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Summary
2022 was a roller coaster ride for the entire crypto community that resulted in changing the course of many projects, even some of the major ones. A market that used to be dominated by giants like FTX has now opened the door for exchanges around the world to capture market share.
The void that was left after the collapse of the largest derivatives exchange is now being filled by new derivatives exchanges, and this is where BYDFi comes into the picture. Let’s get to the review, where we have weighed up the latest exchange in detail for you.
About the project
Let’s start with what BYDFi is all about. Formerly known as BitYard, BYDFi is a Singapore-based cryptocurrency trading platform directed towards global investors who are interested in trading cryptos, especially through innovative features.
The acronym BYDFI stands for
B – BUIDL
Y – Your
D – Dream
F – Finance
I – denotes each person
The user-friendly platform stands out from the rest for its list of advanced features. BYDFi enables users to trade crypto derivatives, including perpetual contracts, lite contracts, and leveraged tokens. Although BYDFi primarily focuses on crypto derivatives, the platform offers an array of products and services, including spot trading and copy trading.
Since 2020, the exchange has been a leading example of bringing professional, innovative, and convenient trading services to investors around the world. According to the official website, the platform already has more than 500,000 users from 150 countries around the world.
About the team
The journey of BYDFi starts with co-founder and marketing director Michael Hung under the name BitYard, which has been online for almost 3 years. In January 2023, the company responded to the changes in the encryption market, which led to the rebranding of the name to BYDFi.
Ideal for beginners and professionals alike, the ecosystem of BYDFi is all about bringing traders, project teams, copiers, and other communities together and forming a way of interaction and communication.
The BYDFi team understands how the potential uses of cryptocurrencies would expand rather than being confined to NFT, GameFi, or Metaverse. To keep pace with the ever-evolving digital landscape, the rebranding was necessary, according to the team.
The new brand name purposefully reflects the vision and mission of the company and presents the core value, i.e., BUIDL-ing the potentials that are going to shape the future.
Project details overview
| Name | BYDFi |
| Website | |
| Founded in | 2020 |
| Partners | Banxa, Transak, Mercuryo, Coinify, XanPool ,Chainlink, CoinLedger, Koinly, Jumio, and others |
What makes BYDFi unique?
We have discussed the primary features of BYDFi so far, which include derivatives trading, copy trading, and spot trading. In this section, we will highlight the things offered by the platform to give you a fair idea of the uniqueness of BYDFi.
Now that we have covered the main features provided by BYDFi, it’s time to get deep into exploring what makes BYDFi unique from other exchanges.
The funding fee is charged every 8 hours; it differs for lite contracts and perpetual contracts.
Funding Fee = Last Price * Position Quantity * Funding Rate

Funding Fee = Position Value * Funding Rate
As for the transaction fees, they also vary for spot trading, leveraged tokens, lite contracts, and perpetual contracts.
Spot Transaction Fee = Filled Order Quantity x Transaction Fee Rate
Opening Fee = Margin * Leverage * 0.05%
Closing Fee = Margin * Leverage * 0.05%
Opening Fee = Fulfilled Amount (Coin) * Entry Price * Transaction Fee Rate (Taker 0.06%; Maker 0.02%)
Closing Fee = Fulfilled Amount (Coin) * Closing Price * Transaction Fee Rate
The transaction fees for leveraged tokens are charged separately when trading USDT, where the fee rate is 0.02%.
How secure are BYDFi users?
BYDFi takes stern measures when it comes to security features, and some of the examples are personal data protection through the Jumio KYC system and multi-party approvals for authorizing transactions. The platform takes the safety features to another level by storing digital currencies offline in cold storage wallets. Additionally, users will get segregated cold storage accounts where the transactions are restricted to a whitelist to prevent any kind of unauthorized withdrawals.

Detailed analysis of various parameters:
Available tokens on the platform: BYDFi supports a huge range of cryptocurrencies, where some of the major coins are BTC, XRP, ETH, DOGE, SHIB, and ADA, to name a few.
Licenses: BYDFi holds MSB dual license from both US and Canada.
Available on android/IOS: BYDFi is also available through its mobile app, which enables trading on-the-go with a user-friendly interface.
PROS and CONS
Conclusion
BYDFi undoubtedly has the features that make the platform a promising exchange in the coming days. Judging by the highs and lows, we believe BYDFi is only going to improve and get better as time passes.
According to the website, BYDFi does not support countries like China, Iraq, Iran, Bangladesh, Yemen, Kazakhstan, Pakistan, and Syria.
If you are trading lite contracts, coin-M perpetual contracts, or perpetual contracts, the transaction fees will be charged for market price orders (when the order is filled) and limit price orders (after the order is fulfilled).
The daily withdrawal limit solely depends on the status of KYC verification. Unverified users can withdraw 0.2 BTC per day, whereas for verified users the limit is 5 BTC per day.
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