When it comes to exchanges, BitYard and its philosophy does not go unnoticed:
Grow Your Future In The Yard
One-stop technology allows any operation to be carried out directly from the platform itself: in addition to crypto, Futures have been introduced.
With one platform we can manage all markets!!!
BitYard is based in Singapore and it was founded in 2019. It already counts more than 150 countries to which it offers various services as a Broker/Exchange.
The structure is solid and to be able to manage many world countries in full compliance with current laws, it has obtained licences from:
- American Money Services Businesses (MSB);
- Singapore Accounting and Business Regulatory Authority (ACRA)
- Estonia's Business Register (MTR).
- Australian AUSTRAC.
As you can understand, having those licenses lead us to think that this exchange is legally safe and safer than other; obviously the management of funds is the direct responsibility of the operator and that goes beyond mere legal certifications.
Below the screenshots of some licenses that BitYard has obtained:
Before proceeding to the How to section, let's do a brief overview of this innovative exchange and what are its strengths.
We have already seen the first strength point: the regulation that BitYard underwent and the legal solidness.
Now let's see operationally what are the peculiarities of this "newborn" exchange.
To simplify this brief overview, we can divide it into sections:
- Fiat Currencies
- Affiliation Program
In order to start using the exchange, you must perform a cryptocurrency purchase at first, as BitYard does not directly deals with fiat currencies and legal tenders.
The platform provides 3 providers for purchase that are: Banxa, Transak, Ramp. (in the How To section I illustrate the various steps and possibilities offered).
As mentioned above, since it does not handle legal currencies directly, it is not possible to purchase via credit card or bank account.
The part that includes trading, is obviously the most complex for the possibilities it offers, but the graphical user interface (GUI) makes the procedures very simple.
The various tabs make the navigation and the opening/closing of positions in the various markets very easy.
The division between spot and futures is clear, in fact each section is well identified by a specific tab.
Regarding Futures, there are some markets available: Cryptocurrencies, Derivatives and Forex.
In the futures interface, the use of leverage and how to apply it is very clear.
It is possible to access directly to the trade from the main screen through the folder "Markets" under there are the main tabs "Futures" and "Spot"; once the market of action is decided, to access the trading section, it is enough to press the relative button at the bottom of the line, with the writing "Trade".
Although it is a type of trading, Copy Trading is a distinct topic, as there is a dedicated tab in the main page.
As with all copy trading, the page opens with a list of all the best traders whose trades can be replicated.
Like many platforms, as soon as you register, you are given an affiliate code.
The program is divided into two stages:
Simple affiliation with which we recommend several people to use this platform: with this type you receive 40% of the trading commissions of the person who joined.
The other possibility is that of multilevel, which offers the possibility to earn commissions indirectly.
In order to join this possibility, it is necessary to have an excellent affiliation performance and to request the administrators to join the "eContracts".
This recognition, in addition to giving the possibility to earn by publicizing the platform, allows you to achieve professional goals helped by professionals in the field.
The fees of this exchange are divided according to the section in which we operate.
- Spot 0.1% on trade size
- Convert 0.1% - 0.15% of the converted size
- CFD 0.05% (also considered the leverage and for long positions the duration in days is also included in the calculation)
- Derivatives 0.025% (also considered the leverage)
HOW TO SECTION
In this section we will indicate step by step the operations to activate the account and to move in the various sections of the platform to give you the chance to Grow Your Future In The Yard.
In the main screen click on "Get Started" and the window for entering the minimum data required for registration will open.
Data entry form for registration by e-mail
Form for data entry from mobile.
As soon as the email confirmation code is received, the following window will open
Registration entitles you to get a mystery box: by pressing the "Get it Now" button, you will access a page that lists all the possibilities to get it.
One of these possibilities is to complete the KYC trial: KYC is not necessary to be able to perform operations on the BitYard.
As soon as you confirm the email with the code sent to your inbox, you are fully enabled for any possible operation on the exchange.
The dashboard looks like this:
The dashboard is divided into two parts to make navigation simple and profitable
Number 1 for everything related to the use of the platform and number 2 for the account and interface management.
From point 1.a to point 1.e we find all the tabs related to trading.
Point 1.f is related to the affiliation and point 1.g is the Mystery box that will appear until we open it.
Point 1.a – Markets
There are 3 tabs on this screen: Favorites (Arrow 1), Spot (Arrow 2), and Futures (Arrow 3).
The "Favorites" tab, which is active, shows all the markets we trade most often and which we decide to register in this section.
Spot – Arrow 1 (Arrow 2 in Point 1.a)
In this section are listed all the markets divided by reference currency (Arrow 2). By clicking on the tabs representing the various currencies the markets take that currency as reference. In the last column (Arrow 3) it is possible to access the trading section with the selected reference currency (Arrow 2).
Futures – Arrow 1 (Arrow 3 in Point 1.a)
In this section are reported the possibilities offered by the BitYard platform of Futures management (Arrow 2): Crypto, Commodities, Forex.
As for the Spot Tab, in the last column (Arrow 3) the trading section is accessed.
Let's proceed with point 1.b: crypto purchase.
As I wrote above, the platform does not allow direct purchase via credit card or bank account.
For this reason it uses three trusted providers: Banxa, Transak, Ramp.
