BYDFi is a one-stop trading platform offering traders user-friendly and innovative trading solutions, including spot trading, lite contracts, perpetual contracts, and copy trading.

The platform offers users access to over 400 cryptos and supports the deposit and withdrawal of supported cryptos, including USDT. Among the cryptos on offer, users can access the next 100x GEM. These are cryptos that cannot be purchased on other exchanges and are exclusive to BYDFi.

Headquartered in Singapore, BYDFi launched in 2020 under the name BitYard before rebranding to BYDFi in January 2023.

Contents

• BYDFi Platform Attributes
• The Pros and Cons
• Brokerage Services, Supported Cryptocurrencies & Payment Methods
• BYDFi Products, Payments, and Risk Management
• BYDFi Wallets
• Deposit & Withdrawal Options
• Trading Platform
• Key features of the BYDFI platform
• Privacy and Security
• Customer Support
• Additional Information
• Conclusion

BYDFi Video Review

BYDFi Platform Attributes

Key attributes of the BYDFi platform include:

• User-friendly platform supporting over 60 fiat currencies in partnership with BANXA, Transak, Mercuryo, and Coinify.
• Supports the trading of more than 400 cryptocurrencies.
• User can deposit and withdraw supported cryptos, with additional deposit options including credit/debit cards, and bank transfers.
• The platform supports spot and derivatives trading in addition to copy trading.
• Advanced trading features include charts with access to a full array of indicators to carry out technical analysis.
• Global presence, supporting over 150 countries and more than 500,000 users.
• A high emphasis on security, with advanced account security settings on offer for users.

The Pros and Cons

Pros

• Recommended: Forbes included BYDFi amongst its ten best crypto apps and exchanges of 2023.
• Crypto Offering: Offers more than 400 cryptocurrencies, including the BYDFi exclusive next 100x GEM.
• Customer Support: Responsive customer support team via Live Chat and email.
• Deposits & Withdrawals: Users may deposit and withdraw supported crypto and acquire crypto by bank transfer, Apple Pay, Google Pay, and credit/debit cards.
• Multi-Client Focus: BYDFI caters to novice and seasoned traders through its multiple product offerings.
• Leverage: Provides 200x leverage.
• Security: High emphasis on security, with multiple security settings available to protect funds.
• Simple Registration: Simple to follow registration process that takes a matter of minutes.
• Transparent Fees Structure. A dedicated fee page provides users with a breakdown of all fees.

Other Positives

• Affiliate Program: users can enhance earnings through referrals and promoting BYDFi.
• Copy Trading: Gives access to successful traders and trading strategies.
• Demo Account: New users can learn to navigate the platform by using a demo account.

Cons

• No crypto staking available for coin holders.
• Users are not able to withdraw fiat currencies.

Brokerage Services, Supported Cryptocurrencies & Payment Methods

BYDFi is an online crypto exchange supporting crypto trading. The BYDFi platform offers crypto trading via spot and derivatives and also gives users access to copy trading services.

BYDFi supports the trading of more than 400 cryptocurrencies. These include but are not limited to Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB). Check supported coins here.

Registration

To open an account, go to the BYDFi homepage and click the ‘Get Started’ icon shown below.

To complete the registration process:

• Select how you wish to create an account: email or mobile.
• For email account openings, enter your email address and click ‘Send’ from the email verification code section.
• Enter the 6-digit verification code from your email.
• Enter a Login Password.
• Click ‘Get Started’.

New users can complete new user tasks to get 2888 USDT. To claim your free USDT, click ‘Get it Now’.

BYDFi offers USDT for user tasks ranging from completing KYC to rewards for first crypto deposits.

Once you have signed up, you need to complete the KYC process to increase the 24-hour limit to 5 BTC. To complete the verification process, go to the account dropdown menu and select Account Security and click the KYC verification icon:

• Enter your Country/Region.
• Full name and ID Number as per your passport or Identity Card.
• Upload passport or photo of ID (including BYDFi handwritten on paper).
• Click confirm.
• Once BYDFi completes your verification process, your 24-hour limit is increased to 5 BTC.

In addition to completing the verification process, we recommend that you enhance your account security settings.

To strengthen your account security, go to the Account dropdown menu, select Account Security, and then click Manage in the Security Center section.

Users have the option to include:

• Phone number verification
• Google Authenticator
• Fund password
• Anti-phishing code
• Withdrawal address whitelist
• Withdrawal via Address Book

Post Registration Deposit

Upon registering, you need to purchase or deposit crypto to begin trading on the BYDFi platform.

