BYDFi Review
- Clean and Very easy to use
- Low fees
- Regulated in four jurisdictions
- No forced KYC
- Great promotion
BYDFi Overview
BYDFi is a popular crypto trading platform established in 2020. BYDFi stands for “BUIDL Your Dream Finance”. The company’s core value is to “BUIDL” the potential of the traders to help them shape their future trading with digital assets. The company has intentionally misspelled the word “Build” to urge community members to contribute towards blockchain technological advancements, inviting more people to join the community and participate in crypto trading. However, read this BYDFi review further as here we will discuss BYDFi’s regulations, features, products, pros and cons, sign-up process, fees, payment methods, welcome rewards, mobile app, affiliate program, security measures, and customer support.
| Headquarters | Singapore |
| Found in | 2020 |
| Native Token | No |
| Listed Cryptocurrency | BTC, USDT, ETH, LTC, 1INCH, AAVE, ADA, AVAX, AXS, BAT, BCH, and many more |
| Trading Pairs | BTC/USD, ETH/USD, XRP/USD, DOT/USD, and many more |
| Supported Fiat Currencies | Mostly All |
| Restricted Countries | China, Pakistan, Bangladesh, Kazakhstan, Syria, Afghanistan, Iraq, Yemen, Iran |
| Minimum Deposit | Variable |
| Deposit Fees | Free |
| Transaction Fees | Maker – 0.1%~0.3% Taker – 0.1%~0.3% |
| Withdrawal Fees | Depends on choosen payment method |
| Application | Yes |
| Customer Support | 24/7 via Live Chat, Email, FAQs, and Help Center Support |
It has a user-friendly interface and a feature-rich variety of crypto conversion tools. Although it is a young crypto trading platform compared to other exchanges, it has gained tremendous traction in various parts of the world. The intuitive interface, advanced trading features, demo trading, perpetual trading, copy trading, leveraged trading, and other brokerage services have made the platform stand out among other crypto exchanges.
What makes BYDFi an excellent choice is the support it offers for both new and experienced traders by providing two different exchanges – classic and advanced. It is specially designed to guarantee fast and secure conversions, supporting more than 600 trading pairs, including fiat currencies. BYDFi offers support via live chat, an enriching Help Centre, and an FAQ section, covering a wide range of topics to help novice traders establish themselves on the trading platform.
Is BYDFi Regulated?
According to this BYDFi review, the derivatives trading platform has two licenses from the United States and Canada (US MSB Registration No. – 31000215482431/ Canada FINTRAC MSB Registration No. – M22636235). These licenses and regulations are essential to prove that BYDFi has the right and authority to operate in the said countries as a money service business. These regulatory measures ensure that the BYDFi platform does not run away with its clients’ funds.
Why Choose BYDFi?
Multiple Licenses
BYDFi trading platform takes licensing seriously as it prioritizes customer safety. It holds US and Canada MSB dual licenses.
Service Diversification
BYDFi aims to operate as a one-stop crypto ecosystem for investors and traders with multiple deposit and trading strategies worldwide. It creates a unique trading platform for derivatives, spot trading, fiat-to-crypto conversions, and many more.
Copy Trading
Besides spot and derivatives trading, BYDFi also offers copy trading tools to make the overall trading experience easier for beginners. Inexperienced or new traders can copy the trades of experienced and professional readers and learn as they earn and share their trading experiences with the BYDFi community.
Easy Deposit Withdrawal
Deposits and withdrawals are pretty simple at BYDFi. New traders can use user-friendly options to deposit funds in over a hundred currencies, offering comprehensive coverage of multiple payment options for crypto traders worldwide.
BYDFi Products
Spot Trading
Spot trading at BYDFi allows users to interact with others within the spot market community, where all the trades are settled instantly. The spot trading interface has three versions allowing users to trade their spot trading pairs:-
- Direct Conversions – This is a simple way to buy and sell crypto through instant swapping, avoiding the order book. Users can convert different cryptocurrencies with just a single click.
