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BYDFi Review - Main Features, Fees, and Costs
Rating: 80%
Join BYDFi Today!
Get Up To $8,100 in Welcome Bonus
Spot Fees:
Taker
0.1% - 0.3%
Maker
0.1% - 0.3%
Future Fees:
Taker
0.06%
Maker
0.02%
Deposit Methods:
Wire
Credit
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Table of Contents
If you are looking for a simple, reliable platform, with advanced trading features and low fees – this is your day. Maybe you have already heard about it from other BYDFi reviews, but here you will get a clear, accurate, and comprehensive BYDFi exchange review with details about its features, available deposit and withdrawal options, fees, and terms.
What Is BYDFi?
BYDFi is a trustworthy and convenient spot feature-rich and professional derivatives-focused crypto trading platform, with further NFT, Metaverse, and GameFi developments. It has continued to bring professional, convenient, and new trading services to global users since 2020, previously known as BitYard.
Rebranded to the new name BYDFi and slogan “BUIDL Your Dream Finance” in 2023, it has general and additional meanings, where “B” refers to BUIDL, “F” to Finance, and “i” to each individual person.
So, BYDFi’s core message aimed to demonstrate the core mission and value of the platform, which is contributing to shaping the future of crypto and developing possibilities for each individual to build their crypto financial success.
BYDFi’s core jurisdictions are the USA, Canada, and Singapore, and the platform holds relevant licenses, including those that not everyone can get, such as MSB licenses in North America and Canada with registration in US FinCEN, Canada FINTRAC, and Singapore ACRA.
Additionally, BYDFi legally operates in 150+ countries and the list of jurisdictions without KYC at all includes China, Pakistan, Bangladesh, Kazakhstan, United Kingdom, and Iran (this list is subject to change, please be updated with the latest info using BYDFi official link).
By the way, thanks to great attention to regulatory compliance, the work of BYDFi is stable and seamless in the US, Canada, and most of the 150+ countries without VPNs. Additionally, BYDFi does not require an initial KYC, thereby not restricting entry for new users.
Also, BYDFi got this opportunity largely due to its seriousness about the security of the platform, including more than 2FA, but also cold storage of assets, multi-level encryption, and regular security testing.
Overall BYDFi has already amassed 500,000+ users, with a 24H Trading Volume of $90-100M on Spot and $12.6B on Futures, winning Best Crypto Exchange 2023 from Forbes Advisor, and ranked in the TOP 10 on Coingecko among derivatives-focused exchanges.
BYDFi Signup and BYDFi KYC
BYDFi signup is not different from other crypto exchanges, and you need to enter your phone number or email, get a verification code, enter it, and come up with a strong password for your account.
Keep in mind that it is about your funds, so the password should not contain whole words, but use a mix of letters of different capitalization, numbers, and symbols.
Once you have successfully entered everything, you will log into your newly created account, and you will be able to do basic crypto trading.
BYDFi KYC Process
As you already know, BYDFi aims to be the most safe both technically and legally, so it requires KYC verification. At the same time, like most crypto exchanges, it does not make it a restriction for basic crypto trading, which allows beginners to make small transactions without sharing their data.
In particular, the limitations of 1.5 BTC daily or an equivalent amount, as well as the unavailability of some advanced trading features and certain BYDFi rewards.
If you are an experienced trader, want to take advantage of all the advanced features of BYDFi, and increase the limits to the standard 6 BTC daily you need to undergo KYC verification.
To do this, go to Account, select Account Security, then KYC Verification and Verify.
Next, select your country, and then decide which of the available documents you want to use to verify your identity.
Enter the details from that document, and follow further instructions.
Take a photo of your documents and selfies with these documents, try to make sure that the quality of the photo is good so that BYDFi can verify it easily.
Wait for the verification message within 24 hours on your email and if successful, you will see the changed limits and enhanced available features of your account.
BYDFi User Interface and Design
BYDFi exchange interface like most other crypto platforms adheres to a Binance-like design, maybe even more than others, so that beginners can easily understand it, and experienced traders will find everything familiar.
First, you meet the Home page, where on the right (1) you can log in or sign up, and change the language and theme of the website display.
On the top left (2) is the navigation bar with the main sections and relevant BYDFi trading features.
On the bottom left (3) is the main relevant BYDFi information like promotions, platform updates, and more.
Scrolling below, you will see (4) the most popular coins and trades on BYDFi, and up-to-date information on them.
Also, in the right corner (5) you will see a chatbot that helps with the main possible questions and leads to the support team if needed.
By scrolling further down (6) you can access an advanced menu to download the BYDFi app via QR, and this is how we recommend installing the app instead of searching for it on AppStore or Google Play and risking falling for a fake fraudulent version.
It’s worth noting that very few crypto platforms offer desktop apps, while BYDFi offers Windows and MacOS apps to provide a seamless experience and speed of transactions on each platform. At the same time, BYDFi apps are not limited in their functionality, except BYDFi mobile apps are slightly different in size and layout of some interface elements.
At the very end, you can see additional information (7) like the list of partners, integrations, etc., which is also quite impressive.