To purchase crypto, users may purchase crypto with either:

• Visa card
• Apple Pay
• Google Pay
• Bank transfer

To buy crypto, go to the Buy Crypto page.

• Select the Buy option.
• Choose the crypto you wish to receive from the ‘Receive’ dropdown list.
• Select the preferred currency from the ‘Spend’ dropdown menu.
• Scroll down and select your preferred payment method by clicking ‘Buy Now’.
• BYDFi then prompts you to confirm your payment method and provides details of the associated fees.
• Enter your email.
• Obtain your verification code from your email box, enter, and click continue after agreeing to the Ts and Cs.
• Enter prompted information for KYC and complete the card Visa transaction.

Other payment options include Apple Pay, Google Pay, and bank wire.

Upon funding your BYDFi wallet, you may begin trading. However, there are daily withdrawal limits based upon KYC status. Unverified users can withdraw 0.2 BTC per day, while verified users can withdraw 5 BTC per day.

Supported Crypto Currencies and Trading Product Overview

BYDFi gives users access to over 400 cryptocurrencies to trade. These include but are not limited to Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB).- Check supported coins here.

Supported cryptos vary by trading product and can be summarized as follows:

Users may trade spot or derivatives. Via derivatives, BYDFi offers perpetual contracts settled in USDT or BTC/USD, ETH/USD, XRP/USD, DOT/USD, DOGE/USD perpetual contracts. Additionally, users can trade Lite Contracts and Leveraged Tokens.

Via Spot Trading, users have the option to trade via the Classic, Advanced, and Convert interfaces. The Advanced Spot Trading page offers access to advanced tools for more experienced traders, while ‘Convert’ allows traders to convert crypto with one click.

BYDFi Products, Payments, and Risk Management

BYDFi supports the trading of cryptocurrencies by way of spot and derivatives in addition to offering Copy Trading Services. Copy trading allows crypto investors to benefit from the trading strategies of seasoned traders.

Importantly, BYDFi allows users to deposit BYDFi supported crypto or purchase crypto with fiat via Visa card, Apple Pay, Google Pay, and bank transfers, removing any funding limitations.

There are also several features on the BYDFi to allow traders to manage risk and track portfolio activity.

Charts

Interactive charts allow traders to carry out the necessary technical analysis to make informed trading decisions and manage risk.

Users may access charts via the Spot and Derivatives interfaces. The interactive charts include a range of technical indicators, with users able to select from multiple time periods.

To view a chart for a trade pairing, go to the relevant interface and select the trade pairing from the dropdown menu located on the LHS of the page. Users can then carry out technical analysis by selecting indicators from the dropdown menu and also draw lines when needed.

Balances and Trading History

BYDFi provides users with a detailed overview of all activity on the platform.

Spot Trading:

Users may view “Orders”, “Order History”, “Trade History”, and “Funds”. Detailed information is then available for each sub-category, including trade date, pair, amount, price, etc.

Derivatives Trading:

Users can view Positions, Orders, Order History, Trade History, and Transaction History. Sub-category details include size, entry, mark/liq. price, margin/ration, PNL/ROE%, trailing stop, etc.

Orders:

Via the Orders page, users may access trade and transaction histories. Additionally, users can specify the coin, time, and/or select a time period to review.

My Assets

For users looking to review crypto movement, the My Asset page provides crypto holders a comprehensive asset statement. Here, users can select the base currency of the asset statement, with BYDFi providing the following details for each coin: all assets; available crypto; and in order balances.

In addition, users may view transfer, deposit, and withdrawal histories and rewards via the My Rewards page.

Fees and Charges

BYDFi has a dedicated “Fees” page with a detailed breakdown of all trading fees.

Crypto Deposit and Withdrawal Fees

BYDFi does not charge deposit fees for cryptocurrencies. However, there are withdrawal fees.

Users pay a flat fee for each withdrawal and are determined by the blockchain network. Rates can vary without notice due to network congestion and other factors. Withdrawal fees for the more popular cryptos are as follows:

Trading Fees

Trading fees vary by trading type and are as follows:

Spot Trading Fees on all trading pairs:

• Maker transaction fee: 0.1% – 0.3%.
• Taker transaction fee: 0.1% – 0.3%.

Users may also locate the transaction fee in the upper-right corner of the spot trading pair page.

• Convert Transaction Fees: 0.1% – 0.15%.

Lite Contracts:

• Opening Fee = Margin * leverage * 0.05%
• Closing Fee = Margin * leverage * 0.05%

Perpetual Contracts (USDT-M & COIN-M):

• Transaction Fee Rate: Taker 0.06%; Maker 0.02%.

