BYDFi App Review: Is It The Best Mobile App For Crypto Traders In 2025?

• BYDFi- Best mobile app for crypto traders. In 2025, offers over 600 cryptocurrencies and 800 trading pairs, providing a wide variety of assets for traders.
• The platform allows up to 200x leverage on derivatives, offering opportunities for high-risk, high-reward strategies.
• The app features an intuitive and simple design suitable for beginners while still providing advanced tools for experienced traders.
• Includes 2FA, cold wallet storage, and Proof of Reserves, ensuring a high level of security for user funds.
• Competitive fees across spot and derivative trading with a transparent fee model.
  The platform relies on third-party payment providers for fiat-to-crypto transactions, which may be inconvenient for some users.

BYDFi is a global crypto exchange with over 1 million users across 190+ countries, offering tools for both beginners and advanced traders.

Rebranded from BitYard in 2023 to meet evolving user needs, BYDFi stands today as a leading app for crypto enthusiasts and professionals alike. Let’s dive into this review to see if BYDFi is the best mobile app for crypto traders.

What is BYDFi?

BYDFi is a centralised cryptocurrency exchange that provides a wide array of trading options, including spot trading, perpetual contracts, leverage trading, and copy trading. It is well-regarded for its user-friendly interface and advanced features tailored for both beginner and advanced traders. The company was founded in 2020 under the name BitYard and later rebranded in 2023 to BYDFi, which stands for ‘BUIDL Your Dream Finance’.

Headquartered in Singapore, BYDFi operates globally, with over 1 million active users across 190+ countries. Despite its international presence, BYDFi has faced some challenges in regulatory markets and is not available in regions like China, the United Kingdom, Pakistan, Bangladesh, and North Korea. However, it remains a popular choice in countries like the United States, Canada, and Australia, and is even licensed in the U.S. and Canada under MSB (Money Services Business) registration.

The Mobile App Experience

BYDFi's mobile app is designed to offer users a seamless and intuitive experience across both Android and iOS platforms. With 4.8 stars on the App Store and 4.2 stars on Google Play, the app has garnered praise for its clean interface and smooth functionality. The app’s design ensures easy navigation, allowing traders to perform tasks like buying, selling, and tracking portfolios without hassle. Let's explore the app's features and how it fares in real-world trading scenarios.

User Interface & Navigation

The mobile app is designed with simplicity in mind. When you first open the app, you’re greeted with an easy-to-navigate dashboard that offers quick access to spot trading, derivatives, and copy trading. The app’s design ensures that even novice users won’t feel overwhelmed by complex tools, while still offering advanced charting and technical indicators for professional traders.

Key features include:

• Easy Switching: The app allows users to toggle between demo and live trading, giving beginners a risk-free environment to practice.
• Responsive Interface: The mobile platform is fast and responsive, with little lag during market volatility.
• Trade History & Portfolio Management: Users can quickly view their trade history and manage portfolios with a glance at their gains or losses.

However, there are some usability issues that beginners might encounter. For instance, the spot trading pair selector can be challenging to locate for newcomers, and the lack of basic/pro modes might leave some users wishing for a more tailored experience.

What does BYDFi offer?

• Spot Trading: BYDFi offers 600+ cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and many altcoins, with competitive fees and high liquidity, making it ideal for various trading needs.
• Perpetual Contracts: BYDFi allows up to 200x leverage on perpetual contracts, offering greater flexibility and higher potential returns than many other exchanges, which typically offer up to 200x leverage.
• Demo Trading: BYDFi provides a demo trading feature with 100k USDT, allowing users to practice without risk. It’s a great way for beginners to get familiar with the platform and trading strategies.
• Spot Investment: Spot trading on BYDFi supports 100+ trading pairs, offering high liquidity for quick, efficient trades.
• Spot/Futures Grid Trading: Spot grid trading automates buying low and selling high within a set price range, while futures grid trading does the same for contracts, reducing emotional decisions and maximising profits.
• Coin List: BYDFi’s Coin List allows users to track and share their favourite cryptocurrencies, facilitating interaction within the crypto community.
• Fiat Gateway: BYDFi supports credit/debit cards, bank transfers, and services like Apple Pay and Google Pay, with over 100 currencies supported, making it accessible to global users.
• Welcome Reward Program: New users can earn rewards for completing simple tasks like KYC verification and setting up two-factor authentication, helping them get started and familiarise themselves with the platform.

Why is BYDFi a top choice for crypto traders?

High Leverage Options: Offering up to 200x leverage for perpetual contracts is a major draw for traders looking to maximise their potential returns. This feature is particularly attractive for professional traders who want to take higher risks for higher rewards.