And a classic simple but comprehensive list of categories (8) where you can get all possible information about the platform, all its feature descriptions, terms and conditions, and more.
BYDFi Main Features
As you have already learned, BYDFi has basic crypto trading features, but also focuses on the advanced ones, offering some specifics to them.
BYDFi Buy Crypto
First of all, BYDFi offers a Buy Crypto feature where you can directly buy crypto at the current market price using 60 fiat currencies and third-party service providers like Banxa, Transak, Coinify, and Mercuryo.
BYDFi Spot Trading
One of the distinguishing features of BYDFi is that the platform offers multiple Spot Trading modes for 550 cryptocurrencies and 600+ crypto trading pairs, providing even 0 Maker fees for some coins.
BYDFi Derivatives
BYDFi Demo Trading
A very attractive feature for beginners is also BYDFi Demo Trading, which allows you to use real market data, but trade virtual 100k USDT and see what hypothetical profit your strategy makes. This is a great opportunity to improve your market analysis skills without risking real money before you can confidently use advanced trading tools.
BYDFi Auto Investment Trading Bots
BYDFi enables you to automate trading using trading bots. In particular, you get access to Spot & Futures Grid to buy low and sell high, Spot Investment to accumulate crypto profits, and Spot Martingale to open partial positions.
Affiliate Program
BYDFi offers one of the most lucrative and extensive Affiliate Programs on the market for all traders, up to 70% revenue share to partners and reply requests in 12 hours. Among the specific options you will find are:
- Dedicated affiliate center
- Lifetime rebate
- Real-time settlement commission
- Create up to 100 unique referral links
- Payout per referral without limits
Education Blog
BYDFi has an educational portal, with lots of quality tutorials. There you can find a lot of useful information, ranging from detailed descriptions of how every single function of the platform works, to all its regulations and guides on how to make different types of trades.
BYDFi Deposit Options
One of the BYDFi deposit options is Buy Crypto if you are interested in using fiat funds without any fees from the platform, but note that fees can be 2% – 8% from the provider.
The important thing is that each of the BYDFi-supported payment providers offers a different set of payment methods.
For example, Transak provides a wide range, among which you can find Debit and Credit cards, Apple Pay and Google Pay, and Bank Transfers.
Also, you can use the usual crypto deposit, choose your cryptocurrency and network, and get a BYDFi unique address to which you can send funds from your crypto wallet or other crypto platform.
BYDFi Withdrawal Options
For crypto withdrawal, you need to do the usual reverse process using your crypto wallet or other platform, where you select the token and network, and generate a unique address to which you want to withdraw your crypto assets.
In turn, on BYDFi you need to go to the withdrawal menu, select a similar crypto asset and network, enter the amount you want to withdraw, and copy and paste the wallet address. Then you need to go through a security procedure in the form of 2FA so that the BYDFi is sure that the withdrawal is made by you, and then wait for the funds to arrive.
Remember that in both cases of crypto deposit and withdrawal, it is important to double-check the matching token and network, because otherwise, you can permanently lose the wrongly sent crypto assets.
The maximum limit depends on several factors. One of them, as you already remember, is whether you have passed KYC. Namely, unverified users have a limit of no more than 1.5 BTC daily, while verified users have a limit of 6 BTC daily or equivalent. Also, these limits can be further increased depending on your use of the platform and trading volume, allowing you to upgrade your profile.
As for the minimum withdrawal, this will be a unique value for each token on a particular network. For example, 15 USDT in TRC20 and BEP20, but 55 USDT in ERC20 and 10 USDT in MATIC and SOL. At the same time withdrawal fees are directly correlated to the selected token and withdrawal network and all these values are similarly varied.
Stay updated with the complete list on the official BYDFi Deposit & Withdrawal Fees page.
BYDFi Fees and Costs
It’s worth noting that for a crypto platform that invests a lot in its sustainability and security, as well as offers a quality user experience and advanced trading features – BYDFi fees are relatively low.
Just pay attention to this direct comparison before we go deeper, so we have to admit how BYDFi is feature-rich and highly profitable for beginners and especially professionals.
BYDFi Spot Transaction Fees
Spot fees are the same for all pairs and are 0.1% – 0.3% for Maker & Taker.
BYDFi calculator works this way here:
Spot Transaction Fee = Filled Order Quantity x Transaction Fee Rate
Also, BYDFi Conversion Fees are 0.1% – 0.15%.
