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4.3
Over 600 crypto pairs available
Demo account for beginners and novice traders
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BYDFi review 2024

Investing options: 4.5

Platforms & usability: 4.8

Products, markets, & assets: 4.4

Safety & reliability: 3.7

Deposits & withdrawals: 3.9

Research & analysis tools: 4.1

Fees & costs: 4.7

Education & learning resources: 4.2

BYDFi review Summary

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Updated: Aug 18, 2023
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16 min read
BYDFi is a cryptocurrency exchange that lets you trade a wide range of coins. This BYDFi looks at the platform to help decide if it’s the right for you.

Our opinion of BYDFi

BYDFi is an impressive cryptocurrency exchange with many features and coins available to trade. As a relatively new platform, BYDFi has already established itself as a top option for new and experienced crypto traders. BYDFi offers an extensive selection of cryptocurrencies to trade, including major coins like Bitcoin, Ethereum and lesser-known altcoins.

One of the standout aspects of BYDFi is the variety of trading options available. Spot trading, margin trading, P2P fiat trading, and copy trading are some of the ways you can trade crypto on the platform. This BYDFi review examines the exchange in more detail. We’ve tested and reviewed the platform to help you decide if it’s the right choice. 

BYDFi highlights

Features BYDFi summary
No. of tradable assets 600+
Min. Deposit Variable
ID verification required Yes
Free demo account Yes
Supported assets Cryptocurrencies
Mobile trading app Yes
Web trading platform Yes
Regulatory bodies MSB
View more > BYDFi >

Pros & Cons

Pros:

Over 600 crypto pairs available
Demo account for beginners and novice traders
Various trading options
Quick and easy sign up process

Cons:

Can I open an account with BYDFi?

Investing options
4.5

What can I do with BYDFi?

Using the BYDFi platform, you can trade a wide range of digital assets. The exchange facilitates spot trading, perpetual futures trading, leveraged trading, and social copy trading. With its web and mobile apps, you can execute trades on the go while managing your portfolio with a suite of advanced tools and charting.

Although many of BYDFi’s features are sophisticated, it maintains an intuitive interface that is easy for beginners to navigate. BYDFi stands for BUIDL Your Dream Finance, and the platform aims to empower all traders to achieve their financial goals through crypto trading. 

With features like social trading, demo accounts, and customisable layouts, BYDFi offers the resources to ‘BUILD’ your knowledge, strategies, and portfolio over time. 

What accounts does BYDFi offer?

Account type BYDFi accounts eToro accounts Plus500 accounts
Trading platform Yes Yes Yes
Crypto staking No Yes No
Crypto wallet Yes Yes No
Money management Yes Yes Yes
Spread betting broker No No No
View more > BYDFi > eToro > Plus500 >

Products, markets & assets
4.4

What products and assets can you trade on BYDFi?

BYDFi offers over 600 supported cryptocurrencies and trading pairs. Spot trading is where you’ll find the largest number of tokens, with over 400 pairs. There are over 150 perps available, and if you’re looking for leveraged trading, there are over 50 crosses to choose from. 

Product BYDFi assets eToro assets Plus500 assets
Cryptocurrencies 600+
View more > BYDFi > eToro > Plus500 >

What leverage trading options are there?

BYDFi allows traders to use leverage ranging from 10x up to 100x, depending on the cryptocurrency being traded. Higher leverage is available for the biggest coins like BTC and ETH, while the level drops for altcoins and stablecoins. 

Product BYDFi maximum leverage eToro maximum leverage Plus500 maximum leverage
Cryptocurrencies 1:100
View more > BYDFi > eToro > Plus500 >

What are the spreads?

Spreads on the BYDFi exchange are variable, which means they can fluctuate. Generally, the more liquid the crypto you’re trading, the lower the spread will be. For example, during our testing of the BYDFi platform, we saw spreads at 0.020% on BTC pairs, while some volatile altcoins had spreads at around 0.050%. 

