BYDFi Review 2024 – Benzinga

What Is BYDFi?

BYDFi is an all-in-one cryptocurrency exchange providing convenient and innovative trading solutions for active crypto traders worldwide. BYDFi offers crypto investors a broad selection of over 400 spot crypto trading pairs and 100+ derivative products, including leveraged tokens. Although trading complex crypto derivative contracts isn’t ideal for beginners, BYDFi aims to simplify the process. 

BYDFi offers advanced trading and interactive charting capabilities essential for conducting technical analysis, executing trades swiftly and managing positions effectively in dynamic market conditions. This makes BYDFi the best crypto exchange for active traders. Besides trading, BYDFi offers many other earning opportunities. 

For instance, you’ll get a mystery box reward containing various random cryptocurrencies for completing your KYC setup or making deposits using different methods. Upon signing up, making your first trade and referring friends to the platform, you’ll also get a welcome bonus. BYDFi was founded in 2020 and is headquartered in Singapore. 

How to Open an Account at BYDFi

Opening an account at BYDFi is a straightforward process that can be completed in just a few steps.

1. Visit their official website at https://www.bydfi.com/ and click on the ‘Get Started’ button located at the top right corner of the page.
2. Create an account using either your email address or mobile number, whichever is more convenient for you.
3. Fill out the required information, including your name, email address, and a password. Make sure to choose a strong and secure password to protect your account.
4. Verify your account using the code sent to your email or mobile number.
5. BYDFi may require additional verification steps like providing ID or proof of address based on country of residence and funding method chosen.
6. Fund your BYDFi account using the available methods.
7. After funding your account, you can start trading on BYDFi, which offers futures, social trading, and copy trading options to meet your needs.

Despite being a relatively new platform (established in 2020), BYDFi has quickly gained popularity as a leading crypto due to its simplicity, efficiency and extensive choice of products and services. Here’s a breakdown of its offerings.

Crypto Spot Trading and Convert

BYDFi offers an extensive selection of over 400 cryptocurrency pairs in its spot markets. These offerings encompass leading cryptocurrencies like BTC and ETH alongside lesser-known altcoins. This makes it an excellent choice if you prioritize altcoins, as they can yield lucrative returns. Additionally, BYDFi provides traders with seamless means to buy and sell crypto via instant swapping on its Convert and OTC portal. You can convert or switch between cryptocurrencies with a single click. This eliminates the need for an order book, making it ideal for beginner traders or those seeking speed and efficiency.

Buy and Sell Cryptocurrency

If you’re a crypto newbie, buying and selling your first crypto can pose significant challenges. BYDFi supports fiat on and off ramps (fiat gateways). You can seamlessly buy BYDFi’s 400+ cryptocurrencies with your legal tender and sell them for that tender. BYDFi supports over 90+ fiat currencies for buying cryptocurrencies, including USD, GBP and EUR. However, the platform has a limited set of fiat options for selling. This includes AUD, EUR and CAD. To manage crypto buying on and off ramps, BYDFi uses multiple payment channels, including Transak, Coinify and Banxa. 

All these channels support Visa and Mastercard transactions and SEPA transactions for European customers. Banxa even integrates with Apple Pay, which makes it very convenient for BYDFi app users on iPhone or iPad devices. Banxa is also BYDFi’s only supported payment channel for selling. BYDFi’s fiat gateway facilitates a smoother flow, allowing you to focus on more complex tasks, such as making the right investments and developing effective strategies. 

You can directly buy crypto with fiat in four simple steps as shown above.

Derivative Products 

An appealing core benefit of using the BYDFi platform is the ease of accessing derivative products. This makes trading these complex instruments simple and convenient. BYDFi’s derivative products encompass perpetual contracts and leveraged tokens.

• Perpetual contract: Perpetual contract is a type of derivative contract offered by BYDFi have no expiration date and include USDT-M and COIN-M. USDT-M is settled in stablecoin USDT and supports multiple cryptocurrencies with up to 200X leverage. COIN-M is an inverse perpetual contract settled in cryptocurrencies with only five trading pairs and up to 100X leverage.

• Leveraged tokens: BYDFi’s leveraged tokens allow trading of various coins and tokens with leverage without margin. They offer 3X Long and 3X Short leveraged tokens on over 30 cryptocurrencies without requiring collateral, making them a safer option for newcomers in trading.

Additional Earnings: Welcome Rewards and Affiliate Program

BYDFi’s multiple earning options are part of what differentiates it from other similar platforms. You can get up to $2,888 in rewards for completing various tasks. Available tasks encompass advanced and new user tasks. For instance, you get a mystery box containing random crypto assets on completing your KYC. You also get 2 USDT perpetual coupons for implementing Google 2FA, setting up anti-phishing codes, and joining the community. You can check out all the available tasks on the Welcome Reward page. BYDFi’s affiliate program presents another excellent earning opportunity. 

BYDFi offers a referral program where users can earn up to 50% commission by inviting others to trade on the platform. The program provides real-time commission settlement, lifetime rebates, a dedicated affiliate center, access to offline meetups, branded gifts, and exclusive trading contests.

Advanced Charting and Other Trading Tools

BYDFi offers trading tools such as interactive charting software, order types, and technical analysis options for informed trading decisions. Users can access charts via different interfaces and select from various technical indicators for risk management.

To view a chart for a trade pairing, navigate to the relevant interface and select the trade pairing from the dropdown menu on the left-hand side of the page. Subsequently, you can conduct technical analysis by selecting indicators from the dropdown menu and drawing lines when needed.

