Why you should be vigilant when dealing with the Bydfi cryptocurrency exchange?
Scammers always find ways to deceive people, so when one of their scam projects is exposed due to whistleblowing reviews, they immediately launch a new one. Bydfi is one such case. Let’s examine why this cryptocurrency exchange should be considered unreliable and track the verification results of its legal basis and trading conditions.
Main characteristics of the Bydfi cryptocurrency platform
Bydfi claims to have been providing its services since 2019 and has already gained the trust of several hundred thousand clients from 150 countries around the world. An impressive claim, isn’t it? However, upon closer examination of the domain history, it becomes clear that this is likely to be a scam. The bydfi.com website has only been active since April 2022.
Research also showed that the platform was previously known as BitYard and had a dubious reputation. User reviews indicated financial pressure and improper account blocking. Therefore, the owners needed a rebranding, and they came out under a new name while leaving everything else unchanged.
One of the main complaints from users about the exchange is the lack of proper customer service. Support communicates with users only through an online chat, where an automated robot offers standard responses.
What do the documents say?
Bydfi claims to operate legally on an international scale, but provides no legal proof (lack of registration certificate and license). It can only be inferred from the Client Agreement that the cryptocurrency exchange is subject to the laws of the Seychelles.
Although a company with a similar name is indeed registered in an offshore jurisdiction, its cryptocurrency activity license is dubious. Trusting such a platform is not advisable given its illegal status.
How to make money on Bydfi?
Bydfi describes itself as a modern trading platform for exchanging digital assets. Among the collaboration features are:
- Spot trading and long-term contracts,
- Copied trades,
- Trading with over 400 cryptocurrencies and trading with fiat currencies (dollar, euro, etc.),
- Commission for takers from 0.15%,
- Commission for makers from 0.1%,
- Exchange commission from 0.1%,
- Up to 1:200 leverage,
- Deposit rewards,
- Participation in an affiliate program with generous payouts for inviting new users,
- Diversity of payment methods (credit cards, bank transfer, online banking, cryptocurrencies).
User reviews show that scammers cancel payments for various reasons, and to more persistent clients, they block accounts and refuse service.
Client Reviews
Bydfi already has negative reviews despite its short existence. This negative attitude suggests that the scam project is likely to cease to exist soon.
The past of the false exchange predecessor repeats the scenario: exposure, then closure of activities.
What is your opinion on the Bydfi cryptocurrency exchange? Share your thoughts and experiences!
Fraud Schemes
Bydfi is designed to attract funds. Scammers tempt potential victims with unrealistically lucrative offers, make a couple of successful trades, and then a capital collapse begins. Technical glitches will regularly “appear” on the platform, and in case of a conflict, they will disclaim responsibility. Hopes for intervention by regulatory bodies are unfounded – anonymous scammers cannot be punished.
Conclusions
It is not recommended to register and invest funds on the Bydfi exchange. These fraudsters fail to ensure honest interaction with users, their goal is to deprive you of your funds. Be cautious when choosing a trading platform and never ignore the opinions of real clients. This will help you avoid losses in financial schemes.
