BYDFi Review 2025

Our Verdict

🌍 BYDFI (formerly BitYard) is a non-KYC crypto exchange that was founded in 2020 in Singapore and today operates in 150+ countries.

🪙 The platform supports 557+ cryptocurrencies with decent liquidity for quick trading.

🔐 BYDFI has strong security features, including Proof of Reserves, 2FA, QR code scanning, and MBA.

💰 Low maker/taker fees of 0.1%/0.1%, making it cost-effective.

💳 Enables buying and selling via third-party payment providers.

⚖️ Best for leverage and derivatives traders, offering up to 150x leverage on standard trading and 200x on derivatives.

BYDFI Pros and Cons

Is BYDFI Right for You?

When reviewing exchanges, we consider all types of traders, from casual to active. Our clear and thorough approach helps explain trading strategies and their requirements. By analyzing and ranking key factors, we assess how well each exchange suits different traders. Here’s our verdict:

Supported Countries and Regions

BYDFi serves users in over 150 countries and regions and has a strong global presence compared to industry standards. However, it does not support users from China, Pakistan, Bangladesh, Kazakhstan, the United Kingdom, and Iran. These restrictions are often due to regulatory compliance or local legal frameworks regarding cryptocurrency trading.

BYDFI Bonuses and Special Offers

BYDFi offers many bonuses and promotions to reward new users, active traders, and community participants.

• Welcome Offers & Sign-Up Bonuses: New users on BYDFi can benefit from exclusive sign-up bonuses designed to incentivize account creation and KYC verification, such as free tokens, USDT rewards, or fee reductions.
• Referral Program: Join BYDFi using our affiliate link and get a bonus of $5 USDT.
• Cashback Offers: BYDFi offers cashback on trading fees, giving users the chance to recover part of their costs. Cashback offers typically work by returning a percentage of fees paid during trades, either as direct USDT or as trading credits.
• Daily Rewards: BYDFi encourages user engagement through its Daily Rewards program, where users complete simple daily tasks to earn BYD Points. These points can be redeemed for other rewards, providing users with an incentive to stay active on the platform.
• High Commissions for Sub-Agents: BYDFi offers a generous commission scheme for users who onboard sub-agents. If a user’s commission rate is 70% and their sub-agents generate a daily trading volume of $10,000,000 to $100,000,000, the user can earn between $84,000 to $840,000 monthly. This is a high-paying affiliate-style opportunity for traders looking to build a network.

BYDFI Background

BYDFI was founded in April 2020. The exchange operates under the leadership of Michael Hung, its co-founder and CMO, who holds a computer science degree from Shih-Hsin University.

Security and Transparency

Proof of Reserves: BYDFI has a Proof of Reserves (PoR) system that publicly verifies its crypto asset holdings. It offers 157% for Bitcoin, a 171% ratio for Ethereum, and a 154% ratio for USDT. However, there is no publicly available information on the frequency of audits. In my opinion, this lack of transparency in reserve verification is a potential area for improvement.

Deposit Insurance: BYDFI does not offer crypto deposit insurance or fiat deposit insurance, unlike some larger exchanges that partner with third-party insurers. The platform’s status as a custodial exchange means user funds are stored and managed by the exchange.

Cybersecurity Measures: BYDFI implements essential cybersecurity measures, including 2FA, MBA, and cold wallet storage. However, BYDFI does not currently have an active bug bounty program to encourage ethical hackers to identify system vulnerabilities. In my opinion, this is a strong security downside, as exchanges like Bitstamp offer as much as $ 10,000–$ 12,000 in their bug bounty program.

Proof of Organization: BYDFI operates as a global platform, with availability in over 150 countries, but the location of its headquarters is not explicitly stated on its website “About Us” page. Regulatory jurisdiction is a key factor in assessing the platform’s compliance with financial laws. I asked customer support about their regulatory licenses, and they responded that they had MSB licenses. (US MSB Registration No. – 31000215482431/ Canada FINTRAC MSB Registration No. – M22636235).

Corporate Communication Structure and Transparency: BYDFI maintains active communication channels via Twitter (X), Telegram, LinkedIn, and email support. Its leadership is transparent, with Michael Hung and John Lee known as key figures within the organization. BYDFI also provides clear explanations of its fee structure on its website, ensuring transparency on trading costs. However, greater visibility regarding audits, jurisdiction, and insurance would further enhance user trust.

Verified Trusted Scores

BYDFi’s third-party rankings are very mediocre compared to competitors like Binance, OKX, Bybit, etc. It has a rating of 7/10 with CoinGecko, D from CER, and BB from Skynet.certik. The major reason behind these low ratings is mainly because of the lack of transparency in its leadership structure, regulatory licenses, and frequency of Proof of Reserves.

