BYDFi Review: Comprehensive Trading Platform for the Modern Investor

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by Gregory Pudovsky

Published: July 25, 2023 at 8:09 am Updated: July 25, 2023 at 8:15 am

by Nik Asti

Edited and fact-checked: July 25, 2023 at 8:09 am

To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read original article for precise information.

BYDFi positions itself as a comprehensive social trading platform for individual investors. Established in 2020, the platform has consistently provided an array of services such as spot trading, lite contracts, perpetual contracts, and copy trading. Aiming to elevate the cryptocurrency trading experience, BYDFi champions the autonomy of its users and is focused on contributing substantively to the sector’s growth.

BYDFi’s Evolution

Originally entering the cryptocurrency scene as BitYard in 2020, BYDFi underwent a renaming process in January 2023, adapting to the evolving encryption market. Central to its service offering is the interactive environment it fosters, seamlessly bridging traders, copiers, project teams, media outlets, and other communities. This holistic approach ensures that BYDFi is conducive to both novice and seasoned traders.

Delving into the Core Value

The rebranding from BitYard to BYDFi in 2023 was more than a cosmetic change. “BUIDL Your Dream Finance” is what BYDFi represents. The term “BUIDL”, a nod to the slang “build” in the cryptocurrency community, goes beyond its literal meaning. It serves as a rallying call for crypto enthusiasts to actively work towards realizing their aspirations. In this acronym, “F” signifies Finance, while “i” denotes the individual user. With the conviction that the realm of cryptocurrencies will soon transcend familiar applications like NFTs, Metaverse, and GameFi, BYDFi’s rebranding reflects their forward-looking vision and unwavering commitment to their user base.

Spotlight on BYDFi Features

Forbes Recommended:

A notable accolade for BYDFi came when Forbes listed it among the top ten cryptocurrency exchanges in 2023. Given that BYDFi was introduced in 2020, this acknowledgment by a reputable publication like Forbes underscores the platform’s dedication to delivering a dependable and advanced trading experience.

400+ cryptocurrencies available:

BYDFi’s catalog includes over 400 different cryptocurrencies, featuring renowned options like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB). This diverse selection implies that BYDFi could potentially house cryptocurrencies that might not be available on alternate exchanges.

Provide up to 200x leverage:

This distinguishes BYDFi from other exchanges where the maximum leverage for perpetual contracts is typically 100x or 125x.

Compare to other spot exchanges

Compare to other derivatives exchanges

BYDFi’s Trading Opportunities

1. Spot Trading:
BYDFi provides up to 400 crypto trading pairs, including mainstream coins such as Bitcoin, Ethereum, Ripple, Dogecoin, and various altcoins.

2. Leveraged Tokens:
Traders have the option to engage with leveraged tokens for well-known cryptocurrencies like BTC, ETH, XRP, DOT, and several others. Each token offers both a 3x long and 3x short option, adding an extra layer of adaptability to trading strategies.

3. Lite Contracts:
Users can access leverage trading with transparent rules, providing up to 125x leverage.

4. Futures:
BYDFi’s offering consists of USDT-M and Coin-M perpetual futures. Notably, they offer up to 200x leverage for these contracts, positioning them distinctively in comparison to other exchanges which typically cap at 100x or 125x.

5. Copy Trading:
For those less versed in technical analysis, BYDFi presents a copy trading feature. This allows users to emulate the trades of experienced traders. With a simple click, one can align their trades with those of established traders, mitigating the need for in-depth market analysis.

6. Demo Trading:
All BYDFi users can utilize a demo account, stocked with 100k USDT. This practice account enables them to hone their trading strategies without financial risk, serving as an effective introduction to the platform and wider market.

7. Fiat Gateway:
Prioritizing accessibility, BYDFi has made depositing straightforward for newcomers. They can choose from options like credit/debit cards and bank transfers. With support for over 60 currencies and collaborations with entities such as BANXA, Transak, Mercuryo, and Coinify, global payment options are broad and user-centric.

BYDFi’s Fee Structure

The trading and funding fee structures are transparently presented to users and can be accessed through dedicated links.

Security Measures at BYDFi

BYDFi takes security seriously and has implemented several layers of protection for its users:

1. Regulatory Compliance: BYDFi boasts dual MSB licenses in both the US and Canada.
2. Data Protection: The Jumio KYC system is in place to safeguard personal data.
3. Cold Storage: A significant portion of digital assets on BYDFi is stored offline, ensuring additional safety.
4. Multi-party Approvals: Multiple authorizations are mandated for transactions, ensuring checks and balances.
5. Segregated Accounts: BYDFi ensures that user funds are stored separately, with cryptocurrencies residing in distinct cold storage wallets.
6. Strict Whitelisting: To thwart unauthorized withdrawals, transactions from cold wallets are restricted to a predetermined whitelist.

Welcome Package

BYDFi aims to simplify the entry for newcomers into the world of cryptocurrency trading. As a gesture to ease this initiation, they have introduced a ‘New User Welcome Package‘. To participate:

• Registration: Begin by signing up and completing the KYC verification.
• Initial Reward: Post verification, users receive a registration gift.
• Task-Based Incentives: BYDFi encourages users to secure their accounts and integrate with the community. As users complete tasks such as enabling Google two-factor authentication, setting up anti-phishing codes, and connecting with the community, they earn rewards. The purpose is twofold: familiarizing users with the platform and incentivizing engagement.

For more details, individuals can refer to the welcome rewards section on the BYDFi website.

Affiliate Program Highlights

BYDFi extends an opportunity for users to benefit from its dedicated Affiliate Program. Key features of this program include:

• Affiliate Center Access: This platform will provide affiliates a comprehensive view of their referrals and resultant earnings.
• Lifetime Earnings: If someone registers via an affiliate’s link, the affiliate stands to gain commissions from this referral indefinitely.
• Prompt Commission Settlement: As soon as a referral concludes a trade, the commission is immediately updated in the affiliate’s account, eliminating any prolonged wait times.
• Multiple Referral Links: Affiliates have the provision to create up to 100 distinct referral links. The system allows tracking of user registration, deposit sums, and trading volumes for each link, facilitating effective monitoring of varied promotional channels’ efficacy.

Interested individuals can gather more insights from the provided references on BYDFi’s support page and the affiliate section of their website.

KYC: Optional for Several Functions

While KYC verification plays a role in certain benefits and higher withdrawal limits on BYDFi, the platform allows a majority of its functions to remain accessible without this verification. Specifically:

• Withdrawal Limits: Users who haven’t undergone KYC verification are allowed to withdraw up to 0.5 BTC per day. However, once verified, this daily withdrawal cap extends to 10 BTC.

Others

1.  Customer support:

BYDFi offers 24/7 customer support via live chat and email support on its help center. 

Email: [email protected]

Live chat: How to Get in Touch with BYDFi Customer Support Team?

2. Communities:

English | Vietnamese | Indonesian | Philippines

Twitter | Youtube | Facebook | Linkedin | Medium  | Instagram  | Discord  

3.Countries available

Check it here: Link

About The Author

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.

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Gregory Pudovsky

Gregory Pudovsky

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.

More articles