BYDFi stands out as one of the leading crypto trading platforms, combining a centralized exchange with an on-chain trading engine, MoonX. With over a million users across the world, it stands out for its ease of use, low fees, advanced trading tools, and no KYC access. This makes it especially accessible to new traders who are just getting started with cryptocurrency investments. From demo and copy trading to automated bots, here’s how BYDFi helps newbies in the crypto world.
MoonX Beginner-Friendly Features
BYDFi’s MoonX is a dedicated on-chain trading engine that allows new traders to learn crypto trading and navigate complicated Web3 markets. It offers a simple, secure, and data-rich experience in different ways.
- Simple Web3 onboarding: MoonX is like a ticket from the CEX environment to the complicated DEX world, so there’s no need for traders to manage private keys, acquire gas tokens, and navigate multiple decentralized exchange interfaces.
- Smart money tracking: New traders can track and automatically mirror the trades of whale traders, just like copy trading.
- Market Intelligence & Alpha: The platform offers real-time data on trending and newly created tokens. The Alpha can filter out low-quality tokens and showcase the most active assets based on investor sentiment and capital inflow. It guides new users to find promising opportunities.
- Security scans: New traders often end up as victims for scams. MoonX integrates scanners from GoPlus to place a safety score on a token, making it easy to avoid high-risk projects.
- Risk management: MoonX has important risk management features that help with navigating cryptocurrencies and meme coins. You can set limit orders, take profit, stop loss, and even set half on a double.
Demo Trading Account
New users on BYDFi can practice trading with a demo account loaded with 50,000 USDT in simulated funds. This allows beginners to understand the platform’s interface, test out different strategies, and eventually learn from their mistakes before they use real money.
All users can open a demo account and test their trading skills and strategies before trading with real money. To access the demo account, you can follow the steps below:
- Log into your BYDFi account.
- Go to the Derivatives section on the platform.
- Choose the Demo Trading option.
- You can start paper trading with $50,000 virtual funds.
Intuitive User Interface
The BYDFi platform is designed with a minimal and user-friendly interface, making it accessible even for those that haven’t used a trading platform before. There’s a minimal learning curve, and the mobile apps for Android and iOS offer an intuitive user experience.
All the icons and buttons are easy to recognize and access, with self-explanatory buttons like Buy, Sell, Deposit, and more. The trading interface is the same on desktop as it is on mobile, and the important details, like the available balance, are clear on the order panel.
For deposits, it also shows the payment methods and all the steps, so beginners can easily access their options without contacting customer service.
Copy Trading
Perhaps the highlight of BYDFi, which makes it popular among beginners, is the copy trading feature. This allows new beginners to automatically mirror the strategies of experienced, top-performing traders on the platform. This is a practical way to learn by observing successful trading strategies.
With copy trading, you can trade with as little as $10, making it easier for new traders and smaller investors to participate in the crypto market. During copy trading, you can choose between isolated or cross margin. The isolated margin mode allows users to manage the funds of each position independently. As for cross-margin mode, it automatically allocates funds and is perfect for multi-strategy portfolios.
You can use diverse cryptocurrencies for copy trading, including BTC, ETH, XRP, SOL, DOGE, and more, with various leverage options. This is suitable for new traders that want multiple investment opportunities. BYDFi copy trading allows users to view transaction records, fees, and profits in real time, so newbies understand all the costs and can follow experienced users.
Automated Trading Bots
BYDFi offers different trading bots, such as Spot Grid and Futures Grid trading, automating the process of buying low and selling high as long as you set up the parameters. So, traders can avoid making decisions based on their emotions and instead manage strategies without constant manual input. Some of the trading bots include:
- Spot DCA: Available for over 100 trading pairs and offers high liquidity.
- Spot grid trading: Automates buying low and selling high within a defined price range.
- Futures grid trading: Automates long or short contract trading within a price range.
- Spot martingale: Increases investment amounts during market declines and profits when the market rebounds.
Educational Resources
BYDFi has an expert Q&A hub and knowledge base, with different articles, guides, and tutorials that beginners can benefit from. The tutorials cover basic to advanced trading concepts, technical analysis, and risk management strategies.
Transparent Fees and Transaction Costs
On BYDFi, you can access all the information concerning fees and transaction costs. This allows new traders to understand the financial aspect of their trades without any hidden costs. There’s also a very low barrier to entry, starting at $10 for live trading.
Final Thoughts
BYDFi opens the door to newbies in the world of cryptocurrency trading who don’t know where to start from. You can learn how to trade with a demo account, follow other traders with copy trading, and take advantage of the educational resources to make better decisions.