Product BYDFi spreads eToro spreads Plus500 spreads
Cryptocurrencies From 0.020%
View all tradable assets > BYDFi > eToro > Plus500 >

BYDFi trade sizes and limits

BYDFi requires at least 0.001 BTC or 0.01 altcoins/contracts to open positions across its spot, margin, and perpetual contracts markets. Here’s a look at the minimum trade size for BYDFi exchange. 

Product BYDFi minimum trade eToro minimum trade Plus500 minimum trade
Cryptocurrencies 0.0001 BTC
View more > BYDFi > eToro > Plus500 >

Crypto

What cryptocurrency pairs can be traded on BYDFi?

BYDFi has a wide range of over 600 cryptocurrency pairs available to trade. Spot trading offers the largest number of pairs with over 400. If you want to trade futures or margin, there is a selection of over 200 to choose from. Here’s a look at some of the most popular cryptocurrency pairs on BYDFi. 

Cryptocurrency Cryptocurrency Cryptocurrency
Bitcoin (BTC) Ethereum (ETH) BNB (BNB)
HarryPotterObamaPacMan8Inu (XRP) Cardano (ADA) Wrapped Solana (SOL)
Polkadot (DOT) Polygon (MATIC) Litecoin (LTC)
Chainlink (LINK) Bitcoin Cash (BCH) Algorand (ALGO)
Stellar (XLM) VeChain (VET) Terra (LUNA)
Avalanche (AVAX) Bitteam token (BTT) MultiversX (EGLD)
TRON (TRX) FTX Token (FTT) Monero (XMR)
Filecoin (FIL) NEAR Protocol (NEAR) Aave (AAVE)
Helium (HNT) Celo (CELO) Kusama (KSM)
Enjin Coin (ENJ) Shush Club (SHUSH) Ravencoin (RVN)
Chiliz (CHZ) Babadoge (BABADOGE) Uniswap (UNI)
View more > BYDFi >

What are the fees for buying and selling cryptocurrencies?

BYDFI has fair and transparent trading fees on its platform. Fees are slightly different depending on the market you’re trading. For spot trading pairs, maker and taker fees range from 0.1% to 0.3%

For perpetual futures (USDT-M and COIN-M), maker fees are 0.02%, and taker fees are 0.06%

Leveraged trading has a transaction fee, which is a flat 0.2%. It’s important to remember this fee is a percentage of your overall/whole leveraged position. 

Does BYDFi offer staking and rewards?

No, BYDFi does not offer staking and rewards at this time. It is an exchange that is focused on trading cryptocurrencies.

Deposits & withdrawals
3.9

What are the minimum & maximum deposits?

The minimum and maximum deposits vary depending on your funding method. With BYDFi you can make deposits using debit or credit card, bank transfers, a range of e-wallets, and numerous cryptocurrencies. The minimums and limits vary for each method and also your verification status.

Payment method Minimum deposit (USD)* Maximum deposit (USD)
Debit/credit card $10 $15,000
Bank transfer $10 $15,000
E wallet $10 $15,000
Crypto wallet Variable Variable
View more > BYDFi >

What are the minimum and maximum withdrawals?

The minimum withdrawals are quite low when using BYDFi. If you want to withdraw via crypto, theres a 10 BTC or coin equivalent limit daily. 

Payment method Minimum withdrawal Maximum withdrawal
Debit/credit card $10 Currency equivalent of 10 BTC
Bank transfer $10 Currency equivalent of 10 BTC
E wallet $10 Currency equivalent of 10 BTC
Crypto wallet 0.0012BTC (or coin equivalent) 0.5 BTC unverified / 10 BTC verified (or coin equivalent)
View more > BYDFi >

What are the deposit and withdrawal options fees, limits, and speeds?

Withdrawals are processed almost instantly and can take just a few minutes when using crypto. With fiat payment methods such as bank card or wire transfers, the times are slightly longer, and take up to a few days. Here’s a look at the fees and speed for withdrawing from your BYDFi account.

