BYDFi

BYDFi is a young exchange for trading digital assets, which appeared on the market in 2020. The project is actively developing and is only gaining popularity among traders. The service adheres to the basic position, which is “complex contracts – simple trading,” which means the platform provides a simplified trading experience for its users.

In our review, we will take a closer look at the conditions that the site provides for its customers and find out if cryptocurrency exchange BYDFi scammers and divorce.

 

 

Why BYDFi?

Cryptocurrency exchange bydfi.com operates on the international financial market for less than a year, but already actively attracts traders and currently has more than 100,000 clients from 150 countries. The company focuses on the international audience, so the site is presented in 8 languages. The project is headquartered in Singapore, where the main control of the organization.

The peculiarity of the platform is that it allows even inexperienced traders to start trading cryptocurrency almost immediately (How to Make Money on Cryptocurrency?). The exchange provides an opportunity to trade popular trading pairs. The site itself has a simple and clear interface for any user. The exchange site is updated, traders are offered more comfortable conditions for investment. For example, one of the updates in the new year refers to leverage: 1:125 (BTC contracts), 1:100 (ETH contracts). We also added new contracts: SNX/USDT, YFI/USDT, FIL/USDT, REN/USDT, SUSHI/USDT, MKR/USDT, CRV/USDT, OMG/USDT, AAVE/USDT.

The trading terminal consists of the following sections:

• on the left you can see the available trading pairs;
• In the middle there is an informative graph about the selected trading pair;
• on the right you can find information about the selected cryptocurrency;
• at the bottom the client can see the history of transactions and other data about operations.

For traders to be able to trade and track information about transactions at any time, the exchange has developed a mobile application. The application includes all the available functionality of the project. There are both iOS and Android versions.

Among the main advantages of the exchange can be distinguished:

• intuitive platform;
• security;
• there are all major trading pairs;
• fast processing of operations;
• bonus system;
• affiliate program;
• mobile app;
• loyal commissions
• leverage.

 

How to exchange cryptocurrency on the platform bydfi.com?

To switch to cryptocurrency exchange on the platform bydfi.comThe client should log into his account and go to the “Trade” tab. Then it is necessary to perform a few simple steps:

• choose a trading pair to exchange;
• specify the amount of cryptocurrency to be exchanged in the corresponding order;
• press the corresponding buy or sell button.

 

Verification on the platform

Verification is not a prerequisite for a user to be able to carry out cryptocurrency trading. To confirm your identity, the client must log in to the system and go to the profile tab. Then you need to fill in the following data:

• select the type of identity document;
• specify the country;
• full name;
• ID.

After filling in the data, you should upload color photos or scans of your identity document, as well as take selfies with a spread of the document in one hand and a piece of paper with “BYDFi” written on it and the current date in the other hand.

 

Deposit and withdrawal

To replenish your balance, the client should log into their account and click on the tab assets. Then select the “Deposit” tab and follow a few simple steps:

• Choose an asset to replenish;
• click on the deposit button;
• copy the address and paste it where the transfer will come from.

The minimum amount for deposit is 0.002 VTB. Smaller amounts are not subject to processing.

Withdrawal of earnings

To withdraw funds, the client must go to the same tab and select the desired coin, click on “Withdrawal” and confirming his profile, fill in the following data:

• the name of the chain;
• amount to be withdrawn;
• withdrawal address;
• pin code;
• confirmation code.

Cryptoexchange Commission

For its services, the exchange charges a commission of up to 0.05% of the transaction amount. There is also a trading commission formula:

• for makers: margin * leverage * 0.05%;
• for the tokers: margin * leverage * 0.05%.

 

BYDFi bonuses

For its customers, the exchange bydfi.com has developed a system of bonuses. There are three options for bonuses, so let’s look at them in more detail.

Beginner

This type of bonus users can receive for various actions on the site, namely filling out personal data, linking email and more.

Trade bonus

The site specifies a number of actions for which traders can receive rewards. The bonus is credited to the trading account and can be used for trading.

Deposit Bonus

With the first deposit of 0.5 BTC and more, the trader will receive 50 USDT.

Referral program

For clients who want to earn extra income, the company provides an affiliate program. A user can attract new participants to the project with a referral link and get remuneration for this up to 60% of the commission amount. A total of several levels of partners are provided:

• 5% of the amount of commission for 1 referral;
• 30% of the amount of commission for 10 referrals;
• 40% of the amount of commission for 30 referrals;
• 50% of the amount of commission for 50 referrals;
• 60% of the amount of commission for 100 referrals.

 

Complaints about BYDFi

Because the exchange appeared on the international market less than a year ago, customer reviews are just beginning to appear online. In general, the company does not have any formed reputation at the moment. Among the advantages, traders note the loyal commissions, the lack of mandatory verification, the availability of a mobile app, a bonus program. Among the disadvantages, they point out some shortcomings of the website and various bugs.

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Regulation of the BYDFi crypto exchange

Before starting cooperation with the company, the trader should carefully study the documentation on the website and check the license. Let’s consider in more detail how the regulation of the project’s activity is performed.

