Comparison of Phemex vs Bydfi [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Phemex vs Bydfi comparison!

Your expert: Alejandro Borja

Phemex

Investing risks losing your money

Your expert: Xavier Tarrasó

Bydfi

Investing risks losing your money

Main points

Fees

0,10%

Earns

Customer service

3/5

0,10%/0,30%

Fees

Yes

Earns

3/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.1 – Low fees with a focus on derivatives trading.

4.0 – Competitive fees with additional benefits for copy trading.

Level

0,10%

0,10%/0,30%

Brief explanation

Phemex implements a transparent and competitive commission structure, which is one of its standout features. The platform offers zero-fee spot trading for premium members, a unique model that encourages active trading and enhances affordability. For non-premium users, the fees remain competitive with the industry average. The fees for futures trading are also attractively low, with maker and taker fees structured to incentivize liquidity provision on the platform. This setup allows traders to manage their costs effectively, which is especially beneficial in a market where margins can be tight.

Bydfi’s commission structure is designed to be transparent and competitive, catering to both novice and experienced traders. The trading fees are based on a tiered structure that decreases as your trading volume increases, making it more attractive for high-volume traders. This approach not only encourages more frequent and higher volume trading but also ensures that traders can maximize their returns by reducing costs as they scale up their trading activities. For specific transactions, Bydfi charges a nominal fee, which is clearly outlined on their platform, ensuring that users are fully aware of the costs associated with their trading activities. This straightforward fee system is part of Bydfi’s commitment to providing a transparent trading environment.

Phemex

Robust Security Measures: Phemex employs comprehensive security protocols, including cold wallet storage, two-factor authentication, and advanced encryption technology to protect user assets and data.
High Trading Volume and Liquidity: With significant daily trading volumes, Phemex offers high liquidity, facilitating quick and efficient execution of trades without significant price slippage.
Transparent Withdrawal and Deposit Policies: Phemex provides clear and concise policies regarding withdrawals and deposits, ensuring users understand the terms of service and any associated fees clearly.
Strong Reputation and Positive Reviews: Since its launch, Phemex has built a strong reputation in the cryptocurrency community, supported by positive user reviews that praise its reliability, customer service, and platform stability.
Effective Customer Service: Phemex offers responsive and helpful customer support, ensuring that users' queries and issues are addressed promptly, which is crucial for maintaining trust and user satisfaction.

Read phemex review

Bydfi

Year Founded and Stability: Bydfi was established with a clear vision to provide secure and accessible cryptocurrency trading options, rapidly earning a reputation for reliability and user satisfaction.
Reputation and Reviews: Bydfi is highly regarded within the crypto community, reflected through positive user reviews and ratings. Its commitment to user satisfaction and continuous improvement of its trading environment have contributed to its strong reputation.
Security Methods: Bydfi employs advanced security measures including two-factor authentication, cold storage solutions for the majority of assets, and ongoing security audits, ensuring a robust defense against potential cyber threats.
Customer Service: Bydfi offers round-the-clock customer support through multiple channels including live chat, email, and a comprehensive FAQ section. This responsiveness and accessibility demonstrate its dedication to providing a seamless user experience.
Volume Managed and Liquidity: Bydfi handles a significant trading volume, offering high liquidity which ensures that trades are executed swiftly and at predictable prices, making it a dependable platform for both high-frequency traders and casual investors.

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Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

Phemex Financial Pte. Ltd.

