BYDFI Exchange Review: Features, Benefits and Fees
9 min read
If you're looking for a comprehensive review of BYDFI and how it stacks up against other options in the market, you've landed on the right page. Our in-depth analysis covers everything from product features to trading fees and user experience, giving you the information you need to make an informed decision. Read on to find out if BYDFI exchange is the right choice for you!
BYDFI (formerly known as Bityard) is a cryptocurrency exchange and trading platform that was founded in 2019 and is headquartered in Singapore. The company has a small team of just 20 employees, but the platform is available in over 150 countries around the world.
BYDFI aims to simplify cryptocurrency trading, making it more accessible for beginners. The exchange offers a variety of products such as spot trading, different types of derivatives, copy trading, and welcome rewards for completing tasks.
Overall, BYDFI offers a beginner-friendly platform for those looking to enter the world of cryptocurrency trading. BYDFI offers support for over 400 cryptocurrencies, including some of the top ones like BTC, ETH, SOL, ATOM, USDT, USDC, BUSD, and over 600 trading pairs in total.
Currently, BYDFI has over 500,000 users around the world and the platform is also available on Android and IOS with less than 10,000 downloads.
BYDFI Signup & KYC
Signing up on BYDFI is a quick and easy process that only requires an email and password. Users can deposit cryptocurrencies and start trading without being subjected to any KYC requirements.
However, if users wish to deposit fiat currencies or increase their daily crypto withdrawal limits, they will have to go through the KYC process. Verification on BYDFI is powered by Jumia, and users can quickly upload their government ID and a selfie. The account is usually verified within 10-20 minutes.
BYDFI Products & Services
BYDFI offers a limited range of trading products that includes spot trading, perpetual contracts settled in USDT and other cryptocurrencies. In terms of max leverage, BYDFI offers it's traders to to take up to 150X leverage on perptual contracts.
BYDFI also offers it's users access to leveraged tokens and copy trading for those that want to simply imitate successful traders. BYDFI is a smaller exchange and as such, the trading volume on the platform is on the lower end and averages between $25-50 million dollars per day.
They also offer different type of rewards to incentivize new users to complete different tasks on the exchange. The user experience on BYDFI is quite nice with a simple and clean user interface that is easy to navigate. The exchanges does not require all users to KYC which means that users can quickly signup and take advantage of spot and derivatives trading.
The spot trading fees on BYDFI are a bit confusing as they range between 0.1% and 0.3% for makers and takers depending on which cryptocurrency users are trading. The main area coins have the lower fees of 0.1% while the innovation area coins have fees of 0.2%-0.3%.
Large cap coins like Bitcoin, Ethereum and others will be in the main area coins category while lesser known and less liquid coins and tokens will be in the innovation area.
The trading fees for the cryptocurrencies in the main area are competitive with big exchanges like Binance and OKX while the innovation area is inline with the likes of Gate.io
BYDFI does not provide support for any fiat currencies and as such, fiat deposits are not avaiable on the exchange. Users can instead deposit cryptocurrencies on the exchange or buy cryptocurrencies with card via different third party providers such as Transak, Banxa, Coinify and Mercuryo.
This however comes with higher fees that can range between 2-8% depending on the fiat currency and cryptocurrency being purchased.
BYDFI Withdrawal Methods
The only way to withdraw funds from BYDFI is by withdrawing cryptocurrencies. No fiat currencies can be withdrawn as there is no way to deposit them to begin with.
In terms of withdrawal fees for cryptocurrencies, BYDFI charges 0.0002 BTC for Bitcoin withdrawals and an 0.0018 ETH fee for Ethereum withdrawals.
For those that wish to withdraw Solana and ERC-20 Tether, the fees for that are 0.008 SOL and 7 USDT respectively. These are quite low withdrawal fees overall.
While BYDFI is both smaller and lesser known than most exchanges, we are actually impressed with what we have seen. The user interface of the exchange is easy to use and navigate for beginners and more experienced users alike. We also like the fact that no KYC is needed for basic cryptocurrency deposits and trading.
In terms of cryptocurrencies, BYDFI offers a solid range of over 400 cryptocurrencies with trading fees varying between 0.1%-0.3%. These trading fees are on the lower end and competitive with the most popular exchanges on the market.
And when it comes to products and services, BYDFI offers a decent range of features that will satisfy the needs of both beginners and more seasoned traders looking to take on more risk. While the exchange is currently not able to match the bigger exchanges in terms of a complete product suite, it's slowly getting there.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.