How to Trade Crypto on BYDFi

Apr 09, 2024 9711 0

Cryptocurrency trading has gained immense popularity in recent years, offering individuals an opportunity to profit from the dynamic and rapidly evolving digital asset market. However, trading cryptocurrencies can be both exciting and challenging, especially for beginners. This guide is designed to help newcomers navigate the world of crypto trading with confidence and prudence. Here, we will provide you with essential tips and strategies to get started on your crypto trading journey.

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 (Website)

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

1. Trading pair: Shows the current trading pair name, such as BTC/USDT is the trading pair between BTC and USDT.

2. Transaction data: The current price of the pair, 24 hours price change, highest price, lowest price, transaction volume and transaction amount.

3. K-line chart: The current price trend of the trading pair

4. Orderbook and Market trades: Represents the current market liquidity from both buyers and sellers. The red figures denote prices sellers are asking for their corresponding amounts in USDT while the green figures represent prices buyers are willing to offer for the amounts they wish to purchase.

5. Buy and Sell panel: Users can enter price and amount to buy or sell, and can also choose to switch between limit or market price trading.

6. Assets: Check for your current assets.

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

Limit Order

Choose [Limit]
Enter the price you want
(a) Enter the amount of BTC you want to buy or sell
(b) Choose the percentage
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

Choose [Market]
(a) Choose the amount of USDT you want to buy or sell
(b) Choose the percentage
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:

1. Trading pair: Shows the current trading pair name, such as BTC/USDT is the trading pair between BTC and USDT.

2. Buy and Sell panel: Users can enter price and amount to buy or sell, and can also choose to switch between limit or market price trading.

3. Orderbook and Market trades: Represents the current market liquidity from both buyers and sellers. The red figures denote prices sellers are asking for their corresponding amounts in USDT while the green figures represent prices buyers are willing to offer for the amounts they wish to purchase.

4. Order information: Users can view the current open order and order history for previous orders.

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

Limit Order

Choose [Limit]
Enter the price you want
(a) Enter the amount of BTC you want to buy or sell
(b) Choose the percentage
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

Choose [Market]
(a) Choose the amount of USDT you want to buy or sell
(b) Choose the percentage
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.

Frequently Asked Questions (FAQs)

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.