There are numerous cryptocurrency exchanges. Singapore based Bityard is definitely not a top spot exchange but it is known for contracts trading. “Complex Contracts Simple Trade” is their product concept. The exchange was launched in 2019 and it’s a privately held cryptocurrency trading exchange company. Presently they’re providing service to customers in more than 150 countries. Bityard presently has licenses certified by different regulatory entities like ACRA of Singapore, MSB of the United States, MTR of Estonia and AUSTRAC of Australia. I thought about trying Bityard and giving a brief outlook. Please don’t consider it as investment advice.
Landing on Bityard
I register on the platform and it takes just 2 minutes. The homepage loads pretty fast and the trading page has a simple blue theme. I like the night modes more and I was glad to find a minimalistic white night theme there. The trading charts look decent with various options to analyse. If you are conversant with TradingView charts, you should find it easy. Spot trading fee is 0.05% and it is much lower than the industry average of 0.075 -0.1%. Bityard also has mobile trading platforms on Android and IOS. USDT is the base currency here. No other stablecoin pairs are there. Bityard coin BYD is the native exchange token of the platform. You can get BYD when you register and trade. You can deduct trading fees, or get excess income from listing with help of BYD. Cryptocurrency deposit of only USDT, BTC, ETH, XRP, TRX and EOS is supported but the withdrawal of all coins is supported. OTC deposit of fiat money is also available for some supported countries. So far, so good! But I prefer to do spot trading on the bigger centralized exchanges where trading options are more and order book has sufficient depth. Contract and derivative trading portions of Bityard catch my attention. Yes, there is something really interesting about it.
The trading screen of Bityard
Bityard contract trading
Contract trading should be tried if you’re a pro trader and want to take additional risks. The market can be bull or bear, contract trading helps you to hedge market risks with minimum capital and without investing in the actual trading asset. It’s a good way to multiply profits by taking leverages. More return comes with more risks. Always remember this basic trading philosophy. It’s easy to enter into the contract trading platform of Bityard as the minimum capital requirement is 5 USDT. Yes, you can go as high as 20,000 USDT. The trading fee is 0.05% and again it is below the industry average. You should note that Bityard pre-deducts the opening and closing fee when you open a position. You can take 5X-100X leverage when you open a position. If you want to play safe, take less leverage. As per the website, “Bityard uses a K-line weighted average that pulls data from 3 major crypto exchanges which are Binance（30%） & OKEx（40%） & Huobi（30%） to display the fairest and most accurate cryptocurrency prices.” It’s a known fact that many contract trading exchanges add spread to the prices of long and short. Bityard claims to never add spread to extract profit from their customers. Sounds cool!
It’s important to note that Bityard contracts aren’t perpetual contracts but if you set up 'overnight', you can hold it for a long term unless it hits SL/TP ratio and if you’ve enough balance in your account so that they can charge overnight fees. Bityard’s contract trading is based on offsetting one customer’s position with another. If one customer has a ‘short’ position and another has a ‘long’ position, both get covered automatically. The exchange only gets the trading commission. There is no forced liquidation.
Bityard recently expanded into the traditional derivative market through its partnership with GDA Capital. The exchange now offers a leveraged trading option in derivatives like crude oil, gold, silver etc. If you want to experience that, you can opt for that. All the details of contract IDs and related exchanges like NYMEX, COMEX etc. are visible in the exchange trading screen.
Derivative trading options
Doing contract trading
I’m not a contract trading expert. Bitcoin is trading now below $19,000. So, I want to open a leveraged buy position. So, I decide on my buying point.
50 USDT is my margin. I don’t want to take very high leverage. So, I take 19X leverage only. 5-10% leverage should be ideal for a beginner trader. I find the prevailing market price fine. So, I place a market order instead of a limit order.
I go to the settings and set my TP and SP ratio. I want to take profit at 300%, so I select my TP ratio at 300%. I select my SP ratio at 90% as I want to stop loss at 90%. ‘Overnight’ option remains on by default and it ensures that the order is held overnight (after Singapore time 05:55:00). There are some overnight fees if I hold my position as per their definition of overnight.
Now I press ‘buy’ button and my buy order gets executed.
If I want to close my position, I can. Let me wait for some time to close it in more profit.
It is a fact that many investors are afraid to try leverage trading due to so many technical things involved. Bityard is providing a simple interface with fewer technicalities. Even a novice trader can open positions here with minimum capital and experience margin trading. A trader learns trading only through practical experience. Bityard seems to be an ideal ground to hone your skills in a hassle-free manner. They offer ‘demo’ trading option too. Maximum similar platforms offer so many advanced tools that a newbie trader faces ‘problem of plenty’ and lands on utter confusion. If you want to try contract trading, you can definitely give Bityard a try!
Register on Bityard here