BYDFi Review: Pros, Cons, Fees, Trading, Security [Tested]

(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)

In our review of BYDFi, we take a closer look at how the exchange has developed over time from first being named “Bityard” to re-branding to the current name. Our expert team, which consists of Robert, Charles, and Carol who together have nearly 25 years of experience in the field of financial institutions and blockchain tech has decided to dive deeper and look under the hood of BYDFi.

Key takeaways

• BYDFi is a crypto exchange and trading platform that suits both beginners and seasoned traders thanks to both a fast crypto converting tool and advanced trading and charting interface.
• The reviews we have read from customers online are overall positive with the majority of traders supporting the clean interface of BYDFi and the low taker trading fee of only 0.02% for contract trading.
• Our rating 4.8/5

Important Features

• Advanced trading interface - TradingView charts
• Very low fees (0.02%)
• 24/7 Support
• 400+ cryptocurrencies listed
• Derivatives trading - 200x leverage
• Fiat onramps - Buy crypto with Credit Card
• Super fast registration
• Positive online customer reviews
• High security - 3 different regulations
• Global exchange - Accepts traders from USA

BYDFi category ranking

Rating 

Cost 

4.9/5 

Security 

4.8/5 

Features 

4.7/5 

User-friendly 

4.9/5 

Educational resources 

4.6/5 

Mobile-friendly 

4.8/5 

Funding & payment 

4.6/5 

Customer support 

4.8/5 

BYDFi at a glance

Founded in 2019, BYDFi (formerly known as Bityard) is a notable player in the dynamic world of crypto exchanges. What sets it apart from many competitors is its modernly designed interface with both beginners and experienced traders in mind. With a presence in countries all over the world, includuing the USA where it holds Money Servive Business license, it’s evidence of their global outreach.

A distinguishing feature is their contract trading service, which allows users to maximize potential returns with up to 1:200 leverage. However, like all trading platforms, there are inherent risks involved. Based on my firsthand experience, the platform boasts robust security measures, including multi-signature cold storage.

Performance-wise, BYDFi has shown consistent uptimes, and their customer support is responsive. Their recent updates indicate a shift towards a more financial focused model, marking their evolution in the crypto space.

While they have a myriad of offerings, newcomers might appreciate their educational materials that guide on cryptocurrency basics and advanced trading strategies. In comparison to other exchanges, BYDFi stands out in terms of simplicity, security, and support.

However, no platform is without its drawbacks. Some users have pointed out occasional lags during peak trading times, and the mobile app, while functional, still has room for improvement.

In conclusion, BYDFi offers a solid balance between functionality and user experience, making it a top choice for those looking to delve into cryptocurrency trading.

Pros

1. Product Offerings
2. Improved Security Features
3. Advanced Trading Tools
4. Continuous Evolution
5. Liquidity

Cons

1. Learning Curve
2. Customer Support
3. Limited Fiat Gateway

What sets BYDFi apart?

BYDFi emerges as a distinct platform with features that aren’t just skin-deep. For one, their advanced security measures go beyond industry standards, implementing unique protocols that prioritize user fund protection.

BYDFi's user experience is seamlessly intuitive. While many platforms can overwhelm, especially newcomers, with information overload, BYDFi’s interface is streamlined, offering comprehensive tools without sacrificing ease of use. This thoughtful design shows that the developers truly understand and cater to the needs of both new and seasoned traders.

Moreover, while many exchanges emphasize their vast coin offerings, BYDFi has made a conscious choice to curate a select list of coins, ensuring that they support only the most reputable and viable projects. This approach helps users navigate the often confusing world of cryptocurrencies with greater confidence.

Things they don’t tell you about BYDFi

Here is a list of some things, both positive and negative, that they don’t mention regularly about BYDFi:

• Latent Fee Structures: While BYDFi’s initial fees seem competitive, there's a more intricate layer when it comes to withdrawal or conversions involving less popular tokens. Always be vigilant and calculate costs in advance.
• UI Complexity for Novices: Beginners might find the interface a tad overwhelming, particularly when venturing beyond basic trades. The platform certainly caters to seasoned traders with advanced features.
• Evolution from Earlier Models: Comparing it to earlier versions, the current BYDFi system has more enhanced security features. However, some long-time users argue that the simplicity of older layouts was more user-friendly.
• Hidden Gems: Beneath the surface, BYDFi offers some niche educational resources. These aren't easily discoverable but can be invaluable for those keen on upping their crypto game.

What is BYDFi?