Payment method Withdrawal fee Withdrawal speed
Debit/credit card $0 Up to 2 days
Bank transfer $0 Up to 2 days
E wallet $0 Up to 2 days
Crypto wallet From 0.0002 BTC Instant
View more > BYDFi >

Fees & costs
4.7

How do BYDFi fees work?

BYDFi has a transparent fee schedule that is easy to understand. There are trading fees for buying and selling cryptocurrencies. Overnight fees are also applicable in certain circumstances, as are conversion fees. Here’s a look at the main fees associated with the BYDFi exchange. 

Fee BYDFi fees eToro fees Plus500 fees
Trading fees Yes Yes, on certain assets No
Inactivity fees No Yes Yes
Rollover/overnight fees Yes Yes, on CFDs Yes
Withdrawal fees Yes Yes No
Spreads Yes Yes, on certain assets Yes
Conversion fees Yes Yes, for non-USD currencies Yes
View more > BYDFi > eToro > Plus500 >

What are BYDFi’s trading fees?

Depending on which method of trading you’re using, the fees will be slightly different. For example, spot trading has a maker fee of 0.1% and a taker fee of 0.3%. Here’s a look at the main trading fees with BYDFi. 

Asset BYDFi fees eToro fees Plus500 fees
Cryptocurrencies From 0.1% 1% From 2%
View more > BYDFi > eToro > Plus500 >

Platforms & usability
4.8

What devices can I use BYDFi on?

The BYDFi trading platform can be accessed via a web browser or on mobile devices using an app. Both the web platform and mobile app offer the same features and functionality.

Device Browser/operating system
Web browser Google Chrome, Microsoft Edge, Mozilla Firefox, Safari
Mobile app iOS, Android
Tablet iOS, Android
View more > BYDFi >

BYDFi mobile app review

The BYDFi mobile app allows traders to execute trades and manage their portfolios while on the go. Available for both iOS and Android devices, the app provides access to key features like spot and margin trading, technical charts, order management, and transfers. 

During our testing and BYDFi review, we found the mobile interface intuitive yet powerful. Choosing pairs was easy, as was switching between charts, setting price alerts, and opening and closing trades in just a few taps. 

The app also includes risk management tools, historical trade reports and is available in multiple languages offering flexibility to stay connected around the clock. 

Web trading platform

The most important question any user has is: How easy is it to use BYDFi?

BYDFi’s web trading platform is simple to use, with features both beginners and experienced traders will find useful. The clean and streamlined interface lets anyone quickly access the necessary trading and charting tools in just a few clicks. 

In our testing and review of BYDFi, we could easily access the information required to analyse a chart and put on a trade. Key information is structured well in the easy-to-navigate sidebars, which makes it simple to move between watching price charts, placing trades, and managing your portfolio. 

The platform also has advanced features like customisable layouts, multiple timeframe charts, indicators, and embedded tradingview charts for deeper technical analysis. 

Key features

Welcome rewards

Registering an account with BYDFi gives you access to its ‘Welcome Rewards program. This is an easy way to earn rewards for completing tasks or missions such as placing a trade, making a deposit, using leverage, and more. Once you’ve collected enough coupons, you can use the bonuses for margin to trade, cover losses, offset transaction fees and funding fees.

Advanced charting platform

BYDFi provides advanced charting capabilities and technical analysis tools to help traders make informed decisions. The platform is integrated with TradingView, an industry-leading charting system. Traders can access interactive charts with indicators like moving averages, Bollinger bands, RSI, etc. Drawing tools allow traders to mark up charts to visualise patterns and trends.

Strategy and backtesting tools

The backtesting tool on BYDFi allows traders to test and refine automated trading systems and indicators on historical data. You can input parameters like entry/exit rules, position sizing, risk management, and more to see how the strategy would have performed. This simulation provides key performance metrics like win rate, risk-reward ratio, drawdowns, and profitability. You can keep optimising until the strategy models positive results historically.

Safety & reliability
3.7

Is BYDFi safe?

BYDFi is a secure trading platform and the exchange focuses on safety and compliance. It utilises top-tier encryption, cold storage wallets, and two-factor authentication to protect user accounts and money. It also undergoes regular audits and maintains mandatory reserves to minimise risks.

