In this BYDFi review, we will explore what makes the platform a good option for traders and weigh the pros and cons. BYDFi stands out as one of the limited number of leveraged cryptocurrency exchanges that possess regulatory licenses in the United States and Canada.
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Last Updated: Sep 21, 2023
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BYDFi features derivatives trading and offers relatively low fees. It provides essential tools and features for seamless retail and institutional crypto trading. The platform aims to make trading crypto derivative contracts simple for beginners.
BYDFi is one of the most comprehensive trading platforms that offer a variety of crypto trading pairs, from popular assets like bitcoin to upcoming altcoins.
This review will also discuss the services rendered by this platform and how to get started with BYDFi.
Introduced in 2020 and formerly known as BitYard, BYDFi is a comparatively recent addition to the realm of cryptocurrency exchanges. The initial impression of BYDFi as a cryptocurrency exchange is overwhelmingly positive.
From the wide range of supported cryptocurrencies to the low trading fees, it offers a well-rounded experience with little room for complaint. In this BYDFi review, let’s discuss some things that make the platform stand out:
The UI of the main website is particularly impressive, offering intuitive navigation that even novices can quickly grasp. Unlike other exchanges, BYDFi doesn’t sacrifice functionality for simplicity.
Advanced trading features, such as copy trading, are readily accessible and not hidden behind complex menus. This blend of user-friendly design and comprehensive functionality makes BYDFi a top choice for traders of all levels.
Reliability is crucial when choosing a cryptocurrency exchange, and BYDFi excels in this aspect. No issues were encountered with deposits, withdrawals, or trading activities throughout the review process.
Unlike other glitchy and error-prone exchanges, BYDFi ensures a smooth trading experience, allowing users to focus on their investments without hassle.
According to BYDFi reviews online, many users have also attested to the platform’s seamless performance. Thus, Forbes and Marketplace Fairness rate it among the top crypto exchanges in the US.
Diversity is another key strength of BYDFi, as it aims to be a one-stop crypto ecosystem for investors and traders worldwide.
Thus, the site offers different deposit and trading techniques, supports over 400 cryptocurrencies and spot trading pairings, and accepts over 60 fiat currencies. Furthermore, BYDFi operates legally in 150+ countries, highlighting its global reach and inclusivity.
Security is a paramount concern when dealing with cryptocurrencies, and BYDFi takes significant steps to ensure the safety of its client’s assets. BYDFi regularly subjects its systems to stress tests and security audits, further enhancing the security of its platform.
For increased protection, digital assets are kept offline in cold storage wallets.
BYDFi adheres to international trading standards in multiple countries, including the US and Canada. Dual authentication using Google Authenticator and an additional PIN for withdrawals further fortify the platform’s security measures, contributing to its clean record of no major hacks.
BYDFi offers an affiliate program that allows users to earn up to 40% of the trading fees generated by their referrals. Unlike other exchanges, the referral trades have no expiration date, making them a lucrative opportunity for affiliate partners.
The multi-tiered program enables users to earn from direct referrals and level 2, 3, and 4 referrals, maximizing earning potential.
Further into this BYDFi review, let us explore the advantages and drawbacks of the platform.
When examining the pros and cons of BYDFi, several noteworthy aspects make it stand out as a cryptocurrency exchange.
To support new traders, BYDFi provides a helpful demo account feature. This enables users to gain practical trading experience in live market scenarios without the need to risk their real capital.
The demo account also helps newcomers acquire experience and lets users try the exchange before investing their money.
Depositing funds on BYDFi is a straightforward process that supports various cryptocurrencies. Users can access the deposit feature by navigating to the “Panel” section and selecting the desired coin.
The BYDFi trading platform boasts a user-friendly interface, providing a simple and adjustable layout. Users can customize the layout, adjust chart sizes, and perform technical analysis using basic drawing tools.
While the charts on BYDFi are not the most advanced, users can still execute trades and manage orders efficiently.
The platform facilitates both market and limit orders. With this, users can initiate trades either at the current market rate or at a predefined, specific price level. Leverage and risk management options, such as take-profit and stop-loss levels, can be set for each trade.
Another advantage of BYDFi is its provision of multiple trading user interfaces (UIs). BYDFi offers a “Classic” spot trading UI for beginners and a sophisticated UI for experienced traders.
The Advanced UI has over 100 technical indicators and chart drawing possibilities, while the Classic UI condenses key information.