For example:
Trader A converts 1 BTC to USDT when the price is 47,000 USDT,
Transaction Fee = 47000*1 *0.1% = 47 USDT
BYDFi Transaction Futures Fees
Futures Fees are Maker 0.02%; Taker 0.06%
BYDFi calculator for Perpetual Contracts works this way:
Perpetual Contracts (USDT-M)
Opening Fee = Fulfilled Amount (Coin) * Entry Price * Transaction Fee Rate
Closing Fee = Fulfilled Amount (Coin) * Closing Price * Transaction Fee Rate
Fulfilled Amount (Coin) * Entry Price = Fulfilled Amount (USDT)
Inverse Perpetual Contracts (COIN-M)
Opening Fee = (Cont * Contract Multiplier / Entry Price ) * Transaction Fee Rate
Closing Fee = (Cont * Contract Multiplier / Entry Price ) * Transaction Fee Rate
Contract Multiplier = 1
Cont = Coin * Entry Price
BYDFi VIP System
BYDFi also offers you a 5 levels VIP system of upgrading your account after passing KYC. Thanks to this you can get even more favorable conditions and low fees for your trading.
| VIP 0 | VIP 1 | VIP 2 | VIP 3 | VIP 4 | VIP 5 | |
|---|---|---|---|---|---|---|
|
Futures Trading Volume (30D) |
0 USDT |
10K USDT |
20M USDT |
50M USDT |
100M USDT |
200M USDT |
|
Or Asset Balance |
0 USDT |
50K USDT |
500K USDT |
1M USDT |
2M USDT |
3M USDT |
|
Maker Fee |
0.02% |
0.016% |
0.014% |
0.012% |
0.01% |
0.008% |
|
Taker Fee |
0.06% |
0.04% |
0.038% |
0.035% |
0.032% |
0.032% |
|
Withdrawal Limit (24H ) |
6 BTC |
12 BTC |
20 BTC |
25 BTC |
35 BTC |
40 BTC |
BYDFi Funding Fees
BYDFi also offers a clear structure for Funding fee calculation. It is charged every 8 hours, and when the funding rate is positive, the Long side (Buyer) will pay the Short side (Seller) ; when the funding rate is negative, the Short side will pay the Long side.
Perpetual Contract
Funding Fee = Position Value * Funding Rate
Position Value = Par Value * Contract Quantity / Mark Price
BYDFi Security and Safety
Earlier we mentioned how seriously BYDFi takes the platform safety, mainly focusing on regulators. Now let’s look at the actual technical solutions that ensure its resilience and security.
First, BYDFi aims to eliminate a single point of failure by storing reserves on distributed deep cold storage wallets, using multiple signature technology for deposits and withdrawals, and not storing private keys on servers. This means that even in case of a complete system hack, which would be a difficult task, the hacker will not have the keys to access the data and assets.
The BYDFi trade aggregation engine is programmed in the kdb+ language, which is used by major financial institutions in their high-frequency trading programs. BYDFi insists they use it with the best development practices, advanced distributed cluster architecture, and microservices to maximize efficiency and security.
Also, BYDFi uses Amazon Web Services and claims it is a first-class security service with a good reputation for physical security and internal control. It’s worth noting that Amazon Web Services doesn’t provide any particular security level by default, and it’s more important how they are used by the exact company.
But the important thing here is that they use a variety of hardware and software security mechanisms, including:
- Hardware security module, which meets the highest security level requirements of FIPS PUB 140-2 (Cryptographic Module Security Requirements) Level 3
- SSL protocol to encrypt and protect website traffic
- Passwords and sensitive data encryption by a 512-bit encrypted hash (SHA512)
- Cloudflare to reduce potential DDoS attacks
- Multi-party approvals, Segregated accounts, Strict whitelisting, and Anti-Phishing Mechanisms
Therefore, we can say that BYDFi uses specific security mechanisms that create a high-security level and comply, meeting several industry standards.
BYDFi Customer Support
We’ve already shown you how easy it is to find a 24/7 customer support chatbot, which greets you on the home page.
If you can’t find answers using this, you don’t have to go to a separate menu or fill out lengthy forms. Instead, the chatbot will immediately prompt you to switch to customer service assistance and you will be contacted as soon as possible.
However, you can compose a large appeal, attach additional materials, and so on, and send an email to cs@bydfi.com.
Conclusion
From everything we have reviewed today about BYDFi, we can conclude that even though this crypto platform is still relatively young and developing, and may not offer some features like older players – it is very much one of the best solutions for beginners and professionals alike.
It has all the classics and advanced trading features, very competitive attractive fees and affiliates programs, and a very solid foundation for further steady development of the platform.
Frequently Asked Questions
Yes, BYDFi achieves a high-security level and provides information on specific mechanisms such as distributed cold storage, layered encryption, and secure development practices.
Yes, BYDFi operates legally in over 150 countries, compliant with Seychelles AML and KYC and Accounting and Corporate Regulatory Authority of Singapore (ACRA) policies, with restrictions only for China, Pakistan, Bangladesh, Kazakhstan, United Kingdom, and Iran.
Yes, BYDFi in USA is officially available and has the appropriate licenses like Money Services Business (MSB) license in North America, and registration in US FinCEN.
Yes, BYDFi Requires KYC verification for higher limits and full access to its functionality but leaves the basic trading features available to newcomers without KYC.
Yes, BYDFi offers apps for iOS and Android, and more so for macOS and Windows, providing a solution for seamless efficient trading from any platform.
4.0
- For all trader levels
- iOS, Android, Mac, Windows apps
- Well-licensed, reputable
- Low fees, secure
- No crypto staking
- No NFT marketplace
- No direct fiat withdrawals
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