BYDFi Review

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Bottom line:

BYDFi is a licensed Singapore-based cryptocurrency exchange that offers a combination of spot and derivative trading within a friendly, easy-to-use interface. With a wide range of over 400 spot crypto trading pairs and over 100 derivative products, BYDFi provides investors with ample choice and can accommodate both beginner and experienced investors. The platform also offers opportunities to earn extra cryptocurrencies through tasks and copy trading.

Where BYDFi falters is with a lack of staking options, which limits earning potential for long-term digital asset holders. However, with competitively low fees, an emphasis on simplicity, and the range of trading options available, there is no denying that it is a reasonable cryptocurrency exchange for traders looking to navigate the complexities of the cryptocurrency market.

How We Rated BYDFi

Category	Hedge With Crypto Rating
Features	4 / 5
Supported Fiat Currencies and Deposit Methods	2.5 / 5
Supported Cryptocurrencies and Trading Pairs	5 / 5
Fees	4.2 / 5
Ease of Use	4 / 5
Customer Support	3.6 / 5
Security Measures	3.5 / 5
Mobile App	4 / 5

Pros Explained

• Easy to use. BYDFi stood out as an exchange that tries to combine the complexities of spot trading and derivatives trading with a simple user interface. Thanks to a clear user-focused design, it could be a strong choice for those looking to implement both simple and complex trading strategies.
• A high number of trading pairs. The number of trading pairs available on BYDFi is substantial. With over 400 spot trading pairs and over 100 derivative products, investors have far greater choices than on many competing altcoin platforms.
• Good opportunities to earn. Under the platform’s ‘Welcome Rewards’ scheme, you can get extra cryptocurrencies from completing tasks such as adding two-factor authentication to an account. Advanced traders can also earn passive income by sharing trades through the platform’s ‘Copy Trader’ feature.

Cons Explained

• No staking. Unfortunately, there are no options to put cryptocurrencies to work on the BYDFi platform with staking. Therefore, investors looking to buy and hold digital assets might be missing out on earning potential while waiting for assets to appreciate.
• No option to deposit fiat. There is no method to deposit fiat currencies directly onto the exchange. For those starting a new portfolio, fiat currencies would need to be converted via the exchange’s ‘Buy Crypto’ feature which often incurs a higher-than-average transaction fee.
• No demo trading account. Although designed to ease new crypto traders into the act of trading spot and derivatives markets, we saw no evidence of the ability to open a demo trading account – a feature that would advantageous to those less experienced.

BYDFI Compared and Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Prime XBT	39	0.05%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.4 / 5	None available at this time	Visit Prime XBT	Prime XBT Review

BYDFi At A Glance

BYDFi is a Singapore-based cryptocurrency exchange that was first established in 2019. Although originally launched as Bityard, the platform rebranded to BYDFi in January 2023. The new name, BYDFi, stands for ‘BUIDL Your Dream Finance.’ With a rebrand renewing focus, the exchange has doubled down on its ambition to become a leader in the field of cryptocurrency derivatives. There is a clear intention to combine simplicity, efficiency, and expansive choice, which has won the exchange 500,000 users that are distributed over 150 different countries.

Exchange Name	BYDFi
Features	Spot Exchange, Derivatives Trading, Lite Contracts, Leveraged Tokens, Copy Trading
Supported Fiat and Deposit Methods	Over 100 currencies including USD, GBP, EUR, AUD, AED
Deposit Methods	Credit/Debit Card, Crypto
Supported Crypto and Trading Pairs	Over 400 spot trading pairs including BTC, ETH, AAVA, ADA, AVAX, LTC
Trading Fee	0.1% Spot Fee, 0.06% Derivative Fee
Customer Support	Live Chat, Help Center, Ticket System
Security Measures	2FA, Whitelisting, Withdrawal PIN, Deep Cold Storage
Mobile App	Yes (Android and IOS)

Review of the Top Features on BYDFi

Trade crypto derivatives

Although BYDFi offers a vast range of spot trading pairs, crypto derivatives are a large focus of the exchange. Solving the complexity of derivatives and providing easy access to these more complex products was a significant focus of the rebrand from Bityard to compete with the top leveraged platforms for crypto. Therefore, the crypto derivatives on offer at BYDFi are where we will start.