Know Your Customer (KYC)

Here are a few things to note:

• No Tiered KYC: BYDFI does not have levels for KYC. Users are either “verified” or “unverified.”
• KYC-Free Options: Unverified users can still trade, deposit, and withdraw funds up to 1.5 BTC daily.

Despite following the step-by-step instructions from the exchange, my KYC process didn’t go through. Compared to other exchanges like Luno, Bitstamp, and Binance, the process was more stressful. However, I found their customer support to be helpful. When I messaged them about the issue, it was resolved within minutes, and I was verified.

Is BYDFi Safe to Trade With?

In summary, our findings indicate that BYDFI can be regarded as having a moderate level of trust and stability due to the following factors:

Pros

• BYDFI uses Two-Factor Authentication (2FA), MBA, proof of reserves, cold wallet storage, encryption protocols, and anti-phishing codes.
• Users can trade and withdraw up to 1.5 BTC daily without KYC, while verified users receive a higher limit of 6 BTC daily.
• The platform has not experienced any major breaches, suggesting solid operational security.

Cons

• The exchange is not 100% transparent in its operation. While I explored the exchange, I found it hard to access the leadership structure of this company. I had to carry out deep research on Google and other search engines to find such data.

Trading Experience

Trading Test

For our trading test, we thoroughly evaluated BYDFi. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up and Funding Your Account

I started by visiting the BYDFi website and clicking on “Let’s Get Started”. To sign up, you’ll need to input your email or phone number and set a password. Alternatively, you can join using social accounts like Google or Apple.

After signing up, I verified my email before proceeding with the optional KYC process. For KYC, I was required to upload an identity document, a selfie, and verify my country. However, despite following all instructions, I wasn’t initially verified and had to contact customer support to resolve the issue.

Once verified, I logged into my account. BYDFi also offers a QR code option for logging in via the mobile app, eliminating the need to enter an email and password manually.

I deposited 0.49 LTC from my Binance account to BYDFI. It required three confirmations and took about 12 minutes to reflect. This was a little bit less than the minutes required compared to exchanges I’ve used before, like Luno.

Step 2: Trading

I then proceeded to trade. I selected the LTC/USDT trading pair. In my opinion, it was intuitive to find where to select these pairs. It took almost a minute to figure this out.

First, I converted LTC to USDT at market price. The trade was executed in about 3 seconds, with a fee of 0.0631 USDT.

I then traded this back from USDT to LTC at a tight stop limit. This was also fast and took around 5 seconds to complete. I was charged a fee of 0.000499 LTC.

Step 3: Withdrawal and Review

I tried moving my LTC back to another wallet. I was required to enter an email anti-phishing code, Google Authenticator code, and fund password to allow withdrawal.

The withdrawal required three confirmations and took approximately 10 minutes to arrive in my Tapbit wallet. The platform charged a 0.099 LTC withdrawal fee.

Desktop Version

BYDFi has an intuitive desktop platform that is navigable for both beginner and experienced traders. I accessed the platform using Google Chrome, and it was fast and responsive. Tools like advanced charting, TradingView technical indicators, and order book navigation make it user-friendly for experienced traders. However, I discovered that BYDFi’s P2P trading didn’t work, as there were no merchants available throughout the 7 days that I tracked the exchange.

Trade Navigation

The platform’s interface is simple to navigate, allowing traders to place market, limit, and conditional orders with ease. The trading screen displays essential features such as the order book, market depth, and price charts all in one view. However, I encountered an issue: for beginners, it can be challenging to locate where to change spot trading pairs. In comparison, exchanges like Gate.io make this process much more straightforward.

Withdrawal Navigation

Withdrawing funds on BYDFi is seamless. Users can quickly locate the withdrawal button on the asset page, where the process is clear and guided step-by-step. I discovered the exchange has whitelist features, QR codes, and trusted address lists to add an extra layer of protection.

Order Book Navigation

The order book is prominently displayed on the main trading screen, showing buy/sell orders, market depth, and recent trades. On the left is where users can choose trading pairs; on the right are the limit, market, and stop limit orders; and on the lower part of the screen is the trade history.

Demo Trading and Trading Bots

BYDFi offers demo trading, which is specially curated for beginners. This demo trading feature is for derivatives, and users can trade up to $50,000 in demo assets. You get the same interface as normal trading, with TradingView integration and conditional orders.

There are also trading bots available. You can choose between spot grids and spot Martingale. It has also already developed strategies where users can copy and customize. You can choose a trading bot depending on the coin they trade, duration of trade, return of investment (ROI), and username.

