BYDFi Review: A Comprehensive Look at the Cryptocurrency Derivatives Exchange

Introduction

Let’s review BYDFi – a cryptocurrency derivatives exchange – and explore what it has to offer its users. We’ll take a close look at its trading platform, fees, security, and other key features. Plus, we’ll guide you through the process of creating an account and making a deposit, step-by-step.

Overview

Name :	BYDFi
Official Website	https://www.bydfi.com/
Founding Year	2020
Head Quarters	Singapore
Trading Volume	$28 Million
Trading Options	Spot & Derivatives
Trading fees	0.1~0.3%
Total listed Coins	400+
Trading Pairs	600+
Supported fiat	60+
Withdraw options	Supports ERC, TRC, BEP2, BEP20, MATIC, SOLANA
Bank withdrawal Supported	No
Withdraw fees	Depends on cryptocurrencies
Deposit methods	Electronic payment, Visa/Mastercard credit or debit cards, and cash deposits (limited to certain areas)
Restricted countries	7+
Native Token	No
Mobile app	Available on Apple & Google Play Store
Support Channel	https://support.bydfi.com/hc/en-us
Coinpedia rating	8/10
Security rating	8/10
User Interface	Easy to use
Ease to set up	Very Easy
App store Rating	4.8
Play store Rating	4.2
Security	Highly Secured
Hacking attempts/Hacks	Never been hacked
KYC verification duration	1-2 days
Regulation & Compliance	Compliant
Liquidity	Moderately liquid
Proof Of Reserve	Not yet published

What is BYDFi exchange?

BYDFi is a cryptocurrency trading platform that was launched in April 2020. It was rebranded in January 2023 to reflect its core value of contributing to the development of blockchain technology. BYDFi is a centralized exchange that allows users to trade in cryptocurrencies, CFDs, and copy trading. It also supports fiat currency deposits and offers a variety of features such as easy payments, spot and futures trading, and other programs. If you are considering using BYDFi, it is important to understand its security measures, terms and conditions, and other important details before trading.

BYDFi is licensed as a dual Money Services Business (MSB) in the United States and Canada. Its US MSB registration number is 31000215482431 and its Canada FINTRAC MSB registration number is M22636235.

Features

• BYDFi supports over 80+ crypto assets and 100 trading pairs, catering to different types of traders.
• It offers copy trading, allowing new traders to learn from experienced traders and share their trading journey with the community.
• BYDFi offers demo trading, allowing users to test trading strategies and become familiar with the platform.
• It offers a diverse range of trading products, including spot, leveraged pairs, and perpetual with up to 150x leverage.
• BYDFi has mobile and desktop app support, allowing users to trade on-the-go.
• The platform is highly regulated, providing users with peace of mind that their assets and personal information are handled appropriately.
• BYDFi offers a user-friendly interface that is easy to navigate for beginners and experts alike.
• It charges competitive fees, between 0.1% to 0.3% for spot trading
• BYDFi prioritizes security, conducting regular stress tests and security audits, and storing client digital assets offline in cold storage wallets.
• It has dual authentication for account access, using Google Authenticator and an additional pin for withdrawals.
• Opening an account with BYDFi is quick and easy, and users can link their payment method (bank transfer/ credit/ debit card) to start trading.
• BYDFi’s website is easy to use, with live price updates and the ability to research and buy crypto.
• Users can access BYDFi through its mobile app and desktop platform.

Cryptocurrencies Available on BYDFi

BYDFi offers a wide range of popular cryptocurrencies for trading, including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Coin (BNB)
• Cardano (ADA)
• Dogecoin (DOGE)
• Polkadot (DOT)
• Ripple (XRP)
• Litecoin (LTC)
• Chainlink (LINK)
• Uniswap (UNI)
• Solana (SOL)
• Cosmos (ATOM)
• Polygon (MATIC)
• Bitcoin Cash (BCH)
• Stellar (XLM)

How to Set Up a New Account?

Here are the step-by-step instructions for setting up a new account on BYDFi:

• Open any available web browser and go to https://www.BYDFi.com/.
• Click on the “Get Started” button located in the upper-right corner of the screen.
• Choose between Email or Mobile Registration.
• For Email Registration:
• Enter your full email address and click “Send” to receive the verification code.
• Check your inbox or spam folder for the verification code and enter it.
• Set up your password and enter an invitation code (if you have one).
• Click “Get Started” to complete registration.
• For Mobile Registration:
• Select your country/region and enter your mobile number.
• Click “Send” to receive the verification code via SMS.
• Enter the verification code you received.
• Set up your password and enter an invitation code (if you have one).
• Click “Get Started” to complete registration.

Note that you can only create one BYDFi trading account per email or mobile number, and multiple accounts are not allowed on BYDFi. Once you have completed these steps, you can start trading on the BYDFi platform.

How to Buy Crypto?

Here is the step-by-step procedure to buy cryptocurrency on BYDFi:

• Create a free account on the BYDFi website or app using your email or phone number.
• Deposit fiat currency or cryptocurrency by clicking on the “Deposit” button and selecting your preferred payment method. To deposit in fiat currency, you can purchase a stablecoin like USDT or BUSD by clicking on the “Buy Crypto” button and selecting a third-party payment partner.
• Once your deposit is confirmed, select “Spot Trading” from the menu and choose the cryptocurrency pair you wish to trade. For example, BTC/USDT, BTC/USDC, or BTC/BUSD.
• Set your desired purchase price within the limit order or buy at the market price. Enter the amount of cryptocurrency you wish to buy, then click “Buy” to confirm your purchase.
• Once your order is processed, you have successfully bought cryptocurrency on BYDFi. You can store it in your personal crypto wallet or keep it in your BYDFi account.

