Summary: BYDFi is a newer entrant in the dynamic and rapidly evolving world of cryptocurrency exchanges. It has swiftly made a name for itself by offering a robust set of features catering to seasoned traders and newcomers alike. This review will detail the various aspects of the BYDFi platform and assess its performance, security, features, user-friendliness, and support services.

Table of Contents

What is BYDFi?

BYDFi, previously known as BitYard, is a leading blockchain centralized exchange established in 2020 with a focus on delivering safe, convenient, and innovative digital asset trading services. The exchange was founded with the vision of creating a transparent, efficient, and trustworthy digital asset trading environment to foster the development of the digital economy and global financial inclusion. Serving over 500,000 users across more than 150 countries, BYDFi lists over 550 cryptocurrencies, emphasizing its expansive reach and diverse offering.

In January 2023, it underwent rebranding to better align with its global market expansion goals. The platform's mission is to offer high-quality digital asset trading services worldwide, with a commitment to promoting blockchain technology's popularization and application. It operates with core values of reliability, integrity, and cooperation, aiming to create a win-win scenario for users and partners alike.

BYDFi Features

One of the defining characteristics of BYDFi is its user-friendly interface. Whether you're an experienced trader or just starting your crypto journey, the platform's easy-to-navigate design can help you make transactions with minimal hassle. Its interface provides clear visual cues and an intuitive layout, which helps in reducing the learning curve for new users. Here is a quick rundown of the features offered on the BYDFi platform:

  1. User-friendly Interface: The platform makes it easy to monitor your portfolio, execute trades, and access advanced features, all from one place.
  2. Wide Range of Cryptocurrencies: BYDFi supports a broad spectrum of 400+ cryptocurrencies and thousands of pairs. It's also known to list promising tokens early, providing opportunities for high returns.
  3. Multiple Order Types: Directly purchase with the fiat-to-crypto conversion feature or utilize the spot and futures trading features. The derivatives trading tool allows users to open positions with up to 20x leverage.
  4. Copy Trading Services: Take advantage of BYDFi’s copy trading feature, which allows users to mimic the trades of successful traders. This service allows investors to check and follow the ROI and PNL of each trader.
  5. Advanced Security Measures: The exchange employs advanced security protocols like two-factor authentication (2FA), cold storage for user funds, and end-to-end encryption to ensure that users' data and assets are always safe from cyber threats.
  6. Competitive Fees: BYDFi offers some of the most competitive trading fees in the industry. This low-cost trading environment enables traders to keep more profits, making the platform a top choice for cost-conscious investors.
  7. High Liquidity: Due to its large user base and high trading volumes, BYDFi ensures high liquidity. This means users can quickly execute trades at their desired prices, reducing the risk of slippage.
  8. Rewards Hub: New users can earn up to $2888 in bonuses and coupons on the exchange for completing tasks. These tasks include verifying your identity, making a deposit, linking your Google 2FA, etc.
  9. 24/7 Customer Support: In the fast-paced world of cryptocurrency, round-the-clock support is essential. The dedicated customer service team can be reached via live chat and email.
  10. Learning Resources: BYDFi understands the importance of education in crypto investing. The platform provides a plethora of learning resources, from beginner guides to in-depth market analyses. Users can enhance their trading skills and stay abreast of market trends directly from the platform.
  11. Mobile Trading App: BYDFi offers a sleek, fully-functional mobile app, allowing users to manage their crypto investments on the go. With the mobile app, you have real-time access to your portfolio, market trends and the ability to execute trades at your fingertips.
  12. Integrated Wallet: BYDFi provides an integrated digital wallet, allowing users to securely manage and store their cryptocurrencies within the platform.
BYDFi: Home Page.
BYDFi: Home Page.

Security and Licensing

BYDFi is a renowned cryptocurrency exchange prioritizing state-of-the-art security measures to safeguard its users' assets and personal data. To ensure the highest level of protection, it employs multi-factor authentication (MFA) at each access point, effectively adding layers of security against unauthorized access. The platform further leverages blockchain's inherent security benefits, thus providing decentralized and immutable transaction records. 

The exchange conducts regular penetration testing to assess and improve its security infrastructure, proactively identifying and fixing potential vulnerabilities. The exchange also utilizes cold storage solutions for most assets, minimizing the risk of exposure to online threats. Advanced encryption algorithms are used to protect sensitive user data during transmission and storage, highlighting BYDFi's commitment to cybersecurity. 

Fee Schedule

BYDFi offers competitive rates for its services, promoting both affordability and transparency. At BYDFi, maker fees range from 0.1% to 0.2%, while taker fees extend from 0.2% to 0.3%, fluctuating according to the users' 30-day trading volume. These fees are applicable for all trading pairs. For withdrawals, BYDFi levies a dynamic fee that depends on the specific cryptocurrency, the associated network's congestion, and the prevailing market conditions. 

Meanwhile, deposits onto the platform are entirely free, but third-party providers such as Banxa may charge a fee to use their payment services to deposit fiat currencies. BYDFi ensures a secure and cost-effective trading environment for all cryptocurrency enthusiasts by offering a transparent and competitive fee structure.

Where is BYDFi Available?

As a relatively new platform, BYDFi is currently available in every country globally besides China, Pakistan, Bangladesh & Kazakhstan. BYDFi provides services in the United States and is recognized as a Money Services Business.

BYDFi Mobile App

In addition to having desktop compatibility, BYDFi also boasts an intuitive mobile application that is available to download on both iOS and Android devices. The app provides all the same functionality and UI as its web version, with the ability to check your portfolio, initiate trades, and contact support. It is currently rated 4.3 stars on the Apple App Store and 4.4 stars on the Google Play Store.

BYDFi Mobile App: iPhone Screenshot.
BYDFi Mobile App: iPhone Screenshot.

Customer Service

One of the few areas where BYDFi can improve is customer service. While the platform does have a help center and offers email support, it can take a bit of time to get a response. However, most queries are typically resolved within a day, which is fairly reasonable in crypto, especially considering it’s a relatively new exchange. Aside from email, live chat, and the help center, the customer service team can be contacted on social media, including Twitter, Telegram, Facebook, Instagram, LinkedIn, Youtube, and Discord.

How to Buy Bitcoin with BYDFi

Buying Bitcoin is a simple and quick process, thanks to BYDFi’s instant verification. The exchange currently supports over 90 fiat currencies, which includes USD, EUR, GBP, AUD, and more, to trade over 550 cryptocurrencies with industry-low fees. 

Start trading Bitcoin and hundred of other crypto assets on BYDFi with this easy guide:

  1. Open a free account on BYDFi with your email address and create a password.
  2. Click ‘Buy Crypto’, pick your deposit currency, and select ‘BTC’ as your desired crypto. 
  3. Input the amount you want to purchase, select a deposit method, and execute your trade.
How to Buy Bitcoin with BYDFi.
How to Buy Bitcoin with BYDFi.

Final Thoughts

To sum up, BYDFi stands as a strong contender in the world of cryptocurrency exchanges. It combines user-friendliness with high-level performance and a secure environment for conducting trades. While its customer support can be slightly improved, it does not significantly affect the overall trading experience. BYDFi is a reliable choice for anyone looking to venture into or continue their journey in the ever-expanding crypto universe.