BYDFi - Easiest To Use Crypto Exchange?

Alright guys, the one thing that I tell people that they should be looking at doing during a bear market like this is to make accounts on various exchanges. Wait, what Michael? That sounds like the stupidest thing to do in this market, but it's absolutely true. Because right now, this is a time where a lot of exchanges are competing for your attention. They have a lot of welcome bonuses. They want you to come on board. They want to give you money to trade. And the good thing right now is because there are so few people wanting to do so, KYC procedures are very fast and you get a very good idea of what this exchange is out there to offer you. So when the time comes, when the bull market comes, you will be stuck with your pants on trying to make a bunch of accounts on exchanges. So now, ironically, is a good time. Today, what we're going to look at is we're going to look at the BY DeFi exchange. Yeah, that sounds like a mouthful, but previously they were known as Bityard. They have a little bit of a reputation going on as a good exchange with a very clean interface. They also have some of the best welcome rewards going on. In fact, there's a tier bonuses of rewards you can get to up to $1,500 in rewards. And right now, if you are from a valid trading region, they will give you $100 bonus trading credit if you deposit $100. So, wow, that's actually double your money. And this can be directly used for margin trading as well if you're, that's your cup of thing. This video is sponsored by BY DeFi. So the whole story is that our team actually met theirs during one of the events in Hong Kong. And they're offering just so much and they wanted us to show you guys this exchange. And we said, yes, we'll do it on the condition that we remain to have our own opinions and our own view and takes on this exchange. So this video is sponsored and I will gain from you clicking on the affiliate links down below. But I have reserved all the rights to have my own personal opinion on this review. This video also tolerates advanced trading such as contract trading or derivatives trading. These are very, very advanced features and it's not suitable for everyone and not suitable for every region as well. These are tools that I personally use, but it may not work or may not be effective for you. Let's get started. So let's just start off. What is the BY DeFi exchange? What does it cover? What do they have? So easy way out. They have BY Crypto. So you can directly buy crypto with your credit card. They also have, of course, ways to trade crypto once you're inside the system. So that's called spot trading. And usually that's what most people do. They just buy, HODL, withdraw their coins, call it a day. Of course, because they're a leveraged trading exchange, they also have perpetual futures. And these are a very powerful set of tools that can be used well and cannot be used well. People are very polar about this when they first start crypto. But for experienced veterans like me, these are tools, invaluable tools that we use on a daily basis. In order to get into the exchange, it's actually pretty easy. I did my first deposit and it went without hiccups. Basically, I'm a kind of, when I use exchanges, almost always use USDT and you can deposit with Tron, ERC20, whatever addresses. And it's pretty easy to deposit. A lot of you guys are pretty concerned when it comes to depositing on exchange that you guys don't know. But the good thing about here is that you can actually start trading, depositing, withdrawing without initial KYC. This is important for some people because some people just don't want to enter their passports in at the start. And sometimes you're always afraid of just exchanges and taking all your information even before using it. So you actually have a good opportunity and with daily withdrawal limits. That's not KYC to just test out the exchange, make sure you're familiar. And then, of course, use it with confidence once you're into it. In terms of trading and withdrawal limits. So currently, if you don't have KYC, you're limited to 0.2 Bitcoin per day. And if you're a verified user, once you're finished your KYC process, it's 5 Bitcoin withdrawal per day. Now, after you make the deposit, the money actually goes into your Spot wallet. So that's where my deposit shows up. Spot allows you to just effectively trade pretty much a lot of cryptocurrencies. And because Byte, DeFi is a rather new and upcoming exchange, they have a lot of coins. That's kind of how the flow of crypto exchanges work. The bigger the exchange is, the slower they are listing coins. But the newer they are, they're more aggressive. They want to welcome new people in, have more new traders. So they have a lot more coins to exchange. So it's still a huge list. So just use the search bar here if you're trying to find a particular coin or whatnot. But I want to explain, you know, the general trading. I think you guys, if you've been watching this channel, trading should become second nature to you. But it's pretty easy. Just click the button and you're set and going. Now let's talk about rewards. Because now you're in an exchange, probably traded one or two times. And you're thinking, okay, what can they offer me other than maybe good service? Yes, they have actually a pretty good coupon system. So I explained this very quickly. It can be used to reduce the fees for exchanging coins. And just quite a few kind of coupons are like very easy to get. Like say, for example, setting up a code. It's actually a $2 coupon, which is very quick. Or making a first deposit is super fast. And just getting these coupons there. What's more interesting is bonuses. So bonuses can be directly used as trade margin on the derivative trading account. And the biggest ones are actually on the second page, where they reward you for both depositing and generating a bunch of trade volume. So once you're a proven user of exchange, then you can kind of rack up trading there. And you'll get the bonuses directly applied to your account. So this is probably a lot more interesting if you're in it for the long run and just getting, you know, up to a stream of $1,500 as the biggest bonus here. But