BYDFi

BYDFi Review – Introduction

BYDFi is a smaller but reliable crypto exchange with optional KYC, high trading volume and a slew of features. The platform launched in 2020, and over the years attracted plenty of experienced crypto traders with top-tier features, competitive trading fees, and easy to use interface.

In our BYDFi review we’ll take a closer look into fiat deposit and withdrawal methods and costs, crypto trading markets and fees, security concerns and history, and provide you with a full overview of features on this centralized exchange.

Who is BYDFi For?

• First time investors: Fiat deposits are available with cards and bank transfers, and several third party gateways are integrated for additional payment methods. Buying crypto for the first time is no more complex than most other exchanges. Features such as one-click buy and quick convert help newbies get started with ease.
• Casual traders: Spot trading, leveraged tokens, demo trading, and copytrading all cater to casual investors, and all these features have comprehensive help center guides to explain how they work.
• Expert traders: USDT, USDC and coin margined Futures are available, with up to 200X leverage. Excellent UI, competitive trading fees and solid welcome rewards, plenty of trading pairs and high volume/liquidity are all more than enough for even the most demanding traders.

Fiat Services – How to Deposit & Withdraw

First time investors can buy crypto on BYDFi using bank transfers, bank cards, or through P2P. For cards or wire transfers, BYDFi partnered with Legend Trading, a safe US-based crypto to fiat gateway that also facilitates payments on KuCoin, Bitrue, Bitget, Bitmart, and many other exchanges.

Visa and Mastercard are of course available. Over 30 fiat currencies are supported, and fees are 2% in EEAThe EEA links the EU member states and three of the four EFTA states (Iceland, Liechtenstein, and Norway) into an internal market governed by the same EU laws, 2.8% in other countries, and 3.5% in UK and USA. This is generally in line with costs on most competitors.

Bank transfers support USD, EUR, and AUD currencies via USD wire transfers, SEPA (EUR), and SWIFT. For bank transfers, deposit and withdrawal fees are variable and depend on transaction amount, and outlined in the table below:

Bank deposit fees are more expensive than some major competitor exchanges, but are still acceptable for many users, especially if investing larger amounts. Bank withdrawals are where things get tricky, though. Both percentage and flat fees generally result in much higher withdrawal costs compared to other platforms.

Through the One-Click Buy option you can also buy crypto via several 3rd party payment gateways, including Mercuryo, Transak, BANXA, Paybis, and Coinify. These gateways let you use other payment methods such as Apple Pay, Google Pay and local bank transfers.

There’s also a P2P marketplace, but during our review we didn’t find any active merchants. Keep in mind that despite BYDFI’s no-KYC policy, using fiat deposits or withdrawals will require identity verification. Same requirement is on every no-KYC exchange. If you want to avoid identity verification, you can deposit crypto.

Markets – How to Trade Crypto on BYDFi

For investing, you can use Convert or regular Spot. For crypto trading, Futures, Copy Trading, or On-chain Trading features are all available. Let’s go over each one.

Convert

Complete beginners who are unfamiliar with typical Spot trading interface can consider using the Convert feature instead. With Convert, you can swap between USDT and other crypto assets in a couple of clicks.

Of course, quick convert feature’s convenience comes at a big premium (same like most exchanges). Even though BYDFi claims zero fee conversion (and it’s technically true), a price spread will be applied to conversions. This is usually up to 0.3%, which is significantly higher than regular Spot trading fees (0.1%).

Spot

The Spot trading user interface is not nearly as customizable as Futures, but is more than adequate for executing limit, market, or stop orders. There’s no fancy layouts to choose from, and most panels can not be customized, resized, moved or removed. However, there is an interesting “Watch mode”, allowing you to keep track of the market with up to six charts on a single screen.

Spot DCA, Grid and Martingale trading bots are available. For beginners, the DCA bot can be an excellent way to set up ongoing purchases at specific schedules. You can choose Bitcoin or dozens of mainstream altcoins and set up recurring buys from every 1 hour to every 4 weeks. Grid and Martingale bots are best for more experienced traders, and they are also fully integrated with the Copy Trading feature. This means you don’t need to start from scratch, and can just copy profitable trading bots created by other users.

In total, over 1000 altcoins are available for trading. For users who want access to as many altcoins as possible, BYDFi’s selection will be more than adequate. Trading fees on all altcoin pairs are 0.1% (both maker and taker orders).

Margin trading is not available on this cryptocurrency exchange, but you can consider leveraged tokens instead. BTC and ETH are available. Leveraged tokens have a 0.2% trading fee, plus a daily 0.03% management fee.

Fee Comparison – BYDFi vs Coinbase:

Futures

Unlike Spot, the user interface on Futures is highly customizable. You can select from two preset layouts, but you can also resize/drag and drop any panel, hide order book, enable/disable notifications, alerts or trade confirmations, and show completely customizable info in positions panel. Opening and closing positions, adjusting leverage and setting up Take Profit/Stop-Loss orders is as easy as any other platform. Opening trades and adjusting TP/SL directly on the chart is supported.

