BYDFi (previously known as BitYard) is a leading cryptocurrency exchange that provides a wide range of trading services to users globally. Launched in 2019, BYDFi has quickly grown to serve over 500,000 users across 150 countries.
But is BYDFi the right exchange for your crypto trading needs? Our detailed BYDFi review covers everything you need to know.
Overview of BYDFi’s Offerings
BYDFi provides spot trading, futures trading, copy trading, leveraged tokens, and other services under one platform. Users can trade major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and more against Tether (USDT).
BYDFi aims to make trading easy for beginners while also providing advanced features for experienced traders. The copy trading system allows users to copy successful traders’ strategies. BYDFi also has a competitive fee structure, 24/7 customer support, and bank-grade security.
Key Metrics
- BYDFi’s current Usage Rank in the Finance category in the US is #1,178, moving up from #1,321 last month.
- The app ranks #14,354 among all apps in the US, a slight decline from its previous rank of #14,313.
- BYDFi does not currently rank on the US Google Play store’s Finance or overall categories.
- BYDFi sees its highest Usage Rank of #34,534 in the US across all app categories.
- On December 22, BYDFi reached its peak Usage Rank of #1,149 in the Finance category in the US.
- BYDFi sees the most downloads and usage in the United States compared to other countries.
BYDFi Review of Pros and Cons
| Pros | Cons |
| Competitive trading fees starting from 0.1% | Limited payment options |
| Copy trading system to mimic experts | Lacks phone support |
| High liquidity across major trading pairs | Spreads can be high during volatile markets |
| Beginner-friendly and easy to use | Not available in certain countries due to regulations |
| 24/7 live chat and email support |
BYDFi Fees
BYDFi charges a maker fee between 0.01% and 0.3% and a taker fee between 0.1% and 0.3%, depending on the trading pair. Futures trading fees start from 0.02% for makers and 0.06% for takers.
These trading fees are very competitive compared to other top crypto exchanges. BYDFi does not charge deposit fees for cryptocurrencies but withdrawals carry a small network fee. Fiat currency deposits and withdrawals incur processing fees of 0.5% to 3%.
BYDFi Security
BYDFi utilizes industry-standard security measures like cold wallet storage, SSL encryption, DDoS protection, and 2-factor authentication. User accounts are further safeguarded through Anti-Phishing Codes, login data encryption, and other measures.
The exchange enforces strict KYC and AML policies in line with international regulations. BYDFi also conducts frequent audits and penetration testing to identify and patch potential vulnerabilities. Overall, the exchange provides a secure trading environment for users.
BYDFi Verification Process
The signup process at BYDFi is simple and fast. Users need to provide an email address or mobile number and set up a password. Optional 2FA can be enabled for added security.
To withdraw funds or unlock full trading capabilities, users have to complete identity verification by submitting ID documents and proof of address. The KYC verification process is typically completed within 24 hours.
BYDFi Customer Support
BYDFi provides 24/7 customer support via live chat, email tickets, and an FAQ section. The exchange uses AI chatbots to provide instant assistance to common queries. Users can also easily connect with live support agents through the chatbox.
However, BYDFi currently does not offer phone support. But the live chat and email responses are fairly prompt in addressing most user issues. There is also an active community forum for discussing trading strategies and platform features.
BYDFi User Experience
BYDFi offers an intuitive user interface with a clean, easy-to-navigate dashboard. Everything is structured in a logical manner, allowing new users to easily get started. Useful features like simulated trading, analytics graphs, order history, and asset tracking further enhance usability.
The BYDFi mobile app also mirrors the functionality of the desktop site. Advanced traders can utilize add-on features like stop-loss orders, technical indicators, risk management tools, and API access to create bots. Overall, BYDFi provides a great trading experience.
Tokens Available on BYDFi
BYDFi allows trading over 200 cryptocurrencies against USDT and other stablecoins. This includes top coins like Bitcoin, Ethereum, BNB, XRP, Cardano, Solana, Avalanche, and Polkadot. There are also trading options for DeFi coins, metaverse tokens, meme coins, and more.
BYDFi also offers leveraged tokens for margin trading major assets like BTC3L and ETH3L. Additionally, the exchange has its native utility token – BYD. BYD tokens provide perks like trading fee discounts, profit rebates, and more.
Regulatory Compliance and Legal Status
BYDFi operates as a legal entity under its parent company BitYard Limited. The exchange holds operating licenses from legitimate regulatory bodies like the Estonia Financial Intelligence Unit and Australia’s AUSTRAC.
BYDFi complies with KYC, AML, and CFT laws enforced in Australia, the European Union, and other jurisdictions. Strict user verification and transaction monitoring enable the platform to meet compliance standards worldwide.
Liquidity and Volume
BYDFi provides high liquidity across its top trading pairs like BTC/USDT, ETH/USDT, BNB/USDT, and XRP/USDT. There is minimal slippage even on larger trades thanks to BYDFi’s partnerships with major liquidity providers.
The exchange facilitates over $2 billion in trading volume each month. Although BYDFi has only been operating since 2019, it already outpaces liquidity and volume metrics seen at longer-running competitors.
Staking and Lending Options
BYDFi does not currently offer staking rewards or lending services. However, the exchange plans to integrate these earning features in the future. Users will eventually be able to stake proof-of-stake coins or lend out assets to earn interest.
Web and App Experience
BYDFi Web Platform
The BYDFi web platform provides a full-featured trading terminal accessible from desktop browsers. It offers real-time market data, advanced charting, hundreds of technical indicators, risk management tools, and more.
BYDFi Mobile App
BYDFi’s mobile app is available for Android and iOS devices. It allows users to securely trade, deposit, withdraw, track portfolios, and access other account features on the go. The app also includes push notifications for alerts on price movements.
Final Verdict
BYDFi is a great option for traders seeking a reliable, liquid cryptocurrency exchange with competitive fees. The array of trading products and social features makes it suitable for novice and professional traders alike.
While BYDFi still has room for improvement when it comes to staking services, phone support, and altcoin variety, it excels at core trading essentials. Overall, BYDFi is a secure and compliant exchange with the necessary tools for effective crypto trading.
BYDFi Alternatives
Binance – Offers lower trading fees and more coins but has higher withdrawal fees. Good for advanced traders.
KuCoin – Provides similar margin trading and derivatives products as BYDFi. Lower fees but less liquidity.
FTX – Specializes in crypto derivatives trading with deep liquidity. Slightly complex for beginners.
Kraken – Regulated US exchange with excellent security and customer support. However, trading fees are higher.
FAQs
Is BYDFi regulated?
Yes, BYDFi operates under licenses from regulatory bodies like AUSTRAC and the Estonian FIU. It enforces strict KYC and AML policies.
How long does KYC verification take on BYDFi?
The KYC verification process typically completes within 24 hours after submitting the required documents.
What are the payment methods to buy crypto on BYDFi?
BYDFi supports fiat deposits through bank transfers, credit/debit cards, Apple Pay, and Google Pay. Users can also directly purchase crypto with these methods.