The account verification process is another positive aspect of BYDFi. Unlike some exchanges that can take days to verify accounts, BYDFi has implemented a quick and efficient verification system.
From entering the email ID to completing the verification, the process typically takes less than 15 minutes, ensuring a seamless onboarding experience for new users.
BYDFi adopts a simple fee structure that is easy to understand.
The fee structure of spot trading is the same as that of Inverse and USDT Contracts on BYDFi. The trading fee corresponds to the two different execution types: Maker and Taker.
Spot trading fees are as follows:
|Maker Transaction Fee||Taker Transaction Fee|
|All Spot Trading Pairs||0.1%~0.3%||0.1%~0.3%|
You can find the transaction fee rate in the upper-right corner of the spot trading pair page.
Note: The maker/taker fee will be charged separately.
Spot Transaction Fee = Filled Order Quantity x Transaction Fee Rate
Take the BTC/USDT trading pair as an example:
If the current price of BTC is $40,000. Traders can buy or sell 0.5 BTC with 20,000 USDT.
Trader A buys 0.5 BTC using a Market Order with USDT.
Trader B sells 0.5 BTC using a Limit Order for USDT.
Taker’s Fee for Trader A = 0.5 BTC x 0.1% = 0.0005 BTC
Maker’s Fee for Trader B = 40000*0.5 BTC * 0.1% = 20 USDT
Additionally, an overnight fee applies for keeping positions open overnight. The position’s leverage, margin, and duration are taken into account when calculating this charge. Withdrawing money is subject to a 2 USD charge, but deposits are without charge.
BYDFi also excels at providing a well-designed mobile app for traders on the go. Recognizing the importance of managing strategies and portfolios from anywhere, BYDFi offers a mobile app on both iOS and Android platforms.
Using the touch-based navigation, this application offers complete options on various gadgets, including tablets.
Furthermore, traders can take advantage of its adaptive interface and comprehensive functions. The mobile app mirrors the simplicity of the web platform and includes features such as chart analysis and one-touch order placement.
Customers usually mark this app as being beneficial on iTunes and Google Play. From many BYDFi reviews, the positive feedback is primarily related to the app’s language support.
While BYDFi has many positive aspects, there are a few areas where it could improve to enhance the user experience further.
One of the notable drawbacks is the absence of crypto-staking functionality. Crypto staking allows users to lock up their cryptocurrency to support the underlying blockchain. Still, this feature is unavailable on BYDFi, which may be disappointing for users interested in staking their assets.
Another aspect where BYDFi falls short is in providing comprehensive educational materials. Although the exchange offers articles on various topics, these materials are not as extensive as those found on well-known major platforms.
In contrast, platforms like Binance.US go the extra mile by incentivizing new users to complete educational courses with free rewards. BYDFi could improve in this area by offering more comprehensive educational resources to help users expand their knowledge and understanding of the crypto market.
BYDFi also lacks a direct fiat withdrawal option, which can be inconvenient for users still relying on traditional fiat currencies.
While it is possible to convert crypto to fiat by transferring to another exchange, having a native fiat withdrawal service would offer greater convenience. This feature would streamline the process for users looking to convert their crypto assets back into fiat without additional steps.
Although BYDFi provides excellent customer support through email and live chat, the absence of phone-based customer support is a drawback. While the existing support channels are responsive and effective in resolving issues, a phone number for support would be beneficial.
Particularly when explaining complex problems that are challenging to describe in writing. Additionally, phone-based support would provide an accessibility option for less tech-savvy users seeking assistance navigating the crypto world.
BYDFi has a diverse product selection, making it an appealing option for traders at all experience levels.
While the low fees, reliable service, and extensive support set it apart from competitors, the true appeal of BYDFi lies in the calibre of its services. Let’s explore some of the key services in this BYDFi review.
Potential losses often instill fear in new crypto traders. In response to this common concern, BYDFi has crafted a solution: a comprehensive copy-trading system. This innovative feature is designed to be a safety buffer for beginners in the crypto trading world.
The platform showcases the profiles of the most profitable “Master Traders,” and users can easily copy their trades to replicate similar profits in their portfolios. This feature provides a valuable opportunity for beginners to learn from successful traders while minimizing risk.
Through its website, BYDFi makes the process of converting cryptocurrencies more simple and straightforward. Instead of relying on third-party services for converting cryptocurrencies, users can conveniently use BYDFi’s built-in crypto-swapping service.