you do have to generate $10 million of traffic. So you have to be a pretty big whale to get this one. But honestly, the easy ones of the first few ones are pretty easy to get. In terms of trading features and tool sets, obviously, Pies are probably going to ask about derivatives trading. That's pretty much the thing right now. Because right now, with the markets kind of consolidating, there's a lot of opportunities on the trading side to both protect yourself and make gains if you're making the correct plays. Now, I've always took in a very, I guess, a very anti-derivatives trading at the start if you're just approaching crypto. Because the draw for derivative trading is that you can 100x or on buy DeFi, you can actually 200x your leverage. Which is pretty insane and honestly, it's definitely not for everyone. So technically speaking, I'll never go up to this stage, but I sometimes go for 15 to 20x leverage. And I'll be trading particular strategies or hedging certain positions. Now, buy DeFi lets you do this on a lot of coins. And what I usually use is the USDTM. And I usually target mostly Bitcoin, Ethereum. And if I'm farming, and I still am actually, I'll target those coins as well. So that's the easiest one. They also do have a light contract. Well, I'm not going to cover it in this video, but it's kind of an easier version of Perpetual Futures. Perpetual Futures on here is, generally speaking, very, very easy to use as well. Usually what I do is I actually use an isolated margin. And usually I just target something like 10x or 9x for certain strategies right now. Trading is actually super easy. And something that I generally want to draw your attention to is that there is a stop loss feature that you can have to protect certain positions or set those in. So if you actually know how to use and trade properly, this exchange is very easy in terms of usage and applying certain orders. I did use this exchange for around one week. And what I found was that initially, if you look at the trade activity, it's not crazy flashing. All right. Sometimes you see that like crazy amounts of volume flying in and out in derivatives. But here I found out once you position orders, so say for example, I want a long at a certain point of time. Once you place it long, it actually goes and the market making bot actually picks it up within around 10 seconds. So you won't be left hanging out for too long. But it does happen to be a case where it's not ultra crazy. So that's just, all right, there you go. The position got picked up by a bot. So that's generally how I like to trade. I actually like to leave an order around. And it saves me in terms of fees because I'm a maker and not a taker in terms of on a fee structure side. So the whole point of this is that there is liquidity on this exchange and it's viable to trade a lot of these options with volume as well. If you guys are trading, I also want to draw your attention to the top here, which you have isolated or cross margins. So if it's cross margins, then it will take your entire account into consideration. So actually, it will take your entire leverage account into consideration. So say, for example, if you put an order that's worth $1,000, if it goes the wrong way, then it will access the remainders of accounts on your account before you get liquidated. This is good for if you have your stop losses, you know what you're doing, and you want to make use of the funds on the account to provide for the margin. Sometimes I actually do use isolated strategies because if I isolate a particular trade, that means that if it goes in the wrong direction, I'll only lose the amount I've ever put inside. So if I put $1,000 at max, I'll only lose up to $1,000. So I think this is actually quite important to learn if you guys know what you're doing. And of course, the leverage here, you can dial it up to $1,000. But honestly, right, being a proper and real trader, you should be able to manage your risks well. So lastly, some thoughts on this exchange. So first and foremost, the name is definitely a little bit weird. I cannot shake how weird this name sounds because it's like Buy DeFi? Buy DeFi? Anyways, previously they were known as Bityard, and I guess they really wanted to jump on the BYD train. The BYD is a big, you know, electric car manufacturer in China, and they really wanted to pick that one for this market. So, you know, I'll let them choose a strategy, so I'm not going to comment on that. But in terms of the services and in terms of the UI and overall user experience, I would actually say it's pretty darn good for up-and-coming exchanges. It's pretty good. They definitely have a clean UI. Their app works very well. I tried the iOS version. I've been using it for the entire amount of time, too, and it's like, it just works. It flows. In terms of listings, they're very aggressive on listing new coins, so you can get access to those coins and start trading those coins before they hit the bigger exchanges. You definitely know that a lot of times when the coins hit bigger exchanges, well, they get the price movements up, right? So being able to access those coins early really helps in this case. And of course, when it comes to derivatives trading, I found that their welcome rewards are probably what will attract me the most here. Their volume is good, so you can definitely have orders filled, but what's really good is that they do have trading welcome bonus rewards that reward you for trading on the platform in the early stages. And right now is a great time to join because the whole bull market isn't here where everyone's rushing to do everything and get trampled over by people trying to sign up for exchanges and selling their Binance accounts. That actually did happen in 27, by the way. But right now is actually a good time to get in, hop in, get early usage, get familiar of tools, and ironically, build up your exchange tool foundation. So anyways, guys, thank you guys so much for watching this video. I hope it was very informative. And if you like this video, click the like button down below. And if you want to check out BYD Fight Exchange, link is down below. Cheers. Thank you guys for watching. See you in the next video.