Bityard platform is a spot trading platform that was created for lenders to conduct transactions on trading crypto derivatives. Leveraged or margin trading is a type of trading that is based on exchanging digital assets without owning them. Traders monitor cryptocurrencies’ market positions to know when it is the best time to open a deal. The trading platform uses external Bitcoin pricing data to provide all its users with the current prices for the cryptocurrency.
Bityard is becoming one of the best crypto derivatives trading platforms out there. The platform is managed by Bityard Blockchain Foundation Limited. The company’s main office is located in Singapore, but the platform has already become accessible and popular around the world, although the service for leveraged trading was launched only on April 20, 2020. Initially, the developers of the platform set two goals: to simplify the process of trading derivatives and to ensure the absolute security of user accounts. Below, we will tell you about the tools with the help of which it was possible to do this.
Read this Bityard review, make yourself familiar with the most important Bityard features, find out what margin trading is, and start trading on the platform to enjoy the services it provides!
Bityard Exchange Services
Bityard is a trading exchange platform that is known on the cryptocurrency market as a service for traders engaged in SFDs trading. But what is SFDs trading?
SFDs trading is one of the areas of trading crypto, the main feature of which is that traders may not be owners of a certain amount in cryptocurrency, but at the same time earn on transactions and changes in the value of a digital currency. Traders monitor the trading positions and the cost of each cryptocurrency to conduct the best trade.
Experienced traders may notice that this system vaguely resembles futures contract trading. For example, for this activity, traders usually use services such as Binance Features or BitMEX.
Differences between Bityard and other exchange platforms
1. Presence of orderbooks
On the platforms mentioned above, there are intermediate steps between traders opening and closing trades. Usually, this intermediate stage is orderbooks. On the contrary, there is no such unit on Bityard and other derivatives trading platforms. Instead, the service and its representatives receive their percentage from transactions. Thus, the process of marginal trading with the help of this service is simplified for all traders. They do not need to think about the liquidity of the transaction. The price of the transaction, as well as the fee for it, are clearly defined in advance.
2. No time limit for the trades
In addition, SFDs platforms such as Bityard are great for traders who are engaged in conducting long-term transactions. In ordinary exchange applications, there is a strictly defined maximum period for which a transaction can be placed on the platform. While on the Bityard, a trader can endlessly leave a deal open if this one meets their interests in the crypto market. At the same time, complex contracts will remain relevant.
3. Ease of trading on the platform
In general, SFDs trading platforms are usually more understandable even for novice traders. There are fewer key features of the trading process that are worth understanding and distractions on the screen while working.
Where You Can Use Bityard Trading Platform
Bityard trading platform is a service that is widely available in various parts of the world. Users from more than a hundred countries can enjoy the pros of the trading app. The list of countries that Bityard supports includes such large countries as Australia, Canada, Mexico, Russia, most European countries, the United Kingdom, India, and many others.
Users can trade their digital assets and make trading pairs with the following cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash, EOS, Ripple, Link, Litecoin, and Tron.
Please note that users from most countries cannot make a deposit to the platform using fiat currencies. The only exceptions are Indonesia, Thailand, and Mainland China. Traders from other countries will be able to make a deposit using various cryptocurrencies: BTC, USD, TRX, EOS, HT, TH, XPR.
However, it is likely that the developers of the Bityard platform are now trying to make deposit fiat currency available in other regions of the world. The only available currency for withdrawing money from the account is still US dollars.
Since Bityard developers think about the safety of users and the preservation of their crypto savings, in order to perform some operations, users must go through know-your-customer processes, also known as KYC. To make a deposit in fiat currency and withdraw money from your account, the user must upload a copy of the identification form and their contact details.
Trading Fees on The Bityard Platform
We want to mention that a fairly simple system of transaction fees is installed on the Bityard platform. Even reading just a few paragraphs on the topic in our review will be enough to confidently trade on Bityard and know what fees you will be required to pay.
You should know that there are not many types of fees on the platform. What is more, one fee of the two is charged to absolutely all users when conducting transactions, while the second fee must be paid only under certain conditions.
This is the first type of fee all traders are required to pay, no matter whether they open a deal or close it. This type of fee is a flat-rate trading fee, its amount is always 0.05% of the transaction amount.
The Overnight Fee
This is the second type of fee on the platform, which is charged to traders who conduct transactions whose duration is more than 12 hours. When one day passes, the trader pays a fee, the amount of which is 0.045% of the transaction amount. If the trader decides to leave the transaction for more than one night, then they pay this percentage once every next day.
Deposit and Withdrawal Fees
The great news for all traders that use Bityard will be that you can make a deposit without paying Bityard’s trading fees. On Bityard, in addition to the minimum sum that you can cash out from your Bityard account, there is also a fee that everyone must pay when they receive US dollars from their digital wallet on Bityard.
Therefore, if you are dissatisfied with the platform you are using now because of the high fees, then you will have an opportunity to reduce trading fees by switching to using the Bityard platform. Bityard offers low trading fees that are required for crypto contract trading compared to the other competitor platforms. Moreover, making a deposit on the platform does not include any fees.
Bityard Customer Support Services
One of the indisputable advantages of Bityard that we should also cover in this Bityard review is the fast and high-quality work of the customer support service.
Even before working with the trading platform, any user can get acquainted with the answers to the most popular questions on the Bityard website. Moreover, sometimes it can be very useful to return to the FAQ web page to clarify the rules of using the platform and study its key features.
If you cannot find the answer to your question, then you will be able to write to customer support by email (Support@BitYard.exchange) or on social networks. Company managers often respond on Facebook and Twitter.
In addition, we recommend checking out the Bityard YouTube channel. The company spends a lot of time and effort on its development, so you can find a lot of useful videos there.