BYDFi, formerly known as Bityard, is a cutting-edge cryptocurrency exchange and advanced trading platform that has rapidly evolved over the years. Designed with user experience in mind, BYDFi offers an intuitive interface that's ideal for both beginners and seasoned crypto traders. Setting itself apart from competitors, BYDFi boasts robust security measures, ensuring optimal protection for users' assets.

Having personally traded on BYDFi, I can attest to its lightning-fast transaction speeds and the diverse range of cryptocurrencies it offers. Moreover, compared to its earlier versions, the platform has incorporated several upgrades that greatly enhance its functionality and efficiency.

While BYDFi excels in many performance categories, what truly distinguishes it is its commitment to continuous improvement and its ability to adapt to the ever-changing crypto landscape. Potential users should also consider Bybit and Binance when making their choice. However, BYDFi's design choices, particularly its user-friendly interface and advanced trading tools, cater exceptionally well to the modern trader's needs.

Why we like it

BYDFi caught our attention for some impressive reasons:

• User-Centric Approach
• Performance Metrics
• Uniqueness
• Evolution
• Safety & Security
• Competitor Analysis
• Design Decisions

Is BYDFi trustworthy and secure?

BYDFi's security infrastructure is its adoption of robust multi-layered encryption. This ensures that user data undergoes multiple levels of encryption, offering a significantly more formidable defense against potential cyber-attacks.

Another critical aspect of their approach to security is the use of cold storage for a substantial portion of user funds. Unlike hot wallets which are constantly connected to the internet, cold wallets remain offline, making them almost impervious to online hacking attempts. My personal experience with the platform shed light on this; when I initiated a withdrawal recently, there was a slight delay, indicating a prioritization of security through cold storage over immediate fund accessibility.

Trading platform

Some of the stand-out features of the trading platform of BYDFi are:

• User Interface and Layout:

At the heart of any good trading platform is its user interface. BYDFi has managed to strike a balance between sophistication and simplicity. The layout is clean, with distinct sections for charting, order management, and market data. This intuitive design ensures that both novices and seasoned traders can seamlessly navigate the platform.

• Charting and Drawing Tools:

BYDFi's charting tools are designed for clarity using the latest technology from TradingView charts. Users can draw trendlines, annotate, and highlight specific price points. These tools are essential for traders looking to conduct technical analysis and formulate trading strategies.

• Technical Indicators:

Technical indicators are crucial for traders to gauge market sentiment and predict future price movements. BYDFi offers a range of popular indicators such as Moving Averages, RSI, MACD, and Bollinger Bands. These indicators can be easily added to the charts, allowing traders to customize their analysis.

• Market Depth and Order Book:

The market depth and order book provide a real-time snapshot of market activity. BYDFi's platform displays this data in a clear and organized manner. Traders can view buy and sell orders, their sizes, and the corresponding prices.

• Advanced Order Types:

Beyond the standard market and limit orders, BYDFi offers a range of advanced order types. These include Stop Loss, Take Profit, and Trailing Stops. Such features empower traders to implement more nuanced trading strategies and better manage their risks.

• Mobile Trading Experience:

Recognizing the growing trend of mobile trading, BYDFi has developed a robust mobile app. This app mirrors the web platform's features, ensuring that traders can execute trades, analyze charts, and monitor their portfolios on the go.

BYDFi leverage ratios

BYDFi offers leverage of up to 200x on various cryptocurrencies. However, traders are always advised to use leverage cautiously, considering the increased risk.

Supported cryptocurrencies

BYDFi supports trading in over 400 different cryptocurrencies. Some of the standard coins available for trading on BYDFi include Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). On the other hand, they also offer some less common coins such as RLC, REQ, MTRG, ORC, OPUL, KAR, KAS, and LEO.

BYDFi restricted countries

BYDFi is accessible to users in over 150 countries worldwide. Some of the supported countries include Vietnam, Singapore, Russia, Portugal, Indonesia, Japan, the United States, Australia, Estonia, and many more.

However, it's essential to note that BYDFi does not offer its services in the following countries:

• Afghanistan
• Iraq
• Yemen
• Bangladesh
• Iran
• Kazakhstan
• China
• Syria
• Pakistan

Has BYDFi ever been hacked?

BYDFi has been in the crypto scene for 4 years and has not faced any major scandals. Importantly, BYDFi has never been hacked. The platform also implements top-level security measures to protect users' funds, such as storing users’ crypto assets in offline deep cold storage wallets and using multi-signature technology for deposits and withdrawals.

BYDFi fees

To provide an understanding of the fee structure on BYDFi, I've compiled the information into a table format for easy reference.

