Phemex vs Bydfi: Fees, Security, Features & Which to Choose (2025)

Trying to choose between Phemex and Bydfi This side-by-side comparison reveals total cost (fees + spreads), security & licenses, coins/derivatives, deposits/withdrawals, and app quality. In 2 minutes you’ll see who wins for beginners, active traders, and long-term holders. Clear pros/cons, a quick verdict, and safe links to get started.

Last updated on August 16, 2025

Phemex

Bydfi

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Available Countries

United States

Europe

Yes

Latin America

Yes

India

Yes

China

Canada

United Kingdom

Yes

United States

Yes

Europe

Yes

Latin America

Yes

India

China

Yes

Canada

United Kingdom

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Phemex is ideal if:

Fast-paced traders value it: With ultra-low latency and deep liquidity, Phemex's high-performance trading engine offers smooth execution and stability.
Tech-savvy users benefit: Advanced tools—like copy trading, bots, and DeFi-style earning products—empower both automation and strategy innovation.
Privacy-conscious users find appeal: Flexible KYC policies and a streamlined onboarding style suit those preferring minimal verification barriers.

Bydfi is ideal if:

Great for automation fans – If you enjoy trading bots, copy trading, or demo accounts, BYDFi delivers robust tools to trade efficiently without constant manual oversight.
Suited to traders chasing leverage – With support for high-leverage strategies and user-friendly interfaces, it's a solid pick for aggressive traders seeking powerful instruments in an accessible format.
Ideal for global beginners and pros alike – Its intuitive design and broad feature set make it equally approachable for new users just starting and those looking for advanced trading options.

Phemex isn’t ideal if:

Fiat-focused users may face limits: Fiat deposit and withdrawal services are unavailable or heavily restricted in numerous countries, reducing accessibility for those relying on bank transfers.
Newcomers could feel overwhelmed: The platform’s advanced features and high-leverage tools offer power—but may feel complex if you’re new to trading.
Risk-averse investors might be uneasy: Derivatives and high-leverage products carry greater risk, making Phemex less suited to those seeking lower-volatility exposure.

Bydfi isn’t ideal if:

No staking or lending features – If you're seeking income through asset staking or crypto loans, BYDFi currently doesn’t offer these options.
Limited fiat withdrawal support – Converting crypto into local currency outside the platform can be inconvenient or unavailable directly within BYDFi.
Advanced tools might overwhelm newcomers – Beginners may find features like high-leverage derivatives and automated bots more complex than user-friendly.

Fees & Total Costs

Spot Maker/Take

Spot trading fees start at 0.1% for both maker and taker on the base VIP tier and can decrease via VIP-level benefits tied to trading volume or asset holdings; using the Phemex Token (PT) grants additional discounts—around 20% off spot fees—and those can stack with VIP reductions.

BYDFi charges a flat maker and taker fee of 0.1% for all spot trades; while VIP tiers may offer reductions, there’s no native-token discount outlined as standard.

Futures/Derivatives

Futures (perpetual contracts) begin with a maker fee as low as 0.01% and a taker fee of 0.06%, with lower rates available through VIP status; funding rates vary according to market dynamics and are applied periodically, affecting long or short positions depending on current rates.

Perpetual contracts carry a maker fee of 0.02% and taker fee of 0.06%, and the funding fee is exchanged every eight hours depending on market sentiment (positive or negative)—paid by longs to shorts or vice versa.

Average Spreads on Liquid Pairs

Phemex delivers tight spreads on major spot pairs like BTC/USDT and ETH/USDT, thanks to deep order-book liquidity and efficient execution, although the exact average spread fluctuates with market conditions and isn’t publicly standardized.

For major perpetual pairs, typical bid-ask spreads hover around 0.06%, reflecting tight pricing in high-liquidity markets.

Fiat Deposits & Withdrawals

Fiat deposits are facilitated via third-party gateways such as MoonPay or Banxa, often with fees imposed by those services; withdrawal in fiat is limited or restricted depending on jurisdiction and may incur fixed charges or banking delays driven by external banking partners.

Users can deposit fiat via providers like Banxa, Transak, Coinify, and Mercuryo; fees and processing speeds vary by region, with no flat rate transparency but generally fast credited times.

On-chain Withdrawals

Crypto withdrawals carry network-dependent fees, which vary by chain and congestion

Fixed vs Dynamic Network Fees

Hidden Costs

Hidden costs may include markups from third-party fiat gateways, potential inactivity penalties (if any), and premium-tier services like expedited KYC—but generally, Phemex avoids additional charges beyond trading, withdrawal, and external service fees.

There’s a small fee embedded in crypto-to-crypto conversions, and while no inactivity fees are standard, express KYC or other convenience services may involve additional charges.