Users can select the crypto assets they want to convert and the desired conversion pairs with simple steps, enter the amount, and initiate the conversion. This streamlined process saves time and ensures smooth and hassle-free conversions.
BYDFi stands out in futures trading, offering high-leverage options that surpass many competitors. With leverage options up to 200x, BYDFi allows experienced traders to maximize profits, enjoy greater flexibility, and take advantage of higher potential returns.
The platform supports USDT-M and Coin-M perpetual futures, catering to various cryptocurrencies.
While verification is quick and recommended, BYDFi allows users to access most features without mandatory Know Your Customer (KYC) verification.
This means that users can engage in various types of trading, access cryptocurrency trading pairs, and utilize supported fiat currencies without needing KYC verification.
Only a minor restriction applies to unverified users, limiting their daily withdrawal to 0.5 BTC. Traders handling low- to medium-volume trades may not have a big issue with it.
BYDFi places a strong emphasis on customer support. Even though problems might occur during testing, the customer care team will assess them to understand their effectiveness and responsiveness.
BYDFi provides customer support through various methods. Through email or the website’s live chat option, support staff may be contacted.
While phone contact is unavailable, the support team reacts quickly via live chat, clearly comprehending the issue and providing useful advice for solutions.
This BYDFi review must mention that it strongly emphasizes the quality and security of its products and services. This ensures a reliable and secure trading experience for its users.
Regulators from four different countries have granted the platform a license. This involves the United States and Canada.
These licenses demonstrate the platform’s compliance with regulations and its authority to operate as a money service business in these regions. Users can feel secure knowing that their funds are safe thanks to these licenses because BYDFi complies with the rules set forth by these regulators.
It’s important to mention in this BYDFi review that the platform adopts robust security measures to safeguard crypto assets. Most funds are stored offline in cold wallets, which are inaccessible via the Internet, providing an added layer of protection against potential hacks.
In addition to its robust security measures, BYDFi utilizes real-time risk auditing and management tools. These tools are employed to monitor positions and exposure in the market, thereby elevating the platform’s overall security.
Furthermore, BYDFi prioritizes communication security by implementing full SSL encryption throughout its platform. This encryption ensures that all communication, including document transfers and interactions with the platform, occurs securely.
The secure padlock sign in the browser indicates a safe connection, helping users avoid phishing on insecure websites.
BYDFi provides tools and features to empower users to maintain the security of their accounts. 2FA confirms users’ identities on their phones while they log in. In a case were someone hacks a users password, the hacker will still need a second code to get into the account.
Users may also use a distinct PIN to authorize withdrawals and prevent unapproved withdrawals. As the PIN and account password are separate, the PIN increases security.
This BYDFi review wouldn’t be complete without exploring how to sign in to the platform. Getting started with BYDFi is a straightforward process that allows you to create an account and begin your cryptocurrency trading journey quickly. To join BYDFi, please do as instructed below:
On the upper right-hand side of the BYDFi homepage, push the ‘Get Started’ button.
Complete the form by inputting your phone number or email address to register. Should you opt for email, input a valid email ID where BYDFi will send a verification code.
For mobile registration, key in the corresponding country code and your valid mobile number to receive an SMS containing a verification code.
Look in your email inbox for the verification message from BYDFi. You’ll find the one-time password written inside. Copy it from the email and input it in the designated verification area on the website.
After completing the email verification, choose a secure password for your BYDFi account. You may also encounter a verification puzzle that measures how quickly you can complete it.
Once you select a password and complete additional verification steps, you will be successfully signed up on BYDFi. At this point, you may receive a promotional offer as a welcome gift from BYDFi.
It’s necessary to know in this BYDFi review that after registering on BYDFi, you must complete KYC and AML procedures to become completely verified.
Following these steps guarantees adherence to regulations and heightens the security of your account. Verification may involve submitting documents such as a copy of your ID and proof of residence.
However, even without completing the verification process, you can still deposit funds and start trading cryptocurrencies on BYDFi. The platform provides a range of features and a straightforward layout to facilitate your trading operations.
While BYDFi offers a comprehensive crypto exchange platform, it might not be the best solution for everyone. In addition to this BYDFi review, let’s look at some alternative options for the platform.
Online cryptocurrency trading platform Binance was created in China in 2017. The largest digital currency platform worldwide, boasting 150 million users, is this one. This platform provides many functionalities, such as spot trading, leveraged trading, futures contract trading, participating in staking, and providing loans.