We haven’t really found a single downside or missing feature on the trading UI. Trading charts support a basic native version, but also TradingView for countless indicators. Isolated and Hedge modes are both available, but also a unique Sub-Wallets feature that lets you further isolate funds for different trading strategies.

As for leverage, you can apply 200X on Bitcoin and Ethereum. Large-cap assets like SOL, XRP, LINK, and LTC have 100X to 150X. Most altcoins have between 20X and 100X, depending on their market cap/volume. As for liquidity and volume, most traders will not run into any issues. BYDFi is a fairly popular exchange with derivatives traders, and unless you are market-buying very large positions you won’t have any slippage issues.

Trading fees on Futures are 0.02% for maker orders, and 0.06% for taker orders. These are both industry-average fees and in line with most competitors. Unfortunately, no long-term referral discounts are available to reduce these fees, and no native token either. VIP levels are available for high-volume or high-value holders, with fee reductions up to 60% (full VIP levels breakdown in BYDFi Fees section above).

Copy Trading

BYDFi’s Copy Trading feature lets you explore and find expert traders, and copy their trades. Although it’s always risky letting strangers manage your portfolio, the platform features an extensive breakdown of each lead trader’s performance metrics. These metrics include ROI (return on investment), drawdown, follower’s profits and losses, win rate, and other stats.

Complete open orders and order history is available, too, which helps you get a detailed picture of each trader’s actual performance. We noticed this copytrading platform is not as busy as some competitors, but that can be attributed to a smaller overall user base. There’s an upside, though: you will rarely find a lead trader that’s fully booked and not accepting new followers.

On-Chain Trading

With on-chain trading (called MoonX on BYDFi), you can basically buy any tokens with your spot balances directly on Solana. With MoonX you can goof around and buy latest memecoins without having to use web3 wallets or confusing DEXs.

Perhaps a more interesting part of decentralized trading on BYDFi are xStocks. These are pegged to company stocks, allowing you to invest into Google, Robinhood, Apple, Meta, McDonald’s, Netflix, and a bunch of other traditional assets. Unlike memecoins, xStocks are safe for buying (of course, no guarantee stock prices will go up).

Interestingly, copytrading is also available on-chain. You can (potentially) find and profit by following KOLs, but smaller investments and high caution are advised.

Other Top BYDFi Features

There’s more to this platform than simple trading. These are some of the best other features on BYDFi.

Demo Trading

The Demo Trading feature will give you 50,000 fake USD to trade with, and there’s zero risk of blowing up your account. If you’re not yet comfortable trading with real money on the line, simply use the mock funds and practice trading or get familiar with the user interface without anxiety. You can reset the funds at any time and start over.

Demo trading supports Bitcoin and a handful of major altcoins. It also lets you quickly test the exchange and its UI without needing to make any deposits. Keep in mind that some UI customization options are disabled in Demo mode.

Sub-Wallets

A unique feature we noticed while trading Futures were Sub-Wallets. While slightly similar to subaccounts, they are different (and way more convenient). By creating a Sub-Wallet, you can isolate your wallet funds for different trading strategies. For example, you can trade with your main funds, but use a Sub-Wallet for potentially riskier use of trading bots. You can easily switch to another sub-wallet with a click or two, without having to log into subaccounts.

Sub-wallets let you further isolate assets and ensure your main trading account doesn’t get blown up by one mistake. You can still use Isolated and Cross margin modes as normal, so the sub-wallet feature simply adds another safety layer.

Welcome Rewards

In total, new users can claim up to 8,100 USDT in newbie rewards. To start, you will unlock up to $20 just by signing up. By depositing $100, you will receive another (up to) 20 USDT, and same amount for completing over $100 in trading volume. These rewards are in the form of bonuses, which can be used as perp margin funds or to offset 50% of trading fees (Help Center has more info on reward types).

The Rewards Hub has a complete breakdown of rewards. Furthermore, there’s “Daily Benefits”, where you can earn BYD Points for various deposit and trading tasks, and redeem them for bonuses and coupons (fee rebates). Lastly, various and constant events are also worth checking out, because they can provide you with additional rewards, airdrops and giveaways.

In summary, the Rewards won’t make you magically rich and bonuses aren’t directly withdrawable, but can help you trade more efficiently with bigger capital, or reduce trading fees. Claiming bonuses will require KYC.

BYDFi Card

BYDFi Card is a virtual Visa card that lets you spend at merchants or online seamlessly. Spending limit is $5,000 daily or $50,000 monthly (can be adjusted higher). The card has no issuance fee, and a mere 1 USD monthly fee. Top-up fee is 1% (you must convert your crypto to USD as fiat balance in the exchange wallet first, as no direct crypto spending is available).

When spending, there’s no fee for USD transactions. But transactions in other currencies have a 1% forex fee. Card can be linked with digital wallets such as Google Pay or PayPal. Unlike many crypto card competitors, BYDFi’s card is available outside of EU, but there are still some country restrictions (US, Singapore, AU, South Africa, China, Japan, India, Indonesia, Russia, Ukraine and more).

