If you are looking for a crypto exchange with advanced features and easy-to-use trading tools, BYDFi might be the right choice. It is designed for both new and experienced traders. The platform also stands out by allowing trades without requiring KYC, giving you more privacy. In this BYDFi review, we will explore its key features, fees, and security.
Key Takeaways:
BYDFi is a global crypto exchange that supports 600 digital currencies and advanced features like 200x leverage trading and automated bots.The platform supports trading without KYC, enhancing privacy and anonymity, and allows withdrawals of up to 1.5 BTC per day.It charges competitive trading fees, with maker 0% fees, taker 0.3% spot fees and up to 0.06% perpetual futures fees.
What is BYDFi?
BYDFi, formerly known as BitYard, is a global cryptocurrency trading platform that has been serving investors since 2020. The rebranding to BYDFi in 2023 wasn’t just a cosmetic change; it represented a shift in the company’s vision and commitment to its users.
The name BYDFi stands for “BUIDL Your Dream Finance”, incorporating the crypto community slang term “BUIDL” (a play on “build”) which encourages proactive participation in the cryptocurrency ecosystem.
The platform supports over 600 digital assets and allows you to trade with up to 200x leverage in derivatives trading. It also provides features like spot trading, P2P trading, bot trading, and perpetual futures.
BYDFi provides a welcome rewards program that allows new users to earn up to $2888 by completing certain tasks. These tasks include actions such as making a deposit, trading, and inviting friends.
BYDFi Key Features
BYDFi has many features for crypto traders:
Spot Trading: On BYDFi, you can trade over 600 different cryptocurrency pairs. This means you have a lot of choices when it comes to buying and selling crypto. If you’re looking for the next 100x GEM in crypto, having so many tokens for trading can be helpful.Perpetual Futures: BYDFi offers over 200 perpetual futures contracts. These are split into two types: USDT-M and Coin-M. USDT-M futures use Tether (USDT) as the margin currency. This means all profits and losses are in USDT. Coin-M futures use the actual cryptocurrency as a margin. For example, in a BTC/USD Coin-M future, you’d use Bitcoin as a margin. BYDFi lets you use up to 200x leverage on these futures.Automated Trading Tools: BYDFi offers several automated trading tools. These include grid trading bots for both spot and futures markets. Grid trading means when the price moves up or down, the bot automatically buys low and sells high within your set range. There’s also an Auto Investment Trading Bot. It can help you invest regularly (DCA) without having to watch the market all the time.Demo Trading: If you’re new to trading or want to try out a new strategy, BYDFi gives you a demo account with 100,000 USDT. This is a virtual fund that you can use to practice trading without any risk. It’s a great way to learn how the platform works before you use real money.Buying Crypto with Credit Cards: If you’re new to crypto, the platform makes it easy by letting you buy crypto with a credit card. This can be a quick way to get your first crypto using fiat currencies.
BYDFi Fees
Fees are an important part of choosing a crypto exchange. Nobody wants to pay more than they have to. Here’s how BYDFi’s fees stack up:
TypesFeesSpot Tradingmaker 0% / taker 0.3%Perpetual Futures Trading0.02% maker and 0.06% takerInstant Crypto-to-Crypto Convert0.1% – 0.15%.Leveraged Tokens0.2% (+ 0.03% management fees)Funding FeesUp to 0.01% (every 8 hours)Deposit Fees0%Withdrawal FeesOnly network gas feesFor spot trading, the standard fee is between 0.1% – 0.3%. This is lower than many popular crypto exchanges like Coinbase. Also, if you’re a “maker” (someone who adds liquidity to the market), you might not have to pay any fees at all.For futures trading, the maker fee is 0.02% and the taker fee is 0.06%. This is pretty competitive compared to other exchanges like Binance and Bybit.
There is also a funding fee for perpetual futures. These fees help keep the futures price close to the actual crypto price. The amount can change based on market conditions.
It’s worth noting that your fees can be lower if you’re a VIP user. The more you trade, the less you pay in fees. Check BYDFi VIP privileges here.
BYDFi Security: Is it Safe to Use?
Security is crucial in the cryptocurrency industry, and BYDFi has adopted many safeguards to secure users’ funds:
Cold Storage: The bulk of BYDFi’s digital assets are held in offline cold wallets, which greatly minimizes the danger of hacking.Multi-Sig Approvals: BYDFi needs several parties to authorize transactions, which adds another degree of security.Segregated Accounts: User digital assets are kept separate from BYDFi’s operational finances, guaranteeing that user funds are not jeopardized in the event of corporate financial difficulties.Strict Withdrawal Whitelisting: Cold storage withdrawals are limited to pre-approved (whitelisted) addresses.No hacking incidents: As of this writing, BYDFi has not had any large security breaches or hacks, which is a good indicator in a field where such occurrences are very common.