While no exchange is infallible, BYDFi has taken steps to reinforce platform security and maximise protections for customer interests. 

Is BYDFi regulated?

BYDFi operates under proper regulatory oversight. It is registered as a crypto services provider with the Estonian Financial Intelligence Unit (FIU). Estonia has emerged as a crypto-friendly jurisdiction with clear regulations around blockchain businesses. 

It is also registered as an MSB cryptocurrency trading company and has a license from the Financial Crimes Enforcement Agency (FinCEN). 

Region BYDFi regulators eToro regulators Plus500 regulators
Africa FSA
Asia
Australia
Europe FCA, CySEC FCA, CySEC
North America MSB FinCEN
South America
View more > BYDFi > eToro > Plus500 >

BYDFi customer support review

The customer support options on BYDFi are somewhat limited compared to other exchanges, however, there are still plenty of ways to get in contact with its help desk. Below is a look at the various support methods available with BYDFi. 

Support type BYDFi customer support eToro customer support Plus500 customer support
Help Centre/FAQs Yes Yes Yes
Email Yes Yes Yes
Live chat Yes Yes Yes
WhatsApp No Platinum, Platinum+, and Diamond members only Yes
Telephone No No No
View more > BYDFi > eToro > Plus500 >

What are the risks of using BYDFi?

Trading cryptocurrencies carries more risk than other assets and with the number of scams on the rise, it is important to be cautious. The main risk of using BYDFi is losing money through poor trading. Although, this is largely down to your ability as a trader as opposed to the platform itself. Here are a few risks to look out for when using BYDFi. 

  • Using leverage is risky if you don’t know what you’re doing. BYDFi offers margin trading, which means you can trade with leverage. Trading with leverage is very risky, especially for beginners who may not understand the ins and outs of the market. While you can make lots of money with margin trading, you can easily lose it too. 
  • Technical issues with the platform need to be monitored. Like any online platform, there is always the possibility of downtime, bugs, or glitches that could impact trading. BYDFi has experienced a few intermittent outages during times of high volatility in the past. While it has improved its platform recently, future outages could result in losing money. 
  • Cryptocurrencies are highly volatile assets. The value of coins on BYDFi can fluctuate wildly, leading to losses if prices move against a trader’s position. Volatility is an inherent risk in crypto trading.

Research & analysis tools
4.1

What trading tools are on offer?

BYDFi has a wide range of trading tools to help you analyse the market. Its platform can be integrated with TradingView, one of the world’s most popular charting platforms. It has lots of technical indicators and tools to help with analysis. Below is a look at the main trading tools and features available with BYDFi. 

Trading tool BYDFi tools eToro tools Plus500 tools
Charts Yes Yes Yes
News feeds No Yes Yes
Analyst recommendations No Yes Yes
Fundamental analysis No No Yes
Financial calendar No Yes Yes
MetaTrader integration No No No
View more > BYDFi > eToro > Plus500 >

Advanced charting

BYDFi lets traders access an excellent charting experience through its integration with TradingView. Traders can access interactive charts on the web or mobile version of the platform. TradingView has an extensive range of indicators, drawing tools, and more for technical analysis. Charts can be customised to suit your requirements. 

Trading bots

BYDFi supports integrated trading bots for systematic crypto trading. This means you can automate a strategy by configuring trading bots to execute trades 24/7 based on technical indicators and custom algorithms. Bots can be set up to trade spot pairs, provide liquidity through market making, or incorporate advanced strategies like triangular arbitrage. BYDFi lets traders backtest bot strategies before going live in the markets.

Copy trading

BYDFi allows beginners to learn from experienced traders through copy trading. You can browse successful investors on the platform, review their profiles and track records, and then click to copy their portfolios and live trades. New investors can shortcut the learning curve by leveraging the wisdom of top performers on the exchange. At the same time, skilled traders can monetise their portfolios by attracting copiers and earning bonus commissions on trades. 