Users gain access to a decentralized marketplace, a token crowdfunding platform, and a knowledge centre. Investors can access many goods, including over 1,000 crypto assets. People are also able to exchange diverse government-issued currencies.
Additionally, it provides a range of additional offerings, like forward agreements, credit trading, and holding. Binance provides services, including client assistance, learning, and exploration.
In addition, it presents many different services, for example, a digital asset launch platform and a decentralized marketplace.
Binance remains an excellent option for novice and skilled traders. This provides a broad selection of functionalities, items, and offerings. That has reasonable charges and provides high liquidity.
Nevertheless, it is crucial to remember that Binance has previously suffered a hacking incident. Moreover, it is not present in particular locations.
In 2011, Kraken, a trading site for digital assets, started operating. The platform is famous across the world. In this store, diverse items and services are accessible.
Kraken allows pair trading in cryptocurrencies like BTC/USD, ETH/USD, and XRP/USD. Moreover, they provide leverage trading, futures contract trading, and staking participation services. The software’s interface is simple for both novices and seasoned traders.
The software also provides different safety features that include double authentication and offline data preservation. Stringent security measures and affordable transaction costs ensure that Kraken keeps customer funds safe.
Kraken has a reputable and trustworthy digital currency exchange. This provides a diverse selection of capabilities and items.
Kraken is a wise selection for both newcomers and skilled traders. Nevertheless, the costs it imposes are greater than those of certain alternative platforms. This does not provide as many digital coins as other crypto exchanges.
KuCoin is a crypto exchange established in 2017 that provides a broad spectrum of attributes, goods, and solutions. The platform is compatible with hundreds of virtual currencies, including tokens. It also provides spot trading, trading with borrowed funds, and trading futures contracts with the option to stake.
The exchange also provides a cryptocurrency lending platform, a blockchain derivatives exchange, and a blockchain-to-fiat exchange. Another significant aspect of the exchange is the privacy-focused buying and selling. This enables users to barter without demanding a substantial quantity of personal records.
Furthermore, the platform is famous for its straightforwardness and intuitive interface. This is good for novice traders and traders with expertise.
KuCoin remains an excellent digital asset platform for seasoned investors seeking diverse options and offerings. Those who require excellent customer service or lightning-fast page loading times may not find it the most feasible option.
BYDFi offers a comprehensive and feature-rich crypto exchange platform that caters to traders of all levels. Despite numerous shortcomings and lacking capabilities, the platform’s security and compliance make it a safe and genuine crypto trading alternative.
The exchange’s low slippage, liquidation prevention, and customer service improve trade.
BYDFi’s commitment to continual improvement and customer feedback could improve the platform. If you’re on the hunt for a beginner-friendly leveraged exchange, BYDFi is certainly a commendable option.
Its extensive asset coverage and excellent customer support make it a worthy consideration. BYDFi is also a great option for beginners as because it’s easy to use and helps and provides more insight into trading.
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Yes, BYDFi provides a secure platform for trading cryptocurrencies. The platform incorporates top-notch security features to safeguard client accounts, funds, wallets, and sensitive information.
Absolutely! BYDFi is intentionally crafted to be accessible for beginners, offering two distinct interface types tailored for spot and derivatives trading. This allows beginners to participate easily on the platform. Additionally, BYDFi provides copy trading functionality, enabling novice traders to replicate the trades of experienced traders and potentially generate profits.
The minimum deposit requirement at BYDFi is 10 USD. This allows users to start trading with a relatively small initial investment.
Yes, BYDFi is available for users in Canada.
BYDFi's fees align with the industry average but are not particularly low. For spot trading, there is a flat fee of 0.30% per transaction, regardless of whether you are a taker or a maker. In contract trading, the fee is a flat 0.05%, which aligns with the average for takers but is relatively higher for makers.
The minimum deposit requirements on BYDFi are relatively low. The current minimum deposit for Bitcoin is 0.002 BTC, equivalent to approximately USD 49.10 (as of February 16, 2023).
Information on the withdrawal times at BYDFi is not readily available. We recommend contacting their customer support or referring to their official documentation for the most up-to-date information on withdrawal processing times.
There have been no reported incidents of BYDFi being hacked. The platform has maintained a strong security record and has not experienced any major security breaches.
BYDFi is based in Singapore and operates from this location to provide its services to users globally.
While specific information on restricted countries is not readily available, it is expected that BYDFi may prohibit users from certain jurisdictions due to regulatory or legal reasons. We recommend referring to BYDFi's official documentation or contacting their support for detailed information on restricted countries.