Payment Methods
BYDFi offers various payment methods, making it simple for users to deposit funds into their trading accounts. Users can use credit cards, debit cards, and bank transfers to add money, providing flexibility in how they choose to fund their accounts. It also supports third-party payment providers such as Apple Pay, Google Pay, Banxa, Transak, and Mercuryo.
Affiliate Program and Commission
BYDFi’s affiliate program is known as one of the best in the cryptocurrency world. It offers a revenue share of up to 70% for its partners, making it a top choice compared to other exchanges. One major benefit is that commissions are paid out in real-time, which means affiliates can get their earnings quickly.
The program allows affiliates to create up to 100 different referral links. This feature helps them target specific audiences and track how well their links perform. It is especially useful for influencers, content creators, and marketers who want to reach different groups through platforms like YouTube, Facebook, and Telegram. Additionally, BYDFi has a sub-affiliate system, where partners earn an extra 10% from the commissions of affiliates they recruit.
BYDFi Customer Service
Good customer support can make a big difference when you’re trading crypto. BYDFi offers support around the clock. You can reach out to them any time of day or night through live chat or email ([email protected]).
BYDFi also supports multiple languages. This is great if English isn’t your first language. You can get help in your own language, which can make solving problems much easier.
One thing that sets BYDFi apart is its focus on education. The BYDFi blog helps you learn different aspects of crypto trading. This can be really helpful if you’re just starting out or if you want to learn about new trading strategies.
BYDFi Available Countries and KYC
BYDFi is a global platform, serving users from most countries without requiring a VPN. It is currently not available in China, Pakistan, Bangladesh, Kazakhstan, the United Kingdom, and Iran.
Also, BYDFi allows deposits, withdrawals, and trading without KYC (Know Your Customer) verification in many countries. This feature makes it a popular no-KYC crypto exchange that focuses on privacy and anonymity. However, KYC can still be necessary for higher withdrawal limits or certain features.
The daily withdrawal limit will vary depending on whether KYC is completed or not. Unverified users can withdraw up to 1.5 BTC per day, whereas KYC-verified users can withdraw up to 6 BTC per day.
User Experience
BYDFi offers a great user experience with its easy-to-use platform and helpful features. The exchange is suitable for both new and experienced traders, making it simple for anyone to start trading cryptocurrencies.
New users find the registration process quick and straightforward and provides various trading options, such as spot trading and perpetual contracts. It also offers a demo account, which is valuable for practicing trading without any risk.
The mobile app adds convenience, allowing traders to check the market and make trades while on the go. BYDFi also has strong customer support, providing real-time help through live chat.
BYDFi Competitors
BYDFiCoinbaseKrakenBinanceCrypto.comSpot Fees0.1 – 0.3% maker/taker0.4% maker and 0.6% %0.25% maker and 0.4% taker0.1% maker/taker0.15% maker and 0.3% takerTrading Pairs600+240+200+400+350+Derivatives√√ (limited)√√√Maximum Leverage200x10x50x125x100xDerivatives available in English Region√√×x√Free Demo Trading√x√√xDeposit and Withdraw without KYC√××××Trade without KYC√××××
Is BYDFi Worth It?
Yes, BYDFi is a great choice for anyone looking to trade cryptocurrencies. It stands out among other exchanges because of its easy-to-use interface, low fees, and a variety of advanced trading features. With over 600 trading pairs available, you can easily diversify your portfolio. The platform also offers unique options like copy trading, which lets you follow successful traders, helping you learn and improve your trading skills.
The platform’s no KYC requirements make it more accessible, allowing you to trade with fewer barriers. In addition, BYDFi has a solid support system, with 24/7 customer service ready to help you with any questions or problems.
So, if you want a platform that offers advanced trading tools, lucrative sign-up rewards for new users, and a secure trading environment, BYDFi is definitely worth considering.
Final Thoughts
To wrap up this BYDFi review, it offers a wide range of trading options, from simple spot trading to high-leverage futures contracts. Its fees are competitive, and in many cases, lower than those of major competitors. One of BYDFi’s standout features is its accessibility. In many countries, users can start trading quickly without going through a lengthy KYC process. This, combined with its user-friendly interface and educational resources, makes it an attractive option for newcomers to the crypto world.
However, BYDFi isn’t just for beginners. Its advanced features like high-leverage trading and automated trading bots can appeal to experienced traders as well. The VIP system, which offers reduced fees for high-volume traders, adds another layer of appeal for advanced traders. Overall, it is the best crypto exchange for both beginners and experienced crypto investors.
