BYDFi is short for BUIDL Your Dream Finance, a financial services company that offers crypto exchange and trading services to 500,000+ users in over 150 countries. Its users can buy and sell cryptocurrencies, trade them, and access various crypto derivatives from one platform.
The exchange holds licenses from several regulatory bodies in various major regions including the United States Financial Supervisory Authority (MSB), Singapore Enterprise Regulatory Authority (ACRA), Estonia Financial Regulatory Authority (MTR), and Australian Transaction Reports and Analysis Center (AUSTRAC).
These licenses allow it to deliver services to users on a global scale without running into regulatory hurdles.
In our BYDFi review, we dive into the nuts and bolts of the crypto exchange. We explore its offerings, discern its merits and demerits, and give our verdict on its suitability as your trading partner.
You can sign up with BYDFi in four easy steps. Follow along to get started.
Create an account by clicking on the Get Started icon at the top right of the screen if using a desktop. Alternatively, you can download the mobile app from the Google Play store or Apple’s App store to get started.
Once you’ve opened an account using your email address, follow the confirmation link that will be sent to your email and complete your profile by submitting the required details which include ID documents and a proof of address.
To make a deposit, navigate to the assets section and choose Deposit from the drop-down menu. Choose the coin you wish to deposit, select the network from the tags of available networks, and send to the deposit address that will be provided. Alternatively, you can buy the coin using a fiat on-ramp like the one provided by Banxa.
Start trading your favorite coins.
BYDFi stacks up nicely against some major crypto exchanges in some areas like fees, crypto selection, deposit methods, and security.
Exchange fees are somewhere in the middle compared to major exchanges like Coinbase and Binance. At 0.1% per transaction, Binance’s fees are lower than BYDFi’s range of 0.1%-0.3% per transaction. However, BYDFi’s fees are lower than that of Coinbase’s 0.4%- 0.6%.
BYDFi offers a wide crypto selection with over 400 coins available on the spot market. Compared to exchanges like Coinbase that list a little over 200 cryptos or eToro with an even smaller collection, BYDFi is ahead. However, its collection is smaller than exchanges like Binance with over 600 cryptos or Kucoin with over 700 cryptos.
BYDFi’s deposit methods are not as diverse as those of Binance that support various payment methods including direct bank transfers, credit card payments, third-party on-ramps, and even a global peer-to-peer marketplace.
However, BYDFi is further ahead compared to exchanges like OKX that only accepts crypto deposits.
Lastly, BYDFi implements strong security measures. However, there is not much information about the technologies it uses. Exchanges like Binance and Coinbase, on the other hand, have documented the standards they adhere to when protecting their sites.
BYDFi started as Bityard in 2019, a Singaporean financial services company that provided a simple, safe, and readily available way to buy and trade cryptocurrencies. Since then, it has undergone a rebranding process to become what it is today.
BYDFi offers four major services. We explore them below.
BYDFi provides a fiat onramp service that allows users to buy crypto with their credit cards, bank transfers, and other popular payment methods thanks to integrations with fintech services like Banxa.
You have the choice of over 40 fiat currencies to choose from, including those of remote nations like the Tanzanian Shilling and lesser-known currencies like the Romanian Leu.
When you choose the crypto and fiat combination you wish to proceed with, you will find a list of offers from third-party on-ramp solutions. You can then pick the offer that works best for you.
Spot trading services include trading and direct conversions. For traders, BYDFi offers two trading platforms, its classic platform for casual or novice traders and the advanced platform for experienced or frequent traders.
The spot market offers over 400 cryptos including majors like Bitcoin, Ethereum, and the top 10 cryptos by market capitalization, as well as several exotics like X World Games (XWG).
The classic trading platform is a relatively simple interface with features like order books, price charts, order placement facilities, and trade history. Users can plan their trades using the basic charts (BYDFi’s charts) or the TradingView integration which comes with more indicators and candlestick charts (shown in image above).
Spot trading fees are set between 0.1% – 0.3% for both makers and takers (i.e. people who place limit orders and market orders).