Top-tier Security Measures: The app employs robust security protocols, including cold storage for assets and multi-party transaction approvals, ensuring a safer trading environment.

User Incentives: New users can take advantage of BYDFi’s Welcome Reward program, which provides bonuses for completing basic tasks, such as verifying KYC or enabling two-factor authentication. This is a great way to ease new traders into the world of cryptocurrency.

Wide Range of Supported Coins: With more than 600 cryptocurrencies available for trading, BYDFi gives traders access to a diverse array of tokens, including some that may not be available on other platforms.

BYDFi Features

• Forbes Recognition: BYDFi has been recognised by Forbes as one of the top ten best cryptocurrency exchanges in 2023. This achievement highlights BYDFi’s rapid rise since its launch in 2020 and its commitment to providing a secure, reliable, and innovative trading experience. The recognition solidifies BYDFi as a top destination for traders in the crypto space.
• 600+ Cryptocurrencies Available: BYDFi offers over 600 cryptocurrencies for trading, including popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB). The platform also provides access to unique coins that may not be available on other exchanges, offering traders the opportunity to discover new investment opportunities.
• 200x Leverage: BYDFi stands out from other exchanges by offering up to 200x leverage on perpetual contracts, compared to the typical 100x or 125x leverage offered by competitors. This higher leverage gives traders the potential for greater returns, making BYDFi an attractive platform for professional traders looking to maximise their positions.

BYDFi offers a transparent and competitive fee structure, with low costs on spot trading, derivatives, and leveraged tokens:

BYDFi’s spot trading fees are competitive and low, with rates ranging from 0.1% to 0.3%. Perpetual contracts have a maker fee of 0.02% and a taker fee of 0.06%, which is better than many platforms that charge higher fees. Lite contracts offer a cheaper option for users seeking lower fees.

In terms of withdrawals, BYDFi charges network-based fees, which vary depending on the asset and blockchain network. For instance, USDT on Ethereum costs up to 5 USDT per withdrawal, while Polygon withdrawals cost less.

Is BYDFi the leading alternative to Bybit?

For many traders, the Best Mobile App for Crypto Traders must offer both flexibility and scalability. BYDFi has positioned itself as a serious competitor to Bybit, one of the biggest names in crypto trading. With its unique offerings, such as higher leverage and a more user-friendly interface, it provides a leading alternative to Bybit.

The BYDFi platform is well-suited for both beginners and professional traders, thanks to its combination of copy trading, high leverage options, and low fees. Furthermore, the security measures and global payment options are designed to meet the needs of diverse traders, which makes BYDFi an appealing choice for anyone serious about their crypto journey.

Security and transparency at BYDFi

When it comes to security and transparency, BYDFi implements several standard industry protocols designed to protect user funds and information. However, there are areas where the platform could improve, particularly in terms of independent audits and the overall transparency of its operations.

Security features

BYDFi employs a variety of security measures to safeguard users' assets and data. These include:

• Two-Factor Authentication (2FA): Users are encouraged to enable 2FA via Google Authenticator or SMS for an additional layer of security during login and withdrawals.
• SSL Encryption: Ensures that data transmitted on the platform is encrypted and protected from third-party interference.
• Proof of Reserves (PoR): The platform provides transparency regarding its crypto holdings. It publicly verifies its reserves with a 157% reserve ratio for Bitcoin, 171% for Ethereum, and 154% for USDT, ensuring that the platform has enough reserves to cover user balances. 
• Cold Wallet Storage: All user assets are stored in offline cold wallets, protecting them from online hacks or breaches. This is a crucial security feature for any crypto exchange.
• Multi-Biometric Authentication (MBA): In addition to 2FA, users can also opt for biometric security methods such as Fingerprint Scanning and FaceID, adding another layer of security to their accounts.

While BYDFi's security protocols are solid, the platform has not yet implemented an active bug bounty program to encourage ethical hackers to identify and address vulnerabilities. This is a significant downside compared to other exchanges, such as Bitstamp, which offers rewards for bug reports. The absence of this proactive approach to security is an area for improvement for BYDFi.

Transparency and audits

Transparency remains one of the most critical factors for building trust in a cryptocurrency exchange. While BYDFi does provide some degree of transparency, there are gaps in its approach. For instance, the platform has a Proof of Reserves system in place, which verifies the reserves of BTC, ETH, and USDT, providing users with some confidence in the platform’s liquidity. However, there is no detailed public information on the frequency of these audits. This lack of visibility in auditing practices makes it harder for users to trust the platform’s financial stability fully.