BYDFi Mobile App

BYDFi’s mobile app, available on Android and iOS, includes both a trading app and a wallet (with no distinction between pro and lite versions). In my opinion, it is less beginner-friendly. The app offers intuitive navigation and essential trading tools, but activating customer support requires clicking the icon twice, which could be improved for better usability.

Core Features

• Coin Search: BYDFi differentiates tokens by indicating if they are spot or perpetual futures. However, token search results don’t come with icons. For long results like a USDT search, you can scroll up and down. I think this makes their app more user-friendly.
• Trading Features: Market, limit, and conditional orders. The conditional orders on their mobile app are the same as on the desktop.
• Market Discovery: Track trending tokens and explore new listings. This section shows what is happening in the market, including the fear and greed index, the most volatile tokens, and price distribution. You can’t follow the coin page.
• Watchlist Management: Create a list of favorite coins for quick monitoring. Click the star icon whenever you see or search for a coin. Then, on the Market Discovery page, you will see all your favorite coins.
• Quick Trade Execution: From my experience, it took only seconds for some trades to execute.
• Withdrawal Ease: It takes about 3 steps where you select the coin, input the withdrawal details, and click submit.
• Alerts and Notifications: Stay informed with market alerts and account activity updates. BYDFi lets you know about price increases, attempted logins, and withdrawal notifications. While using the app, you can also be alerted about a wrong address during deposits.
• Portfolio Clarity: View all assets and historical performance in one place.

Security Features

Like the desktop version, the mobile app features 2FA, trusted address lists, and biometric login options, such as fingerprint and facial recognition, for added security.

My Key Takeaways After Testing BYDFi

After using BYDFI both on the desktop and mobile app, here are key things other users should keep in mind:

• BYDFi has a user-friendly interface on both desktop and mobile, with fast performance similar to Binance and OKX. However, the spot trading pair selector is harder to locate and no basic or pro mode is available.
• BYDFi provides trading tools like advanced charting, TradingView indicators, order books, and support for market, limit, and conditional orders. The desktop version lacks a coin search feature.
• BYDFi is fast, intuitive, and ideal for advanced spot, derivatives, and leverage traders. Beginner traders may find Binance, Luno, or Bitstamp more suitable.

Fees

Spot Maker/Taker Fees

In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes. We focus on the essentials and potential savings through native tokens and various discount schemes. Our unique methodology provides a clear view of fee structures and how they benefit traders of all levels.

The first tier typically represents casual traders, as they don’t usually trade more than $10,000 per month, while the higher tiers often relate to more advanced traders. Using this method, we’re categorizing users by their trading style and the amount of money they spend on the exchange.

Additionally, we also compare these fees with industry standards to give a thorough perspective on each exchange’s affordability.

BYDFI uses a maker-taker fee model for spot trading. For both makers and takers, BYDFI charges a flat fee of 0.1%, regardless of trading volume or user tier. While this removes the complexity of tiered pricing seen on other platforms like Binance or OKX, it makes it less appealing for high-frequency traders seeking volume-based discounts.

BYDFi spot trading fees are quite low, but it would have been much better if there were more discounts. Unlike casual traders, high-volume traders prefer tiered pricing.

Deposit Fees

BYDFI does not support direct fiat deposits but enables users to buy and sell cryptocurrencies using third-party payment providers such as Coinify, Transak, Mercuryo, and Banxa. The fees for these providers vary significantly, which can affect traders’ overall costs.

In my opinion, these fees directly affect the amount available for trading. For example, with a $1,000 deposit, users utilizing Coinify retain the full amount for trading, while those using Transak would only have $954.10 after fees. Compared to exchanges like Binance and Coinbase, which offer free ACH deposits, BYDFI’s reliance on third-party providers creates a mixed experience.

Withdrawal Fees

To sell crypto using BYDFi’s third-party payment providers, the highest one can sell per single transaction is 5,000 USDT. BYDFI does not support direct fiat withdrawals but allows users to sell cryptocurrency via third-party payment providers like Banxa. Banxa offers 0% withdrawal fees, making it the cheapest for traders. For crypto withdrawals, users will pay a fee of 1 to 5 USDT, depending on the type of cryptocurrency being withdrawn.

Compared to industry standards, where crypto withdrawal fees typically range from 0.0005 BTC to 0.001 BTC or equivalent, BYDFI’s fee structure is relatively competitive.

Exchanges like Luno, Binance, and Bitstamp are better for withdrawals as they support straight fiat withdrawals with lower fees.

Leverage and Futures Trading Fees

BYDFI charges 0.02% maker and 0.06% taker fees for USDT-M and COIN-M perpetual contracts. The fee is calculated based on the traded amount, entry price, and contract type. For leveraged tokens, there’s a separate 0.2% transaction fee plus a 0.03% daily management fee, which is deducted from the token’s value. While the fee structure is competitive, the management fee for leveraged tokens might be higher than typical market rates.