How to Sell Crypto?

Here is the step-by-step procedure to sell cryptocurrency on BYDFi:

• Log in to your BYDFi account on the website or app using your registered email or phone number.
• Click on “Spot Trading” from the menu and choose the cryptocurrency pair you wish to trade. For example, BTC/USDT, BTC/USDC, or BTC/BUSD.
• Click on the “Sell” button and enter the amount of cryptocurrency you wish to sell.
• Set your desired sell price within the limit order or sell at the market price. Enter the amount of fiat currency or stablecoin you wish to receive for your sale.
• Click “Sell” to confirm your sale order.
• Once your sale order is processed, you have successfully sold cryptocurrency on BYDFi. You can withdraw the funds to your personal wallet or keep it in your BYDFi account.

How to Deposit Crypto on BYDFi?

Here is the step-by-step procedure to deposit cryptocurrency on BYDFi:

• Log in to your BYDFi account on the website or app using your registered email or phone number.
• Select the “Deposit” button located on the homepage.
• Choose the cryptocurrency you want to deposit.
• Choose the network you want to use and copy the deposit address that is displayed on your screen.
• Go to your personal crypto wallet and initiate a transfer to the copied deposit address.
• Wait for the required network node confirmations, which varies depending on the currency.
• Once the deposit is confirmed, the deposited cryptocurrency will be credited to your BYDFi account.

How to Withdraw Crypto on BYDFi?

Here is the step-by-step procedure to withdraw cryptocurrency on BYDFi:

• Log in to your BYDFi account on the website or app using your registered email or phone number.
• Click on the “Assets” page and select “Withdraw”.
• Select the cryptocurrency you wish to withdraw and enter the withdrawal address, amount, and fund password.
• Click on “Confirm” to initiate the withdrawal request.
• Wait for the withdrawal request to be processed. The daily withdrawal processing hour is from 09:00 to 21:00 Singapore Time. If you submit a withdrawal request outside of this timeframe, BYDFi will process it as soon as possible during the service hour.
• Once the withdrawal request is processed, the cryptocurrency will be sent to the specified withdrawal address.

Exchange Fees & Supported Payments

BYDFi charges different fee rates and has different fee formulas for each trading type, with fee rates ranging from 0.1% – 0.3% for spot trading, 0.1% – 0.15% for converting, 0.05% for lite contracts, 0.02% – 0.06% for perpetual contracts, and 0.2% for leveraged tokens. BYDFi supports several cryptocurrencies for deposit and withdrawal. Additionally, the daily withdrawal limit varies depending on KYC status, and the daily withdrawal processing hour is 09:00–21:00 Singapore Time.

Trading Type	Fee Rate	Fee Formula
Spot Trading (Maker)	0.1% – 0.3%	Filled Order Quantity x Transaction Fee Rate
Spot Trading (Taker)	0.1% – 0.3%	Filled Order Quantity x Transaction Fee Rate
Convert	0.1% – 0.15%	Converted Amount x Transaction Fee Rate
Lite Contracts (Opening)	0.05%	Margin x Leverage x Fee Rate
Lite Contracts (Closing)	0.05%	Margin x Leverage x Fee Rate
Perpetual Contracts	Maker: 0.02% <br> Taker: 0.06%	Opening Fee = Fulfilled Amount (Coin) x Entry Price x Fee Rate <br> Closing Fee = Fulfilled Amount (Coin) x Closing Price x Fee Rate
Leveraged Tokens	0.2% (charged separately)	–
Management Fee	0.03% of true value of leveraged tokens	–

Mobile Apps

BYDFi offers a mobile app for both Android and iOS users, which enables traders to access their accounts and trade on-the-go. The app offers a user-friendly interface that makes it easy to navigate and trade, with features such as depositing, withdrawing, buying, and selling cryptocurrencies. With the app, traders can also monitor market trends and execute trades in real-time, providing convenience and flexibility for those who need to trade on their mobile devices. Overall, the BYDFi mobile app is a reliable and efficient tool for cryptocurrency trading.

Referrals

BYDFi offers an affiliate program that allows users to earn commission by sharing their referral link on social media. Users can check their commission details through the Affiliate Center system and can even become an elite agent with outstanding performance. BYDFi is easy to promote, with a more abundant product offering that includes Spot Trading, USDT-M Perpetual, COIN-M perpetual, and Lite, all with low trading fees. 

Additionally, BYDFi offers a simple interface and comprehensive trading functions, easy registration process, and convenient deposit methods, making it a top-quality brand that is growing rapidly and attracting international attention.

Customer Support

BYDFi provides customers with easy and convenient ways to get in touch with their online customer service. On both the PC and mobile app, users can access the support feature to search for relevant answers to their questions. If they require manual assistance, they can easily connect to a customer service representative through the platform. With this feature, BYDFi ensures that their users can quickly resolve any issues they may encounter and receive timely support when needed.

Recent Updates

Jan 2023 – Bityard rebranded itself as BYDFi (Build your Dream Finance)

Conclusion

In conclusion, BYDFi is a reliable and accessible cryptocurrency exchange that provides a range of trading products for everyone from beginners to experts. With its simple-to-use interface, copy trading feature, and paper trading feature, it’s an ideal platform for those new to crypto trading. The platform supports hundreds of crypto assets and markets and has a highly secure environment. The customer support team is responsive, and the sign-up process is easy. However, BYDFi lacks the means to withdraw fiat currencies, which may be a disadvantage for some traders. Overall, BYDFi is a trustworthy and efficient cryptocurrency exchange that is worth considering for anyone looking to enter the crypto trading world

FAQs