BYDFi Review

Summary: BYDFi is a global digital asset trading platform with over 500,000 users in 150 countries. It offers a variety of crypto-related tools and services, including spot trading, derivatives, leveraged tokens, and a unique copy trading system.

Founded in 2020 under BitYard, the platform has grown to support over 250 digital currencies to trade on spot and futures markets with leverage options up to 3x. BYDFi is known for its regulatory compliance, robust security measures, and competitive fee structure.

What is BYDFi?

BYDFi is a comprehensive digital asset trading platform, that enables buying, selling and trading over 250 cryptocurrencies. It offers various user-friendly trading tools, including spot trading, derivatives, and leveraged tokens. A unique feature of BYDFi is its copy trading system, which generates additional income for copiers and listed traders.

With a user base exceeding 500,000 across over 150 countries, BYDFi has a substantial global footprint. It's known for its diversified services, regulatory compliance, and multiple licenses, highlighting its reliability and trustworthiness. 

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Key Features

BYDFi is a comprehensive crypto trading platform offering a wide range of features to cater for its diverse user base. Some of the key services and products that stand out include:

• Diverse Crypto Selection: Buy, sell, stake and trade over 250 cryptocurrencies across emerging sectors in DeFi, NFTs, GameFi and more.
• Industry-leading Fees: Efficiently execute your crypto trades with competitive fees starting at 0.1% Maker fees.
• Copy Trading: Learn from the best by automatically replicating the trades of the highest-performing traders and investors on the BYDFi platform.
• Crypto Derivatives: Get access to advanced financial instruments such as spot, derivatives, and leveraged tokens. Users trading futures can use leverage options up to 3x on select assets.
• Demo Account: This simulated trading environment allows users to practice trades with virtual funds without risking real money. 
• Trading Bot: A trading bot is an automated software that executes trades on behalf of users by following pre-set strategies, aiming to maximize returns by making quick decisions based on market data.

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Is BYDFi Regulated?

BYDFi is a company registered in Seychelles under BYDFi Fintech LTD ("BYDFi"). The regulatory environment in Seychelles for cryptocurrency exchanges is not as strict or comprehensive as in some other countries like the United States, Japan, or members of the European Union. This means that while BYDFi must comply with local laws and regulations in Seychelles, these may not be as robust in terms of consumer protection and financial oversight as those in more strictly regulated jurisdictions.

BYDFi does adhere 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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Is BYDFi Safe?

BYDFi is a secure cryptocurrency trading platform that adheres to the same regulatory standards as other popular exchanges like Gate.io and KuCoin. The platform employs robust security measures, including cold storage for most funds, real-time risk auditing, and security features like two-factor authentication. However, as with all trading platforms, users should exercise caution and only trade with funds they can afford to lose.

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Fees Schedule

BYDFi's fee structure varies based on the type of transaction. For spot trading, both maker and taker fees range from 0.1% to 0.3%. For instance, if a trader purchases 0.25 BTC at $50,000, the taker's fee would be 0.00025 BTC.

In conversions, the transaction fee is between 0.1% and 0.15%. For example, converting 2 BTC to USDT at a rate of $45,000 would incur a fee of 90 USDT. Perpetual Contracts have a taker fee of 0.06% and a maker fee of 0.02%. The calculation differs for USDT-M and COIN-M contracts based on the fulfilled amount and entry price.

Lastly, leveraged tokens have a transaction fee of 0.2% and a daily management fee of 0.03% of the token's true value. Unfilled or cancelled orders do not incur fees.

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BYDFi Available Countries

BYDFi does not offer any services to 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 risk, such as North Korea, Iran, and entities on the UN Al-Qaida and Taliban Lists. 

As part of its risk mitigation strategy, BYDFi refrains from engaging with any individuals or entities identified on this list, ensuring a secure and compliant trading environment.

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Bottom Line

In conclusion, BYDFi is a comprehensive digital asset trading platform that offers a wide range of services, including spot trading, derivatives, and leveraged tokens. It’s popular for its copy trading system, competitive fees, and diverse crypto offerings. BYDFi adheres to stringent regulatory standards and employs robust security measures, making it a reliable platform.