BYDFi Exchange Review 2023: Features, Trading Options, Fees, and More

Introduction

In the dynamic realm of cryptocurrencies, navigating the complexities and uncertainties can be a significant challenge for traders and investors. From limited trading options to security concerns, the industry poses various obstacles that demand innovative solutions. This review aims to shed light on BYDFi, a centralized crypto exchange that strives to redefine how traders engage with digital assets.

BYDFi, short for BUIDL Your Dream Finance, is committed to empowering and supporting traders of all levels of expertise. The exchange offers diverse features and functionalities designed to make crypto trading accessible, streamlined, and secure.

This comprehensive review of BYDFi for 2023 will examine various aspects of the platform, including key features, supported cryptocurrencies, trading options, fees, security measures, and more. It will also discuss the pros and cons of using BYDFi Exchange and provide a final score based on analysis.

BYDFi Overview

BUIDL Your Dream Finance (BYDFi) is a centralized crypto exchange that offers a wide range of crypto trading products, appealing to users of all experience levels. The platform includes spot trading, derivatives trading (perpetual contracts and leveraged tokens), and copy trading functionalities. With two spot trading interfaces, classic and advanced, BYDFi provides enhanced charting and trading capabilities compared to standard exchanges.

BYDFi supports over 600 crypto trading pairs, encompassing popular coins such as Bitcoin (BTC), Ethereum (ETH), Ripple(XRP), and Dogecoin (DOGE), as well as various altcoins including 1INCH, AAVE, ADA, AVAX, AXS, BAT, BCH, and many more. This extensive selection provides users with flexibility in their trading choices.

The company’s core value is to “BUIDL” the potential of traders, helping them shape their future trading with digital assets. BYDFi, which stands for “BUIDL Your Dream Finance,” intentionally misspells the word “Build,” similar to the slang term “HODL” for “Hold.” The platform actively encourages members to contribute to blockchain technological advancements, fostering a sense of community and inviting participation in crypto trading.

As of now, BYDFi has amassed over 500,000 users in more than 150 countries worldwide. The platform is also available on Android and iOS, with nearly 10,000 downloads.

BYDFi Crypto Exchange Details

BYDFi History Overview

Known initially as BitYard, BYDFi is a centralized cryptocurrency exchange launched in April 2020 and headquartered in Singapore. In January 2023, the platform underwent rebranding and adopted the name BYDFi, an acronym for “BUIDL Your Dream Finance.”

Since its inception, BYDFi has gained a solid reputation in the crypto trading community due to its advanced and user-friendly trading features. Catering to traders worldwide, the platform now boasts over 500,000 users across more than 150 countries.

Notably, BYDFi holds a Money Services Business (MSB) license in North America, with registration numbers from US FinCEN [No. 31000215482431] and Canada FINTRAC [No. M22636235]. This regulatory compliance enhances the platform’s credibility and trustworthiness.

In March 2023, the platform was labeled one of the top ten recommended exchanges by Forbes, scoring 4.6/5, for its low spot trading fees, decent selection of popular cryptocurrencies, and firm compliance with financial industry regulations.

Platform Interface

BYDFi’s user-friendly interface has contributed significantly to its growing popularity. The platform’s intuitive design simplifies navigation and trading for novice and experienced users.

BYDFi allows users to easily access market data, purchase cryptocurrencies, explore various trading options, and manage their portfolios. Additionally, the platform supports ten languages, including English, Traditional Chinese, Korean, and Japanese, ensuring a broader reach for international users.

The exchange offers two distinct interfaces for spot trading: a classic exchange for straightforward trading and an advanced exchange for experienced traders seeking more sophisticated functions. This thoughtful design ensures that users with varying levels of trading expertise can find a suitable trading environment.

Key Features and Functions

BYDFi aims to meet the evolving needs of its diverse clientele through numerous attractive features:

• Support for over 400 cryptocurrencies with more than 600 trading pairs
• Multiple trading markets, including spot, derivatives, and copy trading
• Classic and advanced spot trading interfaces
• Perpetual contracts trading with up to 200x leverage
• Beginner-friendly tools and interfaces
• Competitive spot trading fees from 0.1% to 0.3%
• Mobile application for convenient trading

Supported Cryptocurrencies and Trading Pairs

BYDFi offers a wide range of cryptocurrencies, encompassing major coins and lesser-known altcoins, providing users significant flexibility in trading options. The platform supports over 400 cryptocurrencies and boasts more than 600 trading pairs, allowing users to engage in diverse trading activities.