- Classic Spot Trading – With this feature, traders get easy and simple trading tools such as the order book, charting software, and other order types.
- Advanced Spot Trading – This segment offers all the tools available in the spot market and features within the classic segment, including a more optimized platform for technical analysis and market depths.
COIN-M Trading
Under the Derivatives section, BYDFi users can find four significant futures perpetual contracts, including COIN-M perpetual agreements. Four trading pairs under this feature are BTC/USD, ETH/USD, XRP/USD, and DOT/USD. These perpetual contracts are settled in crypto derivatives on which the contracts are based.
USDT-M Trading
USDT-M trading is perpetual contract settled in USDT. Multiple cryptocurrencies are supported under this interface, including Bitcoin, Ethereum, XRP, Chainlink, Bitcoin Cash, Dogecoin, and more. There are around 100 trading pairs available, and all the contracts are perpetual without expiration dates, which makes trading cryptocurrencies on BYDFi more streamlined.
Lite Contracts
Lite contracts are mainly for beginners, allowing users to test trading strategies in the demo trading mode. Lite contracts feature 13 currency pairs, all based on USDT.
Copy Trading
The copy trading feature allows new traders to leverage the experience of master traders. They can follow the trades automatically by copying their trade positions. Copy trading is ideal for beginners who lack extensive knowledge of technical analysis and are willing to pursue other experienced profitable traders with proven track records.
BYDFi Review: Pros and Cons
| Pros | Cons |
| Offers spot trading, advanced trading, crypto derivatives, and copy trading. | Crypto staking is not allowed. |
| Supports over 600 trading pairs, including free crypto, fiat, and other assets. | |
| Demo account available for novice and other traders. | |
| Modified to low slippage costs. | |
| Easy-to-use trading platform with a quick registration process. |
BYDFi Sign Up Process
BYDFi offers a simple registration process that does not require any KYC procedures, making the entire process fast and simple. To sign up and create an account on the BYDFi exchange, follow the simple steps mentioned below:-
- Visit the official website of BYDFi exchange and navigate to the yellow Get Started tab on the right-hand top corner of the landing page.
- Fill in the registration form using a valid email address or mobile number. Enter a valid email ID where a verification code will be sent. Enter the code and a strong password. For mobile, enter the country code followed by a valid mobile number where an SMS verification code will be sent. Enter the code along with a strong password.
- Enter Get Started to complete the process and start trading on BYDFi.
**New users must verify their trading accounts for added security. However, at this point, they can start depositing funds and begin their crypto trading journey on BYDFi.
BYDFi Fees
Trading Fees
BYDFi trading fees are straightforward and transparent, varying depending on the product the traders choose. The spot transaction fee is the same as that of USDT and Inverse contracts. The maker and taker transaction fee rate for spot trading pairs ranges between 0.1% to 0.3%. The opening and closing fees for different arrangements vary; hence, traders must check the official website for updated information on trading fees. BYDF may also charge an overnight fee (margin*leverage*0.045%*days). The fee range is paid to keep a trade order overnight.
Deposit Withdrawal Fees
BYDFi trading platform does not charge any fees on deposits. However, for every withdrawal, BYDFi charges a flat fee to cover transaction costs for transferring crypto from the BYDFi account. Withdrawal fees may fluctuate due to network congestion. Furthermore, the daily withdrawal limit may vary depending on the token and network the traders choose.
BYDFi Payment Methods
BYDFi is popular with an intuitive user interface and more advanced features like any other best crypto exchange. Traders can start trading using payment methods that make the overall trading experience seamless and secure. BYDFi offers users multiple payment options, including debit cards, credit cards, e-wallets, bank transfers, and crypto wallets, supporting cryptocurrency and fiat currency transactions. Users can quickly deposit fiat currency via debit/credit card, not wire transfers. To find a crypto exchange where traders can deposit fiat currency via wire transfer, they can use the platform’s Exchange Filters to make such transactions.