The advanced trading platform fits all trading operations into one screen frame so you can see everything at once and make quick decisions. The order execution box is also streamlined to enter and execute orders faster than the classic platform.
The Convert service allows users to convert directly from one crypto to another. Unlike the trading interface with set tradable pairs, this one is flexible. However, conversions are always at market prices.
The interface also doubles as an OTC (over-the-counter) portal that allows users to convert sizable sums without pushing up (or down) market prices. However, the crypto selection for the OTC market is not as wide as the spot trading market.
Conversions cost between 0.1% and 0.15% depending on the cryptos and market conditions.
The derivatives trading service offers various forms of crypto derivatives to traders who wish to benefit from cryptos’ price movements without owning the underlying assets. Crypto derivatives are attractive and usually process higher daily volumes than the spot markets.
BYDFi’s derivatives offerings are split into four main categories
Perpetual contracts track the price of the cryptos they represent, allowing you to trade them like the actual cryptos. However, as the name suggests, they are contracts between you and a third party.
The major appeal of these perpetuals is that, once opened, they do not expire unless you close them. You could theoretically hold an open position for years.
BYDFi offers two types of perpetual contracts, the USDT-M and the COIN-M. The difference between them is how they are settled.
USDT-M contracts are settled in USDT, hence you need USDT to open the contracts regardless of the pair you trade. COIN-M contracts are settled in the specific crypto being traded. Thus, you must have BTC to trade a COIN-M BTC perpetual contract.
With perpetual contracts, You can access leverage of up to 200x your capital to increase your profit margins. Finally, Perpetual trading fees are 0.06% for takers and 0.02% for makers. Funding fees may differ based on the contract but are usually 0.01% every 8 hours.
Perpetual contracts can be complex, and this is where lite contracts come in. They are simplified versions of perpetuals that you can trade with up to 125x leverage. Like perpetuals, they have no expiry date and can be held for long periods.
Lite contracts are very similar to perpetual USDT-M contracts and are often used interchangeably on the site. However, they are a bit more expensive at 0.05% per transaction, i.e. 0.5% for opening a contract and another 0.05% for closing it.
Leveraged tokens combine the leverage capabilities of perpetuals with the simple purchase structure of spot trading. They are tokens that track crypto prices, apply a leverage factor to them, and can be bought and sold on the spot market.
For example, the BTC3L/USDT token tracks the price of Bitcoin with a 3x leverage. This means that every 1% move in BTC’s price is equal to a 3% move in the token’s price. The same applies for the opposite, a 1% fall in BTC’s price equals a 3% drop in the token’s price.
Leveraged tokens cost 0.2% per transaction and 0.03% daily for management.
Copy Trading is a social function that allows you to replicate the trades of more experienced community members on copy trading platforms. It is useful for users who do not have trading experience but wish to get started right away, who do not have time to learn how to trade, or need a way to trade profitably while they learn.
The trading history of the trading Masters (community members who are approved to be copied) are displayed so you know how profitable their strategies are before copying.
However, keep in mind that each Master can only have 500 subscribers and that 8% of all profit made goes to the Master.
BYDFi offers easy crypto conversion services, which include direct fiat-crypto buys from over 40 fiat currencies through various on-ramp payment channels that support traditional payment methods and even popular mobile payment solutions like Google and Apple Pay.
Direct crypto-crypto conversions can also be made through its OTC portal.
BYDFi supports crypto deposits for native crypto users. You can deposit several major cryptos by navigating to the Assets section of your account, clicking on Deposit, and selecting your preferred crypto from the drop-down menu.
BYDFi offers various welcome bonuses that reward new users with up to 2888 USDT for completing various simple and complex tasks that walk them through various actions that will eventually aid their understanding of the trading platform.
Mobile users can download the BYDFi mobile applications from the Google Play Store and Apple’s App Store for trading on the go. The mobile app is equipped with the same features and services found on the website, including instant execution for market orders and trade management capabilities.
BYDFi offers both live chat and email support to clients. The team is ready to support 24/7 via web and mobile.
