BYDFi, erstwhile BitYard, is an emergent crypto exchange inaugurated in 2019. The platform zeroes in on sophisticated crypto trading features, transcending elementary functionalities. In this Bydfi review we will go over everything you need to know about this crypto exchange.
BYDFi extends margin accounts, derivatives trading, and comparatively minimal fees. Although trading intricate crypto derivative contracts isn’t advisable for neophytes, BYDFi endeavors to simplify the process to the greatest extent feasible.
Table of Contents
Pros:
- Proffers crypto margin trading accounts
- Competitive fees
- Expeditious registration and user-friendly interface
Cons:
- Absence of crypto staking
- No telephonic customer support
- Limited educational resources
Target Audience for BYDFi
BYDFi suits investors engaged in frequent cryptocurrency trading, particularly those inclined towards more advanced transactions. The exchange caters to both novices and individuals seeking advanced features. However, it may not be ideal for those intending long-term cryptocurrency investments due to its lack of features like crypto staking and lending.
Distinctive Attributes of BYDFi
BYDFi’s user-friendliness and advanced trading capabilities distinguish it. It provides a platform for trading crypto derivatives such as contracts for differences (CFDs), leveraged tokens, and margin trading.
The exchange offers two trading platforms: classic and advanced. Both deliver more charting and trading functionalities than a standard centralized crypto exchange. Completing certain tasks on BYDFi, such as KYC registration or making deposits via various methods, rewards users with “mystery box” prizes containing random cryptocurrencies. New users receive a welcome bonus upon registration, their first trade, and when referring friends.
Users can earn free crypto by allowing others to replicate their trades, contingent on the number of followers. Additionally, BYDFi can utilize users’ computer resources for crypto mining, providing rewards in return.
BYDFi’s Drawbacks
The absence of crypto staking on BYDFi means investors miss out on earning significant returns through long-term crypto holding. The range of cryptocurrency pairs offered is merely average. Furthermore, the educational materials available are subpar, and there is no phone support. Although these issues are minor compared to the platform’s extensive trading features, they are worth noting for users needing more educational support or customer service.
BYDFi’s Features
BYDFi excels in various areas as a crypto exchange. Below is a summary of its features and benefits.
Fees
BYDFi’s fees are transparent and competitive. For regular spot trading to buy and sell crypto, fees range from 0.1% to 0.3% of the transaction, varying by cryptocurrency. The potential fee is displayed when setting up a trade, prior to approval. Converting cryptocurrencies incurs a fee between 0.1% and 0.15%, depending on the cryptocurrency.
Security
BYDFi implements several measures to ensure stringent security for its clients. The exchange conducts regular stress tests and security audits. Client digital assets are stored offline in cold storage wallets for added security. Adhering to international trading standards, BYDFi operates in the U.S., Singapore, Australia, and Estonia. Dual authentication via Google Authenticator and an additional pin for withdrawals enhance security. To date, BYDFi has not suffered any major hacks.
Account Setup
Opening a BYDFi account is quick and straightforward. Users register with a mobile number or email address, then link a payment method such as a credit card or bank account. Existing crypto can be transferred from an existing wallet to start trading. For fiat currency deposits, KYC authentication is required before withdrawals.
Available Cryptocurrencies
BYDFi supports over 40 cryptocurrencies and accepts deposits in numerous fiat currencies. The following chart lists the availability of major cryptocurrencies on BYDFi:
| Coin | Available on BYDFi |
|---|---|
| Bitcoin (BTC) | ✔ |
| Ethereum (ETH) | ✔ |
| XRP (XRP) | ✔ |
| Cardano (ADA) | X |
| Solana (SOL) | X |
| Dogecoin (DOGE) | ✔ |
| Polkadot (DOT) | ✔ |
| Polygon (MATIC) | ✔ |
| TRON (TRX) | X |
Usability
BYDFi’s website allows seamless research and purchase of cryptocurrencies. Prices update every few seconds. Users can convert cryptocurrencies through the website. Additionally, the BYDFi exchange is accessible via a mobile app and desktop platform.
BYDFi Ratings
| Feature | Rating |
|---|---|
| Trading | ✔ |
| Advanced Trading Features | ✔ |
| Security & Storage | ✔ |
| Crypto Wallet | ✔ |
| Staking | X |
| Lending | X |
| Margin Trading | ✔ |
Areas for Improvement
While BYDFi excels in numerous aspects, there are several areas where improvements could be made.
Crypto Staking
BYDFi does not support crypto staking, a significant drawback for the platform. Staking allows users to temporarily lock up their crypto to support the blockchain, an absent feature here.
Expanded Coin Selection
Though BYDFi covers popular cryptocurrencies, the selection could be broader. Leading exchanges like Coinbase and Kraken offer over 100 cryptocurrencies. For rare tokens, users might need to seek alternatives.
Educational Resources
BYDFi’s educational materials are limited. While articles are available on various topics, they are not as comprehensive as those on major platforms. For instance, Binance.US provides rewards for users completing educational courses, which BYDFi does not offer.
Customer Support
BYDFi’s customer support is limited to email, with no phone support available.
Methodology
In determining crypto exchange rankings, features and options from nearly 25 cryptocurrency exchanges, trading apps, and brokerage platforms were evaluated. Factors included platform availability, customer service, educational resources, security and storage, staking and rewards, among others. The editorial team used a standardized methodology to analyze 10 key features, assigning values to determine overall rankings. Advanced trading, platform lending, and margin trading were excluded from the best crypto exchanges for beginners category.
