If you’re in crypto space for some time you could witness or experience risk of choosing wrong CEX.

My friend due to use of this kind of exchange (Poloniex) has lost over $200k in $DOGE. Since 2022 people lost billions in 3AC, FTX and Celsius.

Luckily this is not my story. I’ve avoided any of these due to research I always do before I deposit any fiat or crypto to new exchange. I’ve used and tested over 20 different of them.

In this article I’m going to introduce BYDFi, which seems to be one of the safest and best-for-user alternatives right now.

Let’s dive in.

What is BYDFi?

BYDFi was funded in 2020 (having its 3rd anniversary this year) and is an acronym for BUIDL Your Dream Finance. A Cryptocurrency exchange onboarding 500,000 users worldwide, with over 400 Cryptocurrencies to trade, and what is crucial to stay safe, regulated in US, Singapore and Australia.

What BYDFi offers?

Availability in US

First of all: US citizens are allowed to use BYDFi, which is a huge advantage for worldwide users. It’s regulated by MSB.

Since started trading cryptocurrency I’ve always avoided exchanges which weren’t credible and it probably saved me tens of thousands.

Very easy onboarding

I remember when my friend asked me to assist him when signing up on Binance. It was very complex and took around 30 minutes. ****In case of BYDFi it takes 15 seconds and no KYC is required. The process is easy and intuitive.

Transparent UI

Interface is tailored for every type of user: beginner, semi-advanced and advanced. If you DCA every month you can use the simplest convert mode.

Or classic mode.

Derivatives with x150 leverage

BYDFi offers the highest leverage on the market - x150, so advanced traders get additional funding for sniping.

interface looks very similar to Binance or Bybit.

If you are not familiar with leverage trading and looking for quick gains, please, learn about it so you know the risk it entails.

Copy Trading

Platform enables copy trading so beginners feel more welcomed to the trading world.

What about fees?

Very competitive in comparison to top CEXes like Kucoin or Coinbase.

Spot Trading: 0.1-0.3%
Convert: 0.1-0.15%
Lite contracts: 0.05%
Perpetual contracts: Taker 0.06% / Maker 0.02%
Leveraged tokens: 0.2%
Fees on withdrawal: 6 USDT - 40% below market standard

Forbes placed BYDFi on 2nd place in Best Crypto Apps and Exchanges for Beginners in April 2023, also for very low trading fees in comparison to other exchanges. Coinbase as well as KuCoin are twice more expensive.

Expert advice tax reporting

This feature is highly appreciated by users despite the experience. BYDFi partnerships with Coin Tracking, very popular Cryptocurrency aggregator and tax reporting tool. It allows you to import statement from BYDFi exchange to Coin Tracking so your tax report is easy and effortless.

Earning via feedback!

Actually the first CEX I’ve seen, that openly states feedback bounties. If you’re familiar with UX and already used couple of CEXes you can try to contribute to BYDFi.

And most important! What about Customer Support?

That was actually the first thing I’ve done after registering. Customer Service chat is always in the right corner, very easy to use. I was answered in 30 seconds and problem I’ve reported was solved right after.

I remember when I’ve lost my number and wanted to change it in my Coinbase account. Finding Customer Service form took me couple of minutes. When I finally found it, whole process took couple days. And this is why I stopped using Coinbase (where I bought my first BTC btw.), because it always should be easy and user friendly. Always.

I’m happy with Binance Customer Support and must say, BYDFi is satisfying at the same level.

For beginners: Always check Customer Support! It’s easy to spot a red flag if it’s unresponsive or doesn’t seem to be helpful.

Mobile availability

BYDFi is available on desktop and mobile devices, both on MAC and Windows as well as IOS and Android.

Who is BYDFi for?

Beginners and semi advanced users will be very satisfied with clear UI, quick onboard, Copy Trading and low trading fees.

Advanced traders may feel lack of some features. From the other hand you get access to higher leverage than on most popular exchanges, which allows you to implement new strategies.

How to join?

Navigate to sign up page (here) and register with e-mail and password. That’s all. You can withdraw to 0.2 BTC per day with no KYC.

Overall summary

Advantages ✅

• Regulated and available in EU, US, Australia and Singapore
• Low trading fees - very competitive in comparison to top CEX
• Withdrawal fees 40% below market standards
• 400+ Cryptocurrencies
• Accepts more than 50 fiat currencies
• No KYC to 0.2 BTC
• Copy Trading
• Integration with Coin Tracking for tax reporting
• Welcome reward to 2,888$
• Sensitive data are encrypted (SHA512)
• No FUD since beginning (which is very important when looking for an exchange)

Disadvantages ❌

• No staking, due to US compliance (personally I don’t stake on CEX)
• Lending is not available, which in fact creates less risk for CEX so the users (semi con)
• Funds are not insured - Remember, not your keys not your crypto. Always treat an exchange as hot wallet.
• Not many advanced trading features

In overall BYDFiii is unexpectedly competitive to top CEXes. And this is good for the whole market. This incentives others to stay competitive as well, so only good things come with this.

Rating 9/10 ✅

BYDFi Socials:

Twitter: @BYDFi
Telegram: @BYDFi
Website: bydfi.com
Sign Up: bydfi.com/sign-up

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