BYDFi is a competitive crypto trading platform popular for its versatile offer of trading options, no-KYC policy, and competitive fees. Its rapid rise to global popularity is due to constant development, innovative features, and cutting-edge security measures. In this BYDFi review, we look closer at the platform’s evolution since its 2023 rebranding, resulting in an unmatched user experience and benefits.
Read on to discover why BYDFi is one of today’s most popular crypto trading hubs for traders worldwide!
BYDFi Review
BYDFi Exchange was founded in 2020 by Michael Hung and was initially called BitYard. However, it rebranded three years later into BYDFi, which stands for “BUIDL Your Dream Finance.” A new offer of cutting-edge trading services and advanced support for numerous digital assets has helped BYDFi build a stellar reputation in the crypto industry ever since.
BYDFi is registered in the Seychelles but operates from its headquarters in Singapore. The exchange has also obtained trading licenses in other countries, including the United States and Canada.
BYDFi’s mission is to make crypto trading globally accessible to all users, regardless of their experience and skills. The platform simplifies trading and guarantees maximum security standards to provide a standout user experience. In fact, the platform has been designed with user satisfaction in mind, high-speed transactions, and efficient operations even during peak use and high trading volumes.
At the time of writing, BYDFi numbered over 1 million users from 150 different countries. The platform lists over 600 cryptocurrencies and provides top-quality services, including:
Spot trading
Leveraged trading
Perpetual futures trading
Copy trading
Derivatives
Users can also purchase crypto with fiat on the spot or trade cryptocurrencies freely with other platform users. Staking is not among the many products available at BYDFi, but that doesn’t diminish the platform’s rich offer of streamlined services.
BYDFi Features
BYDFi caters to all types of traders, and its multi-interface approach proves it. The platform has a Classic UI that appeals more to novice traders. It provides essential information to those who possess only a basic understanding of crypto trading or less. Expert traders can opt directly for the Advanced UI, which includes chart drawing features and over 100 technical indicators to guide them better through the decision-making process.
The different UIs are just one of the many BYDFi features that make this platform stand out from the rest. By answering some of the most common questions that traders have when joining a new exchange, we can better understand its other services.
Does BYDFi require KYC verification?
Unlike most crypto exchanges and trading platforms, BYDFi employs a no-KYC policy. This means customers can create an account without providing sensitive personal information through the Know-Your-Customer verification process. It also helps the platform to be available in 150+ jurisdictions, including the United States, Canada, and the Netherlands.
Crypto withdrawals without passing KYC are also possible, albeit limited. Users who wish to withdraw more than 1.5 BTC daily must undergo KYC verification.
BYDFi compensates for the minimal KYC approach by employing the industry’s highest security standards. This way, the platform still guarantees optimal user protection without forcing them to reveal personal information.
What assets are available to trade at BYDFi?
BYDFi has a rich and versatile offer of trading options. You can trade some of the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE). Also, you can dive into trading traditional assets, such as Forex pairs and indices. Commodities like gold and silver are also available for old-school traders. You can pick from hundreds of assets and engage in advanced trading options, such as Spot, Perpetual, and Leveraged Tokens.
Does BYDFi offer leverage trading?
BYDFi has a long list of leveraged tokens with various long and short positions. They include BTC, ETH, XRP, DOT, LINK, ADA, BNB, etc. While you can only pair them with USDT, the platform provides an extensive selection of trading details and mechanisms. You can tweak your trade by setting the leverage ratio, net value price, underlying asset, expiration date, stop-loss orders, and position size.
Leveraged trading is an advanced form of crypto trading that requires close monitoring and in-depth knowledge of risk management. This practice involves tracking price movements, market conditions, news, and other events that may affect your leveraged trade.
Can you do copy trading at BYDFi?
Less experienced users can opt for copy trading at BYDFi. This service allows new traders to learn from veterans of the trade by copying their positions. Simply put, you can guide your investment by following one of the successful traders sharing their strategies on the platform. Copy trading saves beginner traders from doing advanced research and constant market monitoring while still engaging in potentially lucrative trades.
Does BYDFi offer spot trading options?
BYDFi provides three spot trading options – Direct, Classic, and Advanced Spot Trading. Users with basic or intermediate knowledge of this practice can opt for any of the first two options. Direct and Classic Spot Trading delivers a quick trading experience with backup information from relevant order books and charting software. On the other hand, expert traders should choose the Advanced Spot Trading option, which includes comprehensive technical analysis and market indicators.
Is there a Demo Trading option available at BYDFi?
If you are entirely new to crypto trading, you can register at BYDFi and choose the Demo Trading option. A demo account allows you to make simulated trades using 100,000 USDT of virtual funds. This way, you can practice all types of crypto trades without risking real money and gaining precious experience.
The demo trading option presents you with the same market conditions and real-time dynamics. The account guides you on leveraging trades, placing orders, or engaging in long and short trades. It also gives you tips on margin trading, spot trading, and other practices.
What is the BYDFi Rewards Program?
BYDFi rewards users for completing various tasks and being active on the platform. Many of the user tasks are part of the Welcome Rewards program, catering to newly registered consumers, and they include:
Signing up and completing KYC
Using Google Authenticator
Using the Anti-Phishing Code
Depositing funds
Leaving feedback
The bonuses range from BYDFi points to Mystery Boxes and USDT funds. Users can only use these rewards in specific trades and transactions and, therefore, cannot withdraw them right away. For example, you can use the earned bonuses to offset transaction fees, losses, and funding fees. However, you cannot use them to cover withdrawal fees.