Here's a breakdown of the fees:

Description 

Fee Rate 

Spot Trading 

Maker Transaction Fee 

0.1%~0.3% 

Taker Transaction Fee 

0.1%~0.3% 

Convert 

Transaction Fee Rate 

0.1%–0.15% 

Perpetual Contracts (USDT-M & COIN-M) 

Taker Fee 

0.06% 

Maker Fee 

0.02% 

Leveraged Tokens 

Transaction Fee 

0.2% 

Management Fee (Charged Daily) 

0.03% of the true value 

BYDFi withdrawals

Withdrawing from BYDFi is simple, yet there are key points to note:

• Deposit & Withdrawal Fees: Fees vary by cryptocurrency. For example, Bitcoin withdrawals incur a 0.0005 BTC fee, and Ethereum withdrawals a 0.01 ETH fee.
• Withdrawal Without Verification: BYDFi's "withdrawal via address book" allows withdrawals to any crypto address. Activating the whitelist function restricts withdrawals to listed addresses only. Adding a new address temporarily blocks withdrawals to it for 24 hours for safety. The "withdrawal without verification" option permits withdrawals to verified addresses without extra checks, but unverified addresses require security verification.
• Managing Withdrawal Addresses: It's vital to use the correct address to avoid asset loss.
• Memo/Tag for Transactions: Some cryptocurrencies need a memo or tag for successful deposits and withdrawals. Ensure the correct memo/tag is used.
• Deposit & Withdraw Guides: BYDFi provides instructions for depositing and withdrawing on both PC and mobile platforms.
• Asset Transfers: Users can transfer assets to other BYDFi users, useful for sending to friends or family on the platform.

BYDFi deposits

BYDFi does not charge any fees for deposits. This means you can transfer your cryptocurrencies to your BYDFi account without incurring any additional costs.

Depositing cryptocurrencies into your BYDFi account is a straightforward process:

• Starting the Process: Begin by selecting the "Deposit" option on the "Home" page of the BYDFi app.
• Choosing Your Crypto: You'll be prompted to select the specific cryptocurrency you wish to deposit.
• Selecting the Network: After deciding on the cryptocurrency, you'll choose the network you want to use. Once this is done, your deposit address will be displayed. This is the address you'll send your crypto to.

Important Reminders:

• Always ensure you're sending the crypto to the correct address displayed for that specific currency. Sending to the wrong address could result in lost assets.
• Deposits require network node confirmations. The number of confirmations varies depending on the cryptocurrency. For instance, BTC requires 1 confirmation, while ETH requires 12.
• The deposit address might change from time to time. It's a good practice to double-check the address each time you make a deposit.

Things we don’t like

BYDFi, like all platforms, has its strengths and areas of improvement. One of the primary concerns raised by its users is the delay in customer support. Many have reported longer than usual wait times when seeking assistance, which, given the rapid nature of crypto trading, can be problematic.

Another issue pertains to the BYDFi mobile application. Despite being packed with features, it's not without its glitches. Users have pointed out instances where the app crashes, especially during high trading activity, causing significant disruptions.

Furthermore, BYDFi's withdrawal policies might not be universally appealing. They have set limits on withdrawals, which may not be suitable for all, particularly for those who trade in substantial volumes. This setup can be particularly restrictive for high-net-worth individuals or institutional traders.

How to sign up and get started on BYDFi

Signing up on BYDFi is easier than one two three.

Here's a simple step-by-step guide to help you get started:

1. Visit the Official BYDFi Website
2. Click on 'Sign Up'
3. Provide Necessary Details
4. Verify Your Email
5. Set Up Two-Factor Authentication (2FA)
6. Complete KYC Verification
7. Deposit Funds
8. Start Trading:

Support channels on BYDFi

BYDFi offers several channels of support where traders can get in contact with a customer support agent rapidly.

These are the support channels they offer:

• Live Chat
• Email Support
• Knowledge Base
• Social Media Channels

Customer satisfaction

BYDFi, a one-stop crypto exchange, has gained attention and feedback from its users across various platforms.

Here's a comprehensive look at what customers are saying:

Trustpilot Feedback:

• Overall Rating: BYDFi has been rated as "Great" with a score of 3.8 out of 5 based on 8 reviews on Trustpilot.
• Positive Feedback: Many users have praised BYDFi for its user-friendly interface, low trading fees, high security levels, and its range of features. Some users mentioned that BYDFi offers opportunities for financial freedom and is one of the best exchanges in their generation.
• Constructive Feedback: A user pointed out issues with the liquidity number and the Trading view chart, suggesting that customers should be informed about any ongoing maintenance or bugs.

Product Hunt Feedback:

Overall Rating: On Product Hunt, BYDFi Exchange has an impressive rating of 4.9 out of 5 based on 71 reviews.

