Welcome to our BYDFi review! If you’re looking for a cryptocurrency exchange that offers top-notch security, high liquidity, and a supportive community, BYDFi might just be the platform for you.
In this review, we’ll take an in-depth look at BYDFi’s key features, pricing, customer support, and user reviews to help you decide if it’s the right exchange for your crypto trading needs. So, without further ado, let’s dive into our review and see what this platform has to offer!
What Is BYDFi?
BYDFi (previously known as BitYard) is a one-stop social trading platform that has been providing professional and convenient trading services to global users since 2019. With its slogan “BUIDL Your Dream Finance” and a user-friendly interface, BYDFi aims to take cryptocurrency trading to a whole new level and provide users with a better trading experience.
But BYDFi is more than just an exchange; it’s a platform that aspires to give users autonomy and leave a mark. With over 500,000 users across 150 countries, BYDFi has become a trusted name in the crypto trading world.
One of the reasons for BYDFi’s popularity is its multiple licenses and regulatory compliance that make it a reliable and secure trading platform. And with its diverse range of services, including futures, social trading, and copy trading, BYDFi truly is an all-inclusive trading platform that caters to the needs of both novice and experienced traders alike.
Speaking of copy trading, BYDFi offers a unique feature where users can get paid by getting copied by other traders. This prompts traders to share their strategies and knowledge with the BYDFi community.
Finally, BYDFi makes it easy for users to deposit and withdraw funds, with fast and convenient options for converting fiat currency to crypto and vice versa. All of these features combined make BYDFi one of the best exchanges in the crypto trading world worth considering for your trading needs.
How to Open an Account at BYDFi
Opening an account at BYDFi is a quick and easy process that can be completed in just a few steps. Here’s how to get started:
- Go to the BYDFi website: Start by visiting the official website at https://www.bydfi.com/. You’ll see a “Get Started” button in the top right corner of the page you should click to start creating your account.
- Choose your subscription method: You’ll have the option to subscribe using either your email address or mobile number. Choose the method that’s most convenient for you.
- Verify your account: Once you’ve provided your information, you’ll need to verify your BYDFi account by inputting the code sent to your email or mobile number. This helps ensure the security of your account and helps prevent fraud.
- Complete additional verification steps (if required): Depending on your country of residence and the funding method you choose, BYDFi may require additional verification steps, such as providing a government-issued ID or proof of address. Follow the instructions provided by BYDFi to complete these steps.
- Fund your account: Once your account is verified, you can fund it using one of the available funding methods.
- Enjoy trading: After funding your account, feel free to start trading on BYDFi. BYDFi offers a wide range of trading options, including futures, social trading, and copy trading, so you’re sure to find something that meets your needs.
Once you complete the sign-up process, you will be welcomed with a BYDFi sign-up bonus package. This package includes a Mystery Box you’ll get as soon as you complete KYC and several other coupons and bonuses you can get by completing tasks.
All things considered, opening an account at BYDFi is a straightforward process that can be completed quickly. With BYDFi’s top-notch security measures and range of trading options, it’s an excellent choice for anyone looking to get into cryptocurrency trading.
Is BYDFi Safe?
BYDFi implements top-level security standards and tools to prevent any accidental events and threats to customer assets. The platform implements rigorous, precise, and comprehensive security standards at multiple levels, including trading systems, network transmission, customer accounts, fund custody, insurance, and auditing.
To ensure compliance with the strictest security standards, BYDFi conducts regular stress tests and security audits, providing global clients with the industry’s top security protection.
Account Security: Dual authentication provided by Google Authenticator, also known as two-step verification, adds an extra layer of security to user accounts. This verification process requires users to verify their identity in two different ways, which is more secure than traditional single-step verification and helps prevent unauthorized access to accounts. Users can also enable Anti-Phishing Codes, which help prevent phishing attempts from fake websites or email addresses.
Wallet Security: At BYDFi, trading is secure, and all digital assets are kept in offline, deep cold storage wallets with no risk of a single point of failure. In addition, BYDFi uses multiple signature technology for deposits and withdrawals to defend against attacks and against losing access to keys or facilities.
Engine Security: Engine security is optimized for high-speed and efficient trading. The trade aggregation engine is programmed in the kdb+ language, often used by major financial institutions in their high-frequency trading programs. The subsystems of the trade aggregation engine are optimized using unique coding and are developed using an advanced distributed cluster architecture and microservices to minimize latency and increase order execution speed.
System Security: The platform uses Amazon Web Services (AWS), which has a good reputation for physical security and internal control. The system requires multiple authentications and hardware verification for access, and the hardware security module meets the highest security level requirements. The platform uses the encrypted SSL protocol to encrypt and protect site traffic, all passwords and sensitive data are processed by a 512-bit encrypted hash (SHA512), and Cloudflare is used to reduce potential DDoS attacks.
With its strict security measures and top-of-the-line security tools, BYDFi provides users with a safe and secure trading environment for cryptocurrency trading. So whether you are a new or experienced cryptocurrency trader, you can trade confidently on BYDFi’s platform, knowing that your personal information and assets are well-protected.
What Are BYDFi Features?
BYDFi’s account management system is designed to provide a seamless customer experience. Upon creating an account, users can access a dashboard with a drop-down menu for profile settings, orders, and assets.
