Crypto has become widely used all over the world. At the moment, there are 420 million crypto users worldwide. With thousands of cryptocurrencies being launched, the market strongly needs specially developed platforms to help investors trade crypto seamlessly. After all, trading crypto has quite an impact on cryptocurrencies’ prices.
And among the crypto trading platforms launched on the market, BYDFi aims to revolutionize crypto trading and make it even more straightforward and quick. And as a newly launched platform, BYDFi seems to work hard to achieve that.
Thus, in the following BYDFi review, we will discuss how BYDFi works, what are its most valuable features, and whether there are some things that it should improve.
BYDFi at a Glance
Initially launched in 2020 as BitYard, BYDFi is a crypto trading platform designed for both beginners and experienced crypto traders, with advanced trading features and next-level experience. Besides, BYDFi can be found in Forbes Advisor’s top 10 crypto apps and exchanges of 2023 as one of the best crypto exchanges for beginners.
The BYDFi team has developed a mobile app available on iOS, Android, MacOS, and Windows. And currently, the Singapore-based crypto trading platform is available across over 150 countries.
The most intriguing fact about BYDFi may be that it complies with industry regulations and holds licenses in the US and Australia, some countries that are pretty restrictive when it comes to crypto-related activity.
The Ultimate BYDFi Review
BYDFi does aim to revolutionize crypto trading, but the main question is: does it do that? Well, let’s see if it does by making a complete BYDFi review.
BYDFi was developed to be among the most advanced crypto trading platforms. The main features BYDFi offers include spot trading, perpetual trading, paper trading, copy trading, and crypto brokerage.
Besides, BYDFi offers various options for spot trading, thus ensuring that all users can trade crypto seamlessly, regardless of their crypto knowledge. Thus, users can choose from classic trading, direct conversions, or advanced trading.
Regarding perpetual futures trading, BYDFi offers 4 variations: USDT-M, COIN-M, Lite Contracts, and Leveraged Tokens.
However, BYDFi has some downsides, too. For instance, the platform does not provide staking; thus, users have to move their assets in order to get more crypto through staking. Furthermore, BYDFi is quite limited when it comes to educational material.
While it is a good platform for beginners, BYDFi does not offer educational content. This might drive newcomers away, as they also need to learn more about what crypto trading implies and how they can do that to get the best outcome out of this practice.
Security and Safety
Security is extremely important in the crypto industry, and investors will always look for it when choosing a crypto exchange. Concerning BYDFi, the platform provides extensive security for its users. For instance, BYDFi constantly conducts stress tests and security audits for its system, thus maintaining the overall security of the BYDFi ecosystem.
And let’s not forget that the platform complies with crypto-related regulations from the US and Australia, some countries with pretty tight rules regarding crypto.
Besides, BYDFi users are required to set up a dual authentication through Google Authenticator. Furthermore, users have to set up a pin they will use for withdrawals.
BYDFi has set some specific trading fees for each type of trading:
- Spot trading – the trading fees for spot trading usually stand between 0.1% and 0.3%;
- Leveraged Tokens – the transaction fee rate for Leveraged Tokens is currently 0.2%;
- Lite Contracts – when it comes to Lite Contracts, the transaction fee rate is among the lowest, and it has recently been adjusted from 0.075% to 0.05%;
- Perpetual Contracts (Coin-M and USDT-M) – this type of trading has 2 transaction fee rates: the taker will be required to pay 0.06%, while the maker will pay 0.02%;
- Direct Conversions – direct conversions have a transaction fee rate between 0.1% and 0.15%.
At the moment, BYDFi supports hundreds of cryptocurrencies, including the widely used ones:
- Bitcoin (BTC);
- Ethereum (ETH);
- Dogecoin (DOGE);
- Polygon (MATIC);
- Solana (SOL);
- Ripple (XRP);
- Cardano (ADA).
BYDFi offers several rewards for new and established users. The following are among the most profitable:
- Sign Up Reward – the Sign-Up Reward is offered after completing the KYC procedure and consists of a mystery box;
- First Crypto Deposit Reward – new users can receive 10% of their first crypto deposit. The reward can reach the maximum amount of 30 USDT;
- Feedback Reward – the Feedback Reward can range from 5 to 5,000 USDT and is offered to users who submit valuable feedback on the BYDFi official website.
Ease of Use
BYDFi can be used through its website, but it also provides an app available on iOS, Android, MacOS, and Windows devices. The platform is highly intuitive and suitable for advanced traders and beginners.
With high user-friendliness and great customer support, BYDFi constantly ensures its users can trade crypto seamlessly on its platform.
BYDFi is currently available in 10 languages (including English), and the account setup takes only a few steps. While the platform aims to offer users a pretty straightforward registration process, it still ensures that it provides great security for worldwide investors.
Most features can be accessed without completing KYC verification. However, the daily withdrawal limit varies based on the user’s KYC status. Unverified users can only withdraw up to 0.2 BTC per day, whereas completing the KYC registration allows withdrawal of up to 5 BTC per day.
Another great advantage of BYDFi is that it accepts over 50 fiat currencies. This means worldwide investors do not have to always trade fiat for fiat before buying crypto on BYDFi, as the platform supports the most popular currencies.
BYDFi Pros and Cons
Pros of BYDFi
- Extremely user-friendly and intuitive platform;
- Available across all the US;
- Pretty low trading fee rates;
- Supports hundreds of cryptocurrencies and over 50 fiat currencies;
- It has many trading options;
- Pretty secure platform;
- It is suitable for both beginners and experienced investors.
Cons of BYDFi
- While it aims to offer advanced trading, the platform can improve those features;
- It does not offer a staking feature;
- It is a relatively new crypto exchange.
BYDFi Review – Verdict
BYDFi is a great option for traders looking for a user-friendly platform offering advanced trading. Thanks to its features (copy trading, futures trading, spot trading, and many more), BYDFi is great for beginners and experienced crypto enthusiasts. However, beginners might feel that the platform needs more educational content, while experts may want the advanced trading features to be improved.
With over 400 cryptocurrencies and 50 fiat currencies supported, BYDFi is among the trading platforms offering crypto users several options. The platform is user-friendly, intuitive, and, most importantly, has low trading fees.
Still, it is essential to remember that BYDFi is a relatively new crypto trading platform, and while some of its features are truly valuable, others can still be improved. The important fact is that BYDFi constantly aims to offer a safe and secure platform, and users may see significant updates in the future.