BYDFI is one of the leading cryptocurrency exchanges that provide safe, simple, and fast crypto-asset exchange services. They have over 100,000+ users from over 150 countries. BYDFI has successfully partnered with multiple companies worldwide, such as CoinMarketCap, Binance, and more. This BYDFI review will guide through the this legitimate crypto exchange platform.
Table of Contents
- BYDFI is a leading cryptocurrency exchange founded in 2014 and has its headquarters in Singapore.
- Acquired licenses from Financial regulators of four different countries.
- Offers various trading options such as spot, leveraged, contract, margin, and copy trading.
- Uses K-Line, a weighted average technique to calculate the platform’s prices by collecting data from the top three exchanges: Binance, Huobi, and OKEX.
- They provide Daily Mining to earn BYD and USDT.
- Support three mediums to deposit funds. (Crypto, Visa/Master cards, OTC)
- They use a high-security architecture to protect your funds and the platform. They store the majority of the funds in cold wallets and use two-factor authentication.
- A user-friendly interface helps you to start trading quickly. A demo mode is available, which will help you in getting accustomed to the platform.
- A 24/7 live chat will help you to resolve customer’s issues.
BYDFI Review: Trading Options
BYDFI Review: Spot Trading
Crypto spot trading allows you to purchase crypto-assets and hold them until their price increases or use them to buy different assets. BYDFI supports more than 30+ crypto-assets such as Bitcoin, Ethereum, Litecoin, and more.
BYDFI Review: Futures Contract Trading
Futures Contract allows you to trade on an asset’s price movement at a predefined date and price. They are used to hedge other investments or to lock in profits when trading in volatile markets. Every contract involves a buyer, seller, and a set price.
Futures trading helps you multiply your returns; however, they can be risky. Contract Trading allows you to make a profit daily.
If you think the asset price will increase, you can buy/long the asset contract and close when your target is achieved. Similarly, If you believe the asset price will decrease, you can sell/short the asset contract. This helps you make a profit from both the buy and sell markets.
You can choose from sixteen crypto-asset options such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, EOS, TRON, and more.
BYDFI Review: Leveraged Trading
Leverage allows you to use borrowed capital to invest or trade in open markets as a funding source. Trading with leverage gives traders options to trade larger amounts, even with less capital.
BYDFI provides a wide leverage range from 5x to 125x.
BYDFI Review: Margin Trading
Margins allow you to trade higher value assets by using a lower amount. You can make huge profits or losses without actually having to own the asset.
BYDFI uses a system of isolated margin rather than cross margin; therefore, you will not get liquidated. The margin you have set aside is kept separate from the rest of your trading positions.
Also, read an ultimate guide to BYDFI Margin Trading.
BYDFI Review: Copy Trading
Copy Trading allows users to copy trading strategies from experts. It helps you earn better profits and learn from experienced traders. BYDFI platform provides you detailed information about expert traders, such as profit rate, trade days, Win Rate 30D, P/L ratio 30D, 30D total trades, and each trading expert’s followers. The trader list data is updated every two hours.
BYDFI offers a flexible copy trading setting. You can also filter according to trading days, styles, and P/L ratio 30D.
Besides, they provide different styles such as Short Term, Midterm, Long term, High Risk, Racial, Light trade, steady, and more. The trading days are divided into less than thirty, thirty to sixty, sixty to one-eighty, and unlimited. The P/ L ratio is categorized as less than twenty, twenty to sixty, and more than sixty percent.
The warning value helps you select the maximum copy amount that you would like to accept. The maximum amount can be 50USDT and should be more than 5USDT.
The default stop loss ratio will be the same as that of the expert; if you wish, you can set your own.
The maximum position amount is the total amount of the position that follows the experts’ position. The maximum limit is 12000USDT.
Additionally, you could set up a single-day follow principal, which allows you to set an accumulated amount for a day after which no orders will be copied. The maximum amount that can be set is 12000USDT.
Also, read BYDFI Copy Trading.
BYDFI Daily Mining
You can participate in daily mining to receive a random amount of crypto assets as rewards. The crypto assets will include BYD (BYDFI Token) or USDT.
The gift money can be used as trading fees. They cannot be withdrawn or exchanged for other coins. BYDFI automatically deducts gifting money earned from mining when placing an order.
BYDFI uses external Bitcoin pricing data. It ensures that the prices displayed on the platform are fair and transparent.
