In 2023, the market is gradually recovering, but more than 100% growth from current prices is needed before the extremes of 2021. Analysts warn that we should not expect a bull rally in the next 2-3 years. Cryptocurrencies will probably spend some more time in the sideways. In this phase of the market, you can get a good yield on short-term transactions. Traders make money on the rise and fall of the exchange rate. Thanks to free leverage, there is a chance for tangible profit even on small fluctuations. ByFalio Exchange offers trading on the spot and futures market. To increase your income, you can use passive earning tools.
Platform Features
ByFalio is an innovative futures exchange. Beginners are offered to trade here without commission – 180 days on the futures market and 30 spot. Experienced traders can take part in a tournament with a prize fund of up to 100 thousand USDT. All conditions for trading have been created on the exchange. You can use scalper strategies and earn on squeezes. Throughput of the ByFalio engine is more than 100 thousand operations per second. Other features of the platform:
- Wide functionality. Users can trade on spot, futures, quickly exchange coins, place deposits.
- More than 180 cryptocurrency pairs in the listing. Developers are constantly adding new tools for futures trading.
- Security. The main funds of clients are stored on cold wallets, there is an insurance fund.
- Round-the-clock support. Users can ask questions in chat or by e-mail.
- You can trade online and in the mobile application. Android and IOS versions are available.
- The exchange does not restrict users by geographical location. Traders from 130+ countries trade on ByFalio. The interface is translated into 13 languages, including Russian.
The platform is focused on experienced traders, but it is friendly to beginners as well. Thanks to the high-performance engine and good liquidity, users can manage funds even at peak volatility. The following services are available to clients:
- Futures. ByFalio offers trading on the futures market with minimal commissions. Users can enable the mode of displaying trades in the futures terminal. All open orders will be indicated in the chart.
Historical charts of quotes, trading volumes, and exchange stacks can be analyzed in the trading terminal. Instructions for the trader:
- Select the type of order. Market and pending orders are available in September 2023.
- Specify the amount of cryptocurrency.
- If necessary, select leverage. The order window will display information about the order size in USDT.
- Sign the transaction.
In the left part of the screen you can find data on executed and canceled orders, see the history of transactions. To display the chart of the cryptocurrency on the full screen, you should click on the Chart button.
Futures trading
Developers launched operations with perpetual contracts in Q2 2023. By September, futures for 180 coins are available. The administration constantly monitors the market and adds new instruments. In September 2023, users can trade market and limit orders. Developers plan to increase the number of order types (add take profit, stop limit and others).
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To go to the terminal, select the “Futures” menu item on the main screen. From the personal cabinet the page is opened by clicking on the “Trading Room” button in the footer. Instructions for creating an order:
- Click on the ticker at the top of the chart (default BTCUSDT). In the list that opens, select a coin. You can use the search for convenience.
- Select the order type (market or limit). If necessary, enter the price (you can click on the exchange cup).
- Specify the leverage.
- Enter the order amount.
- Click on the Buy/Long or Sell/Short button.
VIP-program
Every month the exchange holds a tournament among privileged traders with a prize fund of up to 100 thousand USDT. To get the VIP status, you need to deposit more than 10 thousand Tether (equivalent) in one payment. The winner is chosen by the maximum profit in USDT. The size of the deposit is not taken into account.
The prize will be transferred to the user’s account on the 1st day of the next month.
Working conditions
ByFalio exchange supports the international anti-money laundering policy. Incoming crypto transfers are subject to AML verification. If a suspicious transaction is detected, the account will be blocked. To remove the restriction, you will have to confirm the origin of the funds. The conditions for traders on ByFalio are as follows:
- To get access to the features, you need to pass KYC.
- Deposits can only be made by crypto transfer. Fiat is not supported.
- You can connect to the platform with the help of API. The option is used by professional market participants and ordinary traders. The former embed automatic rate updates on websites, the latter use robots for operations.
Available currencies and trading pairs
In September 2023, more than 180 cryptocurrencies are bought and sold on ByFalio. The developers are constantly expanding the pool of assets. Coins are traded only in pairs with USDT. The table contains data on the most liquid instruments.
Registration on the ByFalio exchange
To work on the platform, you need to create a personal account. The instructions are as follows:
- On the official website, click the “Registration” button (at the top of the screen).
