BYDFi

2019

Founded

Last Updated Apr 23, 2024 | Affiliate Disclosure

Review

Highlights

BYDFi offers 500+ altcoins, crypto futures, and trading bots. It’s available to everyone and you can sign up here for a lifetime trading discount.
US and Canadian customers can also sign up, since there are no KYC requirements.
In this post, we compared BYDFi against dozens of exchanges to see how it stacks up. Read on to for our in-depth review.

What Is BYDFi?

BYDFi, formerly known as BitYard, is a centralized cryptocurrency exchange formed in 2019. They’re based in Singapore but have optional KYC, making the platform available to anyone worldwide. They have 500,000 users.

It has a smooth user interface and mobile app. Users can enjoy trading 500+ cryptocurrencies, 180+ perpetual contracts, up to 200x leverage trading, and more.

Where is BYDFi Available?

BYDFi is available in over 150 countries and holds four licenses in the United States, Europe, Australia, and Singapore. The platform is available in English, Portuguese, Turkish, and Bahasa Indonesia.

With no KYC or VPN needed, users from any country can open an account in seconds.

Key Features & Benefits

Spot Trading: BYDFi has 500+ coins that are all in USDT and USDC trading pairs. You can trade the popular altcoins as well as emerging categories like meme coins, real-world assets (RWAs), and BRC20s.
Margin Trading: You'll also find a good UX and trading volume for crypto derivatives. You can go up to 200x leverage using cross or isolated margin, take profit and stop loss orders, and more across 180+ perpetual contracts.
Fiat Gateway: Deposit and withdraw 90+ currencies using third-party providers. Keep in mind, it’s unclear if this requires KYC and the fees are usually very high for these services.
24/7 Customer Support: Despite not having phone help as part of their customer support, BYDFi offers a real-time conversation alternative where users can receive guidance when they have inquiries
Easy Registration: Whether you want to KYC or not, signing up only takes a few seconds. You should find a referral link like ours to get bonuses and a trading discount.
Other Stuff: You can also explore trading bots, leveraged tokens, and a demo trading account if you want to practice trading without using real money.

BYDFi Fees

From our analysis, BYDFi’s fees are in the middle of the pack compared to other exchanges. However, they can be very low depending on which assets and features you’re using:

Spot Trading Fees: 0.10% to 0.30% depending on the coin
Perpetual Contracts: 0.02% maker, 0.06% taker fee
Crypto Withdrawal Fees: $0.33 to $5 depending on the coin (multiple networks supported)

For example, you’ll save a few bucks when you withdraw USDT on Binance Smart Chain versus Ethereum ($0.33 fee versus $5 fee). However, the crypto withdrawal fees are very low.

Fiat Currencies

While BYDFi doesn’t have any fiat trading pairs, it does support deposits and withdrawals in 90+ fiat currencies such as USD, EUR, GBP, and AUD. However, users should check with their local bank or financial institution to determine the fees associated with deposits and withdrawals.

Is BYDFi Safe?

BYDFi has a 7/10 trust score on CoinGecko and a 68/100 score from cybersecurity firm, CertiK. Overall, BYDFi is considered secure, but we don’t recommend holding all your funds on any exchange, whether it’s BYDFi or Coinbase.

From our analysis, the only concern is that BYDFi doesn’t have a Proof of Reserves. However, everything else is clear. They use cold storage, have never had any hacks or data leaks, and have been operating since 2019.

According to customer reviews, the Google Play and App Store ratings are both over 4 stars and they have billions in trading volume according to CoinGecko.

Is BYDFi Worth It?

Bottom Line: BYDFi is one of the best no KYC, no VPN exchanges. It’s fast to register, supported everywhere, and you can trade altcoins and crypto futures with decent fees. Click here to claim your lifetime trading discount.

However, if you’re still unsure, you can see our best non KYC exchanges and best CEXs overall for more alternatives.

Pros & Cons

Fast Registration: Users from anywhere can quickly sign up.
500+ Coins: Trade popular and lesser known coins.
Margin Trading: Up to 200x leverage with fees as low as 0.02% and billions in trading volume.
Low Crypto Withdrawal Fees: For example, USDT withdrawals range from $0.33 to $5 in fees.

Beginner Friendly: Not as easy to use like Coinbase, for example.
Fiat Gateway: You should deposit crypto if you use BYDFi. Fees are high on fiat deposits and no fiat trading pairs are supported.
No Proof of Reserves: Many leading exchanges publish this information.

Open An Account

FAQ

Can you use BYDFi in the USA?

Yes, BYDFi is available in the USA. However, some of the services and features may not be available in all US states.

How Big Is BYDFi?

According to its website, BYDFi has over 500,000 users and serves over 150 countries. CoinGecko data also shows they have billions in trading volume.

Is BYDFi Regulated?

Yes, BYDFi is regulated in many jurisdictions. The platform holds four distinguished licenses in the United States, Europe, Australia, and Singapore.

Author

RankFi Team

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.

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