Unlike other exchanges, BYDFi offers over 600 supported currencies and trading pairs, allowing users to transact in fiat currencies, cryptocurrencies, and stablecoins. At the time of writing this BYDFi review, the crypto exchange supports the following fiat and cryptocurrencies – BTC, USDT, ETH, LTC, 1INCH, AAVE, ADA, AVAX, AXS, BAT, BCH, BNB, BUSD, CAKE, CHZ, CLV, DOGE, DOT, EOS, FIL, FTM, LINK, MATIC, SAND, NEAR, SHIB, SNX, SUSHI, TRX, USDC, UNI, XRP, DASH, USD, AED, AUD, ARS, BBD, BGN, BMD, BOB, BRL, BYN, CAD, CHF, CLP, COP, CRC, CZK, DOP, DKK, DZD, EUR, FJD, GBP, HUF, INR, JPY, NOK, NZD, PHP, PLN, RUB, SEK, THB, and many more.
BYDFi Welcome Advance Rewards
BYDFi is one of the most rewarding crypto exchanges that believes in treating all traders equally, irrespective of their capacity and experience. The exchange offers a variety of rewards for both users and advanced users on the platform. Focusing on the welcome bonuses, about nine New User Tasks or Welcome Rewards are offered by the one-stop trading platform. Traders can claim up to $2888 in rewards by completing the following tasks:-
- Mystery Box – It is a Sign-Up Reward offered to all new traders on BYDFi crypto trading platform. Every new trader must complete the KYC procedure to get a special Mystery Box containing anything from crypto tokens to exciting coupons.
- Google Authenticator Reward – Traders can get a coupon of 2 USDT by linking 2-factor authentication with their trading account. The coupon can be used for Lite trading only.
- Anti-Phishing Code Reward – Users must set an anti-phishing code to get another coupon worth 2 USDT. This coupon is applicable to settle only perpetual contracts.
- Join Community Reward – Users can claim an additional 2 USDT coupon by clicking the icons inside the box to join any of the five communities – Twitter, Instagram, Telegram, YouTube, and LinkedIn. BYDFi offers a 2 USDT Lite coupon for users to start trading.
- First Deposit Reward – Any user making an initial deposit via Mercuryo, Transak, or Banxa can get a deposit bonus of 10% up to 50 USDT in perpetual contracts.
- First Crypto Deposit Reward – Users making crypto deposits can claim a 10% bonus up to 30 USDT. However, this applies only to Lite contracts.
- Copy Trading Reward – BYDFi supports all kinds of traders, even those who copy trades of other professional traders. Users can start copying trades and claim a bonus of 5 USDT in perpetual contracts.
- Leveraged Token Reward – BYDFi’s traders can start their LVTs trades and claim 2 USDT on perpetual contracts.
- Feedback Rewards – BYDYFI’s customers can submit valuable feedback on the platform to get bonuses ranging from 5 USDT to 5000 USDT.
There are Advanced tasks also for players, and they are:-
- Advanced Reward 1: Get 10 USDT Perpetual Bonus on 1,000 USDT Deposit
- Advanced Reward 2: Get 30 USDT Perpetual Bonus on 3,000 USDT Deposit
- Advanced Reward 3: Get 50 USDT Perpetual Bonus on 10,000 USDT Deposit
- Advanced Reward 4: Get 200 USDT Perpetual Bonus on 20,000 USDT Deposit
- Advanced Reward 5: Get 300 USDT Perpetual Bonus on 30,000 USDT Deposit
- Advanced Reward 6: Get 700 USDT Perpetual Bonus on 50,000 USDT Deposit
- Advanced Reward 7: Get 1,500 USDT Perpetual Bonus on 100,000 USDT Deposit
- Feedback: Submit valuable feedback, get 5-5000 bonus
BYDFi Mobile App
Sometimes, traders may have to place their trades while away from their desks. This is where a mobile app comes in handy. BYDFi team has recently updated the mobile app on Google Play Store and Apple App Store in January 2023.
