BYDFi Review: A One-Stop Social Trading Platform

Launched in 2020, BYDFi has become a popular choice for crypto traders, offering 600+ cryptocurrencies, 200x leverage, and features like copy trading and perpetual contracts. The platform stands out for its user-friendly design, non-KYC access, and seamless fiat gateway. Its high-rated mobile app, strong security measures, and dual MSB licenses ensure a safe and accessible trading experience.

This BYDFi review covers its trading options, security, fees, and overall user experience, highlighting why BYDFi is a popular choice for crypto investors.

How BYDFi Works

BYDFi operates as a fully integrated cryptocurrency trading platform, providing users with a stress-free experience across various trading instruments. The exchange supports a numerous services, from spot trading and derivatives to automated strategies and copy trading.  

One of the standout features of BYDFi is its partnership with leading fiat on/off-ramp providers, including Banxa, Transak, and Coinify. These integrations allow users to move funds efficiently between fiat and crypto. They also make deposits and withdrawals both cost-effective and accessible. 

BYDFi offers access to over 600 trading pairs in the spot market, with deep liquidity and fast execution. The platform also caters to high-risk, high-reward traders with its up to 200x leverage on perpetual contracts. This surpasses the industry standard, where most exchanges cap leverage at 100x or 125x. 

Meanwhile, the platform’s trading bots and copy trading opens opportunities for passive income. BYDFi bots allow users to automate their strategies or mirror the moves of experienced traders.

BYDFi provides an ecosystem where users can swap cryptocurrencies instantly, participate in promotional rewards, and engage in peer-to-peer (P2P) transactions. With a presence in over 150 countries and more than a million registered users, BYDFi is an established exchange for traders.

Platform Features

BYDFi is a leading cryptocurrency exchange that caters to both novice and experienced traders. Forbes ranked it among the top ten best cryptocurrency exchanges in 2023, highlighting its secure, efficient, and innovative trading experience.

One of the key advantages of BYDFi is its extensive cryptocurrency. Traders can access major digital assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB), as well as emerging altcoins that are often unavailable on other platforms. 

Services BYDFi Offers

BYDFi provides a suite of trading services that accommodate both beginners and professional traders. The platform ensures that users have access to multiple ways to engage with the crypto market with its intuitive interface, deep liquidity, and a range of trading instruments.

Spot Trading

BYDFi’s spot trading feature offers access to over 600 cryptocurrency trading pairs, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and many more.

With deep liquidity and competitive fees, BYDFi provides a smooth trading experience for both short-term traders and long-term investors. The availability of lesser-known altcoins also makes it a prime destination for those searching for the next high-growth opportunity.

Perpetual Contracts

BYDFi offers perpetual contract trading, providing users with access to both USDT-M and Coin-M futures contracts. This feature allows traders to engage in highly flexible derivatives trading, benefiting from advanced risk management tools and enhanced profit potential.

BYDFi’s perpetual contracts offers 200x leverage. To further enhance the trading experience, BYDFi has introduced a new perpetual trading upgrade, incorporating features such as unrealized profit unlocking, advanced hedging strategies, and automatic cross-margin mode.

Copy Trading

BYDFi leads the industry in copy trading, allowing users to replicate the strategies of top traders effortlessly. With a low entry threshold of just $10, it’s accessible to beginners and small investors. The platform also supports isolated and cross-margin modes, giving traders control over risk and capital allocation. Users can trade a wide range of assets while benefiting from transparent fees and advanced trading tools like real-time charts and multi-indicator support.

Demo Trading

BYDFi offers a demo trading feature, allowing users to practice with 100,000 USDT in virtual funds. This risk-free environment helps traders test strategies, explore market dynamics, and familiarize themselves with the platform before committing real capital.

Spot Investment

BYDFi’s spot investment feature supports over 100 trading pairs, offering high liquidity for fast and efficient trades. This allows users to buy and sell assets seamlessly, ensuring smooth transactions in a dynamic market.

Spot/Futures Grid

BYDFi’s grid trading feature automates buying low and selling high within a set price range, helping users profit from market fluctuations. Spot grid trading optimizes entry and exit points, while futures grid trading automates long and short positions, adjusting based on price movements.