The most popular form of crypto derivative we found on the trading platform is perpetual contracts (USDT-M). While advanced traders may be left warning a little more variety, the 60 different crypto pairs on offer should provide those new to derivatives with plenty of ways to short cryptos. In addition to plentiful choice, all perpetual contracts can access up to 100x leverage for those willing to take more risks.

In addition to perpetual contracts, traders can also access inverse perpetual contracts which settle in cryptocurrencies rather than the stablecoin USDT. As a more advanced product, options are limited to BTC, ETH, XRP, DOT, and DOGE trading pairs.

The crypto derivatives section on BYDFi is then rounded off with lite contracts and leveraged tokens. Lite contracts are a unique form of derivative that allows traders to speculate on the future price movement of a cryptocurrency without transferring ownership, while leveraged tokens can be used to trade a leveraged version of an associated crypto – similar to margin trading.

There are over 70 different lite contracts active on the platform, meanwhile, traders can access 3X Long and 3X Short leveraged tokens on 20 different cryptocurrencies. While not the focus for many, these additional products are novel and may add an interesting dynamic to a trading portfolio, however, we did notice there is no options trading platform for cryptos.

Crypto spot markets

The crypto spot markets on BYDFi have a good variety with over 400 cryptocurrency pairs to choose from which is a large offering in comparison to many crypto exchanges we've assessed.

If you're looking to learn how to trade crypto via the spot markets on BYDFi, you will have the option of classic, advanced, and convert interfaces. The simplest interface is ‘convert’, which allows you to switch between different cryptocurrencies at the touch of a button and, therefore, is an excellent option for those less experienced or those looking for speed and efficiency.

The classic and advanced interfaces then step things up by incorporating advanced trading features such as different market orders, trading indicators, and order books. However, in keeping with the platform’s ethos even the most advancing charting platform is easy to navigate with a plethora of tools for traders to analyze price movements.

Copy other traders

BYDFi’s Copy Trading platform is a stand-out feature of the exchange and is an excellent addition for both inexperienced and experienced crypto users. For inexperienced users, the Copy Trading function allows individuals to automatically follow the trades made by advanced crypto traders, also known as ‘Master Traders’ on the platform. Users can compare professionals using key statistics such as the 30-day return on investment, win-rate percentage, and number of followers.

Alternatively, experienced crypto traders can put themselves forward to become a Master Trade and earn extra income. The percentage profit share of 8% is high in comparison to the industry average and could mean that profitable traders could double down and earn even more from winning trading strategies. However, the number of participants is limited to take advantage of this feature compared to the larger crypto copy trading platforms we've reviewed.

Buy cryptos

Investors and traders can buy cryptocurrencies directly through BYDFi and instantly transfer funds into the exchange’s crypto wallet. This service is offered by a number of payment channels including Transak, Banxa, Coinify, and Mercuryo. It is worth noting that while this option is convenient, most payment channels require some form of credit/debit card payment.

Unfortunately, this means buying crypto on BYDFi is slightly more expensive in comparison to other crypto exchanges we've reviewed that allow for fiat deposits. Fiat deposits via a bank transfer are typically far cheaper than buying crypto directly through independent third parties. With that being said, rates are refreshed every 20 seconds to ensure cryptocurrencies are purchased at the most accurate market price possible.

BYDFi Account and Verification Requirements

Registration on BYDFi can be completed with either a mobile number or email address, which means there is a very low barrier to entry for those that would like to take an in-depth look around the platform before committing.

While you can also instantly begin depositing crypto or buying crypto on the trading platform, withdrawals will then require further KYC verification. Luckily, the only documentation required for KYC is a copy of either an official ID card or passport, which makes the process extremely simple. BYDFi also commits to reviewing all KYC documentation within the same hour that it is uploaded, which should ensure users can withdraw funds on the same day.

Supported Fiat Currency and Deposit Methods

There is the option of depositing cryptocurrencies directly onto BYDFi’s trading platform or purchasing cryptocurrencies through the ‘Buy Crypto’ feature. Unfortunately, those are the only two options which is why the exchange only scores 2.5/5 in this category.

Thanks to partnerships with numerous fiat-to-crypto service providers, investors can convert fiat into crypto at any time on BYDFi. The four payment channels are compatible with over 100 different fiat currencies. However, there are typically higher charges when using independent third parties which is a disadvantage, so the ability to deposit fiat currencies directly onto the exchange will not suit most investors.