Regular updates are essential for traders offering neat functionality and the same desktop features on the mobile app. With the one-touch order feature, traders can pull up a trading chart or monitor their trade positions on the go with complete ease. BYDFi ratings for iOS and Android applications are pretty good compared to the industry average. Overall, most of the customer feedback regarding the BYDFi mobile app seems to be positive. However, to download it check this link.
BYDFi Affiliate Program
BYDFi’s affiliate program offers its users a chance to convert their influence into commission by referring to the crypto trading exchange on social media and bringing more traction to the platform. BYDFi’s Affiliates can earn commission by following three simple steps:-
- Share the referral link on social media (Facebook, YouTube, Twitter, Telegram, and Discord).
- Get commission through the Affiliate Centre system.
- Become an elite agent with outstanding performance.
The benefits of the BYDFi affiliate program include the following:-
- Commissions up to 40%
- One-on-one client assistance
- Real-time commission settlement
- Multi-dimensional report.
It is easy to promote the BYDFi platform with its excellent products, high conversion rates, and top-quality brand name dominating media channels worldwide, reaching a world-class reputation.
BYDFi Security Measures
BYDFi developers team is fully committed to implementing precise, comprehensive, rigorous, and strict security standards that ensure the industry’s top-notch security tools and measures are used to avoid threats and accidental events to digital client assets at multiple levels. Different security measures have been taken for trading systems, fund custody, auditing, network transmission, customer accounts, and client insurance fund. The exchange also conducts regular security audits and stress tests to ensure complete compliance with stringent security standards, providing top security protection to global clients on BYDFi.
For customer account security, dual authentication by Google Authenticator, also called two-factor authentication (2FA), requires traders to verify their identity in two steps. 2FA is more secure and reliable than the traditional one-step verification process. This prevents unauthorized third-party agents and users from accessing trading accounts, making it safer than other measures.
For wallet security, all digital wallets on BYDFi are kept in cold storage wallets without any risk of a point of failure of layered deterministic cold wallets and total compromise. Additionally, the platform uses multi-signature technology access for transactions to protect clients’ funds against attacks and also against losing access to facilities or keys. Even in extreme cases where the system is entirely hacked, including the transaction engine, database, and web server, hackers do not get access to the private keys to steal funds from the platform since cloud services do not require private keys.
BYDFi Customer Support
Traders often find reaching customer support the most frustrating element at crypto exchanges. One of the reasons for BYDFi’s popularity in the crypto trading market is the efficiency of its customer support. The agents are friendly, responsive, and quick in assisting BYDFi traders. The incredibly helpful customer support team connects via different support channels, including 24×7 live chat, Facebook, Twitter, Telegram, YouTube, Medium, Discord, Reddit, and LinkedIn.
Traders can also send an email writing their queries to [email protected]. All responses via live chat are sent out instantly, resolving customer issues most effectively. Users can also check out the extensive Help Centre that discusses different topics, including announcements, spot smart market, trading strategies, derivatives, copy trading, market liquidity, leveraged tokens, and other relevant articles. An enriching FAQ section also answers the most frequently asked questions on trading accounts, deposits, and withdrawals, how to buy and sell crypto tokens, security center, fees, and Email and Google verification.
BYDFi Review: Conclusion
BYDFi (BUIDL Your Dream Finance) undeniably has advanced features that make the crypto exchange a promising platform in the present and future. By past performance, highs, and lows, BYDFi has significantly improved in its field.
Although there is a lack of liquidity on the platform, many advanced features make BYDFi stand out in the crowd. Furthermore, the platform has expanded its offering to more than 150 countries and has translated its official website into ten different languages to cater to a wide variety of client bases. Considering the fees, mobile support, security features, and asset coverage and instruments, BYDFi is an excellent option for crypto traders worldwide.