By eliminating emotional decision-making, BYDFi’s grid trading reduces risks tied to FOMO and market volatility, making it an efficient tool for both novice and experienced traders.

Coin List

BYDFi’s coin list feature lets users organize, track, and share their favorite cryptocurrencies. Traders can easily monitor market movements and engage with other investors, staying informed about potential opportunities.

Fiat Gateway

BYDFi offers a user-friendly fiat gateway, supporting credit/debit cards, bank transfers, and third-party payment providers like BANXA, Alchemy Pay, Transak, Mercuryo, and Coinify. With support for over 100 currencies, the platform ensures seamless deposits for traders worldwide.

Welcome Reward

BYDFi wants crypto trading accessible to everyone, and its New User Welcome Package is designed to give traders a head start. New users can earn up to 8,100 USDT in rewards simply by signing up and completing a few easy tasks.

The registration process is seamless, requiring only an email address or phone number to get started. Unlike many exchanges, no KYC verification is required for most users, except in South Korea. 

Once registered, users receive an instant welcome bonus and can unlock additional rewards by enabling Google Two-Factor Authentication (2FA), setting up anti-phishing codes, and joining BYDFi’s community.

BYDFi Advanced Security

Security is a top priority at BYDFi, ensuring a safe and reliable trading environment for over a million registered users. As one of the few non-KYC digital asset trading platforms serving US traders, BYDFi holds dual MSB (Money Service Business) licenses in both the United States and Canada, reinforcing its regulatory compliance.

For user account protection, BYDFi offers two-factor authentication (2FA) and adheres to anti-money laundering (AML) policies through its KYC process. Verified users benefit from enhanced withdrawal limits, increasing the daily withdrawal cap from 1.5 BTC to 6 BTC.

To safeguard funds, BYDFi employs offline cold wallet storage with multi-signature security, ensuring that assets remain protected from potential cyber threats. Transactions from cold wallets are strictly whitelisted, preventing unauthorized withdrawals. Additionally, funds are kept in segregated accounts, meaning user assets remain separate from the platform’s operational funds.

On the infrastructure side, BYDFi’s trading engine is built with multi-layered security protocols, utilizing AWS cloud protection and website encryption to maintain system stability and prevent cyberattacks.

No KYC Needed for Most Functions

BYDFi allows users to access most of its trading features without requiring KYC verification, making it one of the few exchanges that maintain a balance between compliance and user privacy. Traders can deposit, trade, and withdraw funds seamlessly without undergoing identity verification.

However, withdrawal limits vary based on KYC status. Unverified users can withdraw up to 1.5 BTC per day, while those who complete the KYC verification process enjoy an increased withdrawal limit of 6 BTC per day. This system provides flexibility for traders who prioritize anonymity while offering enhanced privileges for those who opt for verification.

Other Features

BYDFi Customer Support

BYDFi prioritizes user experience by offering 24/7 customer support through live chat and email. The platform’s dedicated support page provides a comprehensive resource center, including FAQs, guides, and educational articles designed to help traders make informed decisions. Many of these materials include short explainer videos, simplifying complex trading concepts and platform features.

For urgent inquiries, users can reach out via live chat, where response times are swift. When tested with a simple referral code inquiry, the customer support team responded promptly with clear and helpful information. Additionally, users can contact BYDFi support via email at [email protected], ensuring multiple communication channels for assistance.

BYDFi Strong Communities 

BYDFi has a strong global community, offering dedicated support and discussions in multiple languages, including English, Vietnamese, Indonesian, Filipino, Turkish, Russian, Hindi, and Mandarin. This ensures traders worldwide can engage, share insights, and stay updated on platform developments.

Users can connect with BYDFi across various social media platforms, including Twitter, YouTube, Facebook, LinkedIn, Medium, Instagram, and Discord, where they receive real-time updates, educational content, and market insights.

BYDFi Fees & Commissions

BYDFi maintains a transparent and competitive fee structure, making it an attractive choice for traders.

Trading Fees

BYDFi applies different fees depending on the type of trade. Spot trading fees are set at 0.1% for both Maker and Taker orders, with fees only applying to executed trades. Futures trading fees are lower, at 0.02% for Makers and 0.06% for Takers, remaining fixed regardless of trade volume. Leveraged tokens carry a 0.2% transaction fee, along with a 0.03% daily management fee for overnight holdings.