Some of the major cryptocurrencies available on BYDFi include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), and Cardano (ADA), among others. Users can trade their preferred cryptocurrencies against each other or USD-pegged stablecoins like Tether (USDT) and USD Coin (USDC).

Services

Buying Crypto

BYDFi collaborates with third-party service providers to offer the “Buy Crypto” service. The exchange does not directly provide or process these services. Currently, the third-party providers of this service on BYDFi include Banxa, Transak, Coinify, and Mercuryo.

BYDFI accepts payment from over 60 fiat currencies, including USD, EUR, CAD, and INR. A corresponding service provider will process the purchase based on the fiat currency and cryptocurrency selected. Note that each currency has a purchasing limit depending on the payment channel.

Spot Trading — Classic, Advanced, and Direct Conversion

BYDFi provides users with various crypto spot trading pairs, including popular coins like BTC/USDT, ETHUSDT, and other prominent altcoins. Users can buy and sell such assets using market or limit orders. Notably, the platform offers classic and advanced spot trading interfaces to cater to different trading preferences and skill levels.

The classic interface is designed for beginner traders and provides a user-friendly trading experience with basic charting and trading tools.

The advanced interface, on the other hand, offers more advanced features and tools for experienced traders who require in-depth market analysis and customization options.

Moreover, BYDFi offers a direct conversion feature, allowing users to convert one cryptocurrency to another without going through a fiat currency.

Perpetual Contracts — USDT-M Trading and Coin-M Trading

BYDFi presents two types of perpetual contracts trading: USDT-M and Coin-M.

USDT-M perpetual contracts support multiple cryptocurrencies, including BTC, ETH, XRP, LINK, DOGE, and more. These contracts are settled in USDT, offering around 100 trading pairs and leverage up to 200x.

Coin-M perpetual contracts consist of five trading pairs: BTC/USD, ETH/USD, XRP/USD, DOT/USD, and DOGE/USD. These contracts are settled in crypto derivatives based on the underlying contracts.

Lite Contracts

BYDFi provides lite contracts with up to 125x leverage as a simplified version of perpetual contracts, catering to beginners who want to venture into trading cryptocurrency derivatives. The lite contracts feature 13 currency pairs, all of which are settled in USDT.

Demo Trading

Also known as Paper Trading, this feature allows users to open positions without using real funds. Utilizing demo funds, traders can test new trading strategies in a simulated market. To access this feature, users can navigate to the Lite Contracts section, select the desired asset for trading, and then choose the ‘Live’ tab, followed by ‘Demo.’

Leveraged Tokens

BYDFi offers leveraged tokens with 3x long and short options on 32 different cryptocurrencies such as BTC, ETH, XRP, and ADA, among others, enabling users to trade with more funds than they have in their accounts. While this feature has the potential for increased profits, it is essential to note that it also increases the risk of losses.

Copy Trading

To support novice or less experienced traders, BYDFi offers a copy trading feature. This tool allows users to replicate the trades of successful investors on the platform, potentially improving their trading performance without requiring extensive market knowledge. Moreover, traders who are copied can earn a royalty of 8 to 10% from the replicated trades.

BYDFi also provides welcome rewards to new users as an incentive for exploring the platform and its features. These rewards may include free trading credits and other bonuses.

Fees and Payment Methods

Transaction Fees

BYDFi implements transparent transaction fees that vary depending on the specific cryptocurrencies and services traders choose. The exchange provides a breakdown of the costs for different types of transactions:

• Buying Crypto: BYDFi does not charge transaction fees for purchasing crypto via fiat gateway, although third-party service providers may charge fees ranging from 2% to 8%. For more detailed information, users are encouraged to visit the respective providers’ websites.
• Spot Trading: Maker and taker transaction fees range between 0.1% and 0.3%.
• Direct Conversion: Transaction fees for converting cryptocurrencies range from 0.1% to 0.15%.
• Perpetual Contracts Trading: Maker fees are 0.02%, while taker fees are 0.06%.
• Lite Contracts Trading: Transaction fees have been adjusted down to 0.05%.
• Leveraged Tokens: The transaction fee rate is 0.2% and is charged separately for buying or selling USDT.

Users should review the transaction fee calculation provided by BYDFi to understand the specific fees associated with their trading activities.

