As the cryptocurrency space grows, traders are looking past the glitz, glam and hype of prospective exchanges. Traders are seeking exchanges that offer ease of use, security, liquidity, and transparency. It is difficult for traders to find value in dozens of exchanges that want to provide the “best trading experience” without providing evidence to back it up. This is why user feedback is a crucial factor in determining whether an exchange is worthy of your time, money, and trust.
A platform that has garnered attention in recent years is BYDFi, which was established in 2020 and is headquartered in Singapore. BYDFi has expanded to over 190 countries and has over 1000 cryptocurrencies supported on its exchange. The question is, how do they measure up to traders? Let’s take a look at BYDFi’s honest review through user experience and independent evaluations.
BYDFi at a Glance
- Available in more than 190 countries, including India, Australia, and the U.S. (and other restricted areas).
- Support for 1000+ cryptocurrencies and 500+ trading pairs.
- Security: Proof of Reserves, 2FA, Multi-Biometric Authentication (MBA), cold wallet.
- Competitive rates: 0.02%/0.06% maker-taker fees.
- Leverage spot 150x – derivatives 200x.
- Uses third-party providers for buying and selling crypto.
- Daily withdrawal limits: 1.5 BTC (unverified) 6 BTC (verified).
These technical features sound great—but what do users say when they trade here?
User Experience: Intuitive but With Some Gaps
Numerous newcomers value BYDFi’s clean design, and many users mention in reviews on Trustpilot and Product Hunt how easy it is to navigate, even for someone just starting to trade cryptocurrency.
“I’ve been trading on BYDFi for a few months now, and I really like how beginner-friendly it is. Deposits and withdrawals go smoothly, and it also has a good layout which doesn’t freak you out.” – Product Hunt user.
BYDFi also offers demo trading, which users love to practice with before investing real funds. Still, a few folks over on Reddit have cited frustration with withdrawals, claiming they took longer than they expected, mainly because BYDFi only processes withdrawals in certain time boxes.
It is worth noting that as one of the top clubs in the Premier League, Newcastle United has signed a multi-year cooperation agreement with BYDFi, which will serve as the club’s official cryptocurrency exchange partner. This collaboration aims to expand the club’s global influence and bring fans a new digital experience.
To sum up:
BYDFi excels at accessibility but could do better with the speed and consistency of its withdrawal process.
Security and Transparency: Solid, But Lacking Audits
Security is obviously important to crypto traders and BYDFi does a reasonable job on this front. It uses:
- 2FA (authenticators: Google or SMS)
- Anti-phishing codes
- Cold wallet storage
- Proof of Reserves (PoR): 157% BTC, 171% ETH, 154% USDT
Generally, users have expressed being happy with these feature sets. One user on Reddit, noted:
“I have never had security issues with BYDFI. The 2FA and fingerprint login helps me sleep at night.”
That said, many reviewers also suggested BYDFi still has a few aspects to work on. BYDFI does not have a bug bounty program or have evidence of an independent third-party audit, unlike Binance or Bitstamp. Its transparency ratings are “BB” on Certik Skynet and “D” from CER, both of which are lower than top competitors.
While BYDFi has not had a significant hack, it is still not perceived to be an industry leader when compared to industry disclosure and transparency.
Auto Trading: Great Bots, Steep Learning Curve
Auto trading and bot integration is one of BYDFi’s best features. Traders looking for:
- Spot Grid Bots
- Martingale Bots
- Futures Grid Bots
Users benefit from the option of base GUI and bot selection based on PnL, ROI, and followers. A few users even referred to it as copy trading since you can base your approach on your bot follower’s successful parameters.
“The trading bots are quite powerful. Once you get the hang of it, it can save you a ton of time.” – Trustpilot review.
However, the bot interface is difficult and not intuitive for novice traders. Unlike social trading platforms such as eToro, which offers “true copy trading” where you directly mirror another trader’s strategy, BYDFi lacks such an option.
Verdict: Good for advanced users who want automation but rather unfriendly for beginners.
Leverage & Derivatives Trading: BYDFi’s Star Feature
When it comes to leverage and derivatives, BYDFi is king. Users rave about the leverage options that BYDFi has. Users report as much as 200x leverage for margin trading and as much as 200x leverage for perpetual futures.
The pair of TradingView charts, combined with 107+ technical indicators, BYDFi provides a sophisticated environment for more active traders.
However, the liquidity is on the weaker side than competitors like Binance and Bybit. Users have mentioned slippage on larger trades, which will eventually impact the profit margins.
Pros:
- Up to 200x leverage
- Sophisticated charting tools
- Options for cross and isolated margin
Cons:
- Not as liquid as bigger exchanges
- Not geared towards high volume traders.
User Reviews by Trader Type
Here’s what BYDFi users think about the platform by trader type:
- Day Traders: Love the low fees and numerous pairs but are concerned with the liquidity on bigger trades.
- DCA Investors: Enjoy the automated interval investment, but people who are new to crypto find the tool hard to use.
- Casual Traders: Enjoy the simple interface and one-click buy option, but feel like there is not enough educational material.
- Holders/Position Traders: Like the many options of coins, but do not have staking and lending at this time.
- Algorithmic Traders: Use the API for basic functions but are disappointed that there is no backtesting or sandboxing option.
Bonuses and Rewards: User-Friendly Incentives
Users also enjoy BYDFi’s rewards system as a good benefit to the exchange, such as:
- Sign-up bonuses with USDT credits
- Daily Rewards, whereby users can gain BYD Points by completing tasks
- Referral program with high commissions
- Fee rebates and trading vouchers.
This gamification is great for keeping traders engaged, although users note that the cashback rewards are lower than those offered by larger/all exchanges.
Areas Where Users Want Improvement
Users report that BYDFi is very good at innovation and affordable access to the market but tend to go back to improvement surrounding things that give off these flaws:
- Slower to complete withdrawals compared to other real-time exchanges
- Lack of liquidity on some pairs
- Not independently audited
- Slow customer service (especially email)
- Lack of features like lending or staking, and possible holding of fiat.
These may not be the biggest issues for casual or new traders. But traders looking for maximum liquidity and speed may prefer to stick with platforms that have been around longer like Binance and Kraken.
BYDFi Honest Review: Final Verdict
Is BYDFi a good use of your time?
In our experience with user reviews and real-life tests, BYDFi is an excellent value for traders who want the lowest fees, a wide range of leverage options, and trading bots. It is also a great option for traders in areas where other big exchanges have restrictions.
Pros:
- Low fees (0.1%)
- Support for a wide range of crypto (1000+ coins)
- Advanced derivatives and leverage
- Bot-driven auto trading options
- Proof of Reserves
Cons:
- Lower liquidity than industry leaders
- Withdrawal processing delays
- No staking, lending, or fiat storage
- No third-party audits
Final score: 4.3/5 – A cost-effective option rich in features for traders ready to take a chance but still comfortable with amounts in the realms of the global heavyweights for transparency and liquidity.
Conclusion
Overall, if you are considering an honest BYDFi review based on users’ experiences, here it is: BYDFi is a fantastic low-cost option with advanced features, but it is better suited for traders who can handle some growing pains. Now, it’s upto you to try your hand at a crypto exchange.
