Bityard Review 2020
Bityard is a cryptocurrency contracts exchange having its headquarters in Singapore. It is designed with effective crypto trading tools that help the traders experience leveraged trading of various cryptocurrencies. To offer a simplified trading experience to its customers, Bityard.com follows the product approach, “Complex Contracts Simple Trading”.
At Bityard, the leveraged trading can be expanded to leverage of 100x and allows trading with 16 different coins. The exchange has easy-to-use features that help even the novices without any experience of crypto trading on such platforms to operate effectively. In this Bityard reviews, all the essential points have been discussed so that the traders can understand the working procedures of the exchange before they start investing.
History of Bityard
The Bityard Contract trading exchange came into existence in the year 2019, and it was registered in the name of Bityard Blockchain Foundation Limited at the Paya Lebar Square in Singapore, to offer various products to the traders. The comparatively low entry levels and unique contract offerings help this contract exchange to stand apart from its contemporary platforms. The exchange now operates in around 150 countries all over the world and has now translated its website in 8 different languages, to cater to the huge demand of the traders registered on the platform. There are also no restricted regions as such which is an added advantage to trade on this platform. Anyone across the world having a registered account on the Bityard exchange can reap the benefits of trading on this platform.
How does the Bityard contracts exchange assure security to its traders?
To measure the safety and security of a contract trading platform like Bityard, certain parameters need to be assessed like the security of the contracts exchange, the license of the exchange, the security of the users, and the availability of various risk management tools on the platform.
1) Regulatory Compliances
The Bityard platform has regulations from four different countries including the US, Singapore, Estonia, and Australia. These regulatory licenses from 4 different nations grant the permission to Bityard to operate in these nations without any hurdles. The official website of Bityard shows the details of all these 4 licenses to establish the credibility of the platform to its traders. The four regulatory bodies granting a license to Bityard are ACRA (Accounting and Corporate Regulatory Authority) Singapore, MSB (Money Services Business) US, AUSTRAC (Australian Transactions Reports and Analysis Centre) Australia, and MTR (Majandustegevuse Register) Estonia.
2) Exchange Security
Before investing in any cryptocurrency exchange the traders should be aware of the various risks associated with cryptocurrency trading. They should also enquire about the various levels of securities maintained by the exchange to make sure that their coins are kept protected at the exchange. Bityard uses “cold storage” crypto wallets to protect the crypto-coins of their registered traders. Cold Storage is a wallet storage option that is considered to be the safest way to protect the funds because they cannot be accessed using the internet and hence cannot be hacked. The majority of the funds are stored in the cold wallets with a small portion stored in hot wallets to pay for the withdrawals.
3) SSL encryption
Bityard provides robust SSL encryption which keeps all the communication with the platform secure. With the help of SSL encryption, it becomes easier to spot any kind of phishing attempts. Therefore, traders should be very careful during login to a particular website; any website without a secure padlock is most likely a phishing site and should be left immediately before the traders’ details are compromised.
How to start trade on the Bityard platform?
To start trading on the platform, the interested investors need to create an account on the platform by proving some basic details. An account can be created either with an email account or a mobile number. Some basic details like the full name of the investors and his country of residence need to be entered while filling in the registration form that is available on the official website of the platform. After you have filled in all the necessary details, an activation link would be sent to your registered email address to authenticate your registration on the Bityard platform. Sometimes the activation link is also sent to the registered mobile number of the trader. There is no need for any KYC compliances unless funding is done with Fiat Currencies.
After successful registration, the traders can directly go to the funding page or can try the demo account if they wish to. To access the demo account, no separate registration is required. The demo account is virtually funded and allows the investors to gain some valuable insights into how the Bityard platform works. It also exposes the full functionality of the platform to the investors and they can anytime switch to the live mode at their discretion.
If the investors are satisfied with the demo mode allowed on the platform then they can go to the funding section and deposit the required funds towards the working capital of the platform. For depositing funds, you need to go to the “Panel” section and then select the subsection “Deposits”. In this section, the investors are given the liberty to choose their preferred coins e.g. if any trader prefers to make the deposits using USDT, then he can choose from any of the three options from TRC20, OMNI or ERC20. When you click on a particular coin, the system will either scan the QR code or it will scan the address of the trader from where the deposits have been made. The time taken to process the deposits depend on the coins that are selected by the investors. Each coin requires some definite amount of confirmation before they are reflected in the trader’s account. Fiat funding is only available to the investors settled in Indonesia, Vietnam, and China.
After the funds are deposited, the platform will automatically place trades on behalf of the investors based on their trading preferences.
What are the different fees charged on the Bityard platform?
The Bityard leveraged crypto trading exchange does not charge any fee towards deposits made. But for withdrawals, the investors need to pay 2USDT for each withdrawal transaction. It offers a straightforward fee structure to its investors and is probably the reason why this trading platform has become so popular among the investors. Like most of the other cryptocurrency derivatives exchanges, Bityard charges for positions opening and closing, withdrawals, and overnight fees. There are no traditional “maker” or “taker” fees charged by the platform as such, as the Bityard exchange provides for all the liquidity for the transactions. For each trade, the trader needs to pay 0.05% fees irrespective of whether he is opening or closing the position. Positions held for more than 12 hours may attach overnight fees that are charged every day by the Bityard platform at 05:55:00 GMT + 8 Singapore time.
