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What is BYDFi?
BYDFi is an exchange from Singapore that launched in 2020, then under the name Bityard. It has since rebranded to become BYDFi. BYDFi stands for “BUIDL Your Dream Finance.” BUIDL is a slang term for "build," popular in the cryptocurrency community. The “F” in BYDFi stands for Finance, while the “i” stands for each person.
The platform focuses on crypto derivatives and supports two languages: English and Traditional Chinese. According to information from its website, the platform already has more than 500,000 users from over 150 countries.
Why choose BYDFi?
BYDFi Affiliate Program
BYDFi also has an affiliate program. Through this program, you can earn up to 40% of the trading fees earned by BYDFi from the trades generated by your referrals. There is no expiry date on the referrals' trades either, which is great seeing as many exchanges only allow affiliate commission for the first 12 month of a referral's activity on the platform. Accordingly, the BYDFi affiliate program seems very competitive. Last but not least, it is worth pointing out that BYDFi has a multi-tiered program, meaning that you not only receive referral commission from the trades of your direct referrals, but also from level 2, 3 and 4 referrals, as illustrated below:
You can sign up to it by creating an account here.
As mentioned above, BYDFi is very focused on being an easy alternative, suitable for newer crypto traders. And we feel that this focus has paid off. To illustrate this, let's have a look at the mobile interface of BYDFi and the industry giant BitMEX (BitMEX to the left):
Clearly, the BYDFi interface is easier to navigate, making it more suitable for a "newbie" in the cryptocurrency contracts game.
Sign up here to try BYDFi's services.
BYDFi also offers leveraged trading on its platform. This means you can receive a higher exposure toward a certain crypto’s price increase or decrease without having the necessary assets. You do this by “leveraging” your trade, which means you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.
For instance, let’s say that you have 10,000 USD in your trading account and bet 100 USD on BTC going long (i.e., going up in value). You do so with 100x leverage. If BTC then increases in value by 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an extra 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC goes down in value by 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk-free profits).
This platform is not only available from your desktop, you can now also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you, seeing as it has a native mobile application.
BYDFi Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. This is the desktop trading view at BYDFi (when not signed in, on 15 January 2023):
BYDFi Trading fees
The trading fees involved in crypto contract trading can be a bit difficult to understand. At this platform, you pay a so called opening fee.
The opening fee is paid when you open a position. It is set at 0.05% (previously 0.075%), but has other elements as well. Margin and leverage impacts the opening fee also, so the "real fee" is derived at by this formula:
Spot Transaction Fee = Filled Order Quantity x Transaction Fee Rate
From BYDFi's website:
Taking the BTC/USDT trading pair as an example:
If the current price of BTC is $40,000. Traders can buy or sell 0.5 BTC with 20,000 USDT.
Trader A buys 0.5 BTC using a Market Order with USDT.
Trader B sells 0.5 BTC using a Limit Order for USDT.
Taker's Fee for Trader A = 0.5 BTC x 0.1% = 0.0005 BTC
Maker's Fee for Trader B = 40000*0.5 BTC * 0.1% = 20 USDT
The spot trading fee, however, is 0.30% - 0.10% for both takers and makers so that is what we have listed as the default fee in our database.
BYDFi Withdrawal fees
According to information from the exchange, withdrawals are only possible in USDT. The withdrawal fee is 6 USDT per withdrawal. At the date of last updating this review (15 January 2023), 6 USDT corresponded to approx. 0.00029 BTC. This withdrawal fee is actually very competitive, and roughly 40% lower than the global industry average.
Deposit Methods and US-investors
At this platform, you can deposit fiat currency through debit cards, but not via wire transfer. To find an exchange where you can deposit fiat currency via wire transfer, just use our Exchange Filters and we’ll help you through it.
According to information from the exchange, US-investors may trade here. However, different US state laws may complicate things for US-investors regardless of a platform being open to them or not, so, if you're a US-investor, you should always try to form your own opinion on any issues that might arise from your crypto trading.
Are BYDFi's fees high?
BYDFi's fees are not particularly low to be honest. They are, at best, in line with industry average. When spot trading here, you pay a flat fee of 0.30% (i.e. regardless of whether you are a taker or a maker). This is above industry average. For contract trading at BYDFi, you pay a flat 0.05%. This is in line with average for takers but substantially above average for makers.
What is the minimum deposit on BYDFi?
There are minimum deposit requirements at BYDFi, but they are quite low. For instance, if you deposit Bitcoin, the minimum deposit is 0.002 BTC (at the date of writing this FAQ, 16 February 2023, corresponding to USD 49.10).
How long is the withdrawal time at BYDFi?
We have not been able to find any recent information on crypto withdrawal times at BYDFi.
Has BYDFi ever been hacked?
As of the date of writing this text, 16 February 2023, BYDFi has to our knowledge never been hacked.
Is BYDFi secure?
We have no reason to question the security at BYDFi. Accordingly, we view it as a secure platform.
Where is BYDFi based?
BYDFi is based in Singapore.
Which countries are restricted from using BYDFi?
We have not been able to find any information on the countries from which users are restricted from using BYDFi. If we were to guess which countries that are disallowed, it would be "usual suspects", i.e. mainland China, North Korea, Cuba, Iran, Iraq, Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk, and Luhansk regions), Sevastopol, Sudan and Syria.