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BYDFi Review 2024: Features, Fees, Pros & Cons
Swen Keller
- URL: https://www.bydfi.com
- Headquarter:Singapore
- Year Founded: 2020
- Platform App: Desktop, Mobile
- No. of Cryptos: 400+
- Fiats Available: SGD, CAD, USD, GBP, EUR, ZAR, JPY, +55
- Withdraw Method: Crypto assets wallet and third-party options (Banxa, XanPool, Transak, Ramp, Paxful, Coinify, and Mercuryo)
- Payment Method: Cryptocurrency deposits and third-party options (Banxa, XanPool, Transak, Ramp, Paxful, Coinify and Mercuryo)
BYDFi Review: Our Opinion
BYDFi is a young crypto trading platform that offers advanced trading features targeted at experienced users. The crypto exchange offers low trading fees, margin trading, derivatives trading, and spot trading to their global clients. While complex crypto trading products like derivatives are hard to grasp for beginners, BYDFi simplifies the process and makes it easy to understand.
It also supports copy trading which offers a soft landing for beginners and social traders.
An Overview of BYDFi
Founded in 2020, BYDFi is a crypto trading platform headquartered in Singapore. The crypto exchange offers over 400+ digital assets, 200× leverage for derivatives trading, spot trading, and copy trading.
The crypto exchange has the goal of simplifying advanced crypto trading products to allow beginner investors to partake in such offerings seamlessly.
Concerning regulation, BYDFi holds licenses as a Money Service Business (MSB) from Canada and the United States.
It also has the VASP qualification and is an alliance member of the Korean mainstream crypto exchanges Upbit and Bithumb.
Pros
- Offers a large selection of crypto assets
- Supports 200× leverage
- Regulated in the United States and Canada
- Easy to use
Cons
- No support for crypto staking
- Phone support isn't available
BYDFi Review: Unique Features
Copy Trading
BYDFi offers this feature to crypto traders who wish to replicate the trading methods of experienced traders in the market.
The copy trade function offers users a simple and transparent experience that enables both traders and followers to maximize profit.
Once a user selects the trader they wish to follow, the trading behaviors of the trader are automatically synchronized with the follower’s account.
This means that all profits and losses of the trader will reflect in the follower’s account.
The BYDFi copy trade function eliminates the need to manually open and close positions. It also reduces the threshold for contract trading for users.
The feature gives traders accurate followers, media exposure, and profit sharing. BYDFi offers one of the highest copy trading profit-sharing rates in the crypto industry.
Traders can directly gain up to 8% follower profit by simply sharing orders.
Followers also enjoy several benefits. BYDFi offers followers a safe and reliable platform to make a profit without any fears. And BYDFi strictly audits all traders that trade on the platform’s marketplace.
It also makes the trading histories of traders visible. This enables followers to see which trader is best for them in accordance to risk appetite, strategy, etc.
The transparency of data on the platform allows followers to know the details of the traders and their strategies before making a decision.
Also, all trader data is obtained from BYDFi’s live trading. This ensures the authenticity, transparency, and timelessness of the data displayed.
All records of copy trade orders and sharing orders can also be traced back.
Another advantage of the BYDFi copy trade service for followers is that it allows followers to follow more than one trader at the same time and maximize their profit. By following multiple traders, followers can sit back and relax while enjoying potential high returns.
BYDFi displays every follower’s income per copy, the profit data is also displayed in real time.
The display of the income per copy allows the follower to know which trader is generating more profit or loss for them.
BYDFi allows followers to modify their copy amount and close their position to gain profit at any time or disable the copy trade feature.
Followers need at least 10 USDT in their BYDFi account to start copying trades. If the follower’s copy trade amount is less than 2 USDT (10 USDT for BTC) the order will not be executed.
If the follower has a copy trade amount that is greater than the “Max. Amount”, BYDFi will open positions with the “Max. Amount”.
BYDFi allows followers to follow orders in a fixed ratio. This means that every time a trader opens a position, the follower will follow the trader’s position according to the selected ratio.
Followers can view their open copy trading open positions on the Lite Contracts page. They can view the Cumulative Profit and Cumulative Margin after their trading orders have been successfully opened.
The cumulative margin is the sum of the margin of the trader’s closed positions while the cumulative profit is the profit of the trader’s closed positions.
To become a BYDFi copy trading trader, you must meet the following requirements:
- Complete BYDFi KYC
- Complete more than 10 transactions
- Have a total deposit amount that is greater than 300 USDT
- The trader can only register one account on BYDFi
BYDFi allows traders to share a maximum of 30 orders per day. Once the trader exceeds the limit, they can still open positions but followers will not be able to copy the orders.
Traders can also view their current followers, and they can also remove followers. Once a trader removes a follower, the follower will no longer follow their new orders. The current copy order positions will not be affected.
Traders cannot share orders using the trial fund.
If a trader holding the trial fund in their account places an order, the orders will not be shared with their followers.