BYDFi Fees Explained
One of the most important points to take from this BYDFi review is the platform’s competitive fee system. BYDFi does not take any fees for cryptocurrency deposits. While the exchange does not support fiat deposits, it allows you to buy crypto with fiat. These transactions don’t incur any BYDFi fees either. However, depending on your provider, your bank or payment service may charge you.
On the other hand, BYDFi charges withdrawal fees for all the tokens and coins it supports. The fees vary depending on the token, the network, and the amount withdrawn.
Depending on the traded coin, spot trading at BYDFi incurs a 0.1% fee for makers and takers.
Perpetual contract fees include a 0.06% fee for Takers and a 0.02% fee for Makers.
BYDFi charges transaction fees for leveraged tokens separately when buying or selling (USDT). The transaction fee rate is 0.2%.
Lastly, users with leveraged tokens will have to pay a daily management fee of 0.03% of the true value of the leveraged tokens. The fee is charged every day at 00:00:00 (UTC+8). The good news is that BYDFi does not charge any management fees if users do not hold any leveraged tokens at that time.
How to Register with BYDFi Exchange
Opening an account with BYDFi is quick and easy, considering the platform does not require KYC validation for this step. You can sign up via email, which involves the platform sending you a verification code that you must provide before setting up your account.
Alternatively, you can use the user-friendly BYDFi mobile app to register. This process is also speedy and only requires your country or region and your mobile phone number. After activating your account, you can link your digital wallet, deposit funds, and start crypto trading.
How to Deposit at BYDFi
BYDFi allows users to deposit crypto funds via their digital wallets. Alternatively, you can deposit fiat to buy crypto via credit cards, debit cards, or bank transfers. Some of the platform’s third-party partners facilitating deposits include Onramp, Banxa, Transak, Mercuryo, Coinify, and Alchemy Pay.
How to Withdraw from BYDFi
Withdrawing crypto from BYDFi is a quick and straightforward process. You must have an external wallet to store digital assets and select the correct and supported network. If you enter the wrong receiving address or an unsupported network, you may transfer funds to an unknown destination and lose them permanently.
Follow these steps to withdraw funds from BYDFi:
Go to the “Assets” section on your user dashboard.
Select the “Withdraw” option.
Choose or search for the crypto you would like to withdraw.
Pick “Withdrawal Network”, enter the address and withdrawal amount, then click “Withdraw.”
BYDFi sets specific withdrawal limits depending on the user’s KYC verification or VIP level. For example, unverified users can withdraw up to 1.5 BTC per day. Meanwhile, verified Users can withdraw up to 6 BTC per day.
Currently, BYDFi does not have a fiat withdrawal option.
How Safe is BYDFi?
BYDFi considers user safety to be one of its top priorities. The platform abides by the highest security standards in the industry. It uses cutting-edge features to ensure optimal user data and funds protection. Here are some of the mechanisms that confirm BYDFi’s commitment to top-notch security:
Dual authentication
Users must verify their identity via a 2AF process provided by Google Authenticator when logging into their accounts or withdrawing funds. This security measure ensures that unauthorized entities will not access the users’ accounts.
Offline storage
BYDFi stores most of its liquidity and users’ assets offline in cold storage wallets. This extra layer of protection protects funds from online exploits and malicious attacks. Moreover, the cold storage wallet uses multi-signature technology to avoid losing access to keys or facilities.
Advanced Security
BYDFi fuels its operations with a state-of-the-art trade aggregation engine. The platform’s engine uses the kdb+ programming language, often used by the world’s biggest financial institutions. Besides an advanced level of security, this system supports more than 1 million trades per second.
The platform also employs Amazon Web Services (AWS) to support the quick and efficient verification of multiple authentications and hardware specifications. The hardware security module meets FIPS PUB 140-2 Level 3 or higher security level requirements.
All these security measures provide an unprecedented level of user protection despite the platform’s no-KYC policy. Moreover, BYDFi relies on third-party audits that assess its safety. Regular tests and checks ensure the platform’s operations run smoothly to provide a user-friendly experience.
The Bottom Line: What Are the Benefits of Joining BYDFi?
Since its inception, BYDFi has steadily developed into a leading blockchain centralized exchange, embracing innovation and prioritizing user safety. Today, the platform provides a versatile palette of trading services and tools to a growing global community. Here are some of the benefits that convince over 1 million users worldwide to choose BYDFi daily:
KYC is not mandatory, which facilitates quick account creation and withdrawals
Numerous trading opportunities, including leveraged tokens, perpetual futures, and copy trading
A user-friendly demo account for easy trading practice
Seamless crypto conversion options
A quick and efficient mobile application
Robust security measures
A unique rewards program
Resourceful customer assistance
This BYDFi review mentions only a few of the BYDFi benefits available to users as soon as they join the platform. The exchange may lack support for popular services like staking and NFTs. However, it’s not enough to damage its reputation as a solid platform with extensive trading options and competitive, high-quality services.
Its relatively new entry status means BYDFi cannot yet compete with more established trading platforms, such as Binance, Kraken, or Coinbase. Nevertheless, BYDFi actively works to improve user experience, services, and security to reach popularity similar to those exchanges. This constant development makes it a viable option for all crypto traders.
You can join BYDFi here and follow the platform on its social media channels: X (Twitter) | Discord | Telegram | Medium | YouTube | Reddit | Instagram | LinkedIn.
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