BYDFi Review: Fees, Pros, Cons, KYC, and USA

BYDFi review

If you’re looking for a crypto platform with high-end trading tools and lower-than-average fees, BYDFi might just be the one you’ve been waiting for. In this review, we’ll dive deep into what BYDFi brings to the table, helping you decide whether or not it is a good platform for you.

In this BYDFI review, we’ll take a look at the key features that set BYDFi apart, such as the fees, the number of altcoins, leverage, some things they don’t tell you about BYDFi, and how it compares to other platforms out there. Whether you’re a pro trader or just starting out trading cheap altcoins, we’ll cover everything you need to know, including account setup, trading options, customer support, and even why it is so popular among anonymous traders.

So, why did we choose to review BYDFi? With so many crypto exchanges available today, finding one that hits the sweet spot between good trading interfaces, availability in most parts of the world (including the USA), the right tools, and security can be a challenge. BYDFi has been put on the map, and we’re here to give you an honest, detailed look at why that is, what you can expect, and whether it should be on your radar. Let’s dive in!

Key takeaways

(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)

Quick look at the key features of BYDFi

BYDFi Overview

Our Rating: 9.7/10

Founded in 2019, BYDFi has quickly earned a reputation as a futures exchange for crypto and a stable trading platform in over 150 countries, including the USA. And yes, BYDFi is available in the USA! They’re registered as a Money Services Business with FinCEN, meaning they can legally operate in the States, which is essential for traders looking for a crypto platform in the USA.

One of the standout features is the crypto exchange with lowest fees, offering over 400 cryptocurrencies to trade, making it a go-to for both beginners and seasoned traders alike. BYDFi’s competitive fee structure and solid trading tools have positioned it among the best crypto exchanges in Singapore and globally.

On top of that, their fees are lower than the industry average. For example, contract trading comes with a taker fee of just 0.02%, and spot trading fees are as low as 0.1%, making it appealing to users seeking the fastest crypto trading platform.

BYDFi lets you trade with up to 200x leverage on certain crypto pairs. Sounds exciting? Definitely. But, like driving a fast car, it’s crucial to know the risks before you hit the gas pedal. Leveraged trading can mean bigger wins—or bigger losses—depending on how the market swings.

Security is another area where BYDFi doesn’t mess around. They’ve implemented multi-signature cold storage, keeping your funds offline and safe from cyberattacks. Plus, their platform has never been hacked, which is more than many crypto exchanges can say.

Pros

Cons

Is BYDFi a trustworthy and safe exchange?

BYDFi is regarded as a highly trustworthy and secure exchange, utilizing advanced security protocols to protect user funds. Over 95% of assets are stored in multi-signature cold wallets, significantly minimizing the risk of online hacking. It’s also a standout for users looking for the crypto exchange in Netherlands, thanks to its strong regulatory compliance and robust security features. For added account protection, BYDFi offers optional two-factor authentication (2FA) via Google Authenticator and enforces withdrawal pin verification for all transactions.

Operating under strict regulatory oversight, BYDFi holds dual Money Services Business (MSB) licenses from the U.S. Financial Crimes Enforcement Network (FinCEN) and Canada’s FINTRAC. This compliance boosts its credibility, particularly in the notoriously unregulated crypto industry.

The platform has maintained a spotless security record, with no reported breaches since its launch in 2019, making it a reliable choice for security-conscious traders and investors.

Can you use BYDFi in the USA?

Yes, you can use BYDFi in the USA. BYDFi is registered as a Money Service Business (MSB) with FinCEN, making it fully compliant with U.S. regulations, a rarity among global crypto exchanges. This means U.S.-based traders have full access to both spot and derivatives markets, including a derivatives crypto trading platform, without worrying about legal restrictions.

This compliance allows U.S. users to trade over 400 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), and access advanced trading features like up to 200x leverage on perpetual contracts.

Unlike many exchanges, BYDFi offers U.S. traders access to both spot and derivatives markets without KYC, including unique contract types like USDT-M and COIN-M. This has made that BYDFi quickly earned itself a reputation as a stable and trustworthy KYC-free crypto exchange in over 150 countries, including the USA.

However, it’s important to note that KYC is required for higher withdrawal limits, and all withdrawals are processed in USDT, ensuring additional security for U.S.-based traders.

Key features

Fees

BYDFi’s spot trading fees range from 0.1% to 0.3% for both maker and taker transactions. For perpetual contracts, the taker fee is 0.06%, while the maker fee is just 0.02%, among the lowest in the industry. Convert fees, which allow you to switch between assets directly, range from 0.1% to 0.15%. For leveraged tokens, the trading fee is 0.2%, with a daily management fee of 0.03%. Demo trading is free but mimics real fee conditions. There’s also a $50 minimum withdrawal and a $2 USDT withdrawal fee.

