BYDFi is a leading blockchain-centralized Exchange (formerly known as BitYard) focusing on providing safe, convenient, and innovative digital asset trading services. This article provides a comprehensive guide, offering insights into how deposits can be made on BYDFi Exchange, unveiling efficient and secure approaches to fund your trading endeavors.
BYDFi is a cryptocurrency exchange that offers deep liquidity for popular spot and derivatives trading pairs. It features a wide selection of trading products and has its native cryptocurrency, which can be used to pay discounted trading fees. No KYC verification is needed for deposits, but a deposit limit exists.
If you want to learn more about BYDFi, check out our full review.
BYDFi Fiat Deposit Methods
BYDFi offers options to buy crypto using up to 90+ Fiat currencies such as TRY, EUR, VND, and others to buy cryptocurrencies. This is just one option when depositing using fiat currency. You can find this when you click “Assets” in the top right corner and click on the “Buy Crypto” section.
BYDFi Fiat Deposit
Here, you can deposit cryptocurrency using your bank or debit card, for example, Mastercard, Visa, etc. This method is one of the quickest ways to deposit funds with the 90+ Fiat currency, which includes USD, EUR, TRY, RUB, KZT, VND, BRL, UAH and so on.
Assuming you want to deposit using USD, Initiate the purchase of the amount you want to; for this tutorial, I will be depositing 200 USDT using USD by selecting the desired currency and specifying the amount.
Select Payment Method
This is just one method to select from when depositing using fiat currency. After this, you can select the payment channel; there are about five methods to choose from, namely Transak, Coinify, Alchemy Pay, and Mercuryo.
You can select from any, but I prefer using Transak. Then you fill in your card details and click “buy now”.
Your assets will be deposited in your wallet in a few minutes.
BYDFi Crypto Deposits
If you already have cryptos on another exchange or in a wallet, you can send them to BYDFi directly to fund your account. With over 360+ supported cryptos, BYDFi is a highly versatile crypto exchange offering many deposit options. All popular crypto networks, such as BEP20, TRC20, ERC20, SOL, Polygon, Optimism, Avaxchain, and many more, are supported.
When you are ready to deposit cryptos on BYDFi, you must generate your wallet address first. Note that each network has a different address, and some networks require additional info, such as a memo. To generate your deposit address, follow the simple step-by-step guide below.
Step 1: Go to your Deposit Section
Head over to your spot wallet by hovering over “Assets” in the top right corner and selecting “Deposit.”
Step 2: Select the Asset
Next, choose which crypto asset you want to deposit into your BYDFi account. You can easily use the search function to filter through all supported assets on BYDFi quickly. When you find the asset you want to deposit, click “Deposit” on the right-hand side. Select “USDT” to deposit. But note that the minimum deposit is 15 USDT.
Select Network
It is crucial to select the right network. In this case, we want to use BEP20. This address can only receive funds through the BEP20. Click on “Network” to generate your address.
Step 3: Send Funds to your Address
Now that you have your personalized BYDFi wallet address, you can transact securely within our ecosystem. Ensure a smooth process by sending funds exclusively to this address using the selected network. Alternatively, streamline the transfer process by swiftly scanning the QR code associated with the wallet where you intend to send your assets.
It’s crucial to note that, in this instance, funds can only be sent through the BEP20 network. When withdrawing funds from your alternate wallet to BYDFi, accuracy is paramount. Select the correct network to align with BEP20, avoiding any potential mishaps in the transfer process. Sending funds to the wrong address or utilizing the wrong network may result in irreversible loss of assets.
Bottom Line
BYDFi has positioned itself as a prominent cryptocurrency exchange, offering a diverse range of deposit options. The platform prides itself on being user-friendly, making the acquisition of digital assets a seamless experience for its users.
Navigate the seamless acquisition process easily, utilizing various fiat currency payment methods such as credit/debit cards and bank transfers.
For those holding cryptocurrencies elsewhere, BYDFi streamlines the transfer process by generating a personalized wallet and emphasizing your digital assets to your BYDFi account. Our comprehensive guide serves as your compass, emphasizing the secure reception of your funds. Take note of the crucial triple-checking of your wallet address and network settings to mitigate the potential risks of inadvertently selecting the wrong network.
