I have already talked extensively about this exchange on another blog, let's see if after 3 years of operation there have been any evolutions and what kind of evolutions.
It was December 2020, fresh out of the first round of the pandemic! In my previous article I had been not really magnanimous with this exchange, in particular I compared it to Binance as if they were written by the same developer.
As an aside, I highlighted how it was very important to have the necessary trading information to be able to trade on this platform as the leverage was set at 5.
Well since then 3 years have passed and BitYard has changed, revamped itself has added features.
In short, it has evolved and in 3 years it has made great strides!
All in perfect line with its motto: Grow Your Future In The Yard!
In these 3 years of operation changes have occurred and most of them have affected the exchange's method of operation. I am not talking about simple and basic functions necessary for the proper functioning of the platform, but about those very particular and detailed situations that are typical in the financial world: Futures.
One very significant change that did not affect the platform and its use, was the name change, in fact we went from BitYard to BYDFi.
Different name, but the substance has not changed. Their motto remains what I wrote a few lines above.
The fact that the team only wanted to change the name means that there is a solid and reliable team behind the project that keeps the focus on the ultimate goal: the future of all users!
The name change did not entail anything at the account level, in fact my registration, which took place more than 2 years ago is still active and working.
The balance is 0, because it is an account I created just to see the potential of the platform.
In the Deep review I produced in January 2022, we looked together at all the highlights and how to use the various menus. So if you want to know exactly how it works and how to open an account, I suggest you refer to this article where you will find all the necessary directions to be able to manage the platform in the best possible way!
This article will not contain a deep review or criticism of this exchange, I want to provide you with all the tools you need to decide to make BYDFI your own personal exchange... Even to make you decide to say: But do you know that this exchange really has potential? I really think I'm going to switch and use this instead of others!
Why BYDFi?
Now the answer is easy: it is multifaceted, it does everything an exchange can do and more, in fact they have included the futures tab where you can raise the bar and do professional trading. With very high returns, but all directly proportional to the risk the trader takes.
A very important aspect of this platform is related to KYC.
In full Cypherpunk philosophy, it tries to make the user maintain anonymity as long as conditions allow, after which for legal reasons it requires it, and here again the professionalism of the team emerges: the KYC registration, allows law enforcement to know who he is and thus offer the possibility of help.
The trading part is divided into 3 subtabs: Classic, Advanced and Converter.
In a nutshell, the platform can cater to a wide range of users: from the inexperienced to the "foxy" traders!
The futures tab includes various entries for different applications and also the ability to directly select the market of operation.
We can have two types of markets with perpetual contracts on Crypto or USDT, a leveraged market without the risk of position liquidation and a dedicated market for beginners.
Again, it tries to cater to all different levels of trading knowledge, without leaving anyone at the mercy of their own lack of knowledge.
Even in this approach to the GUI, they have tried to be true to their "creed": Grow your future in the Yard.
In every corner of this exchange alea the developers' philosophy: growth, learning. Use of risky markets, with awareness of what you are doing, and if the trader is careless, give him the opportunity to understand the mistake and fix it (e.g. leverage without the risk of liquidation).
It has been 3 years, and great strides have been made to make accessible a type of market that is very hostile and difficult even for insiders.
Kudos and many congratulations to a team that is working hard for tangible and concrete results.
Just imagine what they can accomplish three years from now!
Really, I think a platform with these prerogatives deserves to be tested and tried out. If you feel up for that, here's the link