Bityard Advantages And Disadvantages
The last topic that we will include in our Bityard review is the advantages and disadvantages of the Bityard service.
- The customer support service is distinguished by excellent development both on the website and in all social networks;
- The ability to use various cryptocurrencies that Bityard supports to trade and keep on your account;
- Bityard is known on the crypto trading market due to its low fees;
- The legality and verifiability of the platform is confirmed by numerous licenses;
- You can register your account in just a couple of minutes without wasting time on a complex identification process and numerous checks;
- The safety of the service is provided by to the two-factor authentication of all users, the ability to use a digital wallet for cold storage, and sufficient Bityard account security settings;
- Start working with the platform without waiting for the verification to be completed and without receiving a verification code;
- Take advantage of the unique opportunity to get acquainted with the options that the Bityard platform offers even before you start an official Bityard account by using a Demo trade feature. The demo account on the platform allows potential users to understand whether they like Bityard or not;
- Commission payments can reach 40% for users under the Bityard affiliate program;
- One of the best features of the Bityard platform is its ergonomic design, thanks to which nothing distracts you from conducting transactions, as well as a well-developed user interface;
- Another advantage is that all traders can conduct transactions both using their computers and a Bityard app. The Bityard mobile app also has an excellent trading interface and a convenient structure.
- The first major drawback that is noted by all users in each Bityard review is the inability to use a variety of currencies to withdraw money from their account. You will not be able to get money in any fiat currency other than US dollars. At the same time, the minimum withdrawal amount is $50;
- Unfortunately, experienced traders who often conduct large transactions should be prepared for the fact that Bityard is unlikely to suit them. On this platform, there is a strict requirement for the maximum transaction amount, which should not be more than twenty thousand US dollars;
- In addition, Bityard does not have a long history and therefore not many people have used the platform for a long time. Therefore, in the future, it is possible to identify some problems that have not yet been discovered by professionals.
Bityard is an excellent crypto trading platform. The crypto derivatives exchange service has become well-known and popular among traders who trade cryptocurrencies using borrowed funds due to its excellent user interface and convenient use. If you are looking for a comfortable environment for conducting crypto transactions, then Bityard is probably the best offer on the market.
The only significant disadvantage that is often noted by both experienced users and beginners is the problem with the support of fiat currencies both when creating a deposit and when withdrawing funds from a virtual crypto account. However, if you already own a cryptocurrency on your digital wallet and are satisfied with receiving US dollars when cashing out an account, then this will not be a big problem for you.
However, you can enjoy really low fees compared to other large crypto trading exchanges. Moreover, you might want to take part in the affiliate program Bityard which allows users to receive a high percentage of commissions. Managers from the customer support Bityard service will be in touch 24/7 via email, online chat, and on all social networks to answer any of your questions and solve any problem.
Despite the apparent ease of using the platform, all novice traders should remember that leverage trading is a rather complex and risky process. We are not here to give you investment advice but we do not recommend inexperienced traders to start trading CFDs actively right away, as you risk losing a lot of crypto assets. You should not engage in CFDs trading when you do not have enough funds in your account yet and you are not ready to suffer large monetary losses. Prepare yourself for the market risk first!
Bityard is an excellent modern trading exchange platform that is already used by many traders to conduct cryptocurrency exchange transactions. As a conclusion of our review, we can note that the advantages of this platform clearly exceed its disadvantages. Therefore, we can definitely recommend you create an account on the platform. Moreover, you might use the demo version of the platform that you can use without receiving a verification code to test all its leveraged trading instruments and independently draw conclusions about the quality of its work. In any case, you can try Bityard and start trading immediately!
Frequently Asked Questions (FAQ)
Is Bityard trustworthy?
Many traders still ask: Is Bityard legit? The answer is yes. Bityard is a great exchange platform that has many licenses and certificates. These documents confirm its absolute legitimacy. Bityard has been licensed in countries such as Singapore (Accounting and Corporate Regulatory Authority), the USA (The American Money Services Businesses from Financial Crimes Enforcement Network), Australia (the Australian Transaction Reporting and Analysis Center), and Estonia (Estonian Financial Regulatory Authority). Consequently, in many countries of the world, the platform has been tested. You can make sure that this platform is trustworthy by reading this Bityard review and checking out all the advantages of the service. The exchange security services such as double verification make Bityard a safe and trustworthy cryptocurrency contract trading service.
What is the minimum deposit for Bityard?
The sum of the minimum deposit completely depends on the particular cryptocurrency. For instance, this sum can be equal to 0.002 BTS or 5 EOS. In the right upper corner of the webpage, you can find the Assets button. Select this option and then choose the Deposit option. All you have to do after that is to select the cryptocurrency that you are going to make a deposit in and a chain name. There are various cryptocurrencies available for making deposits on Bityard. For instance, you might want to deposit BTC, EOS, ETH, TRX, or any other coins. There is no fee for most currencies.
Is Bityard free?
Yes, Bityard is a free platform. The only thing a user should do in order to use all the functions of the online service is to go through a simple registration process and create your own account. However, you will have to pay some money when making the first deposit in cryptocurrency. Without it, you cannot make your first transaction. Paying trading fees for opening or closing a trade, for placing a long-term deal on the platform (the overnight trading fee), and for withdrawing funds from your account is a must. Moreover, Bityard supports all its users and has a simple and friendly user interface that you can enjoy for free.
Is Bityard a wallet?
Bityard is an exchange platform that is one of the largest services on the crypto market. In addition to the web version, Bityard is also available as an application for mobile devices. On this platform, traders can not only store their cryptocurrency accumulations but also exchange their crypto assets, as well as extract amounts in US dollars. There are many major digital currencies available on Bityard, including such popular ones as Bitcoin, Bitcoin Cash, and Ethereum.