Unknown

Regulation

Not regulated

Year founded

2019

Unknown

Founder

Jack Tao

Unknown

Payment methods

Transfers

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Phemex	FEATURES	Bydfi
Phemex allows trading with relatively low minimums, making it accessible for beginners who wish to start small.	Minimum Trade	Bydfi offers a low minimum trade requirement, making it accessible for beginners and those looking to start with smaller amounts.
Offers competitive fees with several fee-free options for premium members, though slightly higher for regular users.	Trading and Transaction Fees	Bydfi maintains competitive trading fees, which are lower than many of its competitors, providing cost-effective trading options.
Supports a wide range of cryptocurrencies, providing ample trading opportunities for users.	Number of Cryptocurrencies	Bydfi supports over 100 cryptocurrencies, which is impressive but falls short of the variety offered by some top exchanges.
Extensive selection of trading pairs, allowing users to diversify their trading strategies.	Crypto-to-Crypto Trading Pairs	Offers a robust selection of trading pairs, enabling versatile trading strategies.
The website provides essential information, although some users may find details on fees and terms could be clearer.	Website Transparency	The Bydfi website provides clear and comprehensive information about trading procedures and fees, though some users might seek more in-depth details on certain operational aspects.
Phemex does not provide an exchange card for in-store purchases. It focuses on trading features and derivatives.	Credit/Debit Card	An exchange card is absent, which limits convenience for everyday transactions.
Offers secure cold storage options, enhancing safety for user funds against potential cyber threats.	Storage Offering	Offers excellent storage solutions with robust security measures, including cold storage options for the majority of assets.
Provides staking options with competitive rewards, though options are more limited compared to specialized staking platforms.	Staking and Rewards	Provides opportunities for staking and earning rewards, though the options and returns are not as extensive as some might prefer.
Both the mobile app and desktop platform are highly user-friendly and robust, suitable for trading on the go.	Mobile App and Desktop	The Bydfi mobile app and desktop platforms are highly rated for their user-friendly interfaces and reliability.
Generally responsive customer service with multiple channels available, but some reports of delayed responses during peak times.	Customer Service	Customer service is available around the clock, but response times can vary, affecting user experience especially in urgent situations.
Offers multiple deposit and withdrawal methods, but some users have experienced delays and higher fees for certain methods.	Deposit and Withdraw	Bydfi offers multiple deposit and withdrawal methods, including bank transfers and cryptocurrencies, with generally quick processing times.

Key features

Analysis tools

Advanced charting tools, technical analysis

Basic tools for derivatives trading

Mobile APP

Security

High 4,9/5

High 4,6/5

Additional features

Margin trading, futures trading, staking, Phemex Earn

Copy trading, futures trading, staking, Bydfi Academy

Anonymity

Yes

Key points

Available cryptocurrencies

Primarily derivatives, few direct cryptocurrencies

Limited, derivatives focused

User-friendliness

Phemex provides a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.

Bydfi provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making the trading process smooth and efficient.

Value for money

Offers good value for money with competitive fees and advanced trading features, suitable for both retail and institutional traders.

Provides reasonable value for money with competitive fees and a user-friendly interface, making it a good choice for beginners.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

United States, Canada, United Kingdom, Australia, Singapore

Best for

Suitable for both retail and institutional traders interested in derivatives trading with competitive fees and advanced features.

Best for beginners and experienced traders seeking a user-friendly platform with competitive fees.

Base currencies available

USD, BTC, USDT

USDT (for derivative products)

Account

Trading

Phemex offers extensive trading options including spot, margin, and futures trading. It provides advanced tools suitable for experienced traders but might be overwhelming for beginners.

BYDFi (formerly Bybit) focuses on derivatives trading with high leverage options. It is ideal for experienced traders but can be risky and complex for newcomers.

Deposit and withdrawal

Phemex supports multiple deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.

BYDFi (formerly Bybit) focuses on cryptocurrency deposits and withdrawals. Withdrawals are processed daily, and fees are minimal, but users must manage the timing of their requests.

Account opening process

Phemex offers a seamless and fully digital account opening process. Users need to submit personal information and verify their identity. The process is quick and usually completed within a day.

BYDFi (formerly Bybit) provides an easy and fast account registration process. Users need to submit personal details and verify their identity. The process is fully digital and usually completed within a day.

KYC required?

Yes

Customer Service

Phemex offers extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

BYDFi (formerly Bybit) offers support through email and live chat. The support team is responsive, and support is available 24/7, making it convenient for users needing immediate help.

Security

Phemex provides extensive security measures, including 2FA and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

BYDFi (formerly Bybit) ensures security with 2FA, encryption, and cold storage. Despite its strong security measures, it is not regulated by top-tier financial authorities, which could be a concern for some investors.

Which of these exchanges is for you?

Alejandro Borja

As one of the experts reviewing cryptocurrency exchanges on our website, I find Phemex to be a highly compelling choice for traders. The platform impresses with its robust security features and a wide array of trading options, catering to both newcomers and seasoned traders. Personally, I appreciate the platform’s user-friendly interface and the fact that it offers high liquidity, which is crucial for executing trades swiftly and efficiently. I would recommend Phemex to anyone looking to dive into the world of cryptocurrency trading, especially those who value security and a diverse range of trading instruments.

Xavier Tarrasó

As one of the seasoned experts at Threenvest, I personally find Bydfi to be an appealing choice for both new and experienced cryptocurrency traders. The platform’s user-friendly interface makes it accessible for newcomers, while its robust security measures provide peace of mind, crucial for safeguarding investments in the often volatile crypto market. From my experience, Bydfi’s competitive fees and diverse range of cryptocurrencies cater effectively to diverse trading strategies, ensuring that both speculative traders and long-term investors can find value. If you’re seeking an exchange that combines usability with a strong focus on security, Bydfi certainly deserves your consideration.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.