Looking for a reputable crypto exchange where you can find the next 100x gem coin?
This post is a detailed review of BYDFi, a leading crypto exchange in Africa.
BYDFi offers a seamless trading experience with spot, futures, and copy trading, making it an ideal platform for both beginners and pro traders.
With competitive fees, a user-friendly interface, and access to a wide range of digital assets, BYDFi is shaping the future of crypto trading in emerging markets.
Join me as I take you through a comprehensive review of BYDFi, covering its features, services, supported assets, and more.
Post Summary
- BYDFi Overview
- Features Of BYDFi
- Services On BYDFi
- Supported Countries, Listed Currencies And Supported Payment Methods
- Transaction Fees And Verification Requirements
- Customer Support And Public Opinion
- How to Win $8000+ On BYDFi
- FAQs
- Conclusion
BYDFi Overview
BYDFi is a fast-growing crypto exchange designed to help traders trade smarter, safer, and more profitably.
Originally launched as BitYard in 2020, it rebranded to BYDFi (BUIDL Your Dream Finance) in 2023 to reflect its mission of providing traders with cutting-edge tools to dominate the market.
BYDFi boasts over $265 million in daily trading volume, offering spot trading, perpetual contracts, and copy trading.
Recognized by Forbes as one of the top 10 crypto exchanges in 2023, it has also earned a reputation as the leading crypto exchange in Africa.
Security comes as its top priority, with offline cold storage, multi-signature protection, and strict whitelisting, safeguarding users’ assets.
Operating with full transparency and regulatory compliance, BYDFi is backed by dual MSB licenses in the US and Canada.
With lightning-fast trade execution and a user-friendly interface, the exchange supports over 600 tradable assets and up to 200x leverage, making it ideal for traders looking to seize big market opportunities.
Whether you’re a seasoned pro or a beginner, BYDFi provides the tools and security needed to thrive in the ever-evolving crypto space.
Features of BYDFi
BYDFi packs a range of powerful features designed to meet the needs of every crypto trader, from beginners to seasoned pros.
Here’s what makes the platform stand out:
- Deep liquidity
- Advanced trading and analytical tools
- Line Order
- User-friendly interface
- Diverse markets
- 600+ tradeable assets
- Margin trading (Up to 200x Leverage)
- Competitively low fees
- Trading bots.
- Mobile app
- 24/7 multilingual support
- Affiliate Program (Up to 70% Commission)
- Industry-leading security
- Proof of Reserves
Let’s dive into the services!
Services On BYDFi
BYDFi offers the following services:
– Buy Crypto
With BYDFi, you can seamlessly purchase crypto using local currencies. Users can choose between two convenient options:
(i) Buy Crypto
With support for over 50 fiat currencies, users can buy crypto instantly using debit/credit cards or bank transfers.
Transactions are securely processed through trusted third-party fiat gateways, including BANXA, Alchemy Pay, Transak, Mercuryo, and Coinify.
(ii) P2P
BYDFi also provides a P2P marketplace where users can buy and sell crypto directly with other traders.
This option lets you buy crypto conveniently with various payment methods and find a seller or buyer that meets your needs.
– Spot Trading
Catering to the needs of spot traders, BYDFi offers 600+ trading pairs, including BTC, ETH, XRP, DOGE, BNB, and SOL, while regularly listing low-cap gems.
Its “Convert” feature enables instant swaps, ideal for newbies or those looking to exchange low-value holdings.
– Futures Trading
BYDFi offers Perpetual Futures Contracts, allowing traders to hold positions indefinitely with no expiry dates.
The exchange offers two types of Perpetual Contracts:
- USDT-M Contracts: Settled in USDT
- Coin-M Contracts – Settled in the quoted cryptocurrency
BYDFi stands out by offering up to 200x leverage, significantly higher than most exchanges that cap theirs at 100x or 125x.
To enhance the trading experience and minimize losses, Its futures market offers advanced features like unrealized profit unlocking, hedging, and automatic cross margin mode.