Real-World Cost Example: “€500 BTC

Example

Purchasing €500 of BTC would incur a spot fee (~0.1%) plus any spread embedded in the quote, and if you then withdraw on-chain, you’d pay the network-based withdrawal fee—combining all these into the total cost.

Crypto Offering & Trading Features

Number of Coins & Pairs

Phemex offers several hundred tradable assets across hundreds of spot and futures pairs; among the top by volume you’ll typically see major pairs like BTC/USDT, ETH/USDT, XRP/USDT, SOL/USDT, DOGE/USDT, ADA/USDT dominating the leaderboards.

Offering a robust selection, BYDFi supports over 550–900 cryptocurrencies and 600–800+ trading pairs for spot markets; the top 20 by volume typically include BTC/USDT, ETH/USDT, XRP/USDT and other high-liquidity altcoin pairs.

Product Range

Phemex delivers a wide product mix including spot and margin trading, perpetual futures, automated copy-trading, grid-trading bots (spot and futures), DCA and Martingale bots, essential lending/borrow via margin, plus crypto earn products and launchpad functionality.

The platform delivers a versatile range of trading tools, including spot, perpetual derivatives (Coin-M & USDT-M), copy trading, automated bots (grid, martingale), DCA strategies, demo accounts, on-chain trading via MoonX, but currently lacks options, ETFs, staking, or lending.

Liquidity

Phemex sees substantial daily volume usually in the hundreds of millions USD, with order-book depth in BTC and ETH strong enough to support sizable trades without excessive slippage, reflecting healthy active liquidity.

Liquidity remains moderate compared to major exchanges—with mid-level 24-hour volume and modest order book depth for BTC/USDT and ETH/USDT—implying that traders may encounter slightly wider pricing gaps than on deeper venues.

Tools

The platform includes full order-type support such as limit, market, stop and OCO orders, real-time alerts, advanced interactive charts powered by TradingView, and robust API with WebSocket for seamless automation and live data.

BYDFi includes a comprehensive toolkit

Geographic Restrictions by Product

Certain services—especially derivatives—are restricted in countries like the United States, United Kingdom, parts of Canada, China, and other regions, while spot and earn products may remain accessible depending on local laws.

Certain regions face limitations—derivatives or high-leverage tools may be unavailable in places like the United Kingdom or other restricted jurisdictions, reflecting regulatory constraints in those locales.

Innovation

Phemex continually expands its ecosystem with launchpad or launchpool-style token sales, and layered earn programs offering both flexible (withdraw anytime) and locked (higher yield) options to fit different investor preferences.

The platform shines with its innovative MoonX on-chain engine offering DeFi access to hundreds of thousands of token pairs, and provides flexible bot-driven strategies, yet it doesn’t currently offer launchpad/pool features or staking/earn products.

Security, Regulation & Custody

Operating Entity & Jurisdiction

Phemex began in 2019 and is operated under entities such as Phemex Technology Pte. Ltd. in Singapore and Phemex Limited in the British Virgin Islands, placing it under those legal jurisdictions.

BYDFi is legally operated by BYDFi Blockchain Limited, founded in April 2020, and is headquartered in Singapore; it serves a global client base under that corporate structure.

Licenses/Registration

While Phemex holds an MSB registration with FinCEN in the U.S., it currently lacks MiCA or equivalent EU licensing and is not authorized to operate in several regulated regions.

The platform holds Money Services Business (MSB) registrations in both the United States (FinCEN) and Canada (FINTRAC), but lacks explicit VASP or MiCA licensing in Europe, though it remains active across EU states.

Custody

The exchange maintains full custody of user assets and provides a self-verifiable Merkle-tree proof-of-reserves (PoR) tool that shows assets are backed 1

BYDFi uses its own custody with deep cold storage and multi-signature wallets, and transparently publishes proof-of-reserve data showing full backing plus buffer for assets like BTC, ETH, and USDT, along with a user protection fund of 800 BTC.

Insurance & Protection Funds

There is no publicly disclosed insurance or user protection fund; security relies on reserve mechanisms and risk controls but does not include third-party insurance coverage.

A protection fund equivalent to 800 BTC is maintained to safeguard users’ assets in case of emergency situations or platform distress.

Incident History

Phemex has not reported any major hacks, though it temporarily suspended a hot-wallet after an internal security review; it also faced regulatory scrutiny in Canada and the UK for compliance issues.

There are no public records or reports of hacks, service suspensions, asset freezes, or regulatory fines associated with BYDFi to date, indicating a clean operational track record.

Risk Controls

Users benefit from standard safeguards including mandatory two-factor authentication, IP or address whitelists, anti-phishing protection, segregated sub-accounts, and granular API permission controls.

The platform enforces multi-layered risk safeguards such as Google Authenticator–based 2FA, withdrawal whitelist, anti-phishing systems, and granular API or sub-account permissions for additional user control.

