BYDFi vs. Crypto.com: A Head-to-Head Exchange Comparision
If you’ve been keeping an ear to the ground in the world of cryptocurrency, you’ve undoubtedly caught wind of BYDFi – the exchange that’s been making waves among investors as of late. In fact, this dynamic platform has garnered so much attention that it was even featured in a prestigious Forbes magazine top.
In this article, we’ll compare BYDFi and Crypto.com – a longstanding industry player – to help you determine which of the two exchanges reigns supreme in the current market.
At-a-Glance Comparison
| Criteria | BYDFi | Crypto.com |
| Features | Seamless customer experience with a user-friendly dashboard for tracking trading activities, account balances, and history. | Offers similar account management features. |
| Offers a wide range of payment options for deposits and withdrawals. | Offers similar payment options. | |
| Offers a copy trading feature that automatically replicates successful traders’ trades. | Does not offer copy trading. | |
| Provides advanced trading tools catering to both novice and experienced traders. Multiple order types (limit, market, and stop orders), charting tools, technical indicators, and customizable trading views. | Offers similar advanced trading tools with fewer charting tools and technical indicators than BYDFi. | |
| Has a native token called BYD, which can be earned through trading, staking, and referrals. Used for discounts on trading fees, participation in platform management, and other incentives. | Has a native token called CRO, which offers users discounts on trading fees, cashback rewards, and other benefits. | |
| Security | Both platforms have implemented industry-leading security measures to protect their clients’ funds, with slight differences in the specific measures employed. | |
| Supported Cryptocurrencies | Supports 400+ cryptocurrencies | Supports 290+ cryptocurrencies |
| Fees | Doesn’t charge deposit fees but charges a flat fee for every withdrawal. Spot trading fees range from 0.1% to 0.3%. | Doesn’t charge deposit fees for cryptocurrencies or US dollar fiat currency deposits via ACH or Wire Transfer. Withdrawal fees depend on the status of the withdrawal network and the type of cryptocurrency. Maker fees range from 0% to 0.075%, and taker fees range from 0.05% to 0.075%. |
| Customer Support | Live chat function is the quickest way to contact support but is mostly handled by a bot. Room for improvement. | Support available through in-app chat and email 24/7 but received criticism for poor response times and lack of help. Mediocre ratings on Trustpilot. |
About BYDFi
- Founded in: April 2020
- Headquarters: Singapore
- Industry: Investment & Trading Services
- Founders: Unknown (not disclosed publicly)
BYDFi Exchange is a cutting-edge trading platform for cryptocurrency enthusiasts worldwide. Founded in April 2020 under the name BitYard, it rebranded in January 2023 to BYDFi, reflecting its commitment to help ‘BUIDL’ new crypto projects and pursue innovation in the digital asset space.
Operating out of Singapore, BYDFi enables users from more than 150 countries to engage in a wide range of cryptocurrency trades across hundreds of digital assets. The platform supports spot, derivatives, and copy trading, catering to all levels of traders, from beginners to experts.
BYDFi’s mission is to empower individuals to take control of their financial destiny and build their dream finance. Its name encapsulates this sentiment, with BUIDL being a slang term for ‘build’ in the crypto community and the ‘F’ representing finance, while the ‘i’ denotes each person.
The platform believes in the enormous potential of cryptocurrencies beyond NFTs, the Metaverse, and GameFi experiences. While offering a range of the best metaverse coins, BYDFi enables traders to invest in diverse digital assets.
BYDFi has become even more popular since March 2023, when BYDFi was recognized as one of Forbes’ top ten recommended exchanges, owing to its ultra-low trading fees and strict compliance with financial industry regulations.
About Crypto.com
- Founded in 2016
- Headquarters: Hong Kong
- Industry: Investment & Trading Services
- Founders: Kris Marszalek, Rafael Melo, Bobby Bao, and Gary Or
Crypto.com is a cryptocurrency platform founded in 2016, catering to cryptocurrency enthusiasts globally. The company was first established in Hong Kong under the name “Monaco” by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. However, in 2018, they rebranded to Crypto.com after acquiring a domain valued at $5-10 million from cryptography professor and researcher Matt Blaze.
The Crypto.com ecosystem encompasses various services such as the Crypto.com App, Crypto.com Exchange, Crypto.com DeFi Swap and Wallet, Crypto.com Pay, Crypto Earn, and Crypto Credit, among others. It strives to provide a user-friendly and convenient way for users to buy, sell, trade, and spend cryptocurrencies worldwide. The company works closely with regulatory institutions to ensure its operations meet regulatory requirements.
