Interview with Michael Hung, The CMO of The BYDFI Exchange

Wayne Jones

@wjones

BYDFICrypto ExchangeCrypto TradingMichael Hung

There are indeed several other exchanges offering services similar to BYDFI, i.e., Bitmex, PrimeXBT. So what factors stand out for BYDFI? What is so special about your exchange?

It’s nice to have a chance to talk with you. The trading platforms you mentioned are our respected competitors. Here I will make a brief explanation. The difference between BYDFI and futures exchanges like Bitmex is that they prefer professional quantitative contracts. In fact, it is difficult for novices to get started. Relatively speaking, the core of BYDFI-complex contracts, simple transactions. Simple interface operations are a very prominent advantage; they help people check everything fast and save time.

On the other hand, it is worth mentioning PrimeXBT here. Their recent cooperation with the Investing copy trading platform provides an excellent trading experience to users. What is more, BYDFI also optimized our copy trade by integrating the mobile and website versions. We are making rapid progress. The platform that replicates successful experience can become a one-stop financial platform exchange and quickly accumulate their wealth in the currency circle.

How do you determine the transaction fee on the platform?

Currently, BYDFI’s fee contract trading is 0.05% for Taker and 0.05% for Maker. Of course, we have a lot of promotions and novice trading rewards. Here is also our best feature. Our spot is liquidity in cooperation with Binance. The security of assets is the primary factor. We also provide a lower spot fee than Coinbase and Binance, without any staking or Conditions, only need 0.05%, give these back to users in the bull market, and get a good response in the market.

How many crypto and fiat assets does BYDFI support currently? Are you planning to increase the number, or is your current number a game over for you?

BYDFI currently has 19 contract trading pairs, 11 derivatives, 32 current currencies, and supports 3 fiats, including RMB, Indonesian Rupiah, and Vietnamese Dong. Shortly, we will work with platform Paxful to solve the inconvenience of converting current fiat assets into digital currency and reduce users’ conversion from one platform to another.

BYDFI

Up to $8000+ in Deposit Rewards

We provide many options for deposit and transaction currencies. If users have needs or increase transaction currencies, they can also be proposed in our community. We will count the willingness of community users to measure decisions. For example, on 2020/10/28, BYDFI conducted small surveys in English, India, Indonesia, Vietnam, South Korea, Russia… and other communities. We listened to the voices of users and added currencies on the spot.

Our biggest feature is that trading pairs will make appropriate additions and changes based on the community’s governance and the changing needs of data and the market. We hope that the liquid currency will be listed on BYDFI instead of any currency without reason. Kind of, so our transactions will only increase in the future. If you have a recommended currency or want to list, welcome our official community to leave a message and give listing suggestions!

Security is a significant threat in crypto exchanges. I mean, many platforms are hacked, and many clueless customers lose their assets; what can you tell us about the platform’s security for assets?

First of all, BYDFI has obtained four cryptocurrency financial licenses from the Estonian. 

Ministry of Economic Affairs and Communications (MTR), the Singapore Accounting and Corporate Regulatory Authority (ACRA), the U.S. Financial Regulatory Authority (MSB), and the Australian Transaction Reports and Analysis Centre (AUSTRAC). Futures’ liquidity is not a problem. In the spot, we use the same mechanism and cooperation as Binance to protect users. Therefore, we will continue to work to provide global investors with safe and reliable cryptocurrency trading services.

How do you protect users against market manipulation?

We are our own technical team in contract trading and use our own technology to integrate the top major exchanges’ market quotations as a reference indicator. We are proud to see our stability from the bear market last year to the current bull market. We can protect users from being deliberately liquidated.

What about general safety on the user’s side?

BYDFI attaches great importance to security. We protect user funds from malicious actors through cold wallets. Also, the website has (SSL) encryption. Many people have doubts about us in the spot market, but BYDFI’s spot market cooperates with Binance, so there will be no assets problems.

The KOL (Key Opinion Leaders) program, what are the benefits, and how does one achieve the status or what qualifies one into KOL?

