Interview with Michael Hung - CEO and Founder at BYDFi

Shauli Zacks Shauli Zacks

SafetyDetectives had an informative conversation with Michael Hung, the CEO of BYDFi, to gain insights into the pressing challenges that define the cryptocurrency industry. From addressing security vulnerabilities to empowering traders with effective risk management strategies in copy trading, Hung’s expertise offers a comprehensive understanding of safeguarding investments and navigating the dynamic landscape of digital asset trading.

Hi Michael, Thank you for your time today. What motivated you to start BYDFi?

The motivation behind starting BYDFi stemmed from our vision: to create a “build your dream finance” financial platform that is user-centric in the realm of cryptocurrency trading. Our goal is to provide a seamless and secure environment that embraces innovation while prioritizing user needs. Personally, my journey in the cryptocurrency field ignited a passion for revolutionizing traditional finance. My role at BYDFi allows me to drive positive change by offering innovative trading solutions.

What features or products help BYDFi stand out in the highly competitive cryptocurrency market?

BYDFi stands out in the competitive cryptocurrency market due to its diverse range of offerings. We provide access to spot trading, 200x leveraged perpetual contracts, and unique leveraged tokens. Our user-friendly interface caters to both beginners and experienced traders, ensuring a seamless trading experience. Additionally, our commitment to security, transparency, and customer support sets us apart in the industry.

What are the key challenges facing the cryptocurrency trading industry today?

The cryptocurrency trading industry faces challenges such as regulatory uncertainties, market volatility, and the need for user education. Regulatory developments can impact market access, and managing risks associated with price fluctuations requires careful strategies. Educating users about the complexities of cryptocurrency trading is vital for fostering a responsible trading community.

What are some of the top security risks in cryptocurrency trading, and how can traders protect themselves?

Security risks in cryptocurrency trading include phishing attacks, exchange hacks, and wallet vulnerabilities. Traders can safeguard themselves by using reputable exchanges, enabling two-factor authentication, and storing assets in secure wallets. Regularly updating security measures and staying informed about potential threats is crucial.

In terms of risk management, how does the copy trading feature handle situations when the copied trader takes on high-risk trades? Is there a mechanism to protect followers from potential heavy losses?

Our copy trading feature prioritizes risk management. While we empower traders to follow the strategies of experienced traders, we also implement safeguards. For instance, we have mechanisms to limit the amount allocated to each copied trade, preventing excessive exposure to high-risk trades. This approach aims to strike a balance between potential gains and risk mitigation. We also draw inspiration from established platforms like eToro and incorporate various risk control management practices.

How has the recent rise of DeFi influenced trading strategies?

The rise of DeFi has significantly impacted trading strategies by introducing new opportunities and complexities. Traders now engage with decentralized protocols, yield farming, and liquidity provision. While these innovations offer potential rewards, they also come with increased risk due to the nascent nature of the space. Traders need to adopt well-informed strategies and consider the evolving dynamics of the DeFi ecosystem. At this juncture, I believe that both centralized and decentralized approaches are necessary.

About the Author

About the Author

Shauli Zacks is a tech enthusiast who has reviewed and compared hundreds of programs in multiple niches, including cybersecurity, office and productivity tools, and parental control apps. He enjoys researching and understanding what features are important to the people using these tools.