Leveraged Tokens:

• Transaction fee: 0.02% charged separately when buying or selling USDT.
• Management fee: 0.03% of the true value of the leveraged tokens charged daily.

BYDFi Wallets

BYDFi provides users with wallets for BYDFi-supported crypto. Users may access individual crypto wallets via the My Assets page located under the Assets dropdown menu.

On the My Assets page, users can deposit, withdraw, transfer, and send crypto as well as view:

• Individual wallet balances in crypto and preferred fiat currency.
• View total asset balance in USDT and USD.

You may deposit, withdraw, or trade crypto. Additionally, users may view:

• Individual wallet balances in asset value and fiat equivalent.
• View trade, deposit, and withdrawal histories for each asset.
• Trade cryptos directly from each crypto wallet.
• Search for individual wallets.

Deposit & Withdrawal Options

BYDFi supports the deposit and withdrawal of crypto.

Deposits

To make a crypto deposit, go to My Assets and select the crypto that you wish to deposit.

• Click the Deposit icon.
• Select the correct network.
• Copy the address or scan the QR code and complete the transfer from your external wallet.

Withdrawals

Please note, you need to set up your Google Authenticator in order to withdraw crypto.

To make a crypto wallet-to-wallet transfer to an external wallet,

• Select the crypto you wish to withdraw from the dropdown menu.
• Choose the network and select your external wallet address and the withdrawal amount.
• Note the network fee and click withdraw.

Users can manage external wallet addresses by clicking the Manage Address hyperlink. Here you can add external wallet address to facilitate the withdrawal of cryptos.

Trading Platform

BYDFI supports spot and derivatives cryptocurrency trading with crypto-crypto and crypto-fiat trading pairs.

Spot trading

To trade spot, go to the Spot dropdown menu and select your preferred trading interface, either Classic, Advanced or Convert.

• Select the crypto-crypto or crypto-fiat your wish to trade from the dropdown menu on the LHS of the page.
• On the RHS of the page, select market or limit trade.
• For a market trade, enter the amount you wish to purchase in USDT and click Buy BTC (in the case of a BTC/USDT trade).
• The trade details will appear below the chart in the ‘Orders’ section.

Convert

To use the Convert function, go to the Spot dropdown menu and then the Convert page. Select the crypto you wish to convert from the dropdown menu, enter the amount, and click ‘Convert’.

Derivatives Trading

• To trade derivatives, go to the Derivatives dropdown menu and select the derivatives product you wish to trade. In order to trade derivatives, you need to open a Futures Account. On the right-hand side of the page, select Limit, Market, or Stop Limit.
• For a market order, enter the size of the contract you want to trade.
• Select your leverage, up to 200x.
• To mitigate risk, click the TP/SL box and enter your take profit / stop loss parameters. Users can also make use of trailing stop functionality.
• Now complete your trade by trading long or short.

Key features of the BYDFI platform

Trading Functions

• Spot Trading: An easy to navigate trading interface allowing users to trade crypto-crypto and crypto-fiat pairings. Users can trade spot via the Classic, Advanced, and Convert interfaces.
• Perpetual Contracts: Caters to traders looking to trade offered derivatives products with leverage and the use of take profit and stop loss. Products include perpetual contracts settled in USDT or crypto, lite contracts (for beginners), and leverage tokens (Offers leverage without the risk of liquidation).
• Copy Trading: Via the Copy Trading page, users can copy seasoned traders, with a copy trading margin on offer.

Tracking Options

• Orders: Via the Orders page, users may view trade and transaction histories for spot and derivatives trading activity.
• Wallet Balances: Users can view total assets in USDT and view individual crypto balances in a preferred fiat currency and cryptocurrency via the My Assets page.
• Wallets Activity: Deposit and withdrawal histories are available for each individual wallet. For certain cryptos, users may access the spot trading platform directly from the crypto wallet.

Earning Options

Affiliate Partner Program: BYDFi offers affiliates real-time rebates, with a dedicated affiliate center to track referrals and earnings. Users can also enhance earnings by promoting BYDFi via the Partnership page.

Official partner benefits include but are not limited to:

• Monthly salary program, ranging from $300 to $30,000 USDT in cash.
• Spot trading commissions, Lite Contracts, Perpetual Futures, and ETFs
  • Spot Commission: 10 – 30 %.
  • Lite Contract Commission: 30 – 50%.
  • Perpetual Futures Commission: 30 – 50%.
  • BYDFi’s major official partners can enjoy high commissions up to 55%.
• Invited referrals can enjoy a 10% discount promotion on trading fees.
• Exclusive support from BD managers on a 1-1 basis.
• Copy trading account opening and profit sharing in BYDFi copy trading.