In fact, BYDFI is not only friendly to its users but also very generous to their KOLs. New partners who join BYDFI, if they meet the transaction volume standard within 3 months, can enjoy a regular bonus, up to 1,500 USDT. And the unique daily salary of partners, as long as the commission ratio is >5%, you can enjoy additional daily salary support!

Besides, high commission support is also one of the characteristics, BYDFI provides up to 50% commission. Is it attractive to BYDFI’s  bonus for KOL? Now fill in the business partner form or click the Telegram button on our website to directly enjoy VIP one-on-one discussions!

Now let’s talk about your new feature copy trading. Why did you introduce it, and why now?

As people have less and less time to trade and beginners who are not familiar with the crypto field or want to make money, copy trade and the demand have continued to increase. You can use BYDFI as convenient as using eToro. For those who don’t have a background in encryption, copy trade is the most suitable choice for novices because they can benefit from experienced traders’ knowledge and trading strategies, so what’s the difference? Don’t bring a choice for novices!

How has the introduction of copy trading, derivatives, spot trading, etc., affected the number of trades in BYDFI?

With the launch of more and more transaction types of BYDFI, we can find that BYDFI’s users are becoming more and more diverse. We have also taken a big step towards our goal of internationalization. Users in some countries especially like to use the copy trade. For example, Vietnam and Indonesia. In some countries, the spot is the majority. Of course, some users trade derivatives and contract in different countries.

In many countries, the most interesting thing is that the transaction type such as “copy trade” is not well understood. When users have a certain understanding of copy trading, they will especially like this function. In less than a year, BYDFI has gone from merely providing a platform for contract transactions to now being able to provide various types of transactions. In the future, CFD and foreign exchange transactions of US stocks will be added. I believe that our users will gradually increase. Users learn what needs to be improved in the trading platform. We will continue to listen to our users, and BYDFI will continue to improve.

There are other platforms like Etoro, which have been excelling in copy trading for quite some time. What is unique about your copy trading that will drive investors to move from the competitors to your platforms?

Everyone is very familiar with the social platform eToro, which has done an outstanding copy trade job. Compared to BYDFI, we provide every novice with easy access to copying without any restrictions. As long as you have the funds, you can choose the one you like, then copy orders and earn profits. However, followers in eToro need to deposit $2,000 or complete KYC first. This is a threshold for novices who want to try copying.

Also, on the copy interface, you can’t see other followers copying the trader’s copy profit and amount on eToro. You cannot immediately search for the trader’s latest transaction history. You can see the trading pairs that this trader invests most frequently on eToro. This information can help them measure and infer how much copying amount they need to pay and predict the nearest trader for novices.

Recently, eToro European users claimed that leveraged cryptocurrency positions had been suddenly closed in the face of the so-called “extreme market volatility” of the trading platform. In response, Slavko Vesenjak, a lawyer representing several eToro European clients, stated that eToro violated the client’s contract. There has never been such a problem in BYDFI. Of course, there will be no similar situation in the future. For us, BYDFI values ​​the trading experience of every user. We hope that traders can bring profit to users, and users can follow Easy trading and Simple earn is one of BYDFI’s missions.

What do you have in store for us in the future, short term and long term?

As a short-term plan, we will organize more small events for the community from time to time, such as limited South Korea events and questionnaires with rewards. After the BYDFI function “Copy trade” was launched on the App in October last year, users’ demand for copy trading continued to grow. Therefore, in less than 3 months, we launched the copy trade on the PC version in January this year, allowing users to use mobile phones and computers to make copies.

As a long-term plan, BYDFI hopes that after this wave of COVID-19 pandemic, BYDFI hopes to participate in front-end conferences in various countries, to meet and exchange with relevant people in the currency circle, and hold offline events, meet our users, and personally thank you for your Long-term support and listen to your sharing.

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In terms of products, we plan to add more professional financial investors in Q1 to provide various derivatives transactions, including foreign exchange, US CFD, and Binance perpetual contracts. The platform’s functions and transaction types can diversify to satisfy various users’ demands. We also hope that users will continue to support us and give us more suggestions.