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Bityard Review

bityard review

Choosing the right crypto derivatives exchange depends on what a trader needs from the market. As each cryptocurrency derivative exchange has its own products, a trader needs to understand the features of different derivative exchanges before making a decision. A primary quality that traders seek is liquidity or the trade-off between the price at which an asset can be sold, and how quickly it can be sold. 

  • In a comparison of 4 crypto derivatives trading platforms, a particular one catches our interest due to its wide range of asset options and easy navigation features.
bityard (byd) review

The last column is for Bityard, a simple-to-use cryptocurrency trading platform that supports up to 100X leverage. Based in Singapore, a blockchain supportive jurisdiction and technological hub of Asia, the exchange provides safe crypto trading derivatives services to users drawn from over 150 countries. 

Overview

The main products offered by Bityard are leveraged trading instruments on numerous different cryptocurrencies. The main differentiators of this exchange are the low entry levels as well as their unique contract offerings. Bityard is more simplistic than the likes of BitMEX or Prime XBT.

The platform’s motto “Complex Contracts Simple Trade,” aptly captures its mission. Bityard was founded in 2019 to serve the precise needs of any trader. Behind the project is a team of experienced professionals with a deep understanding of crypto and how to break down previous barriers for everyone to participate. 

This way, the exchange sufficiently meets the needs of traders with little experience in crypto derivatives trading but yet wants to get involved by safely and profitably trading liquid digital assets.

The previous layout looks cramped and complex. Bityard has since then changed into a sleek design to make the trading less complex and bewildering to newbies.

bityard (byd) review2

As shown from the screenshot above, a trader can simply track the movement without the disruptions from checking the order-depth of each pair. A pair’s daily performance, volumes, and change can be found just above the main chart.

Supported crypto pairs can be seen on the left side of the screen. Clicking any pair displays its price chart. Besides, a trader can cycle through his/her preferred time frame on the first tab above the primary chart. There are other options for drawing shapes and lines for technical analysts on the left side of the main chart bordering the Innovate Area.

bityard (byd) review

Once opened, live positions are shown just below the primary chart. Each position has its Profit and Loss (P/L) status, Stop Loss (SL), Take Profit (TP), P/L percentage, and other necessary details required by traders.

Towards their goal, the Bityard trading interface is simple and streamlined. It is purposefully designed this way for smooth and easy navigation. This trait is great because trading can seem complicated and daunting for new traders. The interface is what sets Bityard apart from competitors. 

Bityard’s present objective is to primarily bring high simplicity to their clients. Furthermore, Bityard simultaneously blends this simplicity with a powerful, yet professional trading platform. 

This way, all kinds of traders and investors — even those without blockchain experience — can easily take part and profit from market gyrations.

Why Trading Crypto Derivatives is Easy on Bityard

Aside from superior functionalities, Bityard is highly-rated because of its security. Notably, the Bityard interface is designed with traders in mind and is easy to cycle through. 

A side by side comparison with another platform shows the particular reason why newbies feel at home using the Bityard platform (on the right on the screenshots below).

The advanced tools of other platforms are advantageous for veteran traders. However, the complexity of their interface and operation panel can prove daunting for newbie traders.

bityard vs bitmex

Most traders find Bityard attractive because of the following:

  • Easy sign-up process. It only takes 30 seconds to register. All that’s required is a phone number and an email address. There is no KYC and the service is available on both mobile and desktop.
  • It is licensed and complies with rules and regulations applicable in Singapore, United States, Australia, and Estonia. Bityard adheres to laws set up by the Business Administration of Singapore (ACRA), the United States Financial Supervisory Authority, the Australian Transaction Reporting and Analysis Center, and the Estonian Financial Regulatory Authority. For fund security and confidence, compliance with local laws is paramount. 
  • Fiat deposit is simplified. Bityard currently supports the Chinese Yuan, the Vietnamese Dong, and the Indonesian Rupiah fiat deposits. The exchange, in the coming days, plans to support more fiat currencies. Still, Bityard also supports crypto deposits in BTC, ETH, TRX, USDT, EOS, HT, and USDT.
  • The exchange offers a low barrier to entry, as well as competitive fees. Users are able to execute trades as low as 5 USDT or as high as 10,000 USDT, with a mere 0.05% interest rate. As higher risk begets higher reward, Bityard allows anywhere from 5x to 100x leverage.
  • Traders can place orders and profit from crypto market volatility via a simplified trading interface. However, for those who want to learn the ropes, Bityard supports demo accounts for novices to sharpen their skills or strategies.
  • Customer care support is multi-lingual supporting eight languages including Russian, English, Mandarin, Indonesian, Korean, Vietnamese and Japanese.
  • 16 asset options available 
bityard byd review

Having 16 asset options gives a newbie trader a wider range as each option tends to have its own advantages or disadvantages. It will be up to you to decide which one is the best for your particular situation. You can swap major currencies anyway to put yourself into a better buying position.

Bityard Token (BYD)

At the center of Bityard is the BYD utility token with a total supply of 210 million. Upon registration and trading, clients will be gifted 6 BYD tokens. 

It will be mostly used for payment of fees and will be integral in the Bityard ecosystem. 

In the future and once Bityard becomes operational, the token will be listed in other exchanges. 

Interestingly, the token can be mined from the exchange’s “Daily Mining” page alongside other cryptocurrencies. From the total supply, 10.24 million BYD tokens have been allocated to its mining program.

Fees

There are two types of trading fees charged by Bityard: Opening Fees and Overnight Fees.

Opening fees are charged on opening a trade. It is set at 0.05 percent and is influenced by variables like margin and leverage.

This is calculated as below:

Opening Fee = Margin*Leverage*0.05%.

Users will be charged closing fee as well with the same formula

The overnight fee is charged when a position is left overnight. It is added on top of the opening fee, and calculated as follows:

Overnight Fee = Margin*Leverage*0.045%*Days

Deposits are free but there is a 2 USDT withdrawal fee.

Is Bityard Safe?

Safety is a major concern because of how rampant hacks have been in recent days. Bityard fares well against competitors. 

Also, since it is compliant with U.S., Australian, Estonian, and Singapore’s laws, it is only fair to say there are safety nets for clients just in case there are breaches.

To cap it up

Bityard has identified a gap and wants to make crypto derivatives trading accessible to the masses. With a priority of simplifying crypto leverage trading through their “Complex Contracts Simple Trade” motto, Bityard is a perfect fit for newbie traders, even those with little to invest. However, being fairly young, Bityard needs a major stress test during an exuberant bull market.

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