Founded in 2020, BYDFI (formerly BitYard) is a relatively new cryptocurrency exchange aiming to make digital asset trading simple and accessible for newcomers. With its easy account setup, hundreds of coin options, and customizable trading platform, BYDFI provides an enticing alternative for crypto investors seeking new opportunities beyond the mainstream.
However, as a young exchange BYDFI is not without its growing pains. From high fees to limited staking options to an unfinished mobile app, it has areas needing improvement. As global crypto adoption accelerates, can this upstart exchange keep pace?
This comprehensive BYDFI review will analyze its trading platform, fee structure, coin selection, mobile apps, security, reputation, and more. We’ll also provide a step-by-step guide on getting started for those considering trying BYDFI.
What is BYDFI?
BYDFI is a centralized cryptocurrency exchange registered in the British Virgin Islands that allows users to trade hundreds of digital assets. Here are some key things to know:
- Founded in April 2020 under the original name BitYard. Rebranded to BYDFI in 2022.
- Supports spot, margin, futures, options, and grids trading.
- Lists over 600 different cryptocurrency trading pairs.
- Targeted primarily at retail investors versus institutions.
- Received an “A” rating from Cryptocompare’s exchange benchmark report.
- Has over 5 million registered traders globally.
- BYDFI exchange branded products include BMAX, BGRID, and BAS.
While not yet a household name like Coinbase or Binance, BYDFI brings some unique offerings to the table – especially for altcoin enthusiasts. Next, let’s examine how its exchange platform works.
How Does BYDFI Work?
At a high level, here is how the BYDFI cryptocurrency exchange functions:
- 1. Account Creation: Users can sign up easily with just an email address. No identity verification required initially.
- Funding Account: Traders fund accounts with crypto deposits or credit card purchases.
- Trading Interface: BYDFI provides an advanced customizable trading platform and mobile apps.
- Executing Trades: Users can trade 600+ crypto spot pairs, use margin and futures trading, and other options.
- Account Security: BYDFI offers two-factor authentication app integration for account protection.
- Transaction History: Traders can view past transaction details, performance metrics, and monthly statements.
- Withdrawing Assets: Crypto assets can be withdrawn at any time to external wallet addresses.
BYDFI aims to make cryptocurrency investing simple and accessible to the masses through its streamlined trading platform. But does it measure up for serious traders? Let’s analyze its offerings.
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BYDFI Account Signup and Verification
Opening a BYDFI account is straightforward:
- Go to the BYDFI website and click “Sign Up”.
- Enter your email and password to register. Agree to terms of service.
- A confirmation email will be sent. Click the verification link to complete signup.
- Optionally complete identity verification to increase account limits.
- Enable two-factor authentication for enhanced security.
- Fund your account with crypto or credit card to start trading.
BYDFI has a simple signup process requiring only basic personal details. Identity verification is not mandatory initially, but recommended for higher liquidity.
Funding Your BYDFI Account
BYDFI supports the following deposit methods to fund trading accounts:
Crypto Deposits: Instantly deposit supported tokens and coins from external wallets for free.
Credit/Debit Card: Conveniently purchase crypto using Visa and Mastercard. Fees of ~4% apply.
P2P Trading: Buy supported crypto directly from other users with flexible payment methods.
Third Party Payments: Top up account balance using payment channels like Advcash, PayPal, or gift cards.
To start trading quickly, crypto deposits or credit card purchases are the fastest options. Bank transfers and wire deposits are not currently supported.
Trading Cryptocurrencies on BYDFI
Once funded, users can trade hundreds of cryptocurrency spot markets on BYDFI’s platform:
Spot Trading: Simple interface to buy and sell crypto assets at current market prices.
Margin Trading: Borrow funds from peer lenders to trade crypto with up to 5x leverage.
Futures Trading: Up to 125x leverage on perpetual and quarterly futures contracts.
Grid Trading: Automated bot trading using grid strategy algorithms.
BYDFI Option: Customizable options contracts with strike selection.
Crypto Indices: Trade index price swaps tracking baskets of cryptocurrencies.
From passive grid bots to high risk futures, BYDFI caters to varying risk appetites. But how competitive are its trading fees?
BYDFI Fees and Limits
As a centralized exchange, BYDFI generates revenue from various commissions and account fees:
Spot Trading Fees: Between 0.075% and 0.15% as a maker or taker based on 30-day volume tier.
Futures Trading Fees: Between 0.01% and 0.075% depending on contract type, leverage, and maker/taker status.
Options Trading Fees: Roughly 0.03% to 0.3% based on maker/taker amounts.
Margin Trading Fees: Interest charged daily based on borrowed funds. Loans originate from peer lenders.
Withdrawal Fees: Deposits are free but withdrawals incur network fees depending on cryptocurrency.
Inactive Account Fee: Accounts with no trading activity for 90 consecutive days assessed a dormancy fee.
