BYDFi Review: Fees, Features & Copy Trading

What is BYDFi?

BYDFi is a rapidly growing cryptocurrency exchange based in Singapore. Established in 2020 as BitYard, it rebranded to BYDFi in 2022. The platform supports over 550 cryptocurrencies for trading on both spot and future markets. It also offers leveraged tokens and innovative features like copy trading, allowing users to replicate the strategies of successful traders. 

With more than 500,000 users across 150 countries, BYDFi is one of the most popular exchanges among Southeast Asian investors, providing 24/7 multilingual support and a $2888 welcome bonus. It's known for its diversified services, regulatory compliance, and multiple licenses, highlighting its reliability and trustworthiness.

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BYDFi Features

BYDFi provides various tools and services to help traders, all while promoting a user-friendly experience and advanced trading options.

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Trading Types

BYDFi caters to different trading preferences by providing a range of products, including:

• Perpetual Contracts: Traders on BYDFi can access perpetual contracts with no expiration dates, offering flexibility for those looking to capitalize on market trends. The platform supports USDT-M perpetual contracts.
• Futures Trading: BYDFi offers futures contracts with fixed settlement dates, allowing users to hedge or speculate on the future prices of digital assets.
• Spot Trading: For those who prefer direct ownership of crypto, BYDFi offers spot trading across a wide range of assets.
• Leveraged Tokens: Leveraged tokens allow users to increase their exposure to an asset without the risk of liquidation. These tokens simplify leverage trading by automatically managing positions.
• Copy Trading: The copy trading feature enables users to replicate the strategies of top traders on the platform with thousands of expert users to follow.

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Earning Options

Beyond trading, BYDFi offers several ways for users to earn passive income from their digital assets:

• BYD Token: Users can benefit from BYDFi’s native token, BYD, which provides access to exclusive promotions, reduced trading fees, and opportunities for staking rewards.
• Assist 2 Earn: Invite two friends to BYDFi, and you'll receive a 50 USDT bonus while each friend earns 20 USDT after completing a valid trading task.
• Lucky Wheel: Refer friends to BYDFi, and for every friend who completes a trading task, you'll earn Lucky Coins that can be redeemed for up to 100 USDT.

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Additional Services

BYDFi enhances the trading experience with various advanced features and services:

• Customizable Trading Interface: BYDFi’s platform is designed with user customization in mind, offering advanced charting tools and widgets that allow traders to tailor their interface to their individual strategies and preferences.
• Institutional Services: Catering to professional traders and institutions, BYDFi offers over-the-counter (OTC) trading for large transactions, ensuring a secure and efficient process for high-volume trades.
• Strategy Trading: BYDFi’s integration of trading bots, including Spot Grid, Spot Investment and Spot Martingale, allows users to automate strategies, such as grid or arbitrage trading.
• Demo Account: This simulated trading environment allows users to practice trades with virtual funds without risking real money. 

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Is BYDFi Safe?

BYDFi is a secure cryptocurrency trading platform that adheres to the same regulatory standards as other popular exchanges. The platform employs security measures, including cold storage for most funds, real-time risk auditing, and two-factor authentication. 

It is a company registered in Seychelles under BYDFi Fintech LTD ("BYDFi"). The regulatory environment in Seychelles for exchanges is less comprehensive than in the United States or the European Union. While BYDFi complies with local laws in Seychelles, these may not be as robust regarding consumer protection and financial oversight.

BYDFi adheres to anti-money laundering (AML) and Know-your-customer (KYC) policies. This indicates compliance with international standards aimed at preventing financial crimes, which is a common regulatory requirement for financial service providers across many jurisdictions.

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BYDFi Fees Schedule

BYDFi offers a competitive fee structure across its range of trading services, ensuring transparency and rewards for active traders.

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Trading Costs

BYDFi employs a maker-taker fee model for both spot trading and derivatives:

• Spot Trading Fees: The platform charges a maker and taker fee of 0.1% to 0.3% for all spot trading pairs, depending on the trade size. However, during exclusive promotions, both maker and taker fees can drop to 0%.
• Convert Feature Fees: When converting between cryptocurrencies, BYDFi applies a transaction fee of 0.1% to 0.15%, depending on the specific trade conditions. 
• Perpetual Contracts (USDT-M & COIN-M): For perpetual contracts, takers are charged a 0.06% fee, while makers pay a 0.02% fee. This applies to both USDT-M and COIN-M contracts.

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Leveraged Tokens and Management Fees

BYDFi’s leveraged tokens come with a transaction fee of 0.2% for both buying and selling. In addition, a daily management fee of 0.03% is applied to the true value of leveraged tokens. This fee is reflected in the net asset value of the tokens, ensuring that users do not see deductions in their current positions unless they hold leveraged tokens at the daily cutoff time.

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BYDFi Available Countries

BYDFi does not currently service users from China, Pakistan, Bangladesh or Kazakhstan, according to their list of supported countries. This means that any other resident of any other country can sign up and KYC with BYDFi to leverage their crypto asset services. 

In accordance with their AML/KYC Policy, BYDFi collects customer information and screens against a List of Designated Individuals and Entities, which includes regions and groups associated with high risks, such as North Korea, Iran, and entities on the UN Al-Qaida and Taliban Lists. 

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Bottom Line

To wrap things up, BYDFi is a versatile crypto exchange that offers a wide range of trading options like spot, derivatives, copy trading, and leveraged tokens. With a straightforward fee structure, solid security measures, and over 500,000 users worldwide, BYDFi is a reliable investment platform.