As I browsed through the posts about the bityard exchange I noticed that most which has to be said about the project has pretty much already been said. So for this post I will just describe my journey through their platform as I try to figure out how everything works and what they are offering.
Step 1 making an account
As I sit here behind my laptop I take the first step and signup, I click the big yellow get started button and right off the bat I can just fill in an email get a code name a password and BOOM I have an account. Wow that was very easy, I'd like to celebrate with a dead meme. When I did not understand something I could read up on their beginners [guide](https://support.bityard.com/hc/en-us/categories/360002460412-Beginner-s-Guide). Everything there is explained in easy language even understandable for crypto first timers.
Step 2 Whats this 258 free dollars!!! Actually it's 0% trading fees
First thing my greedy ass sees is a little envelope with 258 dollars! All excited I go through the several tasks which would make me a few dollars. Later I noticed these dollars are used for a 20% deduction on trading margin. This together with the contract bonus from the daily mining could give you 0% trading fees as long as these rewards last.
Step 3 The UI on contract orders
So this is what's it's all about, luckily I'm not a total crypto normie and I have traded contracts before so I know how it works. I put in my dollars get a nice leverage and press the big green buy button and BOOM it's done. It looks like this, notice the big easy buttons and the clear slider for leverage.
You can see your P&L and your leverage on the bottom side like this
It's nice and clear what your position is and liquidation price. You can also see your total P&L when having multiple contracts up like this
It's really nice this is displayed in dollars giving you a sense of how much money you either lost or are making.
Step 4 what else can be done on bityard?
They have some standard spot trading for a lot of trading pairs like UNI, MKR, OMG etc. a derivatives market for oil, gold (pff more like antique bitcoin), silver and etc. I recommend shorting gold :). There is also a neat affiliate program so you can make bank on other peoples trade that sign up via your link.
My verdict is this Noob friendly I'd say yes definitely. The UI is where Bityard shines even if I was completely inexperienced I could still understand what is going on on the website. The rewards from signing up and the mining result in 0% fees for the first trades are some really nice bonuses to just get from an exchange. The option to also trade derivatives makes it one of it's first kind.
Should you trade on bityard?
Only if you want to
- Short and long different cryptos with 0% fees
- Short and long different derivaties with 0% fees
- Make money for depositing 2 ETH (5$)
- Trade spot with your gains from shorting gold
- Easy and accessible trading
Hope this helps some people out :)