BYDFi Review: Is It Worth It?

BYDFi is committed to implementing rigorous, precise, and comprehensive security standards, ensuring that the industry's most stringent security measures and tools are used to prevent any accidental events and threats to customer assets at multiple levels, including trading systems, network transmission, customer accounts, fund custody, insurance, and auditing. The platform conducts regular stress tests and security audits to ensure compliance with the strictest security standards, providing global clients with the industry's top security protection.

Account Security 

Dual authentication (provided by Google Authenticator), also known as two-step verification, requires users to verify their identity in two different ways, which is more secure than traditional single-step verification (password protection), prevents unauthorized users from accessing accounts, and is more secure and reliable than SMS verification.

Wallet Security 

Your digital assets are kept in BYDFi's offline deep cold storage wallets, with no risk of a single point of failure of a layered deterministic cold wallet and total compromise. In addition, BYDFi uses multiple signature technology access for deposits and withdrawals for the first time ever, both to defend against attacks and to defend against losing access to keys or facilities. Even in the most extreme case where the system is completely hacked, including the webserver, transaction engine, and database, the hacker does not have enough keys to steal the funds since there are no private keys on any of the cloud servers.

Engine Security 

BYDFi's trade aggregation engine is programmed in the kdb+ language, which is a toolset often used by major financial institutions in their high-frequency trading programs. All subsystems of the trade aggregation engine are secondarily optimized using unique coding and are developed using an advanced distributed cluster architecture and microservices to minimize latency and increase order execution speed, capable of supporting over 1 million/second concurrent trades, achieving unprecedented speed and reliability. BYDFi's transaction aggregation engine has one of the highest industry standards in the online trading of blockchain assets and is one of the most advanced, efficient, and stable transaction aggregation engine in the market.

System Security 

BYDFi uses Alibaba Cloud (Ali Web Services) Tier 1 security service which has a good reputation for physical security and internal control. The system requires multiple authentications and hardware verification for access, and the hardware security module meets the highest security level requirements of FIPS PUB 140-2 (Cryptographic Module Security Requirements) Level 3 or higher. BYDFi uses encrypted SSL protocol to encrypt and protect website traffic, all passwords and sensitive data are processed by 512-bit encrypted hash (SHA512), and Cloudfare is used to reduce potential DDoS attacks. The platform technical team regularly tests and checks, conducts IT security audits and assessments, and is able to find new potential vulnerabilities at any time.