Anyone tried BYDFi before?

[Meoww]

Hi guys,
I saw BYDFi mentioned a few times recently and wanted to ask here before testing it myself.
I’m not looking to move a lot of funds there or anything like that. Maybe just a small test first, but I usually prefer asking around before trying a new exchange.

Mainly curious about normal stuff:
deposits and withdrawals
KYC process
support response
fees
whether the app/website is stable
any account freeze issues

I saw they have spot, futures, bots, copy trading and fiat options, but that does not really tell me much about real user experience.
Has anyone here actually used it?
Would appreciate honest feedback, good or bad.

[examplens]

Newbie who came here in a neutral tone to ask for some service. This is a common shilling method and we have seen it many times before. I have no contact with this exchange, so I asked Reddit what the experiences were and here are a few examples
“BYDFi stole $100k from me”
https://www.reddit.com/r/CryptoCurrency/comments/1j3xy11/bydfi_stole_100k_from_me/
“BYDFi scam exchange”
https://www.reddit.com/r/CryptoScams/comments/1hc9slk/bydfi_scam_exchange/
“Exchange BydFi refuses to send back funds”
https://www.reddit.com/r/CryptoScamReport/comments/1gqw7q9/exchange_bydfi_refuses_to_send_back_funds/
“BYDFi (formerly Bityard) only processes withdrawals during specific hours…” (čudan/problematičan withdrawal proces)
https://www.reddit.com/r/CryptoCurrency/comments/1511bjt/my_most_bizarre_experience_with_a_cex_bydfi/
“Won a Tesla Cybertruck on BYDFi’s Lucky Wheel, They refuse to give it”
https://www.reddit.com/r/legaladvice/comments/1l5fjan/won_a_tesla_cybertruck_on_bydfis_lucky_wheel_they/

[albon]

I saw they have spot, futures, bots, copy trading and fiat options, but that does not really tell me much about real user experience.
Has anyone here actually used it?
Would appreciate honest feedback, good or bad.

Most CEXs offer pretty much the same features. Also, there are many well-known exchanges with better reputations and proven track records. What made you choose BYDFi?

Personally, I've never used it and I hadn't even heard of it before. According to this [SOURCE], BYDFi is not authorized by the FCA in the UK. That's a red flag, especially if you're looking for a regulated exchange.

Combined with what @examplens mentioned about some users' negative experiences on Reddit, I think those are enough warning signs to avoid this exchange and choose one of the many licensed exchanges with better reputations instead.

See this list: Top Exchanges.

[The Cryptovator]

Hi guys,
I saw BYDFi mentioned a few times recently and wanted to ask here before testing it myself.
I’m not looking to move a lot of funds there or anything like that. Maybe just a small test first, but I usually prefer asking around before trying a new exchange.

How have you noticed about that exchange? And how do you know you should ask about that exchange on this forum and on this section as well? Although their domain was registered in 2022, I wasn’t aware there is an exchange named BYDFi. That means they weren’t popular or newly launched.

However, it’s pretty sure you are shilling that exchange either on behalf of the team or you are its owner. But this isn’t the right approach to introduce any exchanges this way. The forum users usually ignore such shillings. It's centralized exchanges that are newly launched. Why should I choose it when I have well-known, reputed exchanges? I don’t even want to test it.

[albon]

How have you noticed about that exchange? And how do you know you should ask about that exchange on this forum and on this section as well? Although their domain was registered in 2022, I wasn’t aware there is an exchange named BYDFi. That means they weren’t popular or newly launched.

However, it’s pretty sure you are shilling that exchange either on behalf of the team or you are its owner. But this isn’t the right approach to introduce any exchanges this way. The forum users usually ignore such shillings. It's centralized exchanges that are newly launched. Why should I choose it when I have well-known, reputed exchanges? I don’t even want to test it.

They may have bought an old expired domain to make people think that they've been around for years. In fact, a lot of new exchanges do that. Some even claim they've been around for years just so people trust them..

For me, the important things are that an exchange is licensed by trusted regulators, has Proof of Reserves, has an experienced team, and has a good reputation. It should also offer useful features, competitive fees, or good bonuses, along with responsive customer support that is willing to help users help them out.

Otherwise, using an unknown exchange simply because you came across a thread about it on this forum is a bad idea especially when it doesn't offer anything special that's worth the risk.