BYDFi Review 2024

BYDFi info

Coincub Score

BYDFi Security

BYDFi prioritizes the security of user funds and personal information. The platform safeguards against unauthorized access and potential cyber threats using industry-leading encryption protocols and advanced security measures. 

The platform leverages security features like two-factor authentication (2FA) and cold storage for asset protection.

Additionally, BYDFi employs both Know Your Customer (KYC) and Anti-Money Laundering (AML) security measures to counter fraudulent transactions and keep users’ funds safe.

Here’s a list of some of the major security protocols available in BYDFi:

1. Email verification.
2. Phone number verification.
3. Google Authenticator.
4. Fund password for withdrawals.
5. Anti-phishing code.
6. Withdrawal asset management, address whitelist, and via address book.

The exchange has placed Coinmarketcap and Coingecko icons on the markets page, where you can click to monitor its activity on several markets, including Web3, Metaverse, DeFi, Gaming, and Real World Assets. The exchange also claims the data is backed by the crypto transactions data tracker platform Chainlink.

Regulations and Compliance

Operating under regulatory oversight in Singapore, the USA, Canada, Australia, and Estonia, BYDFi is steadfast in its adherence to strict compliance standards. To some extent, this ensures a secure and transparent trading environment for users in over 150 countries. The exchange is unavailable in the following jurisdictions: China, Pakistan, Bangladesh, Kazakhstan, United Kingdom, Iran.

Opening an Account and Trading

Opening an Account

BYDFi works on the principle of simplicity, and with that in the developers’ mind, opening an account on the platform is very straightforward. Here’s a simple breakdown of the process, as explained by the exchange’s FAQ section:

1. Visit https://www.bydfi.com/ 
2. Click on the “Get Started” tab in the upper-right corner
3. The following page will present you with two registration options: Email and Mobile

1. Email Registration

If you choose the email registration process, you will be required to input your email and then click on Send to get a verification code in the email you provided. 

After providing your email address, enter the email verification code you received. Next, set up your password for account security. If you have an invitation code, you can optionally enter it. 

Finally, click “Get Started” to complete the registration process and gain access to the platform’s features and services.

2. Mobile Registration

To register through mobile:

1. Choose your country or region and submit your mobile number. This will be the initial step.
2. After you enter the number, click “Send” on the screen. You will receive a verification code via SMS.
3. After you get the code, enter it to verify your mobile number.

Next, choose the security option by setting up your password. Then, click on “Get Started” to finish your registration and start trading on BYDFi. Emails and phone numbers can only open a single account, as the exchange does not support the ownership of multiple accounts.

Deposit on BYDFi

Here’s a summary of how to deposit crypto into your BYDFi account.

• Go over the “Assets” tab on the homepage of the platform after logging in
• Tap on the “Deposit” icon to initiate the process.
• Choose the appropriate network for your deposit.
• Copy the provided address or utilize the QR code to facilitate the transfer from your external wallet.

Deposit and Withdrawal Partners

BYDFi offers an extensive range of deposit methods, including crypto deposits and other options such as fiat currencies through credit cards, debit cards, or bank transfers.

Buying crypto with fiat (or Onramp) on BYDFi is not managed directly by BYDFi, as the platform does not process fiat currency deposits; all fiat deposits are handled by service providers. The third-party providers offering “Buy Crypto” services on BYDFi are Banxa, Transak, Mercuryo, Coinify, and Alchemy Pay.

Withdrawals on BYDFi are handled between 0900 and 2100 (Singapore Time). Unverified accounts can withdraw a maximum of 0.2 BTC daily, while verified users can withdraw up to 5 BTC daily.

Non-KYC users also have a limited withdrawal limit (Limited to 1.5 BTC a day).

Withdrawal

To withdraw crypto from your BYDFi account to an external wallet of your choice, you must open a Google authenticator account affiliated with the platform. This is the process you will go through when making a crypto withdrawal:

1. Start by selecting your desired cryptocurrency from the dropdown menu.
2. Choose the appropriate network for your transaction.
3. Enter the wallet address of your external wallet where you want to withdraw the funds.
4. Specify the withdrawal amount you wish to transfer.
5. Take note of any applicable network fees.
6. Finally, click on the withdraw button to initiate the transaction.

Currently, the crypto trading platform does not have a fiat withdrawal option.

BYDFi Fees

BYDFi doesn’t charge deposit fees for cryptocurrencies. There’s no fiat deposit option, but you can buy crypto directly with fiat, possibly incurring fees from your bank or payment provider.

Depending on the coin being traded, spot trading fees vary between 0.1% and 0.3% for makers and takers. Futures trading fees are 0.02% for makers and 0.06% for takers.