The payment channels offered also vary depending on the fiat currency an investor is looking to convert. Fortunately, most offer Visa, Mastercard, and SEPA payment methods, which should allow most investors to start using the exchange quickly.

Supported Crypto Assets and Trading Pairs

BYDFi’s spot trading platform is home to over 400 different cryptocurrency trading pairs, which is well above the average for the industry. The large range should mean that most will find what they are looking for on BYDFi. Meanwhile, the exchange also offers over 100 different derivatives trading contracts split across perpetual, inverse perpetual, lite contracts, and leveraged tokens.

With a combined total of over 500 crypto trading pairs, BYDFi stands head and shoulders above many market competitors, which is why we are giving the exchange a score of 5/5 in this category. Combined with low trading fees, it is certainly an exchange to shortlist for day traders.

BYDFi Fees

Trading fees

The fees on BYDFi are competitive and structured extremely clearly, which is why it scores a huge 4/5. Spot trading fees start from 0.1% which is on par with the fees charged by larger crypto trading exchanges we've reviewed including KuCoin and Binance. Derivative trading fees are also equally well priced starting from 0.02% for makers and 0.06% for takers within the market. The only exchanges to better BYDFi’s derivatives fees are Binance and ByBit, however, these are some of the largest crypto trading platforms in the industry.

Exchange	Spot Fees	Derivatives Fees (maker/taker)
BYDFi	0.1%	0.02% / 0.06%
KuCoin	0.1%	0.02% / 0.06%
Binance	0.1%	0.02% / 0.04%
ByBit	0.1%	0.01% / 0.06%

Deposit and withdrawal fees

There are no charges to deposit cryptocurrency into the BYDFi exchange. There is only a charge when a user wishes to withdraw fees from the platform. This is a flat fee and is designed to cover any network costs that are required to transfer cryptos across the associated blockchain, which is a typical charge on most exchanges. For example, the flat fee to transfer USDT via the Ethereum blockchain is 4.2 USDT. Meanwhile, the flat fee to withdraw BTC is 0.0002 BTC.

BYDFi Ease of Use

One of BYDFi’s stand-out features is the ease with which the platform can be used and navigated, which is why we have scored the exchange 5/5. The exchange appears to have been designed to position itself at the crossroads of simplicity and advanced trading systems, which we feel has been achieved.

Although offering complex products such as perpetuals, inverse perpetuals, and leveraged tokens, each interface was easy to navigate and understand. Therefore, the exchange caters to both advanced crypto users, and also those that may be looking to either trade a wide variety of trading pairs or gain exposure to cryptocurrency derivatives, without being overwhelmed by the experience.

Mobile App

Another advantage we found was the flexibility to operate a BYDFi account from either a computer or mobile device. Impressively, the BYDFi mobile app offers exactly the same capabilities as the website and holds true to the exchange’s simplified ethos.

Through the user-friendly dashboard, traders can access the spot markets, trade derivatives, follow ‘Master Traders’ in the copy trading function, and set notifications so that opportunities are not missed. This can be particularly useful for those looking for a good crypto day trading platform with a 24/7 app.

The app is available to both iOS and Android users and can be downloaded from the respective app stores. Unfortunately, there are currently no reviews for the BYDFi app, but based on our testing we scored the mobile app 4/5 stars.

Customer Support

To get help, users can first reach out to the interactive chatbot that is operational on the platform or access BYDFi’s help center documents. Alternatively, if more assistance is needed, there is an option to “Get in touch”, which will connect you to a member of the customer service team through a Live Chat feature. The same customer support is also offered to mobile users. Unfortunately, there is no option to directly contact the exchange via telephone or email which is a negative and therefore scored its customer support with 3/5 stars.

Security Measures

Although BYDFi is a relatively new crypto exchange, during the four years of its life it has put in a tremendous effort to acquire four trading licenses from the US, Singapore, Australia, and Estonia. This, in part, is thanks to the rigorous security measures the exchange has in place.

Two-factor authentication is a requirement for each account, and an additional PIN code must also be created that is specific for withdrawals. All cryptocurrencies deposited with the exchange are stored offline in deep cold storage, with no single point of failure, and the exchange leverages the highest levels of trade engine and website security. Thanks to the security measures in place, the exchange has never sustained an attack and, therefore, warrants a score of 4/5.