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Trading money and, in particular, trading cryptocurrencies like Bitcoin or a degen memecoin can be a lucrative way to invest, but you definitely want to know what you’re doing if you’re going to start putting your money into crypto. Degen trading is high-risk, high-reward, so there’s huge potential to earn some serious money by engaging in this type of trade. However, there’s also a major risk of incurring substantial losses if you’re not careful.
This is why looking into using a platform like BYDFi (formerly BitYard) can be a major benefit. BYDFi’s large collection of features makes it easy to start trading, with helpful tips on how to get started, and lots of informational insights on how things work. For example, BYDFi offers tons of beginner guides on how to engage with certain features like spot trading, futures trading, and trading bots. These can all be really helpful resources for new traders, and they’re highly recommended if you’re just starting to get into this type of trading. This is especially true because of the high-risk nature and crypto’s volatility.
If you’re already a seasoned trader in the cryptocurrency markets, BYDFi still offers tons of benefits. Such as spot trading of over 600 different cryptocurrencies. It also has support for multiple payment options like Apple Pay, Google Pay, Banxa, Transak, and Mercuryo. By far one of BYDFi’s most important benefits, however, is the platform’s newly announced MoonX tool.
BUIDLing your dream finance with MoonX
The BYDFi branding was founded on the belief that cryptocurrency plays an important role in the future of finance and that people should be able to easily use it to achieve their dreams. That’s why BYDFi stands for BUIDL Your Dream Finance (the F stands for finance, and the I stands for individual). Of course, it’s much easier to “BUIDL” your dream finance when things are secure. This is where MoonX comes in.
BYDFi partnered with Safeheron to launch the new MoonX tool as a way to ensure safer degen memecoin trading. The high-risk, high-reward nature of trading meme coins is already enough of a risk without adding lax security to the mix. What BYDFi aims to achieve with MoonX is providing “a fast, secure, and intuitive on-chain trading experience.” What Safeheron is providing is the security, as MoonX integrates some of its core security technologies like Secure Multi-Party Computation and Trusted Execution Environment.
Together, the two companies wanted to create an industry-leading key management system to ensure high-level security for traders’ assets. And that’s what MoonX delivers. The new MoonX tool also has several features that memecoin traders will likely come to appreciate, including: take-profit and stop-loss orders, smart money and signal copy trading, limit orders and one-click buy/sell, and the ability to sell half on a double.
MoonX also allows for trading across several major blockchains, including Solana, Ethereum, Base, and BNB Chain. Additionally, MoonX offers a unique function that helps BYDFi stand out from other similar platforms. And that’s the ability to “follow smart money” by tracking trading pros and making your own trades by following in those footsteps. This feature is what could mean the difference between making a bad trade and ending up with an increase in your crypto value. Of course, MoonX is but one of the many notable things that BYDFi offers.
Gain trading confidence with BYDFi’s demo trading account
Trading can be an overwhelming experience for newcomers, but it doesn’t have to be that way. The sad fact is, in many cases, there’s not really a good way for you to gain trading experience without trading. If you do that with real money, there’s a good chance you can lose it. That’s the last thing you want. What’s nice about BYDFi is that it offers a demo trading account.
You can use this demo trading account for planning out your trading strategies and to practice trading. All users on BYDFi have access to a demo trading account for practice before trading with real money. The account also has 100K USDT in it to make these demo trades. By utilizing this demo trading account, you can become familiar with the BDYFi platform and gain trading confidence.
Then when you’re ready, you can move on to using your real money to start doing trades. This feature, in pairing with things like MoonX’s smart money tracking, makes it more possible to trade smartly. BYDFi offers a Trading Copy feature as well, which allows users to follow more professional crypto traders to enhance the opportunity of making smart trades.
BYDFi was also recognized by Forbes as one of the top ten best cryptocurrency exchanges in 2023, and remains on Forbes’ list of best places to trade crypto. That should give users some peace of mind in knowing that going with BDYFi is a smart choice.
Use BYDFi’s video guides
Another useful resource to help you become familiar with the BYDFi platform’s features and the BYDFi platform in general is its video guides. BYDFi offers a handful of these and all of them can be found on the main home page of the website. You’ll find guides for Futures Trading, Spot Trading, and Trading Bots. While it’s not absolutely necessary to go over these, it is recommended. It also couldn’t hurt. As it’s never a bad thing to have more information, especially if you’re a beginner in this trading space or just in trading in general.
Choose from over 600 different cryptocurrencies to trade
One of BYDFi’s most valuable offerings is the ability to choose from over 600 different cryptocurrencies to trade. With so many different options, users have ample opportunities to BUIDL their dream finance. This includes the ability to trade the most popular cryptocurrencies like DOGE, Ethereum, Bitcoin, Ripple, and altcoins.
Plus, BYDFi offers lower spot fees and a higher number of spot pairs than its competitors. For comparison, BYDFi’s spot fees are 0.1%. Coinbase is 0.5%, while Kraken and Crypto.com are both 0.4%. When it comes to spot pairs, users get 600+, 200+, 100+, and 300+ from those platforms, respectively.
Additionally, BYDFi offers a maximum of 200x leverage where most platforms offer a 100x or 125x leverage. This larger leverage maximum allows users the ability to trade larger positions with less capital, which has the potential to result in larger profits. And with spot investments, any trades you make can be done quickly.
At the end of the day, there are several different ways to trade cryptocurrency and various platforms on which to do it. That being said, BYDFi offers some compelling features that may just help you BUIDL Your Dream Finance while doing it smarter and more efficiently.
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