In addition to perpetual futures contracts, BYDFi also offers leveraged tokens, enabling traders to increase their exposure to an asset without using margin or the risk of liquidation.
– Trading Bots
BYDFi offers three automated trading strategies through its trading bots:
(i) Spot Grid
This bot is ideal for sideways or ranging markets. It automates buy and sell orders at set intervals, profiting from price fluctuations in both futures and spot trading.
(ii) Spot Investment
This bot allows you to set a target price and investment amount, automatically purchasing the asset once the market hits your specified price.
(iii) Spot Martingale
This bot buys more during dips to lower the average entry price, similar to dollar-cost averaging.
Noteworthy, users can create their own strategy by setting up the bot of their choice or by copying expert traders.
– Copy Trading
Feeling overwhelmed by crypto analysis? Don’t worry!
BYDFi’s allows users to mirror expert traders, increasing the chances of profitable trades without the need for in-depth market knowledge.
Users can copy expert traders directly through the trading bot section, with options tailored to each strategy.
– Demo trading
BYDFi offers a a features trading demo account with 100k USDT, allowing users to practice and refine their trading strategies without risking real money.
This sets it apart from top exchanges like Binance and Bybit, where such a service isn’t available.
– Reward Programs
BYDFi incentivizes users with various rewards, including referral and affiliate commissions, a daily reward through the Maniac Calendar, and a welcome bonus of up to 8,100 USDT.
Read on to learn more about BYDFi!
Supported Countries, Listed Currencies And Supported Payment Methods
– Supported Countries
BYDFi is available in over 150 countries but may be restricted in regions with strict regulatory compliance.
– Listed Currencies
(i) Supported cryptocurrencies
The exchange supports a wide range of tokens and contracts with more to be added in the future. See the table below:
| Spot | 600+ including: BTC, ETH, BNB, ADA, SOL, DOGE, XRP, G7,ALGO, XLM, TRX, ATOM,OM, SUI, LINK, ICP, PYTH, LTC, USDT, HYPE, ARK, XEN, RUNE, AAVE and more |
USDT-M | 400+ contracts including: BTCUSDT, ETHUSDT, BNBUSDT, BOMEUSDT, – – ACEUSDT, 1INCHUSDT, AAVEUSDT, ADAUSDT, ANIMEUSDT, CAKEUSDT,WOOUSDT, FILUSDT,ONDOUSDT, GALAUSDT, NEARUSDT, GIGAUSDT, ANKRUSDT, COMPUSDT, etc |
| COIN-M | 5 contracts supported: – BTCUSD – ETHUSD – DOGEUSD – DOTUSD – XRPUSD |
| Leveraged tokens | 4 tokens available: – BTC3LUSDT, BTC3SUSDT – ETH3LUSDT, ETH3SUSDT |
(ii) Supported Fiat Currencies:
Check the table below!
| Buy Crypto | 70+ fiats including: EUR, USD, CAD, AKD, JPY, VND, IDR, THB, BRL, OMR, RWF, CHF, CLP, COP, CRL, CZK. MGA, KYD, JUD, PYG, PAB, ILS, ISK, AMD, MDL, GHS, KES, INR, MWK, BZD,HNL, MXN, AUD, HUF, AED, TOP, etc |
| P2P | 5 fiats: – USD, CAD, HKD, IDR,and PHP |
– Supported Payment Methods
- Cryptocurrencies
- Third-party payment gateways via BANXA, Alchemy Pay, Transak, Mercuryo, and Coinify
- Multiple payment methods via P2P
Now let’s dive into an essential aspect every trader considers—fees.