Let's set the amount we want to use for the purchase of cryptocurrency and move to the next window.
Very important is to note that the first 2 providers (Banxa and Transak) require a minimum amount of $30, while Ramp requires at least $52.
Tab to define the amount
Exchange Provider Window
Screen for using Banxa
Screen for using Transak
Ramp change screen - note that the amount is equivalent to $80 because the provider requires a minimum amount of €71.
For these examples I have used the US dollar to purchase coins, and all providers used by BitYard only allow credit cards.
If you use Euro as legal tender, the providers make available, in addition to the credit card, the bank transfer.
Let's proceed and access the Spot Trading section, from the appropriate tab in the title Spot.
When you press the Spot button, the screen looks like this:
In the box on the right with the n.1 we have all the trading pairs according to the coin chosen (in this case USDT).
In the square 2 the graph that is the trading view, recognizable by the icon in the lower left corner;
In the box 3 we have the engine of trading: the panel of commands. I talk about this in detail below.
In box 4 there is the order book: fundamental to have an indication of the volumes and their distribution.
Let's go back to box 3.
This panel deserves some attention: as for other exchanges we have the possibility to set price limits and size the purchase size.
However, there is a particular button, it is the one indicated by the arrow: if we click it, we are directed to the Futures, in fact it is the button of the leverage.
A T T E N T I O N : if we click this button we open another type of trading that requires a deep knowledge and a much more rigorous money management.
In the Trading Spot tab, there is a conversion function: any coin can be converted only in USDT and not legal currency.
Going on with the tabs we find the Futures:
As you can see from the drop-down menu, we have the 3 possibilities: Lite Futures, Inverse Perpetual, USDT Perpetual (soon).
In the Lite Futures tab, an additional tab opens where you can select the various markets: Crypto, Commodities and Forex.
For all 3 markets, the display mode is the same while the available leverages change.
For Cryptocurrencies the maximum leverage is 125x, for Derivatives the maximum leverage is 200x, and for Forex the maximum leverage is 400x.
Also in the Futures tab there is another entry: Inverse Perpetual.
Inverse contracts are Futures where profits/losses and margins are denominated in the base currency and not in the quoted currency.
The interface is the following, and as you can see the use is intuitive and immediate!
Next in the dashboard we meet the Copy Trading.
The copy trading is the possibility, obtainable with a compensation to the trader, to copy trading operations made from professionals in order to have a certain safety that the capital does not go completely burned for inexperience.
As we can see there is a multitude of traders who provide their trading style and many of them get good results.
To access it, you just need to press the "Copy Trade" button and the following opens up.
We need to enter the amount we want to allocate at the Master Trader and then click the Copy button.
From now on this amount is protected by the expertise of the trader you have chosen.
Penultimate section of this magnificent exchange, is the affiliate program.
As explained at the beginning, this program is divided into 2 parts:
The first one where we distribute our referral link to bring to the attention of all the people close to us the possibilities offered by this exchange.
The distribution of this link can be done through all the social networks we are registered to, so that more people can become aware of it.
At this stage you receive 40% on the trading commissions of people who have registered through your code, as a recognition of your divulgating activity.
The second part of the affiliation program is more complex and is structured as a multilevel.
When you reach a good number of affiliates you can ask the structure to become "eContract": at this point you become an integral part of the BitYard team and you can achieve the most diverse goals with the help of real professionals.
The last "active" part of the dashboard is the Mystery box.
In the Mystery box drop-down menu, we have 2 items: the actual Mystery box and the Daily Mining.
Drop Down menu from the Home Page
As we can see there are 4 Mystery Boxes available:
- the first crypto deposit with Banxa,
- the registration with KYC,
- the first trading spot we execute,
- the 400 Ava trade.
Another nice option within the Mystery Box is the Daily Mining.
In practice it looks very much like a faucet, because at the end of the cycle they "give-away" portions of coin, but you don't need to make long and cumbersome operations: you just have to wait 24 hours and next to each symbol you can see the amount of coin available.
We click on it and they are automatically added to our wallet.
The operational part of the exchange is finished and now it time for a brief guide on the management part.
Part 2 (2.a, 2.b, 2.c, 2.d, 2.e) concerns the management of the wallet (present assets and in/out transfers).
Management of open orders divided by type Spot and Futures
Account Management: Security, Copy Trading Management and Affiliate Plan
Application download references
Trading fees is another key strength of BitYard: they are among the lowest on the market.
As quickly explained at the beginning of the article, the commissions are divided according to the type of trading that is performed: Spot or Futures.
Given that in Futures, the calculation of commissions considers two important variables such as leverage and the time the position remains open, I report screenshots related to the precise calculation.
The Convert Fees
The CFDs fees
The Derivatives fees
“Help” is the last mentioned aspect that results to be extremely important. In all pages of the platform there is the Help button, that allows you to chat with a bot that will help you solving your problem.
If you can't find a way out with the help of the bot, there is still a very extensive section on all aspects of the exchange.
That’s all for the BitYard Exchange. From our review it has many key aspects that will make it one of the relevant exchanges into the market, thanks to many regulations it has already got and the wide market offer it provides.
If you are already using it, be sure to leave your feedback here in the comments, or otherwise, be sure to go to BitYard website to watch with your own eyes!