Transparency

Phemex offers monthly-updated PoR data, public disclosure of partial cold wallet addresses, and reserve ratios, demonstrating a commitment to transparency though without formal SLAs or comprehensive monthly financial reports.

BYDFi publishes regular proof-of-reserve disclosures and maintains segregated user funds, though it does not appear to offer publicly visible monthly audit reports, wallet explorers, or guaranteed service-level agreements (SLAs).

Deposits, Withdrawals, KYC & Support

Fiat Deposit Methods

Phemex supports fiat deposits via bank transfers (SWIFT, SEPA, ACH, FPS) and third-party services like MoonPay or Banxa; minimums generally start around $50, maximums reach very high limits, and processing typically takes from instant (via e-wallet) to 1–3 business days for transfers.

BYDFi allows fiat deposits through credit/debit cards, e-wallets, and bank transfers via partners like Transak, Coinify, Alchemy Pay, and Mercuryo; minimums vary by method, card and e-wallet deposits are typically nearly instant, while bank transfers may take 1–3 business days.

Supported Fiat Currencies & Conversion

KYC (Verification Levels)

There are three user tiers

BYDFi offers trading with no KYC initially, but requires KYC for fiat withdrawals and higher limits; unverified users have lower withdrawal caps, while verified accounts unlock substantially higher limits and access to promotions.

Withdrawals

limits, times, networks (TRC20/ERC20/BEP20, etc.)

Crypto withdrawals depend on verification level and risk-controls; limits escalate from modest (e.g., ~1.5 BTC/day) for unverified users to higher tiers for verified ones, and you can withdraw via supported networks like ERC20, BEP20, TRC20, with processing subject to blockchain conditions.

Customer Support

chat 24/7, email, response times, knowledge base

BYDFi offers 24/7 live chat and email support, with a comprehensive FAQ and Help Center for self-service; response times are generally fast, especially via live chat, and documentation covers most common user inquiries.

Languages & Localization

The platform’s interface and support are primarily in English, with fees typically shown in USD or equivalent fiat; some content and interfaces are localized for major regions, though comprehensive local regulation compliance varies by jurisdiction.

The platform provides a multilingual interface, displays balances and fees in multiple currencies (EUR, USD), and adapts to local regulations in supported countries, though full regulatory compliance varies by jurisdiction.

App Quality & Stability

The Phemex mobile app is generally regarded as stable and regularly updated, offering seamless feature parity with desktop—though exact crash rates aren’t disclosed, user feedback reflects a smooth, reliable experience.

The BYDFi mobile app is regularly updated and widely reported as stable and responsive, with minimal crashes noted by users—reflecting consistent maintenance and enhancements over time.

Experience, Performance & Ecosystem

UX/UI

The platform offers a clean, intuitive interface with a low entry barrier for newcomers, while also featuring an advanced “Pro” layout tailored to seasoned users that surfaces more chart tools and analytics—all accessible without overwhelming either group.

Users describe BYDFi’s interface as intuitively unified—a single layout that handles both spot and futures trading seamlessly—making it accessible for beginners while offering sufficient power for advanced users, though explicit “Lite” vs. “Pro” toggles aren’t prominent.

Performance

Known for its fast order execution and robust infrastructure, Phemex handles volatility with minimal downtime, though during peak surges KYC and account approval may experience slight delays—performance remains solid overall.

BYDFi’s robust infrastructure and low-latency design ensure fast order execution even during surges, reducing slippage and delays common in highly volatile periods.

Education

Phemex Academy offers a rich library of beginner-to-advanced tutorials, while a fully functional Testnet simulator lets users practice trading risk-free; however, Spanish-language educational materials are limited or not as comprehensive.

The exchange offers a fully functional demo trading environment and a Q&A support hub, though comprehensive educational materials or guides in Spanish are limited or not prominently featured.

Community

Users can join lively communities via Telegram or Discord, participate in referral programs offering significant bonus pools and commissions, and access forums where updates and peer tips circulate regularly.

BYDFi maintains active official communities across Discord, Telegram, X, and Medium, and offers referral programs that reward users for onboarding others—building engagement through a global network.

Integrations

Phemex’s interface embeds native TradingView charts, supports integration with external bot frameworks, and appeals to algorithmic traders via API access, though dedicated tax or accounting tool integrations are limited.

Seamless integration with TradingView enables direct charting and trade execution inside the platform; plus, BYDFi connects with third-party tax tools like CoinLedger and Divly via API or CSV exports for streamlined financial tracking.

Who Each One Is Best For

Phemex stands out for active, tech-savvy or algorithmic traders seeking powerful tools, automation access, and derivatives options; it’s less ideal for ultra-beginners or those requiring local-language education or deep tax integrations.

BYDFi suits traders who value low-latency order execution, demo environments, community engagement, and powerful interface features—all in a unified layout—making it ideal for users transitioning from beginner to more sophisticated strategies.