Crypto.com allows users to purchase over 100 top cryptocurrencies at actual cost, earn high interest on their crypto, manage their Crypto.com Visa Card, and easily make crypto payments, among other features.
The platform is operated by Foris DAX Asia, a subsidiary of Foris DAX MT (Malta) Limited, and is committed to providing a secure and reliable trading environment for its users.
BYDFi vs. Crypto.com: Features
BYDFi Exchange provides users with a wide range of features and benefits that set it apart from other exchanges in the market.
The platform’s account management system is designed to provide a seamless customer experience, with a user-friendly dashboard that allows users to track their trading activities, monitor their account balances, and view their trading history.
Both platforms provide a range of payment options for deposits and withdrawals.
Besides traditional cryptocurrency trading, BYDFi offers copy trading, allowing users to automatically replicate successful traders’ trades. This feature is an excellent option for users new to trading or who don’t have the time or expertise to manage their accounts. Crypto.com does not offer copy trading, which is a significant advantage of BYDFi.
Also, both BYDFi Exchange and Crypto.com provide advanced trading tools catering to novice and experienced traders. The platform offers multiple order types, including limit, market, and stop orders, allowing users to execute trades according to their preferred strategies. Further, the exchange provides charting tools, technical indicators, and customizable trading views, empowering traders with comprehensive market analysis capabilities. However, BYDFi’s charting tools and technical indicators appear to be more extensive than what is available on Crypto.com.
The BYDFi exchange has its native token called BYD, which plays an essential role in its ecosystem. Users can earn BYD tokens through trading, staking, and referrals. These tokens are used for discounts on trading fees, participation in platform management, and other incentives.
Similarly, Crypto.com has its native token, CRO, which offers users discounts on trading fees, cashback rewards, and other benefits.
So, the significant differences between BYDFi and Crypto.com features are that BYDFi’s copy trading feature is a unique and valuable tool for users, and its charting tools and technical indicators are more extensive than what is available on Crypto.com.
BYDFi vs. Crypto.com: Security
Both BYDFi and Crypto.com have implemented industry-leading security measures to protect their clients’ funds. While the security measures differ slightly between the two platforms, they are both highly secure and reliable.
BYDFi Security Measures
BYDFi takes security seriously, implementing comprehensive and rigorous security standards across all platform levels. Here are some of the security measures that BYDFi has in place:
- Trading Systems – BYDFi has taken significant steps to ensure the security of its trading systems. The platform uses multi-signature technology access for transactions, which protects clients’ funds against attacks.
- Fund Custody – All digital wallets on BYDFi are kept in cold storage wallets, which eliminates any risk of a point of failure. BYDFi uses layered deterministic cold wallets and total compromise to ensure clients’ funds are always safe.
- Auditing – BYDFi conducts regular security audits and stress tests to ensure it fully complies with stringent security standards.
- Network Transmission – BYDFi ensures that all network transmissions are fully encrypted and uses the latest security protocols to prevent unauthorized access.
- Customer Accounts – BYDFi uses dual authentication by Google Authenticator, which requires traders to verify their identity in two steps. This provides an additional layer of security, preventing unauthorized third-party agents and users from accessing trading accounts.
- Client Insurance Fund – BYDFi has a client insurance fund in place, which provides additional protection for clients’ funds.
Crypto.com Security Measures
Crypto.com is another platform that takes security very seriously. Here are some of the security measures that Crypto.com has in place:
- Cold Storage – Crypto.com stores 100% of its user funds in offline cold storage in partnership with Ledger, which utilizes hardware security modules (HSM) and multi-signature keys. This provides an additional layer of protection for clients’ funds.
- Hot Wallets – Crypto.com uses HSM and multi-signature keys to protect its hot wallets. The platform also holds customer deposits in regulated custodian bank accounts globally.
- Infrastructure Security – Crypto.com uses Amazon Web Services (AWS) for infrastructure security. This comes with various security features like network and web application firewalls, controlled encryption in transit with integrated Transport Layer Security (TLS), automatic encryption of all traffic, business continuity planning, and real-time analytics.
