No, BYDFi does not require KYC verification. That means you can register, deposit, trade, and withdraw without having to verify your identity. However, there are some limitations that no-KYC users should be aware of, such as no access to credit/debit card purchases and lower withdrawal limits.
In this guide, we will show you everything that you need to know about the BYDFi KYC requirements.
You can learn more about the exchange in our comprehensive BYDFi review.
Is BYDFi safe to use without KYC?
Not verifying your identity on BYDFi is generally safe. BYDFi has never been hacked and has a great security track record. Customer funds are stored in multisig cold storage, which makes hacking them nearly impossible.
When it comes to account security, you should always secure your account with 2FA authentication, such as Google Authenticator. This will keep away third parties trying to get into your account through phishing attacks.
As BYDFi allows crypto deposits, trading, and even withdrawing without KYC, BYDFi appears to be a reliable and secure option for crypto enthusiasts who choose to remain anonymous.
BYDFi Withdrawal Limits
While you can withdraw your funds from BYDFi without having to verify your identity, users without KYC verification have lower 24-hour limits.
What we love about BYDFi is the fact that withdrawal limits are fairly high, even for unverified users.
Without KYC (KYC 0), users can withdraw 1.5 BTC per day. This equals around $64,000 as of January 2024.
After verifying your identity (KYC 1), you can withdraw up to 6 BTC on a daily basis, which equals $257,000.
| KYC Level | 24h Withdrawal Limit |
|---|---|
| KYC 0 | 1.5 BTC (~ $64k) |
| KYC 1 | 6 BTC (~ $257k) |
BYDYFi KYC Requirements
If you decide to verify your identity on BYDFi, you will need to provide personal information. This includes a government-issued identity document such as your ID or Passport. Additionally, you need a device with a camera to take a selfie for facial recognition. The whole process is extremely simple, straightforward, and only takes a few minutes.
Bottom Line
BYDFi is a user-friendly crypto exchange offering its services in over 140 countries without KYC requirements. That means you can register, deposit, and get started with trading right away. When you are done with trading, you can simply withdraw your funds to your personal wallet. With a daily withdrawal limit of 1.5 BTC for unverified users, BYDFi is a great option for anonymous crypto traders.
FAQ
Does BYDFi require KYC?
No, BYDFi does not require KYC verification. You can trade, deposit, and withdraw without verifying your identity.
Is BYDFi legit?
BYDFi is a legit crypto exchange with licenses in several countries, such as the USA or Canada.
What are BYDFi withdrawal limits?
For unverified users, the daily withdrawal limit is 1.5 BTC. For verified users with level 1 KYC, the daily withdrawal limit is lifted to 6 BTC.