Fee Breakdown:

Things they don’t say about BYDFi

BYDFi’s 200x leverage might sound exciting, but it’s critical to note the extreme risk involved—most traders should approach with caution as the potential for liquidation is high.

Another overlooked detail is the platform’s withdrawal process: it’s only in USDT, which limits flexibility for users wanting other cryptocurrencies.

While fees are low (as little as 0.02% for makers), the hidden cost comes in the form of overnight funding fees on margin positions, especially if held for extended periods. Additionally, BYDFi lacks more advanced order types like TWAP or iceberg orders, which are key for algorithmic traders. If you’re interested in comparing platforms with more advanced options, we recommend Phemex and in our latest review you can find more info about Phemex.

How to open an account

Below is a quick step-by-step guide on how to sign up and get started on BYDFi:

1. Go to the BYDFi homepage

2. Register using your email or mobile number

3. Verify your account

4. Access your account

5. Complete KYC for higher limits

6. Try demo trading (optional)

7. Deposit funds

Trading tools and interface

BYDFi’s trading interface is packed with features designed for day traders, scalpers, and advanced investors who rely on precision and speed. BYDFi’s day trading platform for crypto comes equipped with TradingView-powered charts, which offer access to a range of technical indicators, including RSI, MACD, and Bollinger Bands. This is alongside customizable chart types like candlestick, Heikin Ashi, and Renko. For those looking for a crypto scalping exchange, the real-time market depth and order book visualization provide critical data on liquidity and order flow, allowing for split-second decision-making.

BYDFi supports advanced order types, including limit, market, and stop orders, but lacks TWAP or iceberg orders, which could be a limitation for high-frequency traders searching for a crypto exchange for short-term trading.

For users looking for a next-generation trading app for crypto, BYDFi’s mobile app offers full access to trading, TradingView-integrated charts, and deposits, making it ideal for users who need flexibility and ease of use on the go.

For more aggressive traders, BYDFi supports up to 200x leverage, a key feature for those looking for a crypto margin trading platform. You can switch between the classic and advanced spot market interfaces, with the latter providing enhanced tools like market depth analysis, which is essential for order book strategies and large-volume trades.

Direct asset conversion without an order book is a unique feature for quickly swapping assets, especially useful when managing positions across multiple trading pairs. With detailed P&L tracking, scalping in volatile markets becomes more manageable. Despite its minimalistic design, BYDFi’s interface prioritizes speed and clarity for those who thrive on technical analysis.

For those preferring more risk, cross margin trading is also available, where all available account balance is used to maintain positions, potentially preventing liquidation but increasing exposure across trades. BYDFi’s perpetual contracts, spot trading, and leveraged tokens allow users to engage in various strategies, whether it’s shorting the market or executing long-term swing trades with higher capital efficiency.

Additionally, BYDFi supports bot trading through API integration, though it lacks native bot functionality. Traders can connect third-party bots to automate trades, ideal for scalpers and day traders looking for 24/7 market access. With products ranging from spot to USDT-M and COIN-M perpetual contracts, BYDFi provides a versatile toolkit for both technical and algorithmic traders.

Security and privacy

BYDFi’s security framework is designed to cater to even the most detail-oriented traders. The platform utilizes multi-signature cold wallets to store over 95% of user assets offline, minimizing exposure to potential cyberattacks.

For traders looking for a crypto exchange with highest security, BYDFi also enforces address whitelisting and two-factor authentication, significantly reducing the chances of unauthorized access.

Regulated by FinCEN in the U.S. and FINTRAC in Canada, BYDFi adheres to global standards, offering an extra layer of trust. The platform’s segregated funds policy ensures that user deposits are never mixed with the company’s operational funds, a crucial safeguard against insolvency risks.

Payment methods, deposits, and withdrawals

When it comes to funding your BYDFi account, you’ve got plenty of options for both fiat and crypto. Whether you prefer using your credit card or moving crypto directly from your wallet, BYDFi makes the process simple and straightforward. Let’s dive into the details so you can choose the best option for you.

Fiat payment methods:

Cryptocurrency payment mMethods:

Withdrawal methods:

Customer support channels

BYDFi’s 24/7 live chat support is a solid choice for traders who need quick answers. Whether you’re in the middle of a high-stakes trade or just need help with your account, response times are fast—typically within minutes. While this is great for most users, the lack of phone support could be a dealbreaker if you prefer speaking directly with someone.