Overall, BYDFI’s fee structure is moderately competitive but not industry leading. Active traders may find lower commissions elsewhere. Next, let’s discuss BYDFI’s security practices.
BYDFI Account Security
As a custodial exchange, BYDFI stores user funds on behalf of clients. Here are some of their main security measures:
- Use of cold wallet storage to keep majority of funds offline.
- Email confirmation required for account changes and withdrawals.
- Integration with Google Authenticator for two-factor authentication (2FA).
- Encrypted web traffic using TLS and HTTPS protocols.
- Bug bounty program to incentivize responsible disclosure of vulnerabilities.
- Insurance fund to cover losses from potential hacking incidents.
- Offering of hardware security keys as an optional 2FA method.
While BYDFI deploys standard security controls, as a younger exchange they have less of a proven track record compared to veterans like Coinbase and Kraken.
Supported Cryptocurrencies on BYDFI
A major selling point of BYDFI is support for over 600 different crypto assets across both major and smaller cap coins.
Here is a sampling of supported cryptocurrencies across key market segments:
Blue Chip Cryptocurrencies
Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance Coin (BNB), Cardano (ADA), Ripple (XRP)
Exchange Tokens
FTX Token (FTT), Crypto.com Coin (CRO), KuCoin Token (KCS), Huobi Token (HT)
Metaverse / Gaming
Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), Enjin Coin (ENJ), Illuvium (ILV)
DeFi / Dex Platforms
Uniswap (UNI), Aave (AAVE), Curve DAO Token (CRV), 1INCH Token (1INCH), 0x (ZRX)
And 500+ more!
This vast selection provides ample trading opportunities for investors seeking exposure beyond just the top 10 or 20 coins.
BYDFI Trading Platform & Tools
BYDFI delivers an advanced customizable trading platform for crypto traders:
Detailed Price Charts Interactive candles with drawing tools, indicators, and overlays for analysis.
Depth and Order Book Views Analyze current liquidity, price levels, and demand.
Customizable Layout Tailored workspace with movable modules and saved layouts.
Developer APIs Enable connecting trading bots or automatic strategy execution.
Multiple Language SupportPlatform available in English, Chinese, Russian, Vietnamese, and more.
Trading Tournaments Compete against other traders in simulated trading contests.
The intuitive interface and robust features cater well to technically skilled traders. But how does their mobile experience compare?
BYDFI Mobile App
BYDFI offers iOS and Android mobile apps so traders can manage accounts on the go:
- Monitor balances, holdings, orders, fill history, and performance.
- Deposit, withdraw, and transfer funds between accounts.
- Access live and historical price charts with indicators.
- Place and manage spot, margin, and futures trades.
- Push notifications for order fills, withdrawals, and other activity.
- Supports biometric face/fingerprint recognition login.
- Unfortunately, both mobile apps are currently unavailable for download as BYDFI completes a major upgrade integrating their BMAX, BGRID, and BAS branded offerings all within their main app.
BYDFI stated the unified app will be relaunched once testing finishes, promising an improved mobile experience. But for now, its absence is a drawback versus other top exchanges.
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BYDFI Customer Support
BYDFI offers customer service through the following channels:
Support Center: Searchable knowledge base and FAQ answers for self-help.
Support Tickets: Contact form to submit issues and questions via help desk.
Live Chat: Chat with live BYDFI support agents during business hours.
Social Media: Admins monitor and respond on Discord, Telegram, Facebook, Twitter and VK.
Email: General contact email provided for non-urgent inquiries.
No Phone Support: Telephone support not currently offered.
Overall, BYDFI provides decent options for customer service with email, live chat, and an extensive help center. But phone support would further improve the client experience.
BYDFI Reputation and Company Background
As a relatively new and still developing exchange, there are some things investors should know regarding BYDFI’s reputation:
- Founded originally in the British Virgin Islands in 2020, a jurisdiction with lower regulatory oversight.
- Founders and corporate leadership team identities are not fully transparent.
- Some third party site reviews mention issues with vague hidden fees and slow withdrawal times.
- Lack of comprehensive audits and transparency reporting compared to top exchanges.
- Client asset protection insurance fund seems questionable and inadequately defined.
- Suffered a cyber attack in 2021 resulting in leaked user emails. No funds affected.
As BYDFI continues maturing, improving transparency and security practices will be key to engendering more customer trust long-term.
BYDFI Staking Features
Unlike most major exchanges, BYDFI currently does not offer any staking or yield opportunities. Users cannot earn rewards by holding assets on the platform.
This limits passive income options and reduces incentives to hold funds within BYDFI versus an interest-earning CeFi platform or DeFi alternative. Liquidity mining and staking support would enhance the offering.
Pros and Cons of Using BYDFI
Here is a full breakdown of the key advantages and potential disadvantages to trading on BYDFI:
Pros
- Easy and fast account creation with minimal verification to start.
- Access to over 600 different crypto assets. By far larger selection than competitors.
- Advanced trading platform with technical and charting tools.
