Cryptocurrencies exchanges offer a safe and efficient means of exchanging digital assets with other cryptos or FIAT currencies. Advancements in crypto exchanges have made crypto trading safe and comfortable. Whether you're looking to purchase cryptocurrencies and hold long term or want to trade frequently, or are interested in anonymity or privacy or enjoy the ease of digital trading assets, the crypto exchange got you.
And with the introduction of cryptocurrency contract trading, several crypto contract exchanges have entered the crypto space. An example is Bityard- a Singapore-based cryptocurrency derivatives trading platform seeking to streamline leveraged crypto contract trading with a "Complex Contracts, Simple Trade" approach. The exchange is relatively new in the crypto space. It has already attracted considerable attention from crypto traders considering crypto contract trading thanks to its ease of use and outstanding features, and comprehensive asset coverage & instruments. Here is an in-depth review of this exciting platform.
Bityard is a cryptocurrency exchange found in 2019 at Asia's technology capital, Singapore. The platform is registered as Bityard Blockchain Foundation limited and has been addressed at Paya Lebar Square Singapore. The exchange offers several products, including crypto derivatives and leveraged trading instruments on numerous different cryptocurrencies. The exchange is present in more than 150 countries and supports nine other languages: Portuguese, Russian, English, Traditional Chinese, Simplified Chinese, Korean, Japanese, and Indonesian.
What makes Bityard stand out from other crypto contract trading platforms such as Prime XBT and BitMEX is its unique business philosophy, i.e., "Complex Contracts Simple Trade". From the philosophy, Bityard aims to make crypto derivatives trading as straightforward as possible and to offer beginners the ultimate simplified trading experience.
Besides being user-friendly, Bityard offers a shallow entry barrier, requiring users only to have 5USDT to access the platform. The platform also provides competitive fees plus a daily mining program that allows users to generate additional income. Bityard is regulatory, compliant, and regulated by four authorities in different jurisdictions, i.e., The American Money Services Businesses, Singaporean Accounting and Corporate Regulatory Authority(ACRA), The MTR of Estonia, the European Union, and Australia's AUSTRAC.
Bityard Exchange Key Features
The initial aspect you'll realize about the Bityard Trading Platform is how simple the user-interface is. A user can customize the trading layout, plus the chart size is expandable to analyze the chart better. In the default layout, all the markets are towards the left. Charts display correctly at the center of the trading interface. To the right is the order forms followed by live and previous orders.
It's possible to map some trend lines and patterns with the provided trading tools. However, users cannot perform any sophisticated technical analysis on the charts, but third party charting sites, notably tradingview, allows you to perform such advanced technical analysis. At the bottom of the chart are the order management tool to adjust pending and live orders. An excellent feature of the trading platform is that you can close all trading positions simultaneously.
Supported Assets and Trading Instruments
Regarding trading instruments, Bityard supports leveraged contracts, which are very similar to the Contract for Difference (CFD). Since leveraged contracts are supported, there are no order books on the platform. When trading, you will utilize a match by Bityard, meaning you won't get any order slippage on your trades.
Bityard supports a decent number of tradable assets. Some of the platform's supported tradable assets include Bitcoin Cash, Bitcoin, DASH, EOS, Ethereum Classic, Ethereum Classic, Ethereum, LINK, Litecoin, Tron & XRP.
Bityard offered leveraged trading with up to 100x leverage on the platform. Leverage enables traders to receive a higher exposure towards a particular crypto's price increase or decrease without having the necessary assets. Trading in contracts allows users to access enormous amounts of capital through leverage.
In crypto contract trading, leverage is essential to hedge other investments or even protect profits when trading in volatile markets. Bityard offers leverage on every trading pair available.
Bityard charges two types of fees: an opening fee and an overnight fee. The opening fee is payable when opening a position, while the overnight cost is added on top of the opening fee and charged every night you hold a position. Users receive a 0.05% commission on entry and exit of the position. On Bityard, the opening fee is calculated as:
- Opening Fee = Margin x Leverage x0.05%
The platform charges a 0.045% overnight fee, added on top of the opening fee. Calculations for the overnight fees are as follows:
- Overnight Fee = Margin x Leverage x 0.045% x Days
Bityard Deposit and Withdrawal Fees
Bityard doesn't charge depositing fees. The platform offers various deposit options, including FIAT currency (Chinese CNY, Vietnamese Dong, and Indonesian Rupiah) and seven cryptocurrencies (Bitcoin, Ethereum, XRP, USDT, TRX, HT, LINK, and EOS). Moreover, The Bityard team has also recently announced a new partnership with Paxful, a global marketplace to securely trade Bitcoin with millions of users. The integration will allow Paxful to act as a fiat-to-crypto on-ramp for our users, and there will be more FIAT deposit methods available on Bityard soon.
However, when making withdrawals, the platform charges a fee.. Plus, withdrawals are only possible in USDT. The platform's withdrawal fees are quite competitive and roughly 60% lower than the industry average. You can find more information here.
Plans to Integrate Contract Copy Trading
Bityard’s vision to make trading smooth for every party will see a further step through copy trading. The exchange assures users of the feature coming soon as fully-automated for increased convenience. In that case, beginners can follow an experienced trader of their choice to employ their knowledge.
According to the plans in place, novice and pro traders will earn 8% and 10% profits, respectively. To begin, novice traders are required to satisfy KYC verifications. Pros will earn rewards depending on the effectiveness of their skills to beginners. Visit the support website for more information.
Is Bityard Safe?
Bityard offers high-end security features to protect investors' assets. Some of the security features available on the platform include Pin, email verification, SMS authentication, withdrawal address management, and login records. The platform also leverages KYC Verification, where users must complete the KYC Verification by clicking the "Enable KYC Verification" at the top of the "Account Security" page and provide the necessary information, then click "Confirm". Bityard also boasts of four licenses meaning that it's secure and trustworthy.
Bityard Pros and Cons
- Top of the class Customer Support
- Four Regulatory Licenses
- No Liquidation
- No Slippage
- Withdrawals are possible only through USDT
- Limited charting functionality
- Poor Order Functionality
Bityard is a safe, easy to use, and moderately fast cryptocurrency contract trading platform. The exchange is great for novice traders thanks to its ease of navigation, allowing beginner trade cryptocurrency contracts without being overwhelmed by the complex functionalities and different trading options.
The fact that four authorities regulate Bityard means that it's secure and legitimate. Using the Complex Contract Simple Trade concept, the Bityard platform aims to attract novices and professional traders alike.