BYDFi Crypto Exchange Review

Overview of BYDFi Exchange

BYDFi is a one-stop social trading platform for individual investors. BYDFi offers professional, convenient, and innovative trading solutions to users around the world, with licenses for both Canada and the US.

They offer a variety of markets including spot trading, lite contracts, perpetual contracts, and copy trading. BYDFi aspires to afford users autonomy and gives them the tools to do so.

Types of Crypto You Can Buy

BYDFi currently offers up to 400 different cryptocurrencies for trading, including but not limited to:

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
• Dogecoin (DOGE)
• Cardano (ADA)
• Shiba Inu (SHIB)
• Avalanche (AVAX)
• Bitcoin Cash (BCH)
• Chainlink (LINK)
• Filecoin (FIL)

Is BYDFi Safe?

BYDFi has Money Services Business (MSB) for both the US and Canada, meaning they’re compliant with local regulations. There are no stated registrations with any other countries, and they also don’t require full KYC to trade using their platform. While this doesn’t necessarily mean you’re unsafe, it would be better if they required KYC from all users for trading, rather than only if you want to withdraw over X amount per day.

Otherwise, BYDFi has cold storage practices for the vast majority of digital currencies held at BYDFi. Along with multi-party approvals meaning that multiple people are required to authorize transactions. They also have segregated accounts meaning your money is held separately from theirs in segregated cold storage wallets. Finally, they have strict whitelisting, meaning transactions from their cold wallets are restricted to a whitelist. It prevents unauthorized withdrawals to any address BYDFi has not approved.

What Are BYDFi’s Fees?

BYDFi has different trading fee structures depending on the type of trades you’re doing. It’s competitive with Binance as fees are often 0.1% for both makers and takers for spot markets. For perpetual contracts on BYDFi the fees are even lower at 0.06% for taker and 0.02% for maker, while leveraged trading has a flat 0.2% fee.

User Experience

BYDFi has a user-friendly layout that is similar to many other cryptocurrency exchanges on the market. If you’ve used a platform like Binance or ByBit, the layout is almost identical.

BYDFi offers users 24/7 customer support through their live chat and email support. There are also multiple communities available in a variety of languages for users to find more relevant support to their location.

Best BYDFi Exchange Features

Copy Trading

BYDFi has a copy trading feature that is perfect for beginners that don’t have extensive knowledge of technical analysis. You can follow profitable traders and let the program copy their trades for you while you sleep. You can see how traders have been doing over varying time frames in order to best decide who to follow and copy. Copy trading is a great way to make profit without having to do much on your end. Traders you copy will charge varying fees/commissions so be sure to look at those numbers before following a trader.

Low Trading Fees

One of the most attractive features of BYDFi is its trading fee structure. It’s competitive with Binance as fees are often 0.1% for both makers and takers. For perpetual contracts the fees are even lower at 0.06% for taker and 0.02% for maker, while leveraged trading has a flat 0.2% fee.

Welcome Rewards

BYDFi wants to make it easy for everyone to get started with cryptocurrency trading. That’s why they offer a New User Welcome Package that gives you rewards for signing up and completing basic tasks.

To get access to your welcome rewards, simply register and complete KYC verification. Then, you start earning rewards by completing simple tasks like setting up Google two-factor authentication, configuring anti-phishing codes, and joining the BYDFi community. Rewards for basic tasks are paid out in USDT and range from $2-$50, with a possibility of up to $5,000 for submitting feedback. Advanced tasks can pay up to 1500 USDT, but is dependent on how much you deposit into the platform.

How to Set Up a BYDFi Account

Setting up a BYDFi account is extremely easy, and you can start trading before even completing KYC. However, we’ll go through the whole process including identity verification. Let’s jump in.

Step 1: Go to BYDFi.com and Enter Your Email

Navigate to the BYDFi homepage and enter your email into the “Get Started” box seen in the image below. Then click “Get Started”.

Step 2:  Verify Your Email Address

On the next page, you’ll have to click “Get Code” in order to have BYDFi send you an email with a verification code. A captcha will pop up before you can proceed. Enter that code, and then create a password, then click “Get Started” again. Alternatively, you can use your mobile number to sign up.

Step 3: Head to Your Account & Security to Begin Verification

As mentioned earlier, you don’t have to complete KYC to start using BYDFi, so at this point you can already begin trading after step 2 is complete. However, you should verify your identity to get your welcome rewards and have better withdrawal limits. In order to do so, hover your cursor over your profile tab and click “Account & Security”.

Step 4: Click “Unverified: Basic verification information” to begin KYC process

On your Account & Security page, click the “Unverified: Basic verification information” seen in the image below.

Step 5: Choose your Country/Region

Choose your country/region from the drop down menu, then click “Confirm”

Step 6: Choose Identity Document

Now you’ll have to choose which form of identification you want to use to verify your identity. You can choose from a passport, identity card, or “other documents” such as a driver’s license. Make sure you enter the name as it’s shown on your ID, and the document ID number. Then upload an image of the identity document and an image of yourself holding the ID along with a piece of paper that says “BYDFi” and the day’s date. Then click “Confirm” to continue.

Step 7: Wait for BYDFi to Verify Your Submission

That’s it! You now just have to wait for BYDFi to confirm the information you submitted, at which time you’ll receive a confirmation email. Once they do so, your identity is verified and you get access to higher limits in addition to a welcome bonus.