BYDFi also provides support through email at support@bydfi.com, where more complex inquiries can be addressed, though responses here might take longer. For users who prefer community-driven support, BYDFi maintains active Telegram and Discord channels, which are great for sharing tips, getting real-time updates, or troubleshooting with other traders. However, it’s worth noting that these social channels aren’t always monitored by official support staff, so for more urgent issues, the live chat is still your best bet.

Things you should know before signing up

Before starting on BYDFi, new users should know a few critical points. First, the platform doesn’t require KYC for basic trading, but if you plan to withdraw over the standard limits or use fiat deposits, identity verification is necessary. The exchange’s fee structure is a highlight—perpetual trading fees start at 0.02%, which is competitive, especially for day traders.

Also, although BYDFi is a stop loss crypto exchange, some other very complex order types such as TWAP orders might be lacking.

Additionally, while BYDFi offers impressive leverage (up to 200x), it’s important to understand the risks involved, especially with volatile assets. Also, the platform lacks native portfolio tracking, so users may need third-party tools for detailed P&L analysis. Lastly, the mobile app has been reported to experience slow loading times due to the increase in popularity the exchange has seen during the past year, potentially affecting trade execution in volatile markets.

Does BYDFi require KYC to trade?

BYDFi does not require KYC (Know Your Customer) verification for basic trading activities, allowing users to create an account and start trading quickly. However, if you want to increase your withdrawal limits, KYC becomes mandatory.

Non-KYC users can withdraw up to 0.5 BTC per day, while verified users enjoy higher limits. The platform also offers fast registration, allowing you to get started in minutes without submitting personal documents.

That said, KYC is required for users wanting to access certain features like fiat deposits via partners like Banxa and Transak. BYDFi’s dual regulatory status in the U.S. and Canada ensures it complies with strict financial standards while offering flexibility for users who prefer anonymity.

Where is the exchange located?

BYDFi is based in Singapore, a major hub for fintech and blockchain innovation. It’s not just any exchange though—BYDFi has gone the extra mile to secure regulation in both the U.S. and Canada.

It’s registered with FinCEN in the U.S. and FINTRAC in Canada, giving it legitimacy in two of the most regulated markets. This means it complies with strict financial standards, adding an extra layer of trust for users.

With over 500,000 traders worldwide and millions in daily trading volume, BYDFi is more than just a regional player. Its global reach, combined with its dual-regulated status, makes it a serious contender in the crypto exchange landscape.

FAQs

What cryptocurrencies can I trade on BYDFi?

BYDFi lists over 400 coins, including major cryptos like BTC, ETH, XRP, and niche altcoins such as RAY and TON, with more than 600 trading pairs.

What trading options does BYDFi offer?

BYDFi provides spot trading, perpetual futures with up to 200x leverage, leveraged tokens, and bot trading, offering something to both basic and advanced trading strategies.

How do I deposit funds into my BYDFi account?

You can deposit crypto directly or use fiat via providers like Banxa, Transak, and Coinify, supporting multiple currencies and networks such as ERC-20, TRC-20, and OMNI.

What are the leverage options available on BYDFi?

BYDFi provides leverage up to 200x on perpetual contracts, with adjustable margin levels depending on asset and trade size, perfect for high-risk, high-reward strategies.

Does BYDFi offer a mobile app?

Yes, BYDFi’s mobile app is available for iOS and Android, providing full access to trading, TradingView-integrated charts, deposits, and bot trading.

Does BYDFi offer demo trading?

BYDFi has a free demo trading with $100,000 USDT in virtual funds, allowing you to practice strategies in a simulated environment without real risk.

Are there any welcome bonuses or rewards for new users?

New users can earn rewards like a 50 USDT bonus for their first fiat deposit and a mystery box reward upon completing KYC registration. Maximum rewards are up to 2888USDT.

Does BYDFi have a VIP program?

BYDFi offers a referral-based VIP program, allowing users to earn up to 40% commissions on trades made by referred users, with higher payouts for top performers.

Our verdict

BYDFi is a solid choice for traders who value low fees, high leverage, and access to over 400 cryptocurrencies. With fees as low as 0.02% for contracts and up to 200x leverage, it’s ideal for those looking to maximize trading potential.

Advanced charting tools from TradingView and support for perpetual contracts make it appealing to both beginners and pros. Security is tight, with multi-signature cold storage and full compliance with U.S. and Canadian regulations.

While it lacks staking and lending options and advanced order types like TWAP, BYDFi still delivers a secure and versatile trading experience with competitive fees. Overall, we rate BYDFi 9.7/10, making it a top choice for traders prioritizing affordability, flexibility, and global accessibility. For anyone seeking a Canadian crypto trading platform, or a versatile platform for crypto trading in Europe, BYDFi delivers flexibility, affordability, and security.

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