Deposit Fees

BYDFi does not charge any deposit fees. Moreover, there is no limit on crypto deposits. However, the minimum and maximum fiat amounts that can be deposited may vary depending on the currency.

Fiat Withdrawal Fees

BYDFi does not facilitate direct fiat withdrawals. The only option for withdrawing funds from BYDFi is converting them into cryptocurrencies.

Crypto Withdrawal Fees

BYDFi imposes a flat fee for each withdrawal to cover the transaction costs of transferring crypto from the BYDFi account. However, it is essential to note that withdrawal fees may fluctuate due to network congestion. Additionally, the daily withdrawal limit varies based on the chosen token, network, and whether the user has completed the KYC process.

For example, the minimum withdrawal limit for Bitcoin is 0.0012 BTC, and the associated withdrawal fee is 0.0002 BTC.

To gain more insights into the specific deposit and withdrawal fee rates for different cryptocurrencies, users can refer to BYDFi’s official website.

Payment Methods

BYDFi offers a wide range of payment options for more than 60 fiat currencies, ensuring convenience and flexibility for users. These options include electronic payments via e-wallets and bank transfers, credit or debit cards, crypto wallets that facilitate both cryptocurrency and fiat currency transactions, and cash deposits available in specific regions.

Some payment channels, such as Banxa and Mercuryo, offer quick pay options like Apple Pay and Google Pay. Users are encouraged to refer to the respective service providers’ websites for further details.

Security

BYDFi places a strong emphasis on security to ensure the protection of user funds and personal information. The platform follows stringent Anti-Money Laundering (AML) measures during verification and trading activities.

The exchange incorporates industry-standard security measures, including two-factor authentication (2FA) and multi-signature arrangements for account login and withdrawals. Furthermore, most user funds are stored in cold wallets, which are offline and less vulnerable to hacking attempts.

In addition, BYDFi maintains a clear separation between user funds and the exchange’s assets by using separate wallets. The platform regularly undergoes stress tests and security audits and employs advanced encryption technology to safeguard user data. However, users should also take their own security precautions, such as using unique and strong passwords and remaining vigilant against phishing attempts.

Regulation

BYDFi is a licensed Money Services Business (MSB) in the United States and Canada, demonstrating its commitment to regulatory compliance. The company holds MSB Reg No. 31000215482431, issued by the US Financial Crimes Enforcement Network (FinCEN), and MSB Reg No. M22636235, issued by the Canada Financial Transactions and Reports Analysis Centre (FINTRAC). These registrations validate BYDFi’s adherence to the necessary regulatory obligations.

KYC Process

BYDFi does not require new users any Know-Your-Customer (KYC) procedures for basic cryptocurrency deposits and trading. However, if users intend to deposit fiat currencies or desire to increase their daily crypto withdrawal limits, then they will be required to complete the KYC process on the third-party provider’s website.

It is important to note that although not mandatory, BYDFi encourages users to complete the KYC process to enhance security measures. Furthermore, providing KYC details grants access to a Master account and enables users to enjoy BYDFi’s full range of functionality.

Mobile Application

BYDFi offers a mobile application for both iOS and Android devices, allowing users to trade cryptocurrencies and manage their accounts on the go. The mobile app provides the same features as the desktop platform, including spot USDT-M, Coin-M, lite contracts, and copy trading. However, recent user reviews suggest room for improvement in terms of app ratings.

Customer Support

BYDFi offers customer support through various channels, including email, live chat, and social media. The platform also provides an extensive Help Centre, which includes learning materials and an FAQ section to assist users with self-help options.

Pros and Cons

Here are some of the pros and cons of using BYDFi:

Final Score

Summary

In summary, BYDFi is a global cryptocurrency exchange that offers a range of features and benefits. It has competitive trading fees, with a maximum of 0.3% on spot trades. Moreover, the platform stands out with over 600 trading pairs and optional KYC onboarding, making it beginner-friendly and lucrative.

BYDFi provides essential trading tools like copy trading and demo trading, allowing users to learn and earn in the crypto markets safely. Here, experienced traders have the option to trade with leverage up to 200x. In addition, the platform supports various payment options, including BANXA, Transak, Mercuryo, and Coinify, for funding fiat accounts.

When transacting with crypto, BYDFi ensures the security of user assets through cold storage wallets and multi-signature arrangements. Additionally, BYDFi holds dual Money Services Business (MSB) licenses in the United States and Canada, regulated by FinCEN and FINTRAC, respectively.

FAQs