- User Side – Crypto.com allows two-factor authentication (2FA), a combination of passphrase, password, biometric (fingerprint & face ID), email, and phone verification to protect accounts. For those who prefer to self-custody their funds, the platform also offers a DeFi wallet where users can keep their private keys.
- Security Certifications – Crypto.com has obtained several security certifications and assessments, including ISO/IEC 27001:2013, ISO/IEC 27701:2019, PCI: DSS 3.2.1, Level 1 compliance, CCSS, and Adaptive (Tier 4) ratings by NIST Privacy and Cybersecurity Frameworks.
BYDFi vs. Crypto.com: Supported Cryptocurrencies
Crypto.com supports more than 290 cryptocurrencies, while BYDFi offers up to 400 cryptocurrencies for trading. This makes BYDFi an excellent option for traders looking to access a wider variety of digital assets in one place without switching between multiple exchanges. With BYDFi, you can easily trade many cryptocurrencies and manage your portfolio.
Although BYDFi has a more extensive list of cryptos it supports, on both exchanges, you can trade the most important cryptocurrencies on the market, such as:
- Bitcoin;
- Ethereum;
- Solana;
- Dogecoin;
- Polkadot, and others.
BYDFi vs. Crypto.com: Fees
BYDFi doesn’t charge any fees on deposits. However, for every withdrawal, BYDFi charges a flat fee to cover transaction costs for transferring crypto from the BYDFi account.
Withdrawal fees may fluctuate due to network congestion. Furthermore, the daily withdrawal limit may vary depending on the token and network the traders choose. It is essential to note that the minimum withdrawal amounts and withdrawal fees for BYDFi differ depending on the cryptocurrency being withdrawn. Traders can find all the minimum withdrawals and withdrawal fees for BYDFi on the platform’s website.
The fee structure for spot trading on BYDFi is identical to USDT Contracts. The fee depends on the type of transaction, either Maker or Taker. The fee ranges from 0.1% to 0.3% for both Maker and Taker transactions across all spot trading pairs.
Going to the other side, Crypto.com doesn’t charge deposit fees for cryptocurrency assets, regardless of the coin or network. Also, it doesn’t charge a fee for US dollar fiat currency deposits via ACH or Wire Transfer. However, US users must have a social security number, a US residential address, and a US bank account to be eligible for a US dollar fiat wallet to receive ACH or Wire Transfers.
Regarding withdrawal fees, Crypto.com apply fees to withdrawing cryptocurrencies from the exchange. These fees depend on many factors, including the status of the withdrawal network. Another factor that affects withdrawal fees is the type of cryptocurrency. Each coin has a different withdrawal fee that is denominated in that asset. It’s a good idea to check Crypto.com for an updated list of withdrawal fees by cryptocurrency.
Crypto.com has a maker fee ranging from 0% to 0.075% and a taker fee between 0.05% to 0.075%. Crypto.com users can pay lower fees by trading more frequently with a volume-based trading fee structure or staking CRO.
BYDFi vs. Crypto.com: Customer Support
One of the biggest frustrations for traders is dealing with subpar customer support at exchanges. Waiting days to respond to a ticket can be incredibly frustrating. This is why customer support is an essential criterion for comparing exchanges.
BYDFi’s live chat function is the quickest and easiest way to contact their support team. BYDFi offers its main support through the chatbot. However, it’s worth noting that a bot primarily offers support, which doesn’t always provide the most helpful or valuable information. While BYDFi’s customer support is not the worst on the market, there is certainly room for improvement.
Crypto.com also offers support through in-app chat and email, available 24/7. However, the exchange has received criticism for poor response times and a lack of help resolving customer issues.
The exchange has received mediocre ratings on Trustpilot, with many customers citing poor support, frozen accounts, withdrawal issues, compromised accounts, and lost funds in their reviews.
So, in this respect, both exchanges can improve.
BYDFi vs. Crypto.com: Which Should You Choose?
After carefully examining the features and functionality of BYDFi and Crypto.com, it’s clear that each platform has its own unique strengths and limitations. Finally, deciding which exchange to use for cryptocurrency trading will depend on your preferences and requirements.
Although BYDFi offers added features like the copy trade option, Crypto.com has top-notch security measures and a more extensive track record than BYDFi.
After reading this head-to-head comparison, you’ll be equipped with the information necessary to make an informed decision and choose the platform that aligns best with your specific needs. So, whether you decide BYDFi or Crypto.com, you can be confident that you’re making the right choice for your cryptocurrency trading journey.
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