Verification

Losing your BYDFi Accounts Google Authenticator (GA) 2FA

Common reasons for losing access to ones Google Authenticator:

1. Losing your smartphone

2. Smartphone malfunctioning (Failing to turn on, water damages, etc)

Solution 1: Attempt to locate your Recovery Key Phrase (RKP).

• For security reasons, BYDFi does not store any accounts Recovery Key Phrase
• A Recovery Key Phrase is presented in either a QR code or a string of alphanumeric. It will only be shown once, which is at the point of binding your Google Authenticator. Refer to the screenshot below:

Solution 2:

Please use the Email Address you registered with and email to our customer support.

First, provide us your UID, Real name, ID Number, then explain your reason and situation. You will need to upload a self-portrait shot of you holding your ID and the BYDFi Paper. The paper must have the information you provided, todays date and a request for Google Authenticator deactivation.
If your Real Name Authentication(KYC) is not verified. You will also need to upload your ID/Passport with both the front and backside.

After we deactivate your Google Authenticator. You must complete your Real Name Authentication(KYC) in your account security within 3 working days(same ID you used for deactivation). If you are unable to complete your KYC, this may affect your accounts stability and security.

Furthermore, please include infomation regarding your accounts asset, recent transactions, and your usual and recent cities you login from.

Note: We will also highly recommend traders to send in this request using a computer/device and network broadband that is commonly used to log in to the affected BYDFi account.

What if I cant receive SMS verification code?

Please make sure that the phone number you entered is correct, and keep your network connected. If it still does not work, please contact our customer service and provide your registered mobile phone number, our customer service will help you.

How to Bind Your Mobile Phone Number?

Step 1: Go to the profile icon-Account Security on the right-hand corner of your screen.

Step 2: Find and click Mobile for binding.

Step 3: Bind Mobile

1. Select your Country/Region

2. Fill in your mobile phone number

3. Click send, and Fill in the Captcha number you received

Set Google Authentication (2FA)

Click here

Change Google Authentication (2FA)

Click here

Disable Google Authentication (2FA)

Click here

Deposit

How long does it take to complete deposit

Deposit through OTC is real-time. Deposit through external wallets depends on congestions in the blockchain network.
There are three steps for blockchain asset transfers: Initiate - Block Confirmation - Credit

1. Initiate: The withdrawal platform or wallet has already performed a transfer.
2. Block Confirmation: Complete the block confirmation. If there are congestions and delays in the blockchain network, may cause the digital assets not be fully confirmed.
3. Credit: After full confirmation, BYDFi will credit to your account as soon as possible.

What are the deposit fees on BYDFi?

There will be no fees for deposit USDT-Bsc, USDT-Erc20, USDT-Trc20, BTC, ETH, TRX, XRP, EOS, DOGE.

BYDFi fiat currency deposit is free of charge.

Tips: Third-party payment accounts are updated from time to time, and the latest payment information must be obtained before deposit.

How to do internal transfer?

Select [Internal Transfer] from the [Assets].

Follow the instructions to transfer assets from your account to other BYDFi users without fees by filling in the username, receiving account, coin, the amount of funds to be transferred, the password, and the email verification code.

• BYDFi internal transfers are free of charge.
• The single transfer limit varies by currency.
• Please make sure to confirm your user information when transferring funds.
• If you encounter any problems during transferring funds, please contact our online customer service.

Which service providers provide Fiat deposit services on BYDFi?

Currently, our Fiat Gateway partners include Banxa, XanPool, Transak, Ramp.

Is there a minimum/maximum fiat amount that can be deposited?

Yes. The purchase limit will be indicated in the amount input box.

What kind of payment methods are accepted?

Electronic fund transfers, Visa/Mastercard credit, debit cards and cash deposits (limited to certain areas).
 

Trading

Can I use the pending order function?

Yes, you can. But attention to the following:

1. The pending order can be successfully placed only when the available balance is greater than the sum of the initial margin and trading fee.
2. The price must be higher than the market price when you buy long and the price must be lower than the market price when you sell short.
3. The pending orders will not be canceled automatically.
4. Transaction fee will be charged only when the order is filled.

Market Order and Trigger Order

Market Orders

A market order is an order calculated as follows: estimated execution price = current price * (1 ± spread). Immediate execution of a market order consumes a large amount of liquidity.


Trigger Orders

A trigger order is not a limit order. A trigger order is a tool that allows you to set an order that will open when certain conditions are met. Once the price reaches the desired value, a trigger will be triggered and the order will be executed. Trigger orders are also part of the market order category.

What is Take Profit and Stop Loss?

To close your position automatically after a certain earning or loss, you need to set a Take Profit or Stop Loss price.

Default Stop Price: When placing an order, the system will set a default Stop Loss price, which is the price to suffer a loss equals 90% of the margin, as low as 1%.

Default Take Profit Price: When placing an order, the system will set a default Take Profit price, which is the price to achieve the profit equals 200% of the margin, If you want to achieve higher profit, you can set the Take Profit price to achieve 500% of the margin.

The lowest Stop Loss point can be set to 5% of the occupied margin and the highest Take Profit point can be set to 500% of the occupied margin.

For example, if the current value of bitcoin is 8,000 USDT when placing a long or buy position with a leverage of 20X and a margin of 100 USDT.

The default Stop Loss price is 8000*(5-90%/20), and the default Take Profit price is 8000*(5+200%/20).

Calculation Formula of Profit and Loss.

Profit and Loss from Long=(Open price-Close price)*Position

• Note: The closing price is the buying-down price indicated by the current market

Profit and Loss from Short=(Open price-Close price)*Position

• Note: The closing price is the buying-up price indicated by the current market

What is position?

An Orders position = Margin * Leverage/Opening Price

If the price of BTC is 10000USDT and you purchased with a margin of 1000USDT and 20x leverage, then the order position is 2BTC.

 

Withdrawal

How long does it take to complete Withdrawal

• USDT ERC20：Based on the Ethereum network, same time as the Ethereum Token transfer, it usually takes 10-20 minutes to be credited.

• USDT TRC20：Based on the TRON network, same time with the TRON Token transfer, Normally it takes 5 minutes to be credited.

What are the Withdrawal fees on BYDFi?

BYDFi transaction fee per withdrawal:

BSC-1USDT
ERC20-10USDT
TRC20-1USDT