- Developing mobile apps covering core trading functions.
- Responsive live chat customer service and active social media support.
Cons
- Overall higher trading fees compared to top exchanges like Binance and FTX.
- Forced arbitration clause buried in terms of use – users waive right to class action lawsuits.
- Lack of transparency around company ownership and leadership team.
- o phone customer service support options.
- Currently no staking or options to earn yields on holdings.
- Both iOS and Android apps down for prolonged upgrade with no ETA.
The extensive coin selection and customizable trading interface make BYDFI enticing. But lack of yield offerings and high fees are definite drawbacks versus competitors.
Getting Started on BYDFI
Ready to give BYDFI a try? Here is a step-by-step guide to signing up and making your first trade:
Step 1: Register New BYDFI Account
Go to bydfi.com, click “Sign Up” and enter your email and password to create your account.
Step 2: Verify Your Email
Check your inbox for a confirmation email and click the enclosed link to verify your BYDFI account email.
Step 3: Fund Your BYDFI Account
Deposit crypto from another wallet or purchase with credit card to fund your trading balance.
Step 4: Access the Trading Platform
On BYDFI’s website or mobile apps, navigate to the spot, futures, or options trading interfaces.
Step 5: Place Your First Trade
Search for a trading pair like BTC/USDT and enter your order details. Review and submit to complete your first trade!
And that’s it! You can now explore all of BYDFI’s trading products and altcoin markets. Remember to use caution and educate yourself on risks before active trading.
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BYDFI Competitors and Alternatives
Here are some top BYDFI competitors and alternatives to consider:
FTX: Fast growing new exchange started in 2019. Wide coin selection, low fees, excellent liquidity, and US regulated.
KuCoin: Another leading crypto-only exchange with 400+ coins, staking rewards, and low fees.
Crypto.com: Platform offering crypto trading, debit cards, lending, and additional services.
Kraken: Long established US exchange known for security and customer support.
Coinbase: Most popular mainstream regulated exchange for casual investors. High fees.
Binance.US: US partner of the world’s largest exchange with wide altcoin selection.
Evaluate factors like fees, coin selection, regional availability, regulations, and security when choosing a platform.
To Recap: Strong Altcoin Offering but Buyer Beware
BYDFI provides easy access to trade and invest in hundreds of promising small and large cap cryptocurrencies beyond just Bitcoin and Ethereum. Developing traders can take advantage of advanced order types, charting, and platform customization unavailable at basic venues like Robinhood.
However, BYDFI’s still unfinished mobile apps, high fees, limited staking, lack of transparency, and regulatory ambiguities in offshore jurisdictions give pause. As a young upstart exchange in a largely unregulated industry, exercising caution is advised before entrusting substantial funds to them long-term.
BYDFI shows potential to become a top altcoin destination for active traders seeking hidden crypto gems. But it remains a work in progress lacking the maturity of Kraken, Coinbase and other reputable veterans.
As global crypto adoption continues accelerating into 2023, it will be interesting to see if BYDFI can resolve its growing pains and meet the moment. Traders are hungry for the next big disruptor.
Frequently Asked Questions
Is BYDFI available in the USA?
Yes, BYDFI accepts traders from the United States. They state USA residents can access all trading services and products without restrictions. No KYC is mandated.
Does BYDFI have an app?
BYDFI offers iOS and Android mobile apps that cover core trading functions. However, both apps are currently down temporarily as BYDFI upgrades the app to consolidate its branded offerings into one unified mobile experience.
What countries does BYDFI not support?
BYDFI does not explicitly ban any specific country. However, they do not directly service OFAC sanctioned jurisdictions or regions with crypto trading restrictions like China or North Korea.
Does BYDFI charge deposit fees?
No, BYDFI does not charge any fees for depositing cryptocurrencies or fiat into your account wallet. Deposits are free. There are withdrawal fees to move assets externally however.
What is BYDFI futures trading?
BYDFI Futures allows up to 125x leverage margin trading on cryptocurrency derivative contracts. Traders can long or short the market and hold open positions on perpetual swaps or fixed date futures.
Can I store crypto on BYDFI?
Yes, you can hold cryptocurrency balances directly within your BYDFI account wallet. But for better security, most experts recommend withdrawing to an external crypto wallet where you control the private keys.
Can I trade NFTs on BYDFI?
No, BYDFI does not currently support trading non-fungible tokens or provide an NFT marketplace. BYDFI only supports trading fungible cryptocurrency coins, stablecoins, and asset index swaps.
Does BYDFI have a referral program?
Yes, BYDFI offers referral bonuses up to 30% commission kickbacks for inviting friends or followers to open a BYDFI account and trade. Referral bonuses are paid in BNX tokens.
What is BYDFI BNX token?
BNX is the native utility token of the BYDFI ecosystem. Holding BNX tokens gives users discounts on trading fees, unlocks staking benefits, and provides governance voting rights within the exchange.