In terms of transparency, BYDFi's corporate communication structure is relatively clear. The exchange maintains active communication channels on platforms like Twitter (X), Telegram, and LinkedIn, ensuring that users can easily reach out for updates and support. The leadership team, including Michael Hung and John Lee, is well-known, and the exchange provides clear explanations of its fee structure on its website. 

While these steps contribute to a level of transparency, the platform would benefit from greater visibility regarding its regulatory licenses and the exact location of its headquarters. The absence of explicit details on regulatory jurisdiction raises questions about its compliance with financial laws in various regions.

Deposit insurance and custodial status

Another area where BYDFi falls short is in deposit insurance. The platform does not offer crypto deposit insurance or fiat deposit insurance, unlike some larger exchanges that partner with third-party insurers to protect users’ funds. 

As a custodial exchange, BYDFi manages user funds directly, meaning it holds and stores funds on behalf of its users. While this is standard practice in the crypto exchange space, it does mean that users must place trust in the platform’s ability to protect those funds, especially since there is no insurance coverage in place to protect against potential losses from platform failure or hacking incidents.

Regulatory compliance and licenses

BYDFi holds MSB (Money Services Business) licenses in both the United States (FinCEN) and Canada (FINTRAC). These registrations allow the platform to operate legally in two of the most regulated crypto markets. However, it is important to note that regulatory licenses and adherence to laws can vary by jurisdiction, and BYDFi is not yet available in certain regions due to regulatory restrictions, such as in China, Pakistan, and the United Kingdom.

The lack of information on independent audits and the potential absence of other regulatory licenses in some countries could affect the trust that some traders place in the platform. In the rapidly evolving world of cryptocurrency, exchange transparency and regulatory compliance are critical factors for users looking to protect their investments.

Cybersecurity measures

BYDFi employs a solid set of cybersecurity measures designed to protect user accounts and assets. These include:

• Cold Wallet Storage: Ensures that the majority of funds are stored offline, making them less susceptible to hacking.
• SSL Encryption: Protects data transmission between users and the platform.
• Two-Factor Authentication (2FA): Provides an additional layer of security during account login and transactions.
• Multi-Biometric Authentication (MBA): Adds extra security for users who opt for fingerprint scanning or facial recognition.

While these security features are commendable, BYDFi lacks a bug bounty program, a practice that many exchanges use to reward external security experts for discovering vulnerabilities. The lack of this proactive security approach could leave the platform exposed to security risks in the future.

Overall security rating

BYDFi’s security measures are above average compared to many exchanges, but the lack of proactive security enhancements like a bug bounty program and the absence of independent audits lowers its overall rating. While the platform has not faced any major security breaches, these gaps in security transparency could deter users who prioritise security and trust in their choice of exchange.

Pros and Cons of BYDFi

Here is a table that clearly outlines the pros and cons of BYDFi with proper subheadings:

How to open an account at BYDFi

By following these steps, you’ll be set to start earning with BYDFi’s referral program and take full advantage of its features.

Create Your Account

• Visit the BYDFi website and click on the “Sign Up” button.
• Fill in the required information and verify your email address to complete the registration.

Set Up Two-Factor Authentication (2FA)

• Log in to your account and go to the security settings to enable Two-Factor Authentication (2FA) for enhanced security.
• Link your account with a 2FA app like Google Authenticator.

Get Your UID

• Visit your account dashboard and copy your UID.
• Send it to your BD Manager for further steps.

Get Your Referral Link

• In the Affiliate Center, generate your unique referral link.
• This link helps you earn commissions through the Two-Way Commission and Link Discount Rate features.

Add Your Referral Link to Video Descriptions

• Copy your referral link and add it to the first line of the description in any related content you share. This is essential for tracking referrals and maximising your earnings.

Follow the BYDFi Twitter Page

• Follow the BYDFi Twitter page to stay updated on news, promotions, and features.
• Engage with the content to gain additional benefits and insights.

Affiliate program at BYDFi

The BYDFi Affiliate Program offers a Dedicated Affiliate Centre where users can view all details about their referrals and earnings. Once a user signs up using your referral link, you'll earn a lifetime rebate, meaning you will receive commissions as long as they continue to trade, not limited to 3 months or 1 year. 

The program also features real-time settlement commissions, so you don’t have to wait for days or weeks to see your earnings; they’re reflected in your account immediately after a referral completes a trade. Additionally, you can create up to 100 unique referral links within the Affiliate Centre, allowing you to track registered users, their deposit amounts, and trading volumes. This helps you efficiently monitor and evaluate the success of various promotion channels.

For further details, visit the BYDFi Affiliate Dashboard.