Bityard is a new trading platform launched in 2019 that lets traders trade Bitcoin and other major cryptocurrencies with high leverage up to 100x across its portfolio of trading pairs. The trading platform offers amazing leverage, a beginner-friendly user interface, competitive trading fees and a slick mobile trading app.
The cryptocurrency trading exchange adheres to the product concept of ‘Complex Contracts Simple Trade’ aims aims to bring a simplified trading experience to its customers.
While we aim to provide you with accurate and the latest information on its features, user interface and trading fees and more in this Bityard review, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.
What Is Bityard?
Bityard is an emerging cryptocurrency trading exchange which is headquartered in Singapore. The platform offers a safe, easy and fast trading service and is available in over 150 countries worldwide.
The platform features a crypto contracts trading exchange to allow users to hedge against market risks without purchasing the actual trading asset. Users to profit from both bear and bull markets while using a small amount of capital to maximize potential profits with margin trading.
Bityard is currently offering a welcome bonus of up to 258 USDT to attract new users to the platform. Once a new trader has registered, they can earn free Bitcoin, Ethereum, EOS, Tron and other major digital currencies.
Bityard Features
Trading on Bityard offers several features for traders including:
- Withdraw profits in Tether (USDT) as the base currency
- Trade with Bityard coin BYD to reduce trading fees or earn extra crypto
- Deposit funds using Over The Counter (OTC) partners
- Low minimum deposit amount ($5 USDT)
- Accurate live crypto prices using data from Binance, OKEx and Huobi
- Margin trading with leverage up to 100x
- Zero spread, no slippage cost and no clawbacks
- Mobile trading app for Android and iOS devices
Is Bityard Legit?
Bityard is a legit cryptocurrency trading platform that is regulated and licensed under Singapore’s ACRA, USA’s MSB from Financial Crimes Enforcement Network which belongs to the United States Department of the Treasury, Estonia’s MTR and Australia’s AUSTRAC.
The official certificates can be viewed by following the links on Bityard’s website.
Getting Started With Bityard
To create an account with Bityard and takes a few minutes and requires a valid email address or mobile phone number. There is no KYC process or need to upload identification documents to start trading.
Follow these steps to register with Bityard:
- Visit the website https://www.bityard.com
- Click on the ‘Get Started’ button at the top right-hand corner
- Enter in an email (or phone number) and set a strong password
- Check email and enter in the verification code
- Click on ‘Register’ to sign in to your account
Depositing Funds To Bityard
Bityard provides multiple methods to deposit funds to the trading exchange. Users can transfer cryptocurrency directly from a hardware wallet to Bityard. The time taken for a deposit to reach the Bityard wallet depends on the crypto asset, the number of confirmations required and the blockchain network load.
For traders that want to buy crypto and top up their wallet, Bityard offers a fiat service to convert local currency into crypto. You can buy crypto using an Over The Counter (OTC) partner or with a credit/debit card.
To deposit funds into Bityard, follow these simple steps:
- Navigate to the ‘Deposit’ link under ‘My Assets’ on the top menu
- Select and confirm the cryptocurrency asset to deposit into Bityard
- Copy the deposit address or scan the QR code displayed
- Deposit crypto to the address
Bityard User Interface
The charting interface is one of the most important considerations for traders. This is where most of the time is spent analyzing the chart and technical indicators. The main charts are positioned in the middle and can be re-sized and positioned to suit. There is a night and day mode which is a great feature.
The look and feel of the price charts is similar to the popular crypto trading tool and software by Tradingview. It is sleek, intuitive, responsive and clean. Everything a crypto trader should be looking to focus on analyzing the charts, price action and positions without distractions (e.g. a troll box or excessive dialogue boxes).
Trading features, chart patterns and drawing tools are accessible using the navigation bar on the left. You can also right-click the charts to bring up chart options such as:
- Reset chart
- Modify drawing tools
- Change the chart interval
- Insert indicators
- Remove drawing tools
On the left, the available crypto assets to trade are listed which can be sorted by ‘Name’, ‘Last Price’ and ‘Change%’. Switching between crypto pairs was responsive and quick to load the price charts. We did not notice an excessive lag between loading charts which is a common frustration on other exchanges.
The trade window is positioned on the right to enter in orders. Here, you can manually place trades using a limit or market orders.
The amount of leverage can be changed by dragging the slider, which automatically adjusts the take profit and stop loss levels.
Compared to other margin platforms, we did observe there is a limited number of orders and would like to see advanced risk management types included such as:
- Stop-limit
- One Cancels the Other (OCO)
- Good Until Cancelled
- Immediate Or Cancel
- Kill Or Fill
Overall, the user-interface on Bityard is clean and a solid platform that we think is well suited to both beginner and intermediate crypto traders.
How To Trade With Bityard
To trade cryptocurrency with Bityard, follow these simple steps:
- Login to your bityard.com account
- Navigate to the top menu and click on ‘Trade’
- Use the left menu to select crypto pair to trade
- Enter the price you want to buy or sell the crypto
- Select the amount to buy or sell and choose a trade leverage amount
- Define a take profit and stop loss level
- Click on the ‘Buy’ or ‘Sell’ button to place the order
Supported Cryptocurrencies
Bityard exchange support 10 cryptocurrencies which can be traded against USDT only. The assets which can be traded on the exchange are BTC, BCH, DASH, EOS, ETC, ETH, LINK, LTC, TRX and XRP.
As Bityard is a new exchange, we anticipate the platform to eventually grow their asset offering and allow profits to be realized in other digital assets and even fiat currencies.
Bityard Fees
Bityard charges a 0.05% transaction fee that applies when an order is opened AND closed. The trade fee payable will be displayed in the order window and calculated using the formula:
- Opening Fee=Margin*leverage*0.05%
- Closing Fee=Margin*leverage*0.05%
Positions that are held for longer than 12 hours may be charged an overnight fee. This charge in addition to the transaction fee. In comparison to other crypto trading exchange, the fees are reasonable however could be reduced further to increase competition.
Deposit & Withdrawal Fees
There is no deposit fee for transferring cryptocurrency and fiat currency into Bityard. The deposit time to reach the Bityard wallet depends on node confirmations and the blockchain network load.
For withdrawals, there is a $2 USDT charge during the current promotion period. Withdrawals are usually processed within the hour and there is a minimum limit of $50 USDT.
Customer Support
Bityard offers its clients support on a 24/7 basis to provide guidance and support. There are several mediums to get in touch with the Bityard team including email, social media and a live support bot. Users can also navigate through the extensive FAQ section to find answers to commonly asked questions.
There is a live support bot to contact the support team directly during hours. After hours it defers you to support articles and guides in the Bityard Help Center while waiting for staff. We used the chat box and are still waiting for a response!
Security
Bityard’s website states the platform employs several security measures to protect users funds from theft and fraudulent activity. The security measures include 2 Factor Authentication (2FA), multiple offline signatures, cold storage of client assets, real-time risk audit and full refund warranty.
Conclusion
Bityard has created a solid offering in the cryptocurrency trading space with their contracts trading exchange. It appears to be a legit service that allows traders to hedge against market risks without purchasing the actual trading asset.
Bityard’s registration process is fast and easy and the user interface is well suited to beginners. If you’re searching for a regulated and licensed margin cryptocurrency exchange, then Bityard is a great option to consider.
As always, we caution traders that leverage trading is very risky. It’s possible to make a lot of money but it is easy to make an error and lose all the funds in your account. If you are new to trading, then you might be better off using a crypto demo trading account to refine your skills.
Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges – in addition to the above exchange – provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders.
