BYDFi Review: Is It Worth It?
In this BYDFi Review (formerly known as BitYard), we will be looking into all of BYDFi's features and assess whether or not BYDFi is a safe and legit option.
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Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
Background and History
Established since 2020, BYDFi BLOCKCHAIN FOUNDATION LTD. has rapidly ascended the ranks to become a prominent player in the global crypto exchange landscape. Based in Singapore, BYDFi is unwavering in its commitment to crafting a premier investment platform, catering to individuals hailing from diverse countries. This dedication to inclusivity is evidenced by the extensive reach of BYDFi's services, spanning over 150 countries and boasting a substantial user base exceeding 100,000 active participants.
BYDFi's forte lies in furnishing a comprehensive array of contract and spot trading services, accompanied by an array of user-friendly trading tools. This amalgamation seeks to orchestrate an optimal trading journey for global investors, catering to both seasoned traders and newcomers alike.
A focal point of BYDFi's offerings is its contract trading services, encompassing lite contracts and perpetual contracts. This gamut of contracts spans various asset categories, ranging from cryptocurrencies to forex currencies, indices, and commodities. This diversity underscores BYDFi's intent to cater to the multifaceted demands of investors from diverse corners of the globe.
Spot trading is another cornerstone of BYDFi's offerings. A wide spectrum of over 400 crypto spot trading pairs populate the platform, including mainstream contenders like BTC/USDT and ETH/USDT, alongside a repertoire of popular altcoins. This holistic selection furnishes digital currency enthusiasts with a gamut of options to navigate the evolving crypto landscape.
BYDFi's innovation extends to its trading tools, particularly with the development of copy trading functionalities. These tools exemplify the platform's pursuit of accessibility and ease for its users. Even novices in the realm of crypto trading can find themselves equipped to dive into the market with relative ease and speed, courtesy of these intuitive tools.
Licenses
BYDFi has US and Canada MSB dual license.
- US MSB Registration No. - 31000215482431/
- Canada FINTRAC MSB Registration No. - M22636235/
Security
When evaluating the security measures of BYDFi, it becomes evident that the platform has embraced a comprehensive approach to safeguarding user assets and data. BYDFi appears to be dedicated to fortifying its security architecture in a bid to instill confidence among its users.
One of the most prominent aspects of BYDFi's security framework is its employment of robust encryption protocols. The utilization of encryption technology stands as a fundamental pillar in ensuring the confidentiality and integrity of user data. This technology guarantees that sensitive information remains shielded from unauthorized access, bolstering user trust in the platform.
Additionally, the presence of multi-factor authentication (MFA) enhances the security ecosystem on BYDFi. By requiring users to provide multiple forms of authentication before gaining access to their accounts, the platform raises the bar for potential attackers. MFA acts as a potent deterrent against unauthorized account access, adding an extra layer of defense.
A noteworthy component of BYDFi's security infrastructure is its commitment to segregating user funds. The adoption of cold storage solutions for a significant portion of user assets is indicative of the platform's dedication to minimizing exposure to potential breaches. This approach reflects an awareness of the potential risks associated with keeping all assets in online wallets and a proactive effort to mitigate those risks.
Furthermore, the platform's security team is vigilant in their approach to risk assessment and threat detection. Regular security audits and assessments serve to identify vulnerabilities and potential weak points in the system. By promptly addressing these concerns, BYDFi showcases a proactive stance towards maintaining a secure environment for its users.
A robust incident response strategy, as indicated by BYDFi's approach to handling security breaches and emergencies, highlights the platform's commitment to transparency and user protection. This strategy is critical in ensuring that, in the unlikely event of a security breach, users are promptly informed and remedial measures are executed efficiently.
Fees
Spot: Maker 0.1% / Taker 0.1%
CFD: Open/Close 0.05%
Features
BYDFi presents an array of notable features that collectively contribute to its positioning as a dynamic and comprehensive platform for crypto trading.
Spot Trading emerges as a cornerstone feature, offering an impressive spectrum of over 400 trading pairs. This diversity furnishes users with ample options to engage in the dynamic world of crypto trading, catering to a wide range of preferences and strategies.
The inclusion of Lite Contracts, coupled with leverages of up to 125x, showcases BYDFi's commitment to empowering users with diverse trading opportunities. Likewise, Perpetual Contracts with leverages of up to 200x further underscore the platform's intent to cater to a wide range of trading preferences and risk appetites.
BYDFi's emphasis on convenience extends to its Copy Trading functionality. This feature has the potential to simplify trading for users, particularly newcomers, by allowing them to emulate the strategies of seasoned traders. This not only bridges the knowledge gap but also promotes inclusivity within the platform.
The inclusion of a Fiat Gateway acts as a bridge between traditional and digital finance, facilitating seamless fiat-to-crypto transactions. This feature caters to users who prefer the familiarity of traditional currencies while navigating the world of cryptocurrencies.
The Free Price Bot on Telegram is a thoughtful addition that enhances user accessibility to real-time market data. This feature streamlines the process of staying updated on market trends and price movements, further empowering users in their trading decisions.
BYDFi's Affiliate Program underscores the platform's intent to engage and reward its user community. With commission structures of up to 70%, coupled with real-time settlement and Google Ads Bonus Programs, the platform encourages users to not only trade but also actively participate in the growth of the ecosystem.
Furthermore, the Monthly Salary Partner Program serves as a testament to BYDFi's innovative approach to incentivizing user engagement. This program not only fosters loyalty but also aligns users' interests with the platform's growth.
24/7 Online Support further complements BYDFi's user-centric approach. The availability of round-the-clock assistance caters to users across different time zones, ensuring that they can address queries or concerns promptly.
A distinctive aspect of BYDFi's approach lies in its flexible stance on Know Your Customer (KYC) requirements. While most platforms mandate extensive KYC verification, BYDFi's approach seems more accessible by not requiring KYC for most functions. However, withdrawal limits are influenced by KYC verification status.
BYDFi Pros & Cons
BYDFi: Pros
- Holds important regulatory licenses from two different countries
- Customer support is great
- No KYC needed for most functions
- The desktop version of the exchange is simple and intuitive
- No slippage cost
- Up to 200 leverage for perpetual contracts (be careful when using it)
- Low trading fees
- BYDFi has recently been recommended by Forbes
BYDFi: Cons
- Mobile app needs improvement
- Lacking many features available on other exchanges
- Doesn't have an insurance fund
BYDFi Review: Verdict
After our BYDFi review, we found this exchange to be one of the most stable and promising exchanges available in the market today.
BYDFi has only been around since 2019, nonetheless, it already holds four important licenses in the US, in the EU, in Australia, and in Singapore.
BYDFi has some very strong security features, low fees, copy trading, a free price bot on Telegram, and one of the best customer support in the market.
On the downside, the BYDFi mobile app still needs a lot of improvement as it has some usability issues, the exchange also lacks a lot of features found on other exchanges and it doesn't have an insurance fund, that being said, we believe BYDFi will keep improving and will only get better with the passing of time.
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Rush
I'm a filmmaker with extensive training in multiple sectors of content creation whose films have been shown all over the world. I have also served as a speaker and jury member in multiple events. Nonetheless, in recent years, I became extremely disappointed with the course of the art world in general, and as consequence, I've developed an interest in topics I believed would become crucial for the future, namely, cybersecurity, self-education, web design, and investing in various assets, such as cryptocurrencies. All those events have driven me to launch RushRadar.