The rapidly evolving world of cryptocurrencies increases demand for secure and efficient cryptocurrency exchanges. BYDFi is a cryptocurrency exchange that has recently gained attention in the digital asset community, promising a superior trading experience.
In this BYDFi review, we take on its key features and the overall user experience to determine if it lives up to the hype as an ideal crypto exchange.
???? What is BYDFi?
BYDFi, launched in 2020, is a crypto trading platform offering an advanced range of crypto products and services. The word BYDFi stands for BUIDL Your Dream Finance. From its inception, the company’s main value has been to develop the potential of traders, helping them shape their future trading with digital assets.
In 2020, it opened as BitYard, rebranding to BYDFI in January 2023 as a response to the progressive nature of the crypto market.
The exchange operates as a one-stop destination for crypto traders, designed to cater to beginners and experienced traders. BYDFi offers a range of features aiming to enhance the trading experience. The platform has steadily grown in popularity since its launch, attracting a significant user base.
The crypto exchange is built on an essential fundamental principle centered around shaping digital currencies’ future to cater to everyone’s financial dreams.
Pros
- Affordable trading fees.
- Easy to sign-up and an easy-to-use interface.
Cons
- Offers no crypto staking.
- It has a limited range of educational materials.
BYDFI Key Features
???? Multiple Licenses
BYDFi takes licensing seriously, as it is one key component of customer safety. As such, with a clear take on regulatory compliance, BYDFI has dual licenses that make it operate as a Money Service Business (MSB) in both the United States and Canada.
With such stringent commitment towards regulation, BYDFi stands as an exchange eager to create a secure and trustworthy user environment. Traders can trust the exchange due to the dual licenses in place.
???? Service Diversification
Based on its main values, BYDFi aims to be a one-stop crypto ecosystem for investors and traders with several deposit and trading strategies. When going through any crypto exchange, an individual’s choice of deposit and trading strategies is always a concern. BYDFi has this unique consideration in that it provides a platform for a wide range of options.
As a trader, you can participate in derivatives or spot trading, fiat-to-crypto conversions, and more. The platform gives you unique access to diverse facets of the crypto market.
???? Copy Trading
Apart from spot and derivative trading, BYDFi offers crypto copy trading tools. With this feature, beginners have an easier overall trading experience. Copy trading allows new traders to copy trades from experienced and professional traders, where they earn and learn.
???? Easy Deposit and Withdrawal
As a user, you can access user-friendly options to deposit funds in over a hundred currencies, which offers comprehensive coverage of multiple payment options for crypto traders worldwide.
Trading Features and Tools
With BYDFi, any trader can access an additional suite of advanced trading features and tools that help them have a wider range of possibilities. Here are some of them:
????Spot Trading
With spot trading, BYDFi paves the way for traders to interact with others within the spot market ecosystem, where trades are settled instantly. Spot trading has three versions, allowing users to trade their spot trading pairs.
These versions include:
- Direct Conversions– this option lets you buy and sell crypto through instant swapping, which helps avoid the order book. You can convert different cryptocurrencies effortlessly with just one click.
- Classic Spot Trading– This feature offers traders easy and simple trading tools, including an order book, charting software, and other different order types.
- Advanced Spot Trading– This option is more advanced, with all the tools for the spot market and features within the classic segment. This includes a more optimized platform for technical analysis and market depths, offering traders advanced tools to predict the market and make reasonable decisions.
???? Futures Trading
BYDFi also supports futures trading with the following popular trading options:
USDT-M Trading
USDT-M trading encompasses a perpetual contract settled in USDT. Several cryptocurrencies are supported in this interface, including Bitcoin, Ethereum, XRP, Chainlink, Bitcoin Cash, Dogecoin, and many more. BYDFi gives access to around 100 trading pairs, and all contracts, in this case, are perpetual without expiration dates.
Coin-M Trading
With this derivative option, any trader in the platform can access four vital perpetual contracts. As a result, there are four trading pairs, including BTC/USD, ETH/USD, XRP/USD, and DOT/USD.
???? Ease of Use
BYDFi has a user-friendly interface, one of its main selling points. The platform caters to seasoned traders and newbies with a friendly interface. Its clean and intuitive layout makes it easier for traders to navigate and execute trades swiftly.
The website also updates the prices of cryptocurrencies every few seconds. Besides the website, you can also access the BYDFi cryptocurrency exchange through their mobile app and desktop platform.
???? Fees
The fee structure of spot trading is the same as that of inverse and USDT Contracts on BYDFi. The trading fee also corresponds to the Maker and Taker execution types, ranging between 0.01-0.3%. However, it is important to note that opening and closing fees may be different for different arrangements.
The conversion fee rate ranges from 0.1-0.15%.
Important to note BYDFi does not charge any fees on deposits. However, BYDFi applies a flat fee for withdrawals to cover transaction costs, which may vary due to network congestion.
???? BYDFi Payment Methods
BYDFi aims to provide a seamless and secure trading experience for its users, which extends to BYDFi’s broader range of payment methods.
The platform’s payment methods include:
- Debit cards
- Credit cards
- E-wallets
- Crypto wallets
The payment options offer access to cryptocurrency and fiat currency transactions, allowing you to choose which suits your needs.
➕ BYDFi Affiliate Program
The BYDFi affiliate program presents an exciting opportunity for its users to leverage their influence and earn commission by referring others to the leading crypto trading exchange.
Users can drive more traction to the platform and reap the rewards by sharing the referral link on popular social media platforms such as Facebook, YouTube, Twitter, Telegram, and Discord.
???? Customer Support
Efficient and responsive customer support is essential for any cryptocurrency exchange, especially in a market where transactions happen around the clock. BYDFi claims to offer 24/7 customer support, set to assist users with concerns.
One can reach the support team through different channels, including a 24/7 live chat, Facebook, Twitter, Telegram, and Instagram.
???? Security
The firm employs precise, comprehensive, rigorous, and stringent security measures, ensuring the highest level of security for digital client assets. Different security measures exist for trading systems, fund custody, auditing, network transmission, customer accounts, and client insurance funds.
BYDFi uses two-factor authentication (2FA) to allow for stable customer account security. It also uses multi-sig technology, safeguarding clients’ funds against attacks and ensuring protection in case of access to facilities or keys.
???? BYDFi Welcome Rewards Programme
BYDFi offers an array of incentives and rewards that can earn you some free initial trading capital before dipping your toes into the market.
As a welcome bonus, as a new user, you get to earn a 50 USDT prize for making your first fiat deposit and a 30 USDT reward for your first crypto deposit. Besides, there is a special ‘mystery box’ reward for customers who complete their KYC registration process. There is also a reward for submitting platform feedback, ranging from 5 to 5000 USDT!
In addition, the platform offers an Advanced section, which includes accruing rewards for users as they deposit more funds to the exchange.
Final Thoughts
In the ever-changing landscape of cryptocurrencies, BYDFi has emerged as a contender in the digital asset community, offering promises of a superior trading experience for its users. Its user-friendly interface, diverse trading options, and commitment to regulatory compliance make it attractive for beginners and experienced traders.
BYDFi offers exciting possibilities, but prudent decision-making remains paramount in the dynamic world of crypto trading.