• Strengths Highlighted:
• Social Trading
• User Experience
• Security
• Customer Support
• Diverse Cryptocurrency Options

BYDFi vs the competitors

When comparing BYDFi with its two major competitors, Bybit and Binance, several key factors come into play:

Establishment and Headquarters:

• Bybit: Established in 2018 and headquartered in Dubai.
• Binance: Founded in 2017 with its headquarters in Seychelles.
• BYDFi: Launched in 2019 and based in Singapore.

Supported Cryptocurrencies:

• Bybit: Supports a range of cryptocurrencies including AAVE, BTC, DOGE, ETH, and more.
• Binance: Offers BTC, ETH, OXT, PAXG, ADA, LINK, USDT, among others.
• BYDFi: Supports AAVE, BNB, DAI, DOGE, USDT, USDC, XRP, SUSHI, 1INCH, LTC, and many more.

Ease of Use:

• Bybit: Recently updated its user interface, making it more user-friendly.
• Binance: Comprehensive but might be overwhelming for beginners. However, it offers blogs and a knowledge base for better understanding.
• BYDFi: Features a clean homepage, providing a quick overview of its offerings like Market, Derivative, and Spot.

Fee Structure:

• Bybit: Has a detailed fee structure for Non-VIP, VIP, and Pro members.
• Binance: Uses a maker and taker model with fees for Spot trading at 0.1000% for both. Offers discounts for higher VIP levels and other transactions.
• BYDFi: Charges transaction fees for positions opened at market price. The maker and taker fee for Spot trading pairs range from 0.1% to 0.3%.

Security:

• Bybit: Uses a cold wallet system to store funds offline and employs two-factor authentication.
• Binance: Implements KYC, two-factor authentication, and the CryptoCurrency Security Standard (CSSS) for enhanced protection.
• BYDFi: Known for its security measures, it uses SSL encryption and is regulated by multiple financial authorities.

Mobile Application:

• All three platforms offer mobile apps available for both Android and iOS, ensuring traders can manage their portfolios on the go.

Customer Service:

• Bybit: Offers a live chat bot, FAQ section, and ticket submission for queries.
• Binance: Provides guides and tutorials on its YouTube channel, a Twitter handle, and a Telegram Channel.
• BYDFi: Features 24*7 live chat support, an FAQ section, a help center, and links to various platforms for assistance.

FAQ

Where is BYDFi located?

BYDFi is headquartered in Singapore.

Who owns BYDFi?

Michale Hung is the Co-Founder and Marketing Director.

Does BYDFi need KYC?

KYC is not required to start trading on BYDFi, however, if you would like to increase your withdrawal limit it is necessary to verify your identity.

Is BYDFi a good exchange?

WIth several advanced security protocols, a state-of-the-art trading platform, and overall positive customer satisfaction, BYDFi is a good exchange to use for both beginners and advanced traders.

Is BYDFi available in USA?

Yes, BYDFi accepts traders from the USA. Being regulated as a Money Service Business by the watchdog FinCEN in the United States, they can operate legally in the country.

What are the deposit methods for BYDFi?

You can choose to deposit with crypto or fiat money. Both deposit methods offer plenty of different currencies to choose between. The cheapest option is to use crypto and choose a low cost network like the Tron network and deposit USDT.

Is BYDFi regulated?

Yes, BYDFi is regulated in the United States and Canada as a Money Service Business. BYDFi is also regulated by MTR in Estonia.

Conclusion

In our comprehensive review of BYDFi, we've delved deep into its features, offerings, and performance metrics. The platform stands out for its user-centric design, advanced trading tools, and commitment to security. With a global presence and a wide range of supported cryptocurrencies, BYDFi caters to both novice and seasoned traders.

However, like any platform, it's not without its challenges. Some users have highlighted occasional app glitches and customer support delays. Despite these drawbacks, BYDFi's strengths, such as its low fees and robust security measures, make it a formidable contender in the crypto exchange landscape. As always, potential users should conduct their own research and consider their individual needs before making a decision.

About the authors

Robert is a seasoned financial analyst with over a decade of experience in the world of traditional finance and cryptocurrency. Having worked with leading banks and financial institutions, he brings a wealth of knowledge to the table.

Charles is a tech enthusiast with a background in computer science. His fascination with the underlying mechanisms of crypto exchanges and blockchain technology has made him a sought-after expert in the field.

Carol boasts a rich history in journalism and has been covering the crypto space for over five years. Her knack for clear and concise reporting, combined with her in-depth research skills, ensures that readers get an unbiased and thorough understanding of the subject matter.

Together, this trio brings a unique blend of expertise, ensuring that every aspect of the review is covered – from the technical workings of the exchange to its financial implications.