BYDFi offers rewards to customers who refer their friends and drive traffic to the site that eventually leads to new signups and trades. The affiliate program offers between 30% – 50% in commission from referee’s trade volumes and has paid out over $50 million to 16,000+ affiliates.
While BYDFi holds multiple licenses and offers services to users in over 150 countries, there are still regions that the exchange does not reach. Before opening an account, ensure that your country is within their catchment area.
If you’re not sure how to do this, don’t worry. Simply enter your country of residence when opening an account. If it is not a supported country, you will not be allowed to create an account.
Deposit methods available are important as they can affect the cost and the even possibility of sending and withdrawing money to and from your account. If you have easy access to crypto, then you don’t have a problem as you can easily deposit using a crypto wallet.
However, if you are using fiat services, you need to ensure that the on-ramp services offered include a payment method that is cheap and easy to use in your region.
Security is the first consideration for any crypto exchange.
The first aspect of security is the technology used to secure the platform and network. We didn’t find information that directly lists the technologies used to secure the exchange’s platform, however, the fact that they fulfilled the requirements for licenses in regions like the US that implement strict security rules serves as a source of reassurance.
The next is KYC and AML measures that prevent nefarious actors from creating legitimate accounts. BYDFi has a comprehensive KYC process which is well documented in their KYC/AML policy.
Lastly is two-factor authentication (2FA) which prevents unauthorized actors from accessing user accounts even when they have obtained their passwords. BYDFi implements 2FA and even encourages users to take advantage of it by offering rewards for activating 2FA.
Fees on BYDFi include transaction fees, conversion fees, management fees, and funding fees.
Transaction fees include the cost of trading in the spot and derivatives market, and for deposits. Crypto deposits do not attract fees aside from blockchain gas fees, which are charged by miners on the blockchain, not BYDFi.
Meanwhile, trading fees involve maker and taker fees which are between 0.1% – 0.3% for spot trading and 0.02% and 0.06% for derivatives trading.
Conversion fees are charged for direct conversions in the OTC portal and are usually between 0.1% and 0.15% depending on the size of the trade, the crypto being converted, and market conditions at the time of conversion.
Management and funding fees apply to leveraged tokens and perpetuals respectively. A daily management fee of 0.03% is charged on all tokens held while a funding fee of 0.02% is charged on perpetuals every 8 hours.
Payments are either through direct crypto deposits or a third-party fiat onramp. For crypto deposits, the accepted cryptos are usually the more popular ones like USDT, BTC, ETH, DASH, XRP, AAVE, USDC, and 24 other cryptos.
Third-party payment providers include Banxa, Transak, Coinify, Mercuryo, and Alchemy Pay. Their rates, amount of cryptos available for purchase, and supported payment methods can vary slightly, thus creating options.
BYDFi is a safe crypto exchange that holds multiple licences that require that they adhere to certain security standards. It also implements KYC and AML procedures that ensure that nefarious actors or people from restricted regions do not operate accounts.
Furthermore, the exchange implements 2FA that protects user accounts in cases where passwords are leaked or dishonestly obtained.
BYDFi holds a Money Service Business (MSB) license in the United States which allows it to provide services to US users. Unlike several major exchanges that are caught in the SEC’s crosshairs, BYDFi has not had any run-ins with the law.
BYDFi’s fees are lower than most US exchanges like Coinbase and Gemini and even several European exchanges like BitPanda and Bitstamp. The only exchange with cheaper fees is Binance global, which is not available in regions like the US and some European and Asian countries.
While BYDFi may not support NFTs and some of the other robust features that several other exchanges offer, it has streamlined its trading processes and platform. Its advanced trading platform is streamlined for quick executions with a TradingView integration for charting.
BYDFi is a crypto exchange that is streamlined to help people build their dream financial condition by providing crypto investment and trading services to over 500,000 users in 150+ countries.
It offers Spot trading, Derivatives trading, and direct conversion services at low cost for a wide range of cryptocurrencies (400+).
While it may not offer services that are as robust as many of its industry counterparts, it is still a great option for users who wish to grow their finances through trading and investing in cryptocurrencies.
We reckon that novice and advanced traders will find BYDFi to be a great crypto-trading companion.