BYDFi offers a sleek, intuitive and user-friendly mobile app for iOS and Android devices. The mobile app mirrors some web functionality but has many extra features to enhance flexibility. Upon login, you’ll immediately see the Demo trade, BYD point, super airdrop and lucky wheel button on the top of the homepage. BYDFi awards BYD points on the app instead of USDT, which it offers on the website when you complete tasks. BYDFi also offers airdrop based on your BYD points. 

If you have sufficient BYD points, you can play the lucky wheel for a chance to win an iPhone 14. You can customize the homepage to display your preferred button. You can also add your favorite crypto assets and view the top gainers, losers and new coins. There’s also a news and announcement tab on the lower part of the homepage. 

You can access the app’s comprehensive features by clicking ‘more’ after the lucky wheel. This is categorized into common features, trading, benefits and others. Many of the app’s features are unavailable on the website (trading bot, auto-investing, spot grid, P2P). The BYDFi mobile app is robust regarding its trading tools and vital features. Benzinga highly recommends it for your fantastic on-the-go crypto trading. 

Despite being relatively new, BYDFi already has trading licenses in the U.S. and Canada, thanks to its robust security measures. The exchange prioritizes top-level security measures across its platform, employing rigorous standards and tools to safeguard customer assets. These measures extend to its trading systems, customer accounts, network transmission, fund custody and auditing, ensuring comprehensive protection against potential threats. 

All accounts must enable two-step authentication. Users can also implement anti-phishing codes. All digital assets or funds are stored in secure offline deep cold storage wallets with zero points of failure. The exchange uses multiple signature technologies to protect users against attacks or losing access to keys during deposit or withdrawal. Additionally, BYDFi uses the highest level of website and engine security optimized for speed and efficiency. BYDFi employs the renowned and reputable Amazon Web Services (AWS) for physical security and internal control. 

This system requires multiple authentications and hardware verification for access, meeting FIPS PUB 140-2 Level 3 or higher security standards. The platform utilizes an encrypted SSL protocol to secure website traffic and process sensitive data, including passwords with 512-bit encrypted hash (SHA512). Additional security measures include using Cloudflare to mitigate potential DDoS attacks and regular IT security audits and assessments.  

BYDFi offers a transparent and competitive fee structure. All the applicable fees are shown in the table below.

There are no deposit fees. However, BYDFi charges a flat fee for withdrawal. The fee covers the transaction costs of transferring cryptocurrency out of the platform. It can vary because of network congestion on the blockchain network, which determines the fee amount. In general, BYDFi’s fee structure is competitive compared to other platforms in the cryptocurrency trading industry. Additionally, it supports multiple payment methods, including credit or debit cards, e-wallets, crypto wallets and bank transfers.

The BYDFi trading platform is very user-friendly with robust trading capabilities. This makes the platform attractive, especially for beginner traders. With over 400 cryptocurrencies available, you can choose where to put your money. You’ve got multiple options regarding how to invest your money. All the available trading choices, including spot and derivative trading, promise impressive returns. The platform simplifies derivative trading, making it more attractive to beginners. The platform’s simplicity and intuitive user interface make it easy for users to navigate and execute trades efficiently without getting overwhelmed. 

Besides its sleek and intuitive design, the mobile app packs numerous features that enhance the on-the-go trading experience. The customer services team is responsive and professional in answering questions. Benzinga experienced this professionalism firsthand via the live chat. Signup or registration takes little or no time. The platform also provides Demo accounts for derivative trading to help you build confidence before opening a live account. Benzinga considers BYDFi recommendable.

BYDFi offers 24/7 customer support through its interactive chatbot on the website’s bottom-right corner. The highly responsive chatbot will assist you with questions or complaints. If you require more assistance, you can opt to be connected to a customer service representative. You can access the live chat on the mobile app by clicking the headphone icon on the upper right side of the homepage. There’s no phone number for direct contact, but the company’s email is [email protected]. 

You can also connect with the team via social media and instant messaging platforms, including Facebook, Twitter, Instagram and Telegram. BYDFi has social media contact links for different countries. Try the official channels if your country is unavailable on the list. Additionally, you can get answers to all potential platform-related questions, including feature updates, product offerings and fees, from the help center. The platform has an average rating of 2.7/5 from 17 reviewers on Trustpilot and 4.9/5 from 71 reviewers on ProductHunt. Reviewers on Trustpilot expressed mixed sentiments, contrasting the overwhelmingly positive comments on ProductHunt. 

BYDFI vs. Competitors

BYDFi has a few competitors like KuCoin and Binance. These platforms also offer users a range of trading options and services, attracting a significant user base and competing for market share in the crypto industry. Unlike BYDFi, both offer crypto staking and lending options. However, BYDFi offers the best maximum leverage at 200X compared to 125X for KuCoin and Binance. BYDFi’s emphasis on simplicity and its user-friendly trading interface are excellent competitive advantages. 

BYDFi is worth considering whether you’re a beginner or a seasoned crypto expert. The platform’s competitive pricing, plus its emphasis on simplicity and efficiency, guarantees a streamlined trading experience. Its diverse range of trading options (spot, derivatives) and extensive choice of 400+ spot trading pairs and 100 derivative products present excellent trading opportunities. Overall, BYDFi presents itself as a promising exchange for individuals seeking a comprehensive and user-centric platform to navigate the complexities of the cryptocurrency market. However, it misses vital features like crypto staking and lending and needs robust educational materials. Still, BYDFi is a relatively new but rapidly growing cryptocurrency exchange, and you can never tell what new features the team will add to the platform soon. 

Frequently Asked Questions