K-Line is the weighted average real-time pricing technique that collects data from the top three exchanges Binance, Huobi, and OKEX. It is a fair and balanced line. The weights of the data used to calculate the average from Binance, Huobi, and OKEX are 30%,40%, and 30%, respectively.
How to create a BYDFI account?
To get started with BYDFI, first, you need to create an account.
- Go to the official website of BYDFI.
- Firstly, select the get started option on the top right corner.
- Secondly, enter the credentials required and set up a strong password.
- Thirdly, enter the verification code to verify the account.
- Finally, click on register to create the account.
BYDFI Review: BYDFI KYC (Know Your Customer)
BYDFI uses KYC to prevent money laundering, terrorist financing, or any such illegal activity. They use a five-step process, which is elaborated below –
- Verification Procedures
BYDFI uses reliable verification sources, such as national ID, passport, bank statement, or utility bills. They double-check the authenticity of the documents to avoid any risk. If you are using cards for payments, then your cards need to pass verification.
- Sanctions and PEP lists screening
After completing the verification, BYDFI will screen you against Sanctions and Politically Exposed Persons (PEPs) lists.
- Compliance Officer
BYDFI duly authorizes the Compliance Officer to ensure the effective implementation and enforcement of the AML/KYC Policy.
- Monitoring Transactions
BYDFI not only verifies your identity but also analyses your transactional patterns. They rely on data analysis as a risk assessment and suspicion detection tool.
- Risk Assessment
BYDFI uses risk assessment to mitigate any money laundering or any such illegal activities. They direct resources following priorities so that higher risks receive more attention.
BYDFI Review: Security
Business Administration of Singapore (ACRA), the Australian Transaction Reporting and Analysis Center (AUSTRAC), the Estonian Financial Regulatory Authority (MTR), and the United States Financial Supervisory Authority (MSB) have issued Financial licenses to BYDFI. These licenses ensure the security of your funds.
The communication in BYDFI is entirely SSL encrypted. This helps you avoid phishing attacks.
The majority of the funds are stored in cold storage, which is offline and secure. Only smart portions of the funds are kept in hot wallets.
They provide real-time risk management and auditing tools to understand the market scenario.
Additionally, you can secure your account by performing the following actions –
- You can set up an email verification for resting passwords, withdrawals, or performing any significant changes in the account.
- You can also leverage SMS verification for withdrawals or any major activities.
- For making a withdrawal, you have to enter an additional pin.
- To ensure or report any unauthorized logins, you can check login records.
- Withdrawal access management allows you to include the specific address to avoid transferring funds to the wrong address.
BYDFI Review: BYDFI Token ( BYD)
BYD is a decentralized digital asset based on Ethereum with a total supply of 210 M. A new user gets six BYD after registration. Each BYDFI account receives up to sixteen BYD.
BYD can be used for:
- Trading Fess deduction.
- Excess income from listing
- More applications for the global crypto business will be coming soon.
You can get BYD by registering a new account, trading on BYDFI or Daily Mining.
BYDFI Review: Affiliate Program
BYDFI offers its users various different ways for traders to gain profits. You can use the BYDFI affiliate program, you can become a business partner on the exchange and can also earn up to 60% of the commissions on the BYDFI’s trading fee. You can easily use this affiliate program and earn profits by referring your friends.
BYDFI Review: BYDFI Fee
The currency exchange fee is 0.05%.
The opening and closing trading fee can be calculated as margin * leverage * 0.05%. The opening and closing fee is pre-deducted while opening a position and will not be charged when closing a place. The transaction fee does not affect the initial margin.
If your position is held for less than twelve hours, you are not charged any overnight fee. If you have held the position for more than twelve hours and closed after SGT 05:55:00, you will be charged using the following formula- Margin * Leverage * 0.045% * Days.
BYDFI provides a low trading entry that is 5 USDT.
BYDFI Review: Deposit
BYDFI provides three different ways to deposit funds.
- Transfer from your crypto wallet.
- Buy USDT using Visa or Mastercard.
- But crypto from fiat via OTC traders. Fiat currency deposit is only supported in Vietnam, Mainland China, and Indonesia.