Additionally, BYDFi facilitates the usage of leveraged tokens, a cryptocurrency token that enables traders to gain leveraged exposure to underlying assets without directly trading on margin.

• A transaction fee of 0.02% applies when buying or selling USDT.
• A management fee of 0.03% is charged daily based on the actual value of leveraged tokens.

Withdrawal fees on BYDFi vary depending on the cryptocurrency and network used. 

Below is a breakdown of deposit and withdrawal fees charged on different cryptos:

BYDFi Rewards

BYDFi stands out from its competition because it is easy to use and navigate without sacrificing the advanced features present in its UI. 

Upon opening an account, the first page is the platform’s homepage, which features many offers, the highlight of which is a $200 bonus offer if you complete KYC. 

Of course, there’s a catch with any welcome reward on exchanges. On BYDFi, you can only use the funds to trade; the only money you can withdraw is the profits.

There are also rules for the bonuses you receive after completing tasks for welcome rewards. They include:

1. Bonuses within the bonus wallet can be used to offset transaction fees, losses, and funding fees, but they cannot be employed for conversion or to offset withdrawal charges.
2. Any transfer or withdrawal of assets will render unused trading bonuses invalid.
3. Bonuses come with an expiry date and a collection period. If left unused before expiry, they will be withdrawn. Please be careful about the risk of liquidation during this period.
4. Coupons are applicable to deduct trading fees in Perpetual contracts. If not utilized before expiry, they will be withdrawn.
5. Accumulated deposit rewards: For cumulative calculations, deposits in currencies other than USDT will be converted into USDT based on current spot market prices.
6. Cumulative trading volume: Achieve the task by reaching the trading volume of perpetual contracts. Perpetual trading volume is calculated as quantity multiplied by transaction price, with each transaction counted once. Note: Trades within the Bonus wallet are excluded from transaction volume.
7. The maximum leverage for trading bonuses is 20X. Hedge Mode positions are not permitted.
8. BYDFi holds the right to interpret this event in its final form. In case of malicious arbitrage behavior, user accounts may be banned, and all bonuses within the accounts will be withdrawn.

BYDFi VIP services

BYDFi also has VIP services, and to become a VIP, you must deposit about $50,000 USDT for the first tier, $10K USDT for the second, and $50K USDT for the third, increasing as the deposit amount goes up. Moreover, VIPs also have different trading fees and withdrawal limits, as seen on the snapshot from their website below:

BYDFi Trading

The platform gives you access to over 400 cryptocurrencies, making it possible to trade day and night with leverage options for higher profit.

Some notable features that we liked include:

• Streamlined copy trading
• Leveraged token trading
• Perpetual futures trading
• Diverse trading interfaces
• Rapid account verification process
• Minimal KYC requirements for most features
• Robust account security measures
• Seamless crypto conversion options
• Accessible demo account for practice
• Responsive customer service team
• Intuitive mobile application
• Generous rewards program

Asset Diversity 

BYDFi offers many trading options, including major cryptocurrencies like Bitcoin, Ethereum, and Ripple, alongside traditional assets such as Forex pairs, commodities like gold and silver, and indices. With leverage options available, traders can capitalize on market opportunities across various asset classes.

You can view several trading pairs available on the platform by clicking on the “Markets” tab on the user homepage. These pairs are separated into three positions: Spot, Perpetual, and Leveraged tokens.

The dashboard shows that the exchange has over 1K+ trading pairs from which to choose.

Leveraged tokens

BYDFi provides a range of leveraged tokens for popular cryptocurrencies such as BTC, ETH, XRP, DOT, LINK, ADA, AAVE, ATOM, AVA, BCH, BNB, or UNI. Each token allows users to trade according to their preference, with options for 3x long and 3x short positions. However, leverage token pairs are only available when paired with USDT, unlike the Spot and Perpetual trading options.

To trade leveraged tokens on BYDFi, here’s a step-by-step guide to follow:

• Navigate to Leveraged Token Trading: Once logged in, navigate to the leveraged token trading section in the derivatives tab’s drop-down menu.

• Select the leveraged token pair you wish to trade. This could be Bitcoin (BTC), Ethereum (ETH), or any other supported cryptocurrency paired with its respective leveraged token. Here’s an example of a trading chart page you will view after selecting a pair ( we selected XRP3LUSDT)

• Before trading, review the selected leveraged token pair details, including the leverage ratio, net value price, underlying asset, expiration date, and any other relevant information.
• Once you’ve determined your trading strategy, Limit or Market, place a buy or sell order for the selected leveraged token pair. Specify the quantity and price at which you want to execute the trade.

• After placing the trade order, monitor the position closely. Track price movements, market conditions, and any news or events that may impact the trade. Remember always to implement risk management strategies to protect your investment. This may include setting stop-loss orders, adjusting position size, or diversifying your portfolio.
• When you’re ready to exit the trade, close your position by placing a sell order for the leveraged token pair if you’re satisfied with the profit or loss incurred.

