For this contest we need to talk about the Bityard exchange, so in order to be able to talk about it without too many problems, I did nothing but register.

let's start

I open the page and I have to carefully read where I am because it seemed to me that I landed by mistake on the Binance page ...

I Control and… Well, I'm on Bityard.

Not having an account, I proceed with the registration button and a window with 2 tabs opens. One relating to the procedure with E-Mail, while the other with the smartphone.

In order not to waste time, I immediately insert the email, execute the captcha (identical to the Binance one) and I wait for the verification code on the email indicated.

The deadline timer expires after 80 seconds and the code does not arrive. I try again, with no different luck.

This is not a good start ...

I must be patient, the server is probably overloaded ...

Let's try with the mobile number, I insert the international prefix, the telephone number, the password, and send the request for the control code; after completing the captcha, I wait for the code via SMS.

Nothing again.

Ok, let's try again with the registration by e-mail, but this time by changing mail provider; I repeat the procedure and this time… ‘biribip’, here is the email with the confirmation code!

Well, now I'm registered and I have my account.

I enter and, unwittingly, I go through the help menus to see if there is important information to know NOW.

The page is set up very well, in fact it is entitled: Beginner's Guide.

On the left we find all the information necessary for the movements: deposits and transfers.

Below we find the information necessary for those approaching an exchange for the first time: trading, how to do it, in what hours you can do a paragraph dedicated to TP and SL.

Following below we have a very interesting part relating to copy trading: the ability to "copy" the operations of a professional trader.

The first item is the contract that you will have to stipulate in order to access the service, which is clearly paid, but for which I have not found the amount.

In the column on the right we find a section where it talks about contracts that can be stipulated without having any assets, simply by "betting" on the price change of any asset, whether it represents physical commodity (gold, silver, crude oil) or a financial instrument (bonds, stocks or cryptocurrencies).

The last two parts are the "bureaucratic" parts on how to register and how fees are calculated.

Particular attention is paid to fees which are set at 0.05% of the purchase volume * leverage. This is applied both in opening the position and in closing the position. The specifications indicate that the fees are paid only once, at the opening, and also include the closing of the transaction. Obviously it is an estimation.

Attention

In this exchange, there are also fees on the opening duration of the operation, in fact, when it exceeds 12 hours, a commission must be paid; on the contrary, it is recommended to check the account carefully as, if the commissions exceed the residual, the platform autonomously liquidates the position.

Note that on the open page there are various trading possibilities and all with leverage.

In the "instructions for beginners", however, they do not specify that the exchange does not work without, in fact, as you can see from the attached screen, in the top right you can clearly see that the minimum leverage is 5x.

Not bad!

Also because it is advertised in the bottom of the open page, that the Fees are to go down according to how many trading operations are done.

Sure!

If we take a step back and look closely at how fees are calculated, leverage also comes into play (which is fair in any case); then the 0.05% becomes 0.25% in reality as you can see from the screen that I attach.

Ah, we have to consider that it has to be multiplied by 2, so half a percentage point (opening and closing) ... not really cheap, don't you think?

Having ascertained this factor which, if not immediately grasped, could compromise the wallet of an inexperienced person a beginner, in fact, there are rewards for beginners who complete different steps of their account.

We can see them below, the prizes are paid in cryptocurrencies and in this case rewards are paid in Tether.

The bonus compendium is completed with the trading volumes that we can see below.

As usual, there is the first deposit bonus, which if you pay at least 0.5 btc, gives us 50 usdt and the welcome bonus (as you can see from the registration) which is 6 BYD for the exchange token.

BYD is currently not listed yet as in April 2019 they announced that they would launch it in the 4th quarter of 2020. In the FAQ there is no mention of any delays attributable to the corona virus even though I personally think it is possible.

As indicated in the title and in the first lines of the article where I started to get a little familiar with the exchange, the UI is very similar, almost identical to binance:

this Bityard trading page

this from Binance

while this is the opening or closing tab of a Bityard operation

this is from Binance

Clearly there are differences regarding the possibility of varying the leverage, which as I said above is never less than 5x.

Below is the wallet, first Bityard and then Binance.

Personally I would not feel like recommending this type of exchange above all for the fact of financial leverage: if used inappropriately and without a rather strict and iron money management, you risk sending a lot of money up in a very short period.

I believe that this type of exchange has been structured mainly for those who are already familiar with trading and everything that financially revolves around.