However, BYDFI makes its futures trading fees attractive with its VIP offering. Users can get up to 60% trading discounts, increased deposit and withdrawal speeds, and a dedicated account manager. In my opinion, this VIP program gives BYDFI an edge. Some exchanges like Luno and Bitstamp don’t offer futures and derivative trading, not to mention VIP programs.

Note: Please remember that fees and available methods may vary by country

Fee Discounts

BYDFI offers fee discounts, mainly a 60% discount on futures trading fees through the VIP program.

Are BYDFi’s Fees Competitive?

In summary, the fees at BYDFI are reasonably structured, making it a suitable choice for both beginners and experienced traders.

• Spot Trading Fees: Fixed at 0.1% for both makers and takers, aligning with industry standards like Binance and Bybit.
• Perpetual Contracts Fees: Maker fee of 0.02% and taker fee of 0.06%, offering competitive rates for futures traders.
• Non-Trading Fees: BYDFi relies on third-party providers for fiat deposits, with fees ranging from 0% to 4.56% and cryptocurrency withdrawal fees from 1 to 5 USDT depending on the currency.
• VIP Program: Offers up to 60% fee discounts for futures traders based on trading volume.
• No direct fiat-to-crypto support, which may deter beginners sfrom eeking simple fiat deposit options.

Available Cryptocurrencies

Token Listing

BYDFi’s research team thoroughly reviews token listing applications but doesn’t provide feedback if a project fails the initial review. Successful projects are assigned a Business Development Manager to guide them through the listing process, covering details like the project name, smart contract, team, and partnerships. However, the absence of a launchpad is a noticeable downside compared to platforms like Binance.

Access to Stablecoins and Fiat-to-Crypto Trading

BYDFi offers access to popular stablecoins like USDT and USDC, but there are no fiat-to-crypto options. Note that USDT and USDC are the only available stablecoins. Availability may vary by country, so users should check local regulations and supported currencies.

Exchange Liquidity

BYDFi maintains decent liquidity across various trading pairs, ensuring smooth transactions. However, liquidity may fluctuate depending on market conditions and the specific coin being traded. In my testing, BYDFI had lower liquidity (477) compared to competitors like Binance, Coinbase, Bybit, Bitget, OKX, and many others.

Deposits and Withdrawals

BYDFI Deposit Options

BYDFi doesn’t support direct fiat deposits, meaning options like ACH, wire transfers, SEPA/SWIFT, credit/debit cards, or e-wallet payments are unavailable. Instead, the exchange relies on third-party providers, with fees ranging from 0% to 4.56%. In my opinion, it makes BYDFi less appealing than competitors. I’d prefer the convenience of using my debit card or local bank transfer for payments.

The minimum crypto deposit is $1, and the price of fiat buying is $30.

Note that deposit options can vary significantly from region to region. Always check the exchange’s official site for the most accurate and region-specific deposit information.

BYDFI Withdrawal Methods

BYDFi withdrawal (crypto selling) methods are the same as the deposit, as they use third-party payment providers. Compared to exchanges like Binance and Bitstamp, BYDFI is below par. These exchanges provide traditional deposit and withdrawal methods and still support third-party payment platforms.

BYDFI Withdrawal Limits

BYDFi uses a tiered withdrawal limit based on user verification status. Unverified users can withdraw up to 1.5 BTC per day, while verified users are allowed to withdraw up to 6 BTC daily. This system encourages users to complete identity verification (KYC) to access higher withdrawal limits. Compared to other exchanges like Bybit, BYDFI appears to be better in some areas. For instance, it offers high crypto withdrawal limits for unverified users compared to Bybit’s 20k USDT limit.

Customer Service

BYDFi offers a range of educational resources, including tutorials and guides, but it lacks community forums for peer-to-peer support. High-volume traders and VIP accounts benefit from exclusive perks, including personalized support from dedicated account managers, a feature not offered by competitors like Luno and Bitstamp.

BYDFI Customer Support Test

To evaluate the quality of customer services for diverse user needs, we created a unique trading test. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors.

I started my customer support test with their chatbot. It is a combination of automated chatbot and live agent support. The chatbot first provides users with the option to continue with it or talk to real-life customer support. This process takes less than a minute to process.

Once connected to the live agent chat, I asked them questions about their regulatory licenses and third-party insurance coverage. Their response took less than three minutes, and it met my expectations.

However, I found their email service poor. Despite saying it operated 24/7, I didn’t get a response after many days of sending an email.

FAQ