BYDFi Review 2023
BydFi Review Summary
BYDFi is a cryptocurrency exchange platform that aims to provide a secure, efficient, and user-friendly way for individuals and institutions to buy, sell, and trade cryptocurrencies. The platform is designed to be accessible to both novice and experienced traders, offering a range of features and tools that cater to different trading styles and strategies.
One of the key features of BYDFi is its intuitive user interface, which makes it easy for traders to navigate the platform and access the tools and resources they need to make informed trading decisions. The platform offers a range of advanced trading tools, such as charting and technical analysis tools, as well as market news and data feeds, to help users stay up-to-date with the latest market trends and developments.
Another one of the unique aspects of BYDFi is its focus on social trading. The platform allows users to follow and copy the trades of other successful traders, making it easier for novice traders to learn from experienced traders and potentially earn profits. This feature also enables experienced traders to earn additional income by sharing their trading strategies with other users.
In addition to these features, BYDFi also offers a range of educational resources and tutorials to help users improve their trading skills and strategies. These resources include video tutorials, webinars, and community forums, where users can share their experiences and insights with other traders.
- Web Address: bydfi.com
- Fiat Currencies: USD, GBP, EUR, CAD, AUD, HKD, JPY & 40+ more
- Cryptocurrencies: BTC, ETH, XRP, LTC, BCH, DOGE, SHIB, SOL, LUNA, AVAX & 500+ more
- Mobile app: Yes
- Trading Fees: 0.1% – 0.3%
- Fiat Deposit Fees: 0%
- Crypto Deposit Fees: 0%
- Crypto Withdrawal Fees: 0%
- Fiat Withdrawal Fees: $2
- Deposit Methods:Credit card, Debit card, Google Pay, Apple Pay, Banxa, Coinify, Mercuryo, Xanpool
- BydFi Security: BYDFi prioritizes security by storing the majority of digital currencies offline in cold storage wallets, requiring multi-party approvals for transactions, segregating accounts, and strictly whitelisting transactions to prevent unauthorized withdrawals to unapproved addresses.
BydFi History Overview
BYDFi is a relatively new player in the cryptocurrency exchange market, having been founded in 2020. Despite its youth, the platform has quickly established itself as a leading exchange, thanks to its focus on security, usability, and innovation.
The idea for BYDFi was born out of a desire to create a more secure and user-friendly cryptocurrency exchange. The founders of BYDFi recognized that many existing exchanges suffered from security vulnerabilities and usability issues, which made it difficult for traders to trust and use these platforms. To address these problems, the team behind BYDFi set out to create a decentralized exchange platform that leverages the power of blockchain technology to provide a more secure and efficient trading experience.
From the beginning, security has been a top priority for BYDFi. The platform uses a range of security measures, including multi-party approvals, cold storage wallets, segregated accounts, and strict whitelisting, to ensure that user data and funds are protected from unauthorized access and theft. These measures have helped to establish BYDFi as one of the most secure cryptocurrency exchanges on the market.
In addition to its focus on security, BYDFi has also prioritized usability and innovation. The platform is designed to be easy to use, with an intuitive user interface and a range of advanced trading tools and resources. BYDFi offers a range of educational resources and tutorials to help users improve their trading skills and strategies. These resources include video tutorials, webinars, and community forums, where users can share their experiences and insights with other traders.
Since its launch, BYDFi has experienced rapid growth, attracting a large and dedicated user base. The platform has also received recognition from the cryptocurrency community, with many experts praising its innovative approach to security and usability. BYDFi has also been featured in a number of high-profile publications, including Forbes, CoinDesk, and TechCrunch.
Looking ahead, BYDFi is well-positioned to continue its growth and become a leading player in the cryptocurrency exchange market. With its focus on security, usability, and innovation, the platform is poised to attract even more users and establish itself as a trusted and reliable exchange for both novice and experienced traders alike.
BydFi Cryptocurrency selection
BYDFi offers a diverse selection of cryptocurrencies for users to buy, sell, and trade on its platform. The platform supports popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, as well as lesser-known coins like Chainlink, Polkadot, and Stellar in addition to about 600+ other trading pairs.
BYDFi is committed to providing its users with access to the latest and most innovative blockchain technologies, and regularly adds new cryptocurrencies to its platform. The platform’s multi-currency support enables users to trade across different markets and diversify their portfolios.
BYDFi takes a selective approach to adding new cryptocurrencies to its platform, ensuring that each new addition meets the platform’s standards for security, reliability, and market demand. This approach helps to ensure that users have access to high-quality coins and tokens that have a strong potential for growth and profitability.
BydFi Supported Countries
BYDFi allows users from around the world to buy, sell, and trade cryptocurrencies. However, the platform is not available in some countries, including China, Pakistan, Bangladesh, Kazakhstan, Syria, Afghanistan, Iraq, Yemen, and Iran.
