Operation Chokepoint is a real thing for Americans. Fiat onramps to crypto in particular are getting harder to find. Offramps are a problem too but less so. BYDFi has a solution to this problem for Americans.
Combine this with the fact that many exchanges are going crypto to crypto only like Binance.US and you can see the problem. Let’s see how BYDFi handles this problem to be able to work with Americans.
Intro to BYDFi
First, let’s introduce you to BYDFi and what it does. It’s a centralized exchange with lots of offerings. Normally, this is no big deal as lots of exchanges offer access to many services and coins.
But Americans don’t have those options. Do you know how hard it is for Americans to buy even some top 20 coins like $ATOM?
It’s way harder than it should be.
So the fact that BYDFi offers spot purchases and futures at a good price AND Americans can buy them is a big, big deal.
And to go along with that, BYDFi has no KYC either. More on that in a second…..
The Fiat OnRamp Options
So how does BYDFi do this legally and get around these challenging US regulations?
We are seeing that many exchanges are going crypto-to-crypto only. Some still convert fiat to crypto providing that important on-ramp to convert USD to crypto. BYDFi has a good solution for this that’s legal for all.
And that solution is third-party services.
To be more specific, BYDFi uses Banxa and Transak as 3rd party movers of money for the onramp to their exchange. Some of you may not have heard of these 2 services but if you’ve heard of or used Moonpay or Simplex, then you get what it’s about. But these services have some extra features we like.
First, you have more deposit options aside from just a credit or debit card. With these options, you can send money to the exchange using:
- Google Pay or Apple Pay and it arrives instantly using Banxa
- Wire Transfer
- Or even Cash App on Transak
so you see this offers A LOT more flexibility and it’s not dependent on card transactions that sometimes don’t go through based on who your card issuer is.
BYDFi Services & Coins
BYDFi has all of the most popular services exchanges offer nowadays like:
- Spot (normal) buys
- Futures (USDT and Coin denominated)
- Copy Trading
- Support for many of your favorite coins including MATIC, ATOM, and some other coins that are hard for Americans to get.
The KYC Question
Like all exchanges, BYDFi offers more services and higher withdrawal limits if you KYC. Americans can KYC without issue due to the use of 3rd parties for deposits as mentioned above. Without KYC, you can withdraw up to 0.5 BTC per day. That’s a big number considering that other than for trading and short-term activities, you shouldn’t be leaving all your money on the exchange anyway. ANY exchange.
So you can KYC or choose not to at BYDFi. But, and this is important, you will definitely have to KYC with Banxa or Transak to move your funds into BYDFi. So as long as you understand this, then you are good.
BYDFi brings the best of crypto-to-crypto exchanges and fiat-to-crypto exchanges together with its service offerings. This is especially helpful for our American friends who are seeing fewer and fewer options available to them. We can say the same for our Australian and Canadian friends too.
We have a special offer for our readers if you try BYDFi. There are welcome bonuses, low fees, and free trading signals when you give them a try. Did you know that BYDFi offers trading 400+ tokens with no KYC? You can also trade with only 0.6% futures & 0.1% spot fees, receive free trading signals, and earn nearly $2,000 in bonuses. For more info just click here.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different than yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by BYDFI.
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