In this post, I will explain why ByDFi does not qualify as an exchange of choice. It is unfortunate that ByDFi remains unpopular even with how the cryptocurrency space has been growing.
This concern revolves mainly around lack of regulatory compliance, insufficient trading features, weak security, and lack of customer care support.
All these features contribute to the high risk of ByDFi for its users. Focusing on these weaknesses, pours confidence that ByDFi exchange is not trustworthy enough for traders, hence needing them to look for more reliable options.
What is ByDFi?
BYDFi is a cryptocurrency trading platform for global investors. It has continued to bring professional, convenient and new trading services to global users since 2019.
With the slogan “BUIDL Your Dream Finance” takes cryptocurrency trading to a whole new level. BYDFi aspires for its platform to afford users autonomy and leave a permanent imprint on the sector’s progress.
Why ByDFi Is Not a Good Exchange?
It’s true that BYDFi (previously BitYard) has numerous appeals and an edge over its competitors due to their lower fees and feature rich trading options. However, a few setbacks do exist that may hinder using this exchange:
Customer Support is Limited: Currently, BYDFi does not have phone support which might pose a hindrance in urgent situations.
Staking is Not Available: Staking features are missing in BYDFi which are commonly found in other exchanges.
Educational Content Gaps: There is not a sufficient amount of content available to assist beginners.
Account Blocking: There are reports of account blocking without proper explanations of the aftermath or any refunds.
Know Your Customer Restrictions: KYC can be tedious and make transactions harder than they should be.
Because of these issues BYDFi may not be optimal for users unfamiliar with crypto trading or those expecting a broader range of features and customer support.
Lack of Regulatory Compliance
The lack of regulatory compliance is a pivotal problem to ByDFi and a benefit for it not to be considered a reliable exchange. Let’s review why this is a substantial issue
Increased Risk of Fraud
Non-compliant unscrupulous exchanges are more prone to defrauding activities like exit scams and volume manipulation, users are not guaranteed that funds are safe or that such a platform functions candidly.
No Accountability
Operating exchanges undergo regulatory scrutiny which entails an extensive spectrum of individual compliance such as AML, KYC, and audits among many others. There are no standards put in place for this so the rest of the users are left exposed to organizational malpractice.
No Legal Recourse:
If anything goes astray such as hacking, money embezzlement, or heavy-handed tactics, there’s a lack of legal protection against unregulated exchanges such as ByDFi. Regulated exchanges are under an obligation to adhere to the existing laws which has the consumers best interest at heart, meanwhile, unregulated exchanges exist in a limbo of laws.
Security Challenges
ByDFi, like any cryptocurrency exchange, has to meet some minimum requirements of privacy and security control, which are sanction concerns standardized by appropriate regulation authorities, otherwise, it would be vulnerable to attacks.
Branded Trust
Well-known exchanges will be more cautious on these issues to gain users trust and comply with the regulations. The fact that ByDFi does not comply is doubly worrying since it appears suspicious and unsustainable as a business.
Unreliable Trading Features
Using ByDFi as an exchange is strongly discouraged owing to its scooter trading features. The following concerns should resonate with you:
Weak Structural Integrity of The Platform
The platform demonstrates weak structural integrity and as a result, its users have consistently reported the systems encountering crashes during peak trading activities and facing slow order processing. Such issues lead to users losing out on opportunities to buy or sell which induces a negative impact on finances and introduces a potential loss of faith with the service provider.
Lack of Features
The exchange does not perform reliably as it fails to provide basic advanced trading functionalities such as: stop-loss orders, margin trades, futures contracts as well as sophisticated charting options. This lack of essential features makes ByDFi subpar to its competitors.
Low Degree of Liquidity
The platform possesses low liquidity leading to large margins between the bid and ask prices resulting in assets being nearly impossible to sell or buy at the desired price. This situation causes slippage where trades are executed at worse rates than what was anticipated.
Ambiguous Pricing Model
ByDFi does not stand up to the competition as some of its users have reported hidden costs or a non-transparent pricing model which hampers the profitability potential by increasing the overall cost associated with trading.
Lack of Variation in Assets
A lot more developed exchanges than ByDFi tend to have a wider selection of trading pairs and cryptocurrencies which makes it possible for users to greatly expand their portfolio and go after new or advanced assets
Enhanced User Experience
The online trading platform’s interface can be complex to navigate, especially for neophytes, as it can be outmoded, confusing, or unfriendly. A user unfriendly trading platform can result in more mistakes and less productivity.
Limited Customer Support
When trading difficulties arise, obtaining prompt or helpful assistance from ByDFi support team may not be smooth, making the problems more complex and providing no relief to the users.
Conclusion
ByDFi remains an unreliable cryptocurrency exchange amid a trust-deficiency due to various issues like missing compliance. The platform’s nonexistence of regulatory compliance emerges as the most dangerous factor in which users could potentially become fraud victims, funds could be mishandled, or worse, users have no hope of legal intervention.
Moreover, the platform’s poor order execution, order low liquidity, long intervals of downtime, no advanced tools, active management of crypto trading pairs etc makes trading inefficient and annoying, further division within the system’s dormant trading features.
ByDFi cannot ensure a transparent and secure trading environment, let alone user-friendly, for the above reasons coupled with the platform’s lack of security and subpar customer support. For these reasons, it is advisable to seek reputable and well regulated exchanges that outperform in functionality to avoid unfortunate trades.
