BYDFi

BYDFi Review

What is BYDFi?

BYDFi, formerly BitYard, is a global cryptocurrency trading platform operating since 2020. In 2023, it rebranded to reflect its vision of building the future of finance. The name stands for "BUIDL Your Dream Finance," emphasizing user empowerment and innovation. BYDFi ranks among the top 10 exchanges on Coingecko and specializes in derivatives trading. As the crypto landscape evolves, BYDFi continues to adapt, offering professional services to global investors in the expanding digital asset market.  Additionally, BYDFi is proud to be ranked in the top 10 on Coingecko and is a professional derivatives-focused exchange.

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 offers a comprehensive suite of trading services. These include spot trading with over 600 crypto pairs and zero maker fees, perpetual futures with up to 200x leverage over 200+ trading pairs, and automated trading bots for both spot and futures markets. The platform also provides a demo account with 100,000 USDT for risk-free practice.

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.

Easy Alternative

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.

Leveraged Trading

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).

Mobile Support

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.

Security

BYDFi ensures security by storing most digital currencies in offline cold storage wallets and requiring multi-party approvals for transactions. The platform uses segregated accounts to keep user funds separate from company assets.

Additionally, BYDFi implements strict whitelisting for cold wallet transactions, limiting withdrawals to pre-approved addresses. These measures create a robust security framework to protect users' digital assets from potential threats.

Customer Support

BYDFi prioritizes user satisfaction by offering 24/7 customer support through both live chat and email at its dedicated help center. The platform's support staff is known for their responsiveness and patience, ensuring that users can receive timely and helpful assistance with any issues or inquiries, regardless of the time of day.

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 12 September 2024):

BYDFi Fees

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

Deposit Methods

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.

US-investors

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. 

In fact, the availability of BYDFi stretches to almost every country in the world and doesn't require the use of a VPN to access from outside of major nations.