Leverage trading

BYDFi provides margin trading for advanced traders with up to 100x leverage on select crypto assets. This means you can open larger positions with less capital at hand. But higher leverage magnifies both gains and losses, so caution must be exercised. BYDFi manages leveraged trading risk through real-time margin monitoring, liquidations protocols, and partial liquidations to prevent account wipeouts. 

Portfolio manager

BYDFi also has a portfolio manager that aggregates all your positions across multiple exchanges in one interface. You can monitor your crypto holdings and use automated tracking and accounting to further enhance your management. 

Education & learning resources
4.2

What educational resources are on offer?

There is a good amount of educational resources available with BYDFi; however, compared to other exchanges such as Binance, the offerings are limited. One of the best tools is the free demo account, which lets you trade using simulated funds. Here’s a look at a few more resources on offer.

Educational resource BYDFi resources eToro resources Plus500 resources
Demo/virtual account Yes Yes Yes
Video tutorials/webinars Yes Yes Yes
Walkthrough guides Yes Yes Yes
Copy trading Yes Yes No
Trading academy No Yes Yes
View more > BYDFi > eToro > Plus500 >

Novice tasks

The Novice Tasks program offered by BYDFi lets new traders learn more about the platform and earn rewards for completing certain tasks. Tasks include account setup, deposits, basic technical analysis, simulated trades, and more. The incentives make learning engaging. Novice Tasks enable new users to gain practical experience in a risk-free environment.

Demo account

Not many crypto exchanges offer demo accounts, but BYDFi does. Its paper trading account comes preloaded with simulated funds to help you learn without risking any money. Traders can test out strategies, hone skills, and build confidence without worrying about losses. All charting tools, order types, and interface options are available to demo users.

Copy trading

BYDFi allows beginners to copy the trades of experienced investors on the platform automatically. Instead of actively trading, newbies can piggyback off the expertise of top performers. The copy trading feature lets novice traders leverage the skills and portfolios of verified experts on BYDFi’s social trading marketplace. 

BYDFi video review

BYDFi customer reviews

BYDFi has good reviews for both its web based platform and mobile app. Below are its rating scores from various review sites.

BYDFi reviewsReview rating
Trustpilot4
Google Play store4.1
App Store4

Our BYDFi review verdict

BYDFi is a fairly new exchange but has exceeded expectations by delivering a dynamic trading experience. BYDFi has an impressive overall trading platform that stands out in the crowded crypto exchange market. After thoroughly testing the platform, we were left impressed with the various features available. 

Its trading interface catches the eye with its smooth functionality and uncluttered design. The wide range of available tools means it suits experienced crypto traders. However, a free demo account and easy access copy trading make it a top option for those new to the crypto industry. 

BYDFi provides a versatile toolkit for varied trading strategies. Alongside basic spot trading, the exchange facilitates derivatives, algorithmic trading via APIs, social copy trading, and margin trading with up to 100x leverage. While it is not as popular as other exchanges, it appears to be moving in the right direction with the tools and features it offers. 

Who is BYDFi suitable for?

BYDFi is suited predominantly for experienced traders, however it does offer many tools that make it a good option if you’re new to trading. Experienced traders can use its advanced charting tools, while beginners can take advantage of a free demo account, or use its copy trading feature to earn while they learn. 

Is BYDFi good for beginners?

Yes, BYDFi is a good cryptocurrency exchange for beginners. Many of the features on the platform are designed for experienced traders, but there’s a lot for newbies to use. Beginners can use the free paper trading account to practice their trading skills and learn how the platform works. Additionally, there is a copy trading feature, which lets you mirror the positions from profitable traders on the network. 

BYDFi review methodology

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 48 cryptocurrency exchanges to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of crypto experts, analysts, and active traders who sign up to each exchange, conduct research, and score each service.

Our tests are designed to find crypto exchange platforms that offer a beginner-friendly, secure trading experience at a fair price. To supplement our practical testing and experience, we research each exchange to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each crypto exchange is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual crypto brands to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process



Sources & references
Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.

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