Transaction Fees And Verification Requirements
– Transaction Fees
BYDFi offers competitively low fees. The fees include:
(i) Trading fees
- Spot: 0.1% for both Takers and Makers
- Leveraged Tokens: 0.02%, plus a 0.03% management fee charged daily
- Perpetual Contracts (USDT-M & COIN-M): Taker 0.06%, Maker 0.02%
- Copy Trading: 10% profit-sharing
(ii) Buy Crypto fees
- Buy Crypto: Fees are set by third-party payment providers, not BYDFi
- P2P: Zero fees
(iii) Deposit & Withdrawal Fees
- Deposit: Zero fees
- Withdrawal fees: Fees vary based on the blockchain network
– Verification Requirements
Here’s what you need to verify your BYDFi account:
- Selfie
- Identity Document (ID card/Passport/Residence permit/Driver`s license)
KYC is not mandatory to use BYDFi. However, it is required for buying crypto via P2P or third-party payment gateways.
In addition, unverified accounts have a daily withdrawal limit of 1.5 BTC, while verified users can withdraw up to 6 BTC per day.
Now, when choosing a crypto exchange, reliable customer support and user feedback are crucial. Let’s see how BYDFi fares in these aspects.
Customer Support And Public Opinion
BYDFi offers responsive 24/7 customer support, including a live chat bot that connects users to a human agent and a comprehensive Help Center with answers to common questions.
Here’s how to contact support:
- Livechat (under 3 mins)
- Email: cs@bydfi.com
- Business Partnerships: BD@bydfi.com
- Twitter: https://twitter.com/BYDFi
Out of 179 user reviews on TrustPilot, BYDFi holds an impressive 4.0 rating.
Many users praise its user-friendly interface, diverse features, strong security, and wide range of trading assets.
While negative reviews exist, they make up only 14% of total feedback, meaning 86% of users have a positive impression of the exchange.
BYDFi is one of the many reputable exchanges that offer users the chance to win over $8,000 in prizes. Curious how this works? Keep reading to find out in the next section.
How to Win $8000+ On BYDFi
BYDFi offers new users up to $8,100 in rewards. Here’s how you can claim this prize:
- Visit BYDFi and click the “Get Started” button at the top left of the screen
- Sign up by entering your email and password
Verify your email address to complete the registration process.
- Log in to your new account
For added security, go to the security settings and enable Two-Factor Authentication (2FA).
- Deposit assets by either using the “Buy Crypto” option or transferring crypto to the exchange’s wallet address.
Once done, you will receive a new user package gift worth $8,100 which will be fully unlocked by completing further simple tasks.
Continue to the FAQ section below!
FAQs
BYDFi is backed by strong regulatory measures; it holds dual MSB licenses in both the US and Canada, ensuring it complies with regulatory standards in two major markets.
Additionally, it has operated for over 5 years without any major security breaches, providing users with a track record of reliability.
The exchange also publishes its Proof of Reserves (POR) publicly, offering transparency and further bolstering trust among users.
Along with positive customer reviews, these factors underline BYDFi’s commitment to creating a safe trading environment for its users.
2: What are the trading, deposit, and withdrawal limits on BYDFi?
Here’s the breakdown:
– Trading: Minimum trade amount is $10.
– Deposit: No minimum or maximum deposit limit.
– Withdrawal: No minimum withdrawal amount, as long as it covers fees. Unverified accounts have a daily limit of 1.5 BTC, while verified users can withdraw up to 6 BTC per day.
You need to apply and, once approved, become eligible to publish your trades for others to copy. You also earn a 10% profit share from all profits made by users copying you.
Conclusion
BYDFi stands out as a reliable, user-friendly exchange with a robust range of features tailored to both beginner and advanced traders
With competitive fees, strong security measures, and excellent customer support, it offers an all-encompassing platform for trading a wide variety of assets.
Whether you’re new to crypto or an experienced trader, BYDFi is designed to give you an advantage in the market.
So, have you used BYDFi before?
If not, would you consider opening an account today? And, would you recommend it to others?
We’d love to hear your thoughts in the comments below!
Feel free to click the ‘SM’ buttons below to share this post with your friends.
0 Comments