BYDFi review
BYDFi launched in April 2020 as BitYard and rebranded to BYDFi in January 2023. It is a centralized exchange focused on spot and perpetual futures trading (up to 200x leverage), with copy trading, grid/DCA trading bots, leveraged tokens, an on-chain memecoin router called MoonX, and a card product. The exchange holds Money Services Business registrations with the US FinCEN and Canada's FINTRAC, which cover anti-money-laundering registration rather than a full trading license. It offers optional KYC, allowing withdrawals up to 1.5 BTC per day without identity verification, and publishes Proof of Reserves along with third-party Hacken audits. It does not offer staking, and its order-book liquidity is thinner than tier-1 exchanges.
BYDFi key facts
- Website: www.bydfi.com
- Category: Centralized cryptocurrency exchange (CEX), derivatives-focused
- Founded: 2020 (as BitYard); rebranded to BYDFi in January 2023
- Headquarters: Singapore, operating as BYDFi Fintech Ltd.
- Regulatory status: Money Services Business registrations with FinCEN (US) and FINTRAC (Canada); not a full securities/derivatives license; excludes US retail access
- Products: Spot trading, perpetual futures up to 200x leverage, copy trading, trading bots, leveraged tokens, MoonX on-chain trading, BYDFi Card
- Trading fees: Spot: 0.10% maker/taker; perpetuals: about 0.02% maker / 0.055% taker
- Supported assets: 1,000+ spot pairs and 500+ perpetual pairs; MoonX routes to 500,000+ on-chain pairs on Solana and BNB Chain
- Security: Cold/warm/hot wallet segregation, multi-signature withdrawals, Proof of Reserves over 1:1, third-party Hacken audits, an 800 BTC protection fund
- FYI Score: 74/100 (ranked #40 of the 48 crypto exchanges we track)
Trading fees
- Spot trading: flat 0.10% maker/taker
- Perpetual futures: about 0.02% maker and 0.055% taker
- VIP program offers further fee reductions and higher limits for frequent traders
- Withdrawal fees vary by asset and network (e.g. roughly 0.00025 BTC, 0.0028 ETH)
Supported assets & products
- 1,000+ spot trading pairs and 500+ perpetual futures pairs
- Perpetual futures up to 200x leverage
- MoonX on-chain module routes to 500,000+ pairs across Solana and BNB Chain for direct memecoin/token access
- Copy trading, grid/Martingale/DCA trading bots, leveraged tokens, and a BYDFi debit card
- No staking product offered
Security & regulation
- Registered as a Money Services Business with the US FinCEN and Canada's FINTRAC; this is an AML registration, not a full exchange or derivatives license
- Excludes US retail customers despite the US MSB registration
- Perpetual futures access is restricted for UK/EU users
- Publishes Proof of Reserves exceeding a 1:1 backing ratio and has undergone third-party audits by Hacken
- Maintains an 800 BTC protection fund and uses cold/warm/hot wallet segregation with multi-signature withdrawals
Access & accounts
- Optional KYC: unverified accounts can withdraw up to 1.5 BTC per day
- Reports serving over 1 million users across 190+ countries (self-reported)
- Order-book liquidity is thinner than tier-1 exchanges, with reports of slippage on less-traded pairs
Markets
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Who BYDFi is for
BYDFi suits traders who want high-leverage perpetuals and are comfortable trading with optional identity verification. Its thinner liquidity versus tier-1 exchanges and lack of staking make it a secondary rather than primary account for most users, and it is not available to US retail customers.
Pros
- Optional KYC with a meaningful daily withdrawal allowance (1.5 BTC) for unverified accounts
- Publishes Proof of Reserves above 1:1 plus third-party Hacken security audits
- High-leverage perpetuals (up to 200x) with a transparent, flat fee schedule
- MoonX gives direct on-chain access to a large pool of Solana and BNB Chain pairs from within the same account
Cons
- MSB registration with FinCEN/FINTRAC is an AML filing, not a full trading or derivatives license, and does not extend service to US retail customers
- No staking product
- Perpetual futures restricted for UK and EU users
- Liquidity and order-book depth are thinner than tier-1 exchanges, with reported slippage on thinly traded pairs
- Customer service reported as slower during high-traffic periods
BYDFi FAQ
Is BYDFi regulated?
BYDFi holds Money Services Business registrations with the US FinCEN and Canada's FINTRAC. These are anti-money-laundering registrations rather than a full securities or derivatives trading license, and BYDFi does not serve US retail customers despite the US registration. It publishes Proof of Reserves and has had security audits from Hacken.
What was BYDFi called before?
BYDFi launched in April 2020 as BitYard and rebranded to BYDFi in January 2023.
Does BYDFi require KYC?
KYC is optional. Unverified accounts can withdraw up to 1.5 BTC per day; full verification is needed for higher limits and some products.
What are BYDFi's trading fees?
Spot trading is a flat 0.10% maker/taker. Perpetual futures run about 0.02% maker and 0.055% taker, with further reductions available through the VIP program based on trading volume.
Compare BYDFi with other crypto exchanges
See all crypto exchanges ranked by FYI →
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