Non-Trading Fees

BYDFi does not charge deposit fees, but withdrawal fees are applied to cover blockchain network costs. These vary based on the cryptocurrency and network used. For example, USDT withdrawals on TRC20 incur a 1 USDT fee, while BTC withdrawals require a 0.0001 BTC fee. Since network fees fluctuate, BYDFi may adjust withdrawal fees without prior notice.

Get Started with Your Account

Getting started on BYDFi is simple and user-friendly. 

• Create Your Account: Visit the BYDFi website, click “Sign Up,” and fill in the required details. A verification email will be sent to confirm your email and complete the registration process.

• Set Up Two-Factor Authentication (2FA): For added security, log in to your account, go to Security Settings, and enable Two-Factor Authentication (2FA).

• Obtain Crypto Assets: Users can buy crypto directly by linking a credit or debit card and selecting their preferred amount. Alternatively, crypto assets can be transferred from external wallets or exchanges.

• Start Earning Through Crypto Trading: With funds in the account, users can begin trading on Spot, Futures, Leveraged Tokens, and Copy Trading. BYDFi provides a seamless trading experience for both beginners and advanced traders.

User Experience and Accessibility

BYDFi delivers a smooth and user-friendly experience across both mobile and desktop platforms. The platform’s intuitive design and robust features allows users to seamlessly execute trades while staying updated on market movements.

BYDFi Mobile App

The BYDFi mobile app, available on Google Play and the App Store, holds impressive ratings of 4.5/5 and 4.6/5, respectively. Users praise the app for its clean interface, ease of use, and accessibility, making it a preferred choice for traders on the go. The mobile app supports all core features, including spot trading, futures, copy trading, and grid strategies, ensuring a complete trading experience from a smartphone.

Recent updates have enhanced accessibility, allowing new users to register directly using their Apple ID or Google account. The app also provides real-time notifications for active positions and custom price alerts, enabling users to track market movements and react swiftly to changes.

BYDFi Desktop Platform

The BYDFi desktop platform offers a sleek, customizable interface tailored to both beginner and advanced traders. Its intuitive navigation bar allows easy transitions between the trading dashboard, affiliate program, and market insights, while multi-screen support caters to users employing advanced trading strategies.

For technical analysis, the platform provides customizable technical indicators for spot and derivatives trading. It also comes with the ability to switch between dark and light modes, enhancing visibility during extended trading sessions.

Pros and Cons of BYDFi

Like any cryptocurrency exchange, BYDFi has its strengths and weaknesses. Here’s a balanced look at what it offers.

Pros

• Forbes-Recognized Exchange – Ranked among the top 10 best exchanges in 2023 by Forbes.
• 600+ Cryptocurrencies – A diverse selection of assets, including major coins and hidden gems.
• High Leverage – Up to 200x leverage on perpetual contracts, exceeding many competitors.
• Copy Trading Feature – Allows beginners to mirror expert traders’ strategies.
• Demo Trading – New users can practice with 100K USDT in virtual funds.
• No KYC for Most Features – Users can trade and withdraw up to 1.5 BTC daily without verification.
• Multiple Trading Options – Supports spot, futures, grid trading, and leveraged tokens.
• User-Friendly Fiat Gateway – Deposits via credit cards, bank transfers, and third-party services.
• Security Measures – Cold storage, 2FA, segregated accounts, and whitelisted transactions ensure asset safety.
• Competitive Fees – 0.1% spot trading fees and low withdrawal costs.

Cons

• No KYC Limits Withdrawals – Non-KYC users can only withdraw 1.5 BTC daily; full verification increases the limit to 6 BTC.
• Limited Staking Options – Unlike some exchanges, BYDFi does not focus on passive income through staking.
• No Native Token – Lacks a platform token that could offer discounts or additional perks.
• Withdrawal Fees Apply – While deposits are free, withdrawals incur network fees, which vary.

Final Verdict: Is BYDFi Worth It?

BYDFi stands out with 600+ cryptocurrencies, up to 200x leverage, and advanced trading tools like copy trading and bots. Its non-KYC access, transparent fees, and strong security make it a solid choice for traders. While liquidity may be higher on larger exchanges, BYDFi offers a feature-rich, user-friendly alternative for both beginners and pros.