- Enter your e-mail address.
- Make up a password. Requirements – from 8 to 25 symbols, at least 1 uppercase, lowercase letter, number and special character. Only Latin characters are allowed.
- Enter the password twice.
- Check the box to agree with the terms of service.
- Press the “Create account” button.
To activate your personal account you should follow the link from the e-mail. After the first login to the account, you should set up the security settings.
To start trading, you will need to activate two-factor authentication (using Google Authenticator) and pass KYC.
Verification
You cannot trade on ByFalio without KYC. To verify your identity you need to:
- Authorize in the personal cabinet, go to the profile.
- Select the menu item “Account Information”.
- Click on the “Confirm” button opposite the “Verification” field.
- Specify the country of citizenship, type of document (passport or driver’s license), enter your name and surname.
- Upload a photo of the document in good quality and selfies.
- Verify applications. If it is necessary to change the file, you should press “Back”. If everything is correct, then send the documents.
The files will be delivered to tech support. After verification, the user will receive an e-mail notification.
Personal account overview
You can log in to the account by login and password. The button is located at the top of the screen. After authorization, you can change the theme (light or dark) and interface language (browser settings are applied by default). Customers can access the following sections:
- “Account Information”. On the page you can change your password, set up two-factor authentication and pass KYC.
- “Trading History”. In the section you can view all open and executed orders. The financial result is displayed for the trades.
- “Withdrawal of funds”. On the page you can create a request in USDT.
- “Account History”. The section displays the transfers made (deposits and withdrawals).
- “News”. On the page you can familiarize yourself with the current events of the cryptoworld.
- “Statistics”. Here, detailed trading results are tracked. You can see the total or daily profit on the futures market or spot.
- “Leaderboard.” The page stores the results of past tournaments.
- “Trading Room”. This is the button to go to the terminal.
How to deposit and withdraw money
In 2023, you can make a deposit to the ByFalio exchange only by crypto transfer. The minimum amount for deposit is 10 USDT (equivalent). The algorithm is as follows:
- Log in to your personal account.
- Press the “Add funds” button at the top of the screen.
- Choose a coin. Deposits in all supported cryptocurrencies are available.
- Specify the network. Stablecoins can be transferred in TRC-20, BEP-20, ERC-20 chains, other coins – only in native networks.
- Copy the wallet address for replenishment or scan the QR code with your phone’s camera.
- Create an order on the platform from which the money will be transferred.
Coins will be credited to the balance after receiving a fixed amount of confirmation (for each blockchain). You can track the status of the request in the blockchain browser.
Regardless of the transfer currency, assets are credited to the USDT balance at the Coinmarketcap exchange rate. You can withdraw money only in Tether. The instructions are as follows:
- Log in to the account and open the profile.
- Select the item “Withdrawal of funds”.
- Specify the network (ERC-20, BEP-20, ERC-20 are available).
- Insert the address of the wallet. It is necessary to check the data carefully. In case of an error, the money will be lost.
- Specify the number of coins and confirm the withdrawal.
Support service
Answers to popular questions are collected in the FAQ section. Here you can learn about the available features and get detailed instructions on how to work. If the answer to the question could not be found, you need to write to the online chat.
Mobile application
You can also trade on the exchange from your smartphone (Android, iOS). All ByFalio functions are available in the mobile app. Traders can make transactions on spot and futures, track crypto coin quotes, lock assets in deposits. You can download the program via a link on the official website or find it in app stores.
Referral program
The exchange offers favorable terms of cooperation to bloggers, traffic arbitrageurs and trading experts. Partners can get links in their personal accounts and distribute them among their audience. ByFalio pays 60% of profit from each referred client.
Only Influencers can participate in the program. To register, you need to write a letter to the service’s email.
Conclusion
ByFalio is a young, developing project that has already earned a good reputation. The engine of the exchange is created using innovative technology, which allows processing up to 100 thousand operations per second. The team monitors trends, regularly adds new features, expands the pool of coins.
Spot and futures markets are available to users. The developers launched a profitable affiliate program, and beginners are offered to trade for free. It is expected that these measures will attract traders and help the exchange to enter the top 100.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
