BYDFi Review 2023 | Bankrate

BYDFi, formerly known as BitYard, is a young crypto exchange that was formed in April 2020. One of its biggest differentiating factors is that it offers more than 600 cryptocurrencies to trade, among the best in the industry. You also won’t have to worry about deposit fees and will have access to a slick trading platform that has advanced charting features and detailed trading data. But its trading fees are above average for active traders and its fee transparency could be improved. Staking, a popular feature with some traders, isn’t available at BYDFi and its mobile app has been pulled from the iOS and Android stores while it’s being updated. Customer support couldn’t say when it would be completed, but the app is available through a direct link for downloading.

Crypto traders that are looking for a more-developed crypto exchange might consider Binance.US or Kraken, though Binance has come under increased scrutiny in the wake of the FTX bankruptcy in 2022.

BYDFi at a glance

Category BYDFi
Minimum balance: None, but trade minimum of 10 USDT
Securities tradable: More than 600 cryptocurrencies
Cost per trade:
  • Fees range from 0.1 percent to 0.3 percent
  • No deposit fees; withdrawal fees vary by network
Customer service: Email, chat and self-help
Mobile app: BYDFi’s Mobile app is being updated and isn’t currently available on Apple’s App Store or Google Play Store; can be downloaded through a direct link.

Pros: Where BYDFi stands out

Number of cryptocurrencies available

BYDFi stands out for the number of cryptocurrencies available to trade. With more than 600 coins available, it is among the best in the industry based on this metric. You’ll be able to trade all the most popular coins such as Bitcoin, Ethereum and Dogecoin, as well as many of the more obscure coins.

Crypto.com also offers hundreds of different coins, but popular apps Robinhood and Webull only offer a few dozen of the most popular coins. However, if you’re also looking to trade other assets like stocks or ETFs, Robinhood and Webull can meet your needs, whereas crypto exchanges cannot.

No deposit fees

BYDFi does not charge deposit fees, you’ll just need to meet the minimum deposit amount for the coin you’re depositing. No charge for deposits is a nice feature that is becoming more common across the industry. These fees can really eat into your money before you even start trading, so it’s nice to see BYDFi offer free deposits.

You will be charged withdrawal fees, however. These fees will vary from crypto to crypto and will also depend on the network used for withdrawal. Be sure to understand the fees you’ll owe before choosing which crypto exchange to trade with. The fees can have a big impact on whether or not you earn a return.

Trading platform

Crypto traders will be impressed with the professional feel of BYDFi’s trading platform. You’ll be able to easily track any cryptocurrencies that interest you while also being able to look at advanced trading metrics and a variety of different charting tools. These more-advanced features are particularly popular with active traders and help them to execute their different trading strategies.

Customer support

While BYDFi doesn’t offer phone support as part of its customer service offering, it does offer a live chat feature with an actual person that can be extremely helpful when you have questions. There’s also a variety of questions online that have already been answered that may be able to solve your problems without the help of a person. Most crypto exchanges do not offer phone support, so BYDFi isn’t alone there, but its live chat option is the next best thing.

Cons: Where BYDFi could improve

High trading fees

Like other cryptocurrency exchanges, BYDFi uses a maker-taker model which charges fees based on whether an order adds liquidity to the market (maker) or removes liquidity from the market (taker). Here’s how the fees breakdown.

Maker Taker
All spot trading pairs 0.1 percent ~ 0.3 percent 0.1 percent ~ 0.3 percent

BYDFi’s fees come in around the industry average at the high end of 0.3 percent, but its lowest fee of 0.1 percent is above average. Many other exchanges eliminate fees entirely for the highest volume traders, or at least cut them to very low levels. It’s also difficult to tell the fee you’ll be paying until you’re actually placing a trade. Other exchanges are more transparent in how their pricing works.

Staking not available

BYDFi does not offer staking, which will be a drawback for some traders. Staking, which involves holding cryptocurrency deposits with an exchange in return for rewards, can be a way for traders to earn an additional return. It has some similarities to a bank savings account that earns interest, but crypto staking comes with significantly higher risks. Traditional bank accounts are protected by FDIC insurance for up to $250,000 per depositor, while crypto staking comes with no such protection.

Mobile app availability (it’s being updated)

While BYDFi does have an older version of its mobile app available, the app is currently being updated and is not available on Apple’s App Store or the Google Play Store as of January 2023, according to the company. While regular updates are understandable, BYDFi pulling the app from both Apple and Google’s stores is concerning and may cause new users to look elsewhere. Mobile trading is a key feature of any trading platform these days, so BYDFi would be wise to complete its update in a timely manner.

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