Regulator

The advantage of the exchange for trading digital assets is the availability of the necessary licenses, namely:

• ACRA license, which is issued by the Regulatory Authority for Corporate and Accounting Affairs;
• MSB license issued by the Financial Crimes Enforcement Network, owned by the U.S. Treasury Department;
• MTR license issued by the Republic of Estonia;
• AUSTRAC license issued by the Australian Government.

You can also find all the necessary documentation on the site. The address of the project headquarters is publicly available.

Documents from bydfi.com:

• “Terms of Confidentiality” (See);
• “Terms of Use” (See).

User Agreement

The “User Agreement” is the main document that the client should read before starting to work on the project. The agreement contains the rights and obligations of both parties, as well as the features of the exchange. Let’s consider some points in more detail.

The agreement specifies that it is the user’s sole responsibility to understand and comply with any and all laws, rules, and regulations of any jurisdiction in the place of residence, citizenship, registration or education of the client, the place where the user accesses the platform or which may be applicable to the user in connection with the use of any services.

The user acknowledges and agrees that BYDFi has the full right to perform any transactions:

• at any time to limit the difference in positions in the orders of any cryptocurrency contract on the platform;
• hedge the difference in positions in orders of any cryptocurrency contract;
• hedge such orders on other cryptocurrency platforms around the world, in each case, at their own discretion.

The trader undertakes to immediately (immediately upon discovery) inform the company of any unusual, suspicious, unclear or abnormal changes in his account. In case of late notification or failure to notify, the client will be liable for violation of these terms of use and the administration has the right to take appropriate actions, including, but not limited to, reporting to the relevant state or national authorities.

The user is responsible for and shall indemnify BYDFi for any and all damages caused, as well as all liability actions brought against the exchange for any violation of any third party rights or violation of any applicable laws with respect to the trader’s access to the platform or use of any services. The user is solely responsible for determining whether any proposed transaction is appropriate for him/her, based on personal goals, his/her financial condition and risk appetite.

The Company has the right to suspend the user’s account or block any funds contained in it in case of non-compliance or improper compliance by the client with any of these terms of use, provided that BYDFi will immediately notify the trader of the reasons for suspension or blocking.

To the extent permitted by law, the company shall not be liable for loss of profits, loss of revenue, loss of business, loss of opportunity, loss of data, or consequential, special, exemplary, indirect or punitive damages. Also, the service is not responsible for any failure, malfunction, delay or interruption of the Internet connection or any reason why the platform is unavailable at any time.

The administration declines responsibility for delays in payment processing caused by third parties or operators of such transactions. In case of any fraud or non-compliance, BYDFi may report all relevant information, including user names, addresses and all other requested information, to the relevant authorities dealing with such fraud or non-compliance. The trader acknowledges that his or her account may be blocked at any time at the request of any competent authority investigating fraud or any other unlawful activity.

In extreme circumstances, including but not limited to any disruption or collapse of the cryptocurrency market, the company may, at its sole discretion, terminate any orders (executable or hedged) or restrict users from making any buy and sell orders in respect of CDF cryptocurrencies on the platform for any period of time determined by BYDFi.

In light of the nature of the cryptocurrency market, to safeguard the interests of the platform and traders, the platform may, at its sole discretion, reduce or increase the types of cryptocurrency that can be sold under cryptocurrency contracts on the site. If cryptocurrency under an existing user’s cryptocurrency contract is no longer sold on the platform, the administration no longer allows such cryptocurrency contracts to hold a position overnight.

Customer Service

To contact technical support, you can use:

• email: [email protected];
• feedback form;
• online chat;
• social media.

 

Is BYDFi a Scam?

BYDFi is a young cryptocurrency exchange, which appeared on the financial market in 2020. In a fairly short period, the project has attracted more than 100,000 users from 150 countries. As the company focuses on the international market, the site is presented in 8 languages. The main office of the organization is located in Singapore.

The peculiarity of the exchange is a simple and straightforward interface, which can be quickly understood by traders of any professional level. Also a feature is the absence of mandatory verification. To maintain customer loyalty a bonus program was developed. The referral program is provided for additional income. For traders to have constant access to the platform, the platform has a mobile application.

In general, the project has a positive reputation at the moment. Having studied the opportunities provided by the service, as well as the specifics of the site, can we say that BYDFi is a scam and swindlers? No, because the site has the necessary license and operates in accordance with the law.

 

Conclusion

BYDFi is a start-up exchange for trading digital assets with great potential in the future. Although the project has been in existence for less than one year, it has already managed to attract quite a large number of traders from different countries. The site has information about the presence of the necessary licenses, as well as appropriate documentation for clients, which indicates the safety of the platform. The disadvantage is the shortcomings of the site, as well as sometimes users complain about bugs in the system. If you have cooperated with the platform, leave your independent opinion about the work of BYDFi on our website to form an independent rating of cryptocurrency exchanges.