The reason for this is likely due to the regulatory landscape in these countries. Some countries have banned or heavily restricted the use of cryptocurrencies, while others have strict laws and regulations that make it difficult for cryptocurrency exchanges to operate. In some cases, the government has banned cryptocurrency altogether or made it illegal for financial institutions to facilitate cryptocurrency transactions.
BydFi Payment Methods
BYDFi allows the following payment platforms:
- Credit card: BYDFi accepts credit card payments from Visa and Mastercard.
- Debit card: BYDFi accepts debit card payments from Visa and Mastercard.
- Google Pay: BYDFi supports payments made through Google Pay.
- Apple Pay: BYDFi supports payments made through Apple Pay.
In addition to the above payment platforms, BYDFi also supports the following payment processors:
- Banxa: Banxa, a payment processor that allows users to buy cryptocurrencies using various payment methods, including bank transfers, credit cards, and debit cards.
- Coinify: Coinify, a payment processor that allows users to buy cryptocurrencies using bank transfers, credit cards, and debit cards.
- Mercuryo: Mercuryo, a payment processor that allows users to buy cryptocurrencies using various payment methods, including bank transfers, credit cards, and debit cards.
- Xanpool: Xanpool, a payment processor that allows users to buy cryptocurrencies using bank transfers, credit cards, and debit cards.
Key Features of BydFi
Multi-Currency Support: BYDFi supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as fiat currencies such as USD and EUR. This allows users to trade across multiple markets and diversify their portfolios.
Intuitive User Interface: BYDFi’s platform is designed to be accessible to both novice and experienced traders, with an intuitive user interface that makes it easy to navigate the platform and access the tools and resources needed to make informed trading decisions.
Advanced Trading Tools: BYDFi offers a range of advanced trading tools, such as charting and technical analysis tools, as well as market news and data feeds, to help users stay up-to-date with the latest market trends and developments.
Social Trading: BYDFi’s social trading feature allows users to follow and copy the trades of other successful traders. This makes it easier for novice traders to learn from experienced traders and potentially earn profits. It also enables experienced traders to earn additional income by sharing their trading strategies with other users.
Spot Trading: BYDFi offers over 600 trading pairs for spot trading, allowing users to trade cryptocurrencies in real-time.
CFDs: BYDFi offers up to 125x leverage on CFDs, which allows traders to take a position in the market without having to own the underlying asset.
Fiat Gateway: BYDFi offers a fiat gateway, which allows users to deposit and withdraw fiat currencies such as USD and EUR.
Free Price Bot on Telegram: BYDFi offers a free price bot on Telegram, which provides users with real-time price updates and other important information about the cryptocurrency markets.
Affiliate Program: BYDFi’s affiliate program offers up to 40% commission on trading fees, which allows affiliates to earn additional income by promoting BYDFi’s platform.
Monthly Salary Partner Program: BYDFi’s monthly salary partner program allows partners to earn a monthly salary based on the trading volume of their referred users.
24/7 Online Support: BYDFi provides 24/7 online support to help users with any questions or issues they may have while using the platform.
BydFi Trading Fee Overview
BYDFi has different fee structures for different types of trading on their platform. The following is a breakdown of BYDFi’s fee structure based on the information provided:
The spot trading fees of BYDFi correspond to two different execution types: Maker and Taker. The maker fee ranges from 0.1% to 0.3%, while the taker fee also ranges from 0.1% to 0.3%. The transaction fee rate is based on the purchased cryptocurrency, and it can be found in the upper-right corner of the spot trading pair page. The maker/taker fee will be charged separately. The formula for calculating spot transaction fee is filled order quantity x transaction fee rate. There is no trading fee for unfilled parts of orders or cancelled orders.
The transaction fee rate for converting is 0.1%–0.15%.
The current transaction fee rate for Lite Contracts is 0.05%, which is charged when opening and closing a position. For example, if a trader opens a long position with 100 USDT in BTCUSDT contracts at market price with leverage of 50X, the transaction fee would be 5 USDT.
Perpetual Contracts (USDT-M & COIN-M):
The transaction fee rate for perpetual contracts (USDT-M & COIN-M) is 0.06% for Taker and 0.02% for Maker. The opening fee is calculated as fulfilled amount (coin) x entry price x transaction fee rate, while the closing fee is calculated as fulfilled amount (coin) x closing price x transaction fee rate. The fulfilled amount (coin) x entry price = fulfilled amount (USDT). Inverse perpetual contracts (COIN-M) have a contract multiplier of 1, and the opening and closing fees are calculated as (cont x contract multiplier / entry price) x transaction fee rate.