To protect the interests of followers, traders are prohibited from sharing their social media accounts.
Traders are not allowed to imply, display or reveal contact information or social media accounts where personal profiles and nicknames are displayed.
Traders are also not allowed to attract followers to copy their orders by promising benefits to the followers.
Traders are prohibited from engaging in ultra-short-term transactions. Any order held for less than one minute is considered an ultra-short transaction. Traders will not earn any commissions for these types of transactions.
Failure to adhere to these rules will result in a warning, a decrease in the trader’s ranking, confiscation of illegal profit sharing, and disqualifying the trader.
The trader will face trading limitations, which encompass a decrease in transaction volume, a reduction in trading leverage, and a limitation on the number of followers.
BYDFi Mobile App
The BYDFi mobile application allows users to manage their crypto assets on the go and supports a variety of trading options. It offers over 400 coins for spot trading and about 200x leverage for derivatives trading.
The mobile application supports Lite Contracts, leverage tokens, perpetual contracts, and other types of derivatives.
It also supports several derivatives trading methods such as Stop Market, Stop Limit, Automatic Margin Call, and Trailing Stop.
The app features different styles of traders and allows users to filter their preferred cryptocurrencies to trade.
Users can also customize their unique trading systems.
The mobile app supports the copy trading feature which is best for beginners looking to learn about different trading strategies without losing so much money.
Lastly, the mobile app offers a range of advanced features and tools for experienced traders. This includes advanced charting tools, real-time market data, customizable risk management settings, and automated trading algorithms.
BYDFi Review: Cryptocurrencies Available on BYDFi
The BYDFi crypto exchange supports over 400 cryptocurrencies.
Cryptocurrencies available on the platform include Bitcoin, Ethereum, Binance Coin, Cardano Bybit, Chainlink, XRP, Dogecoin, Polygon, Shiba Inu, Polkadot, Litecoin, Filecoin, Yearn Finance, Tether, DyDx, KuCoin, Decentraland, Enj, Avalanche, Tron, Uniswap, ApeCoin, EOS, Stellar Lumens, Maker, Aave, Bitcoin Cash, Tezos, etc.
BYDFi Review: Fees
BYDFi crypto exchange charges several fees depending on the action taken.
For deposits and withdrawals, (BYDFi natively supports only deposits of digital assets – fiat currency deposits are via third-party payment solutions which charge unique fees) BYDFi does not charge users for depositing. Withdrawals, on the other hand, attract dynamic fees depending on the respective blockchain network of the cryptocurrency.
Spot Trading
Transaction fees on the trading platform are simple. BYDFi uses the maker-and-taker model to charge users between 0.1% to 0.3% of the overall value of the transaction. The 0.1% – 0.3% transaction fee is for both maker and taker trades.
This trading fee is for spot trading pairs.
It’s also important to note that the maker and taker fees are charged separately.
The formula used for charging spot trades is Spot Transaction Fee = Filled Order Quantity x Transaction Fee Rate.
Conversion Fees
To convert crypto assets on the trading platform BYDFi charges between 0.1% to 0.15% for each transaction.
Lite Contracts
BYDFi previously charged 0.075% for lite contracts but this has since been updated to 0.05%. The formula for lite contract fee calculation has also been modified to the below:
- Opening Fee = Margin Leverage 0.05%
- Closing Fee = Margin Leverage 0.05%
The crypto trading platform will pre-deduct the opening and closing trading fees (0.1%) when the crypto trader opens a position and won’t charge when it is closed.
Perpetual Contracts (USDT-M & COIN-M)
The crypto trading platform charges 0.06% in trading fees for taker transactions and 0.02% in trading fees for maker transactions.
Here are the formulas for calculating the trading fees of perpetual contracts.
USDT-M
- Opening Trading Fee = Fulfilled Amount (Coin) Entry Price Transaction Fee Rate
- Closing Transaction Fee = Fulfilled Amount (Coin) Closing Price Transaction Fee Rate
- Fulfilled Amount (Coin) * Entry Price = Fulfilled Amount (USDT)
COIN-M
- Opening Trading Fee = (Cont Contract Multiplier / Entry Price ) Transaction Fee Rate
- Closing Trading Fee = (Cont Contract Multiplier / Entry Price ) Transaction Fee Rate
- Contract Multiplier = 1
- Cont = Coin * Entry Price
Leveraged Tokens
Trading leveraged tokens attracts a 0.2% fee and this is charged separately when purchasing or selling USDT.
There’s also a management fee of 0.03% of the true value of the leveraged tokens for trading leveraged tokens, which is charged at 00:00:00 (UTC+8).
BYDFi Review: Payment Methods
BYDFi crypto exchange only supports crypto deposits and withdrawals directly.
All fiat currency deposits are handled completely by the exchange’s third-party payment providers.
At the moment, the trading platform supports the following third-party partners for fiat currency payment methods which include Paxful, XanPool, Transak, Ramp, Coinify, Mercuryo, and Banxa.
