How to Buy
5 steps to buy on BYDFi
Open BYDFi account for free
Sign up for BYDFi with your email/mobile number and create a strong password to protect your account
Keep your account safe
Enable Google Authentication (2FA), set anti-phishing code, and trading password to add an extra layer of protection to your account.
Verify account
Enter your personal information and upload a photo of your valid ID cardVerify your personal identity
Add payment method
Once your BYDFi account is verified, add credit/debit card or bank account
Buy
There are various payment methods available to purchase FXS on BYDFi. We'll guide you through it
Choose how to purchase FXS on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy
- 1
Buy with credit/debit card
This is the easiest way for new users to buy (FXS). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy on BYDFi's Spot market
BYDFi's Spot market offers 700+ Coin pairs, making it the most popular buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to
Note: BYDFi offers a variety of order types to buy in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available in your account
How to store ?
The best way to store will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store
Store FXS in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your FXS to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of .
How you can use with BYDFi
Hold
Store in your BYDFi account.
Trade
Trade in spot and futures markets.
Why is BYDFi the best platform to buy ?
Safe and reliable
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and insurance fund protect your account.
High liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy FXS on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying on BYDFi is quick and convenient. Buy Coin on BYDFi to receive FXS
Trade
Answers
Is Frax Share (FXS) a Good Investment?
As the governance token of a protocol that aims to offer a highly scalable and innovative stablecoin, could FXS be a good investment?
It is an incredibly sound investment if you wish to diversify your potential into the decentralized finance (DeFi) sector.
As the DeFi market booms and the demand for the FRAX stablecoin increases, the price of FXS will also climb higher as the Frax Protocol maintains its stable coins peg to the US dollar. This could make the FXS token a valuable crypto asset to invest in and hold.
When the Frax Protocol developers announce new features and expand their operations to more blockchain ecosystems in the future, could the use of their stablecoins rise further? This could also contribute to an uptrend in the FXS price in the future.
What drives Frax Share Coin Price Volatility?
What Is FXS Token Used For?
FXS is the governance token of the Frax ecosystem and has several use cases, including:
Utility Token
FXS token holders can participate in the decentralized governance of the Frax Protocol. They enjoy voting rights and can decide democratically on critical issues, such as adding or adjusting collateral pools, changing various fees within the platform, refreshing the rate of the collateral ratio, and more.
Price Stability Mechanism for FRAX
The FXS token is minted or burned based on the variations in demand for the FRAX stablecoin. Higher demand for the FRAX stablecoin would result in more FXS minted to maintain the stable coins peg to the US dollar.
Crypto Asset to Trade and HODL
Trade Frax Share against other cryptocurrencies to profit from changing market conditions and volatility. You can buy or sell FXS against other digital assets or hold long-term if you believe in the future potential of the Frax Protocol.
Staking
You can also stake FXS within Frax Protocol to generate veFXS and enjoy special boosts. Staking FXS lets you enjoy exclusive governance rights, and access to AMO profits and offers a lucrative way to earn passive income risk-free and conveniently.
Who Are the Partners of Frax Finance?
How to Stake Frax Share?
Staking Frax Share token gives you several benefits, including offering a convenient way to generate passive income. Here's how to stake FXS on Frax Finance:
1. Set up a crypto wallet that can store FXS tokens, e.g., MetaMask. Fund your wallet by buying Frax Share on BYDFi or other supported platforms and withdrawing your crypto to your wallet.
2. Connect your wallet to the Frax Finance app. Visit the veFXS Dashboard section of the app.
3. Head to the Lock FXS section and enter the number of FXS tokens you wish to stake. Select the Lock Period in weeks next and review the APR on offer.
4. Click on the Lock FXS button after entering the details to confirm the transaction.
5. Click on Stake on the pop-up window to process the transaction from your wallet.
6. Click on Initialise after creating your veFXS tokens for the first time. This will let the yield distributor contract track your claims.
7. Sit back, earn rewards, and watch your crypto holdings grow by staking FXS.
