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 CFG on BYDFi. We'll guide you through it
Choose how to purchase CFG 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 (CFG). 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 CFG 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 CFG 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 CFG 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 CFG
Trade
Answers
What Is Centrifuge (CFG)?
Centrifuge is a decentralized asset financing protocol. It connects decentralized finance (DeFi) with real-world assets (RWA) while aiming to reduce the cost of capital for small and mid-size enterprises (SMEs) and provide investors with a stable source of income. The main objective of the project is to generate profits that are not tied to volatile crypto assets. The developers are focused on transferring real monetary value from fiat to cryptocurrencies.
Companies use Centrifuge to access the liquidity offered by DeFi. They can tokenize real assets and use these tokens as collateral to access financing through Tinlake, a decentralized application (DApp) lending protocol. The Centrifuge blockchain is built on Polkadot (DOT) for speed and low fees, while its financial DApp Tinlake is built to access Ethereum (ETH) liquidity.
Centrifuge provides liquidity to everyone, and investors receive income and rewards in the form of CFG tokens. Centrifuge links assets such as invoices, real estate, and royalties with decentralized finance (DeFi). Additionally, borrowers benefit from the ability to finance their real assets without banks or other intermediaries.
Who Are the Founders of Centrifuge?
Centrifuge was launched in 2017 by Lucas Vogelsang and Martin Quensel.
Lucas Vogelsang is the founding engineer at Centrifuge and currently serves as the company's CEO. Vogelsang co-founded e-commerce startup DeinDeal in 2010. After successfully selling DeinDeal to Ringier, he started working on another startup — KaufDA. Later, Vogelsang relocated to Silicon Valley to join Taulia as a technical manager. In October 2017, he co-founded Centrifuge.
Martin Quensel is a co-founder at Centrifuge and currently serves as its COO. Prior to Centrifuge, he co-founded Taulia. Quensel began his career at SAP as a software developer and architect.
What Makes Centrifuge (CFG) Unique?
The Centrifuge protocol tokenizes real-world assets by converting them into non-fungible tokens (NFTs). These tokens are then funded through Tinlake, the first DApp built on the Centrifuge chain. Tinlake was created to access liquidity on Ethereum, while CFG has its own bridge to Ethereum.
Centrifuge features integration with other DeFi protocols, allowing users to obtain liquidity without slowdowns and protecting DeFi protocols from destabilizing events by adding uncorrelated collateral. This reduces cumulative risks and replaces predatory lending and banks with smart contracts.
As of June 2021, Centrifuge has the highest total value locked (TVL) on the Polkadot ecosystem. The project also claims to be among the first to launch a parachain on Polkadot. The design of the Centrifuge chain prioritized operational speed and low fees.
How Many Centrifuge (CFG) Coins Are There in Circulation?
CFG is the native token of Centrifuge and powers the entire network. There are three major use cases for CFG: staking, paying transaction fees, and governance participation. The token is also used to reward liquidity providers on Tinlake. As of June 2021, the total supply is 425,000,000 CFG, growing at a rate of 3% per year.
The total supply of CFG tokens is distributed as follows: 27% to core contributors, 17.1% to total backers, 7.3% to rewards and grants, 9.5% to the community sale, 11.8% to foundation endowment, 7.1% to community grants, 10.8% to development grants, and 8.3% to the early ecosystem.
The CFG sale took place on May 26, 2021, on Coinlist. The event was held in two stages, and the token supply was limited to 17 million for each round.
How Is the Centrifuge Network Secured?
Users pay transaction fees in CFG tokens, and transaction aggregators on Polkadot receive a share of the fee for processing and storing data. These measures, along with the NPoS (Nominated Proof-of-Stake) mechanism and CFG rewards, encourage users to operate fairly and select data collators that provide censorship resistance.
Overall, most of the security comes from the Polkadot relay chain. The use of Polkadot's protective mechanisms provides Centrifuge with a high level of security at a low cost.
Where Can You Buy Centrifuge (CFG)?
As of June 2021, CFG tokens can be traded on the BitZ platform.
If you want to find out more about buying crypto, feel free to read our detailed guide.