There is a minimum deposit for all the supported cryptocurrencies. A minimum of 10 USDT-BSC, 10 USDT-ERC20, 10 USDT-BSC, 0.001 BTC, 0.05 ETH, 20 XRP, 0 TRX, BYDFI supports USDT(Omni, ERC20, TRC20), BTC, ETH, EOS, XRP, TRX, 50 DOGE, 0 SHIB, 0.5 LINK, 5 CRV, 0 USD, 0 BUSD or 3 EOS is required.
|USDC (ETHER and BSC)||0|
|BUSD (ETHER and BSC)||0|
BYDFI supports deposits for USDT(Omni, ERC20, TRC20), BTC, ETH, EOS, XRP, TRX, DOGE, SHIB, LINK, CRV, USD, and BUSD.
Cryptocurrency deposit required network node confirmation. It takes approximately ten to sixty minutes for confirmation. You should check the address before depositing since the address can change.
Deposits through OTC occur in real-time while it depends on the network congestion when taking place through external wallets.
There is no fees charged for deposits.
BYDFI Review: BYDFI Withdrawals
You can make withdrawals in USDT- Omni, USDT- ERC20, and USDT- TRC20. You have to submit the withdrawal address, amount, password, and verification code form email to complete the transaction.
|USDT- BSC||1 USDT|
|USDT- ERC20||16 USDT|
|USDT- TRC20||1.2 USDT|
- The minimum withdrawal amount is 15 USDT. You can withdraw two times a day between 9:00 – 21:00 Singapore time.
- The withdrawal limit also differs if your KYC ( Know Your Customer) is completed or not.
- The maximum withdrawal limit is 100,000 USDT.
- The fee for Fiat withdrawals is $2.
BYDFI Review: User Experience
BYDFI provides an easy-to-use and user-friendly interface for beginners. The platform supports multiple languages such as English, Portuguese, Bahasa, and more. It supports dark and light modes.
The demo platform helps you to get accustomed. You can customize the charts according to your requirements.
The market-related information is on the left, the charts are in the center, and the order forms are on the right. The order history is available at the bottom of the page. The platform is also available in mobile applications in Android and iOS platforms to manage your funds on the go.
BYDFI Review: Mobile Application
If in case you are unable to use the desktop version of the BYDFI exchange platform then you can also use its mobile application. The BYDFI mobile application has all the features similar to the desktop and also offers outstanding functionality. Moreover, the application is available on both Android and iOS.
BYDFI Review: Customer Support
BYDFI Review: Pros and Cons
|There is no slippage cost.||They do not have an insurance fund.|
|An easy to use and user-friendly interface.||They provide limited cryptocurrency support.|
|BYDFI is currently giving a welcome bonus of up to 258 USDT to new users.||OTC Trading is supported in limited countries.|
|BYDFI has licenses from four different country regulators.|
|Low trading fees.|
|They offer a wide leverage range from 5x to 125x.|
|They support OTC deposits. There is no slippage cost.|
BYDFI Review: Conclusion
BYDFI is a user-friendly cryptocurrency exchange with worldwide users that offers crypto spot, contract, leveraged, margin, and copy trading options. They have received financial licenses from four different countries and have a high-security architecture to protect your funds. The trading fee is comparatively low. Daily Mining can help you earn USDT and BYD tokens.
BYDFI provides multiple ways to deposit your funds. You can buy crypto via FIAT through OTC counters. An easy-to-use trading terminal attracts beginners. An extensive customer supports its users to solve their queries faster. All around, BYDFI is capable of providing A-Grade crypto exchange service to its customers.
Frequently Asked Questions (FAQ)
What is BYDFI?
BYDFI is one of the leading cryptocurrency exchanges which provides safe, simple, and fast crypto-asset exchange services.
Is BYDFI legit and safe?
BYDFI acquired financial service licenses from the Business Administration of Singapore ( ACRA), the Australian Transaction Reporting and Analysis Center (AUSTRAC), the Estonian Financial Regulatory Authority (MTR), and the United States Financial Supervisory Authority (MSB). Therefore, it’s legit.
In addition, It practices the best standard to safeguard your cryptocurrencies.
How to trade on BYDFI?
On BYDFI, you need to deposit your funds in order to start trading.
Does BYDFI support FIAT?
Yes, it does. You can buy crypto from fiat via OTC traders. Fiat currency deposit is only supported in Vietnam, Mainland China, and Indonesia.
BYDFI supports which cryptocurrencies?
BYDFI supports USDT(BSC, ERC20, TRC20), BTC, ETH, EOS, XRP, TRX and more.
How much leverage does BYDFI offer?
BYDFI offer a wide leverage range of 5x to 125x.