Prospective affiliate partners can access the Affiliate Center Tutorial for a full understanding of the Affiliate Partner Program.

Welcome Rewards: Users can enhance earnings via the dedicated Welcome Rewards page. BYDFi offers rewards for new user tasks and advanced tasks.

New User Tasks include but are not limited to:

• Sign up and complete KYC to get a Mystery Box.
• Google Authenticator Reward: 2 USDT.
• Anti-Phishing Code Reward: 2 USDT.
• Feedback: 5-5,000 USDT.

Advanced Task Rewards include but are not limited to:

• Advanced Reward 1: Accumulated deposit of 1,000 USDT, get 10 USDT Perpetual Bonus.
• Advanced Reward 7: Accumulated deposit of 100,000 USDT and trading volume greater or equal to 10,000,000 get 1,500 USDT Perpetual Bonus.

Users can only use bonuses for Perpetual Futures transactions. The profit part is withdrawable.

Communication

SUPPORT: Users may contact customer support via the ‘Chat’, 24-7.

Additionally, users may also contact customer support via social media and the BYDFi Official Channel Verification. Users can verify that the person who made contact or the group you joined is official by using BYDFi Official Verification.

Social Network Platforms: BYDFi has a presence on YouTube, Twitter, LinkedIn, and Facebook.

Privacy and Security

BYDFI has enhanced security and privacy measures in place. Privacy and security features include:

• Phone number verification.
• Email verification.
• Google Authenticator.
• Fund password for withdrawals.
• Anti-phishing code.
• Withdrawal asset management, address whitelist, and via address book.

Users may enhance security settings via Account Security located under the Account dropdown menu.

To protect user assets, BYDFi has the following security measures in place:

• BYDFi has US and Canada MSB dual license. (US MSB Registration No. – 31000215482431/ Canada FINTRAC MSB Registration No. – M22636235)
• Personal data protection: Jumio KYC system
• Cold storage: The vast majority of digital currencies held at BYDFi are stored offline in cold storage wallets.
• Multi-party approvals: Multiple people are required to authorize transactions.
• Segregated accounts: Your money is held separately from ours. Your crypto is kept in segregated cold storage wallets.
• Strict whitelisting: Transactions from our cold wallets are restricted to a whitelist. It prevents unauthorized withdrawals to any address BYDFi has not approved.

Customer Support

BYDFi provides 24-7 customer support via live chat and email (cs@bydfi.com). There is also a comprehensive help center and FAQ section. Here, users can search for instructions and access promoted articles.

Social Media: BYDFi also has a social media presence.

Twitter: https://twitter.com/BYDFi

LinkedIn: https://www.linkedin.com/company/bydfi

YouTube: https://www.youtube.com/@BYDFiOfficial

Facebook: https://www.facebook.com/BYDFiOfficial

Additional Information

FAQ

Some of frequently asked questions:

The withdrawal has not arrived.

Withdrawal is divided into three steps: withdrawal – block confirmation – crediting.

If the withdrawal status is “Successful”, it means that the transfer processing of BYDFi has been completed.

You can copy the transaction ID (TXID) to the corresponding block browser to check the progress of the withdrawal.

If the blockchain shows “not confirmed”, please wait patiently until the blockchain is confirmed. If the blockchain is “confirmed”, but the payment is delayed, please contact the receiving platform to assist you in the payment.

Deposits Haven’t Been Credited to Your BYDFi Account

If the deposit is completed but not yet in your account, the possibilities are as follows:

1. You didn’t enter the tag when depositing the crypto that requires a tag. (such as XRP, EOS, etc.)

2. The blockchain transaction hasn’t been completed yet.

3. Deposit through smart contract.

If you deposit crypto that is not supported by the platform, you can refer to this article: Depositing Unsupported Coins to Your BYDFi Account.

Conclusion

BYDFi is a simple-to-use trading platform giving traders access to spot and derivatives trading.

Offering more than 400 cryptocurrencies, the platform supports 24-7 crypto trading with the option to enhance earnings with leverage.

In addition to supporting the deposit and withdrawal of supported cryptos, users can purchase crypto with Visa, Apple Pay, Google Pay, and Bank Transfers, making the platform fully accessible.

Catering to novice and advanced traders, BYDFi has a high emphasis on security to ensure the protection of user assets.

In conclusion, BYDFi is a go-to platform for investors looking to trade a full range of cryptocurrencies via an easy-to-use platform that focuses on product offerings and security.