The transaction fee for leveraged tokens is charged separately when buying or selling (USDT), and the transaction fee rate is 0.2%. The management fee is charged daily at 00:00:00 (UTC+8) and will be reflected in the net asset value of the leveraged tokens.
BydFi Deposit Fees
One of the advantages of BYDFi is that it does not charge deposit fees, as long as you meet the minimum deposit requirement for the cryptocurrency you are depositing. This is a favorable feature that is gaining popularity in the crypto industry, as deposit fees can be costly and can diminish your trading capital before you even begin trading. With BYDFi’s free deposit feature, you can avoid these additional expenses.
BydFi Withdrawal Fees
It is worth also noting that BYDFi does not charge any withdrawal fees, the only fee is the network fee itself, which varies depending on which network you use to withdraw. Before selecting a cryptocurrency exchange to trade with, it is crucial to comprehend the fees you will be required to pay. These fees can significantly affect your potential earnings, making it crucial to factor them in when deciding on a crypto exchange.
BydFi Security Features
BYDFi delivers a high-level of security to users to protect personal information and user assets. BYDFi’s Security Features include:
- Cold Storage: The vast majority of digital currencies held at BYDFi are stored offline in cold storage wallets. This means that these assets are not accessible via the internet, making them less susceptible to hacking attempts.
- Multi-Party Approvals: BYDFi employs a multi-party approval process for transactions. This means that multiple people are required to authorize a transaction, making it more secure.
- Segregated Accounts: Your money is held separately from BYDFi’s funds. Your crypto assets are kept in segregated cold storage wallets, which are not commingled with BYDFi’s own assets. This reduces the risk of loss or theft of your assets.
- Strict Whitelisting: Transactions from BYDFi’s cold wallets are restricted to a whitelist. This means that withdrawals are only allowed to pre-approved addresses, preventing unauthorized withdrawals to any address BYDFi has not approved. This helps protect your assets from theft or unauthorized access.
- Regular Stress Tests and Security Audits: BYDFi conducts regular stress tests and security audits to ensure compliance with the strictest security standards and provide global clients with top security protection.
- Dual Authentication: BYDFi offers dual authentication (provided by Google Authenticator) or two-step verification to verify users’ identity in two different ways, which is more secure than traditional single-step verification (password protection) and prevents unauthorized access to accounts.
- Advanced Distributed Cluster Architecture and Microservices: BYDFi’s trade aggregation engine is developed using an advanced distributed cluster architecture and microservices to minimize latency and increase order execution speed, capable of supporting over 1 million/second concurrent trades, achieving unprecedented speed and reliability.
- Kdb+ Programming Language: BYDFi’s trade aggregation engine is programmed in the kdb+ language, a toolset used by major financial institutions in their high-frequency trading programs.
- High Industry Standards: BYDFi’s transaction aggregation engine has one of the highest industry standards in the online trading of blockchain assets, making it one of the most advanced, efficient, and stable transaction aggregation engines in the market.
- Alibaba Cloud Tier 1 Security Service: BYDFi uses Alibaba Cloud (Ali Web Services) Tier 1 security service, which has a good reputation for physical security and internal control.
- Hardware Security Module: The hardware security module meets the highest security level requirements of FIPS PUB 140-2 (Cryptographic Module Security Requirements) Level 3 or higher.
- Encrypted SSL Protocol: BYDFi uses encrypted SSL protocol to encrypt and protect website traffic, ensuring passwords and sensitive data are processed by 512-bit encrypted hash (SHA512).
- Cloudfare: Cloudfare is used to reduce potential DDoS attacks.
- Regular Testing and IT Security Audits: The BYDFi technical team regularly tests and checks, conducts IT security audits and assessments, and is able to find new potential vulnerabilities at any time.
In summary, BYDFi has implemented several security measures to safeguard the assets of its users. These security features help to reduce the risk of loss or theft of user assets, and ensure that users can trade with confidence on the platform.
BydFi Customer Service
BYDFi takes customer service seriously and offers multiple options for customers to get in touch with their support team. They have a 24/7 customer support service available through live chat and email support on their help center. Customers can reach out to them at any time of the day or night, and the supporting staff is known to be very responsive and patient, ensuring that any issues are resolved as quickly and efficiently as possible.
In addition to traditional customer support channels, BYDFi also offers multiple communities on various social media platforms, including English, Vietnamese, Indonesian, and Philippines. This allows customers to connect with like-minded individuals and receive support from the wider BYDFi community. Customers can follow BydFi on Twitter, Youtube, Facebook, Instagram and Medium, staying up-to-date on the latest news and developments, and connecting with other traders and investors. BYDFi’s commitment to customer support ensures that users can trade with confidence, knowing that help is always available when needed.