The minimum size of the positions must be more than 5 USDT but less than 20,000 USDT per trade. Risk takers can enhance their position up to 100 x leverage. Therefore, Bityard offers a very effective fee structure that makes it one of the most affordable cryptocurrency contracts trading platforms in the world.
How is Bityard different from other exchanges?
The simplicity of Bityard makes this contract trading exchange to stay apart from its competitors. It never confuses its investors with lots of options and features. It has a clean and straightforward interface that can guide the investors as they register and enter into the platform intending to earn a significant amount of profits from crypto trading. It is designed in a way that can help novice investors operate easily on the platform.
What does the Bityard layout look like?
The layout of Bityard is very simple and therefore the new investors do not find it difficult to operate on this platform. The product approach of “Complex Contracts Simple Trade”, is well defined and is well abided by Bityard. The first and the foremost thing that attracts the attention of the investors is its simple and adjustable layout. Investors have the liberty to increase or decrease the size of the charts as per their convenience.
In the default layout, all the markets are on the left and the investors can choose anyone from the available markets that they want to trade. The charts are in the middle of the page and on the right, there are order forms. All the previous and the live orders appear at the bottom of the page. The chart is kept simple and uncluttered for the ease of use of the novice traders, but then the simplicity of the charts has a disadvantage as it cannot be used for doing any advanced technical analysis. For undergoing any technical analysis, a separate chart should be used that is available on the “tradingview” tab on the page.
Just below the order form, there is a table describing each of the assets available for trade. Again, there are two types of order forms at Bityard, the Market Order form, and the Limit Order form. In the Market order form, each order needs to be placed at the existing market price of the assets. In the Limit Order form, the order can be placed at a rate away from the existing market rate. It can be more than the ‘sell order’ price or less than the ‘buy order’ price. Once the investors have finished choosing the order forms, they can select the leverage they want to trade.
At the top right-hand corner of the order form, there are also two options to select the Stop Loss (SL) limit and the Take Profit (TP) limit. The maximum Take Profit percentage that a trader can set is 500%.
How strong is the customer support of Bityard?
Bityard follows “Complex Contracts Simple Trade” approach and this would not have been possible without a strong customer support team working behind effortlessly. The customer support team consists of experienced trade analysts who are well aware of how contracts trading is done and how trading instruments are handled in various exchanges like it. The customer support team can be contacted by the registered traders at any time of the day through direct phone calls, emails, or chats. The experts are now also available on social media platforms to ease the communication process. The best part with Bityard is that the investors can have a one-to-one discussion with the trade analysts and get their issues solved instantly.
From this review, it is clear that Bityard is a legit platform that allows the cryptocurrency leverage to expand up to its full potential of 100x leverage. Such enhanced leverage is not a very common feature available in most of the cryptocurrency exchanges, but with Bityard it comes naturally. There are inherent risks associated with crypto trading, but Bityard exchange has been successful in waiving the maximum of the risks with the help of its real-time risk auditing and management tools. These tools are better than various insurance funds that other leveraged crypto exchanges offer. Bityard aims at seeking a user-friendly platform for the investors that support trading of 16 different coins like BTC, ETH, TRON, etc., at the leverage starting from 5x to 100x. Cypto-to-crypto conversions at much lower trading fees, easy deposits, and withdrawals, amazing promotions for both the retail and institutional investors are possible only because of the unfathomable efforts of the trade experts at Bityard. Being a crypto contracts trading exchange, Bityard allows its registered traders to hedge actual trading assets without even owning them against the market risks. The investors can earn profits amidst both the bull and the bearish markets using margin trading options.
1) Does Bityard have a mobile trading app?
Yes, Bityard is accessible through a mobile trading app that has all the features of the desktop interface of the site. The Bityard app is compatible with all the iOS and Android devices and therefore allows the investors to place trades from anywhere and everywhere. There is no need to sit the whole day in front of the laptop to monitor trades; trades can happen anytime and anywhere.
2) Is there any Spread charged by the Bityard platform?
No, the Bityard exchange does not charge Spread over any transaction fee. There are no additional ‘slippage’ or Spreads charged, whatever trading fees are mentioned on the official website of Bityard are only the spot prices without additional margins.
3) How is the promotion done by Bityard?
The Bityard contracts trading exchange is still in its nascent stage and therefore needs to be promoted across all available platforms to let the investors know about it. As part of its promotional campaigns, Bityard arranges various affiliates, bonuses, or referral programs. Using these various programs, investors get the opportunity to earn various cryptocurrencies. Some affiliate programs offer the investors a flat reward of 60% trading commissions. The onus of these affiliate and bonus programs is to encourage the existing users to use this exchange, and also to refer their affiliate codes to their friends and relatives, so that the exchange gets maximum coverage.
4) Is the Bityard exchange safe and reliable?
Yes, as per our review, Bityard appears to be a safe exchange to trade on and it employs several security measures both for the users and the exchange itself. The exchange employs real-time risk management tools, cold wallets, multiple offline signatures, and KYC authentication system to provide robust security to the investors. It makes the complex contracts trading much easier to carry on with the help of these security tools.