BYDFi Trading Demo Account

The crypto exchange has a demo account where newbie crypto investors can learn how to make trades. The demo account allows users to use virtual money worth 100,000 USDT, a great way to practice trading without any risks. 

The demo trading page can be accessed from the derivatives drop-down menu.

Although the trading interface and market conditions are the same as those in the live environment, the demo account lets new traders learn real-time trading dynamics without taking financial risks.

The demo account also offers tips for beginners on depositing funds, leveraging trades, placing orders, and information about long and short trades. Moreover, it guides users through different margin trading positions, such as the isolated margin and cross margin, so they can learn how to adjust leverages.

Although the platform offers numerous tools to guide novice traders, the charts might seem challenging to read. We strongly advise enthusiasts to read and learn more about perpetual trading before trying the demo version.

Trading UIs for All Classes

BYDFi is quite convenient for traders of all levels, novice or pro, owing to the availability of different user interfaces. Generally, there are two types of user interfaces: classic and advanced.

The Classic UI, meant for beginners, has a streamlined design where essential information is readily accessible on the screen. The layout is simplified, presenting data in a condensed format that minimizes distractions while retaining functionality.

The Advanced trading interface is tailored for experienced traders. It provides comprehensive tools to develop and implement sophisticated trading strategies. With an extensive selection of chart drawing features and over 100 technical indicators, it caters to the diverse analytical needs of seasoned traders.

Charting Tools and Analysis

The crypto trading platform offers interactive charts to help traders conduct comprehensive technical analysis, aiding in informed decision-making and risk management.

These charts, accessible through the Spot and Derivatives interfaces, showcase various technical indicators and offer flexibility with multiple periods.

To access a chart for a specific trade pairing, navigate to the spot or derivatives trading interfaces and choose the desired pairing from the dropdown menu on the page’s left side. From there, you can use the dropdown menu to select indicators and draw lines as necessary to conduct their analysis.

BYDFi Copy Trading

Copy trading is mainly geared toward gaining the experience needed for active trading. Instead of deciding, researching, and then studying the trade activities, users may simply copy what others are doing. 

This feature makes it easier to follow successful traders’ tactics without a comprehensive market analysis. BYDFi makes its copy trading experience very simple to understand, and we encourage users to take advantage of it, whether they are beginners or pros.

Trading Bots

BYDFi offers users a trading bots feature, supplemented by copy trading, a trait we found convenient for newbie traders. The bots are divided into three options: 

• Spot Grid (Bot buys assets low and sells high)
• Spot Investment (Bot buys a variety of crypto assets of the same amount at fixed intervals)
• Spot Martingale (Bot makes continuous investments after the market price of an asset declines to reduce the average cost)

Affiliate Program

BYDFi offers real-time rebates to affiliates through a dedicated affiliate center, enabling them to track referrals and earnings. Affiliates can boost their earnings by promoting the exchange via the Partnership page.

Official partners benefit from various perks, including:

• Monthly salary program ranging from $300 to $30,000 USDT.
• Commission rates for spot trading, Lite Contracts, Perpetual Futures, and ETFs.
• Spot Commission: 10 – 30%.
• Lite Contract Commission: 30 – 50%.
• Perpetual Futures Commission: 30 – 50%.
• Major official partners can earn commissions of up to 55%.
• Invited referrals receive a 10% discount on trading fees.
• Exclusive 1-1 support from BD managers.
• Access to copy trading account opening and profit sharing.

Prospective affiliate partners can utilize the Affiliate Center Tutorial to comprehensively understand the Affiliate Partner Program.

Additionally, users can boost earnings through the Welcome Rewards program, which offers rewards for completing new user tasks and advanced tasks.

New User Tasks include:

• Sign up and complete KYC to receive a Mystery Box.
• Google Authenticator Reward: 2 USDT.
• Anti-Phishing Code Reward: 2 USDT.
• Feedback rewards range from 5 to 5,000 USDT.

Advanced Task Rewards include:

• Accumulated deposit of 1,000 USDT: 10 USDT Perpetual Bonus.
• Accumulated deposit of 100,000 USDT with trading volume ≥ 10,000,000: 1,500 USDT Perpetual Bonus.

Bonuses earned can only be used for Perpetual Future transactions, with the profit portion being withdrawable.

Conclusion

BYDFi offers a solid platform with competitive fees and a good range of trading options. While still a new entrant and ranking lower globally than established exchanges like Kraken and Bybit, BYDFi presents a viable option for users seeking a balance of user experience and security, especially for those looking to explore newer exchanges with innovative features.

BYDFi Supported Currencies

BYDFi Supported Crypto