For all offered third-party payment processors on BYDFi, the trading platform supports electronic payment, cash deposits, Visa/Mastercard credit cards, and debit cards.
BYDFi trading platform does not execute withdrawals via the supported payment processors. Users also have to complete KYC on the third-party payment processor’s website before depositing.
BYDFi Review: Security
BYDFi adheres to industry standard security protection by storing users’ crypto assets in offline deep cold storage wallets. It also uses multi-signature technology for deposits and withdrawals.
This is aimed at defending against attacks and the loss of access to keys or facilities.
BYDFi uses a trade aggregation engine that is programmed in the kdb+ language. This is often used in the high-frequency trading programs of major financial institutions. The trade aggregation engine is the most advanced, stable, and efficient transaction aggregation engine in the market.
It minimizes latency and increases order execution speed.
Users’ accounts are protected with dual authentication provided by Google Authenticator. Dual authentication is also known as two-factor authentication and it requires users to verify their identity in 2 different ways.
BYDFi Review: Staking Rewards
BYDFi only offers crypto trading services and does not provide any type of staking rewards.
BYDFi Review: Supported Countries
BYDFi is available to users in over 150 countries.
Supported countries include Vietnam, Singapore, Russia, Portugal, Indonesia, Japan, the United States, Australia, Estonia, etc.
BYDFi does not offer their services in the following countries: Afghanistan, Iraq, Yemen, Bangladesh, Iran, Kazakhstan, China, Syria, and Pakistan.
Opening a BYDFi Exchange Account
To open a BYDFi exchange account, download the BYDFi app from the Google Play Store or Apple App Store.
Next, launch the app and click the Sign-Up/Log-In button at the upper right corner of your screen.
On the next screen, you will see 2 options to register your BYDFi account using either your email address or phone number.
If you opt to use your email address for registration, you’ll need to enter your full email address and choose a password.
Click Register to get a verification code which will be sent to your email address. You will find it in your promotion folder or inbox.
Next, input the email verification code received in the field provided in the BYDFi app.
Click Register to finish registration.
If you opt to use your mobile number to sign up, you’ll need to choose your country/region and then enter your phone digits.
Next, choose a password and click Register to receive a verification code from the BYDFi crypto exchange.
Enter the code received in the relevant field shown in the app.
Hit Register to finish registration.
It’s important to note that the same mobile number or email supports the opening of only one BYDFi crypto trading account.
BYDFi like most crypto exchanges does not allow the opening of multiple accounts.
BYDFi Review: Trading Experience
BYDFi offers an advanced trading platform built for frequent crypto trading investors.
It offers products similar to traditional brokerage services such as derivatives trading which includes leveraged trading, futures trading, perpetual contracts, etc.
BYDFi also supports advanced trading tools for charting plus formulating trading strategies and trading systems.
That said, the crypto exchange also provides a trading experience suited to beginners as it provides copy trading and social trading features that allow newbies to interact with other experienced users.
The trading platform allows trading via the BYDFi mobile app and browser app. The BYDFi mobile app is available on iOS and Android devices via the Google Play Store and Apple App Store.
BYDFi Review: Customer Service
BYDFi offers both automated and manual customer support to users. Automated customer support is offered by the support bot on the platform. To get automated customer support, all the user needs to do is scroll to the bottom-right corner of the support page and click “Support”, and enter their questions.
The bot will automatically find relevant answers for the users.
Users who prefer manual customer support can get in touch with the Customer support team by clicking “No” or “Skip“.
The bot will automatically redirect the customer to the support team.
Customer Satisfaction
According to online feedback, BYDFi offers helpful customer support to users and most customers are satisfied with the platform overall.
Does BYDFi Offer Education?
No, BYDFi does not offer crypto educational resources. However, the mobile app and browser app have a help center with articles on how to use the exchange effectively and seamlessly.
Is BYDFi Right for You?
BYDFi is right for advanced crypto traders searching for a popular trading platform with low fees and beginners searching for a one-stop trading platform for copy trading and all forms of social trading.
BYDFi Review: Final Thoughts
BYDFi is a popular crypto trading platform targeted at advanced users but easy to use for beginners. It offers perks such as low fees, advanced charting tools, demo trading to test trading strategies, and over 400 digital currencies.
BYDFi is best for frequent crypto trading and derivatives trading.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read about our Kucoin review as an alternative to BYDFi or you can check out our list of best crypto exchanges for a better view of what is available to you.
FAQ
Most frequent questions and answers
Yes, BYDFi is a good crypto platform for executing perpetual contracts, copy trading, spot trading, and accessing low trading fees.
The one-stop copy trading platform, BYDFi, is headquartered in Singapore.
No, BYDFi when compared to other popular crypto exchanges offers low trading fees.
Yes, BYDFi has been on the crypto scene for over 2 years without any major scandal and has never been hacked. It also offers top-level security protection features for users’ funds.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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