The Orders tab includes two options—derivatives and spot. Users can easily switch between the two to trade in their preferred markets. The Assets tab includes several options, such as My Assets, Deposit, Withdraw, Buy Crypto, Send, and My Rewards, making it easy for users to manage their assets on the platform.
While writing this BYDFi exchange review, we confirmed that the dashboard is user-friendly and easy to navigate, allowing users to track their trading activities, monitor their account balances, and view their trading history. The platform provides a range of payment options for deposits and withdrawals, including bank transfers, credit cards, Google Pay, and Apple Pay. BYDFi also offers competitive fees for deposits and withdrawals, making it an affordable option for users.
In addition to traditional cryptocurrency trading, BYDFi also offers copy trading, which allows users to replicate the trades of successful traders automatically. This feature is an excellent option for users who are new to trading or don’t have the time or expertise to manage their accounts.
BYDFi Mobile App
BYDFi offers a mobile app for users who prefer to trade on the go. The app is available for both iOS and Android devices and can be downloaded from the respective app stores.
The mobile app provides users with all the features of the web-based platform, including a user-friendly dashboard, trading options, and copy trading functionality. Users can manage their accounts, track trading activities, and deposit or withdraw funds from the BYDFi app.
One of the benefits of using the BYDFi mobile app is that it provides push notifications for important updates and market news, allowing you to stay informed of any changes in real time. This feature can be handy for active traders who need to stay on top of their positions and market movements.
BYDFi Fees and Pricing
BYDFi offers a competitive fee structure for its trading services. The transaction fee rate for spot trading is between 0.1% and 0.3%, depending on the execution type (maker or taker). For converting, the fee rate is between 0.1% and 0.15%. The fee for lite contracts is currently 0.05%, while the fee for perpetual contracts is 0.06% for the taker and 0.02% for the maker.
The management fee for leveraged tokens is 0.03% of the true value of the tokens and is charged daily at 00:00:00 (UTC+8), reflected in the net asset value of the tokens.
It’s worth noting that there is no trading fee for unfilled parts of orders or canceled orders. Also, BYDFi charges a pre-deducted opening and closing transaction fee of 0.1% when opening a position for lite contracts but will no longer charge again when closing a position.
Traders can find the transaction fee rate in the upper-right corner of the spot trading pair page. BYDFi uses a formula to calculate the transaction fee, which takes into account the filled order quantity and the transaction fee rate.
Overall, BYDFi’s fee structure is competitive within the cryptocurrency trading industry and provides transparent information about transaction fees and rates for each trading service offered.
BYDFi’s customer support team is available 24/7 to assist users with any questions or concerns they may have. The platform offers automated and manual support options, ensuring users can quickly and easily find the necessary information. To access customer support on the website, simply click the “Support” button in the bottom-right corner and enter your question. The robot will automatically find relevant answers for you. Still, if you need more assistance, you can click “Get in touch” and connect with a live customer service representative through the “Live Chat” feature.
The mobile app offers the same support options, with a button in the upper-right corner leading to the automated support feature and the “Get in touch” and “Live Chat” options for manual assistance. In addition to all previously mentioned channels, BYDFi exchange has a comprehensive help center with answers to frequently asked questions (FAQs) and articles covering a wide range of topics, from account management to trading strategies.
Customer reviews can be a valuable tool when deciding whether to use a particular service. Many customers have had positive experiences with BYDFi, particularly praising the customer service and user interface. On the other hand, some users have expressed concerns about frozen assets, copy trade systems, and spot trading services that are not available on the platform.
It’s important to remember that cryptocurrency trading can be a risky business, and users should do their own research before placing trades. Overall, it’s important to weigh both positive and negative experiences to make an informed decision about using BYDFi.
Summary of BYDFi Review
BYDFi has proven to be a reliable and user-friendly platform for those seeking to trade cryptocurrency. With its intuitive interface, extensive asset offerings, and knowledgeable customer support, BYDFi stands out in a crowded market. The platform’s unique features, such as copy trading and leveraged tokens, provide users with a competitive edge. Additionally, BYDFi’s commitment to security and regulation gives traders peace of mind.
While the platform does have room for improvement, the overall positive customer reviews and low fees make it a platform worth considering for both novice and experienced traders alike.
Is BYDFi legit?
BYDFi is a legitimate cryptocurrency trading platform located in Singapore. It follows strict security regulations and implements KYC policy, making it a safe and secure place to trade cryptocurrencies. The exchange is also committed to supporting AML/KYC policies, which help prevent money laundering and other financial crimes.
Can I use BYDFi in the USA?
BYDFi is available in the United States, but it is important to note that it is unavailable in certain countries. These include China, Pakistan, Bangladesh, Kazakhstan, Syria, Afghanistan, Iraq, Yemen, and Iran due to regulatory restrictions.
How do I withdraw money from BYDFi?
To withdraw money from BYDFi, follow these steps:
- Log in to your account, go to the “Assets” page, and select “Withdraw.
- Select or search the cryptocurrency you wish to withdraw and enter the withdrawal address, the amount, and your fund password.
- Once you have entered this information, click on “Withdraw” to complete the process.
- Wait for BYDFi to review your withdrawal request and process it.
It’s important to note that BYDFi may require you to complete the KYC verification process before you can withdraw funds. Additionally, your daily withdrawal limit might vary depending on whether you completed the verification or not.