Optional KYC

BYDFi has optional identity verification, and you can access all crypto-related features on the exchange without having to send documents. Unverified users can withdraw up to $50,000 worth of crypto each day. Accessing fiat deposits, fiat withdrawals, claiming rewards or using the BYDFi Card will require ID verification.

If you decide to complete KYC, the standard Sumsub verification will be easy and quick. Submitting your name, address, photo of your ID, and a quick liveness check can all be done in 5 minutes. BYDFi restricted countries only include United States, China, and sanctioned countries (Cuba, Iran, North Korea, Sudan, Syria), so everyone else can complete KYC if they wish to.

Tax Tools

BYDFi’s trading history is compatible and can be imported to Koinly, CoinTracking, CoinLedger, Divly, and CryptoTaxCalculator. This ensures you can easily calculate crypto tax requirements in practically any country.

Safety & Security – Is BYDFi Safe to Use?

• Company info & history: BYDFi was launched in 2020, and rebranded from BitYard in 2023. Company is incorporated in Canada and headquartered in Seychelles, and has over 1 million users. It’s been operating without any security issues or hacks.
• Funds safety: According to the exchange, user assets are stored in offline cold wallets. Accessing funds requires multi-signature authorization, effectively preventing hacking attempts and eliminating single-point failure risks and mitigating the threat of centralized attacks. Percentage of deposits in cold/hot wallets or other details have not been made public.
• Platform security: Platform’s server security is bolstered by AWS, Cloudflare, and multi-factor authentication and hardware verification, meeting FIPS PUB 140-2 level 3 or higher encryption module security standards. No official bug bounty program seems to be active, and no external penetration tests have been publicly disclosed.
• Independent scores and audits: No independent security audits are published. CoinGecko rates the platform as ~#60 exchange in the world, with a 7/10 score. CoinMarketCap ranks it as ~#120 in Spot and ~#70 for Derivatives.
• Proof of Reserves: Only one PoR audit has been made in September 2024, with no subsequent reports. Website’s PoR page only shows address for the Protection Fund, so there doesn’t seem to be a way to verify actual reserves. The 800 BTC protection fund seems to be legit, but there’s no details on how it’s used.
• Regulatory licenses: Held a Money Services Business (MSB) license in Canada (Registration No. M22636235), but a quick check on FINTRAC reveals this license expired in 2025. Many sources claim the exchange has an MSB license in United States (Registration No. 31000215482431), but checking FinCEN reveals no company with this registration number, so we weren’t able to confirm it. Overall lack of regulatory approvals is expected and common for a no-KYC exchange, because regulatory compliance and licensing require stricter KYC protocols.

There are no independent audits about cold storage or other security practices. Social media and app stores mostly have positive reviews and feedback, and there’s no evidence to claim BYDFi is scam is misusing customer funds.

The company is transparent on Linkedin, where you can find over 50 executives and employees. Official partnership with Newcastle United football team adds to the company’s credibility. So far the platform experienced no major hacks, breaches or loss of funds.

In summary, the exchange could easily improve its safety and security impressions by providing Merkle Tree proof of reserves reports, more transparency about funds safety, and a clear purpose and use cases of its sizeable Protection Fund.

Account Security

2FA via email is activated by default, and users can optionally set up 2FA via Google Authenticator or SMS. Passkeys are not available. Fund passwords can be used to protect trading, and anti-phishing codes can be set up to easily identify official communication. Withdrawal address whitelists and address book are available.

As an added security measure, changing 2FA, phone number of adjusting certain other account security settings will prevent withdrawals for 24 hours. Lastly, device management, account activity history and login notifications help detect any suspicious or fraudulent account activity.

In short, the platform has more than adequate account safety measures in place, and will prevent unauthorized login, trading and withdrawal attempts.

Customer Support

In case you run into issues, your first stop should be the Help Center. It contains detailed guides on most exchange features such as deposits, withdrawals, and trading.

If you don’t find a solution, you can open live chat (chat icon in bottom right corner on web, or your profile in mobile app), and get immediate chatbot assistance for common issues. For more complex problems, you can also request to speak to a real customer service agent at any time, or contact customer support via email.

BYDFi Reddit, Telegram, Discord and other social media channels are available and can be used for basic questions, but the exchange doesn’t officially provide customer support via these. Make sure to only contact them through official website.

Conclusion – Is BYDFi a Good Exchange?

For new investors, the exchange might not be the best fit. Fiat deposits and withdrawals use 3rd party services, so additional compliance and KYC checks may be required, and fees can be higher than competitors. There’s also no staking, no decentralized wallet, and some asset safety concerns can potentially make it unsuitable for long-term spot holding.

On the other hand, BYDFi is an excellent platform for experienced derivatives traders, especially if they value privacy. Good liquidity, many altcoins, tokenized stocks and a great user interface make crypto day trading diverse and smooth. Additional features such as copy trading, on-chain trading and basic selection of trading bots can further enhance money-making efforts.

Features Score: 66 / 100

4.0

Total Rating: Very Good

In the end, BYDFi is an excellent platform for crypto traders who need a reliable no-KYC exchange without various leverage or stablecoin restrictions commonly found on mainstream platforms.