Bityard is a renowned Singapore based cryptocurrency contracts exchange that offers a unique and simple trading experience to its users. Bityard signifies simple trading and is meant for the novices who have no previous experience in cryptocurrency contract trading. Bityard.com abides by the product approach of “Complex Contracts Simple Trade” that offers a simplified trading experience to its customers. We have done this Bityard review to analyze how this simple cryptocurrency contract exchange works and how it benefits the customers.
Features of Bityard
With the Singapore-based Bityard exchange, increasing the trading volume is just a matter of time, and this is possible only because of the amazing features that Bityard offers to its clients. Some of the features are listed below:
1) Simple Trading
Contract trading in itself is a very complicated thing, but if done in the right way by leveraging large capital through a broker, it can earn huge profits to the traders. It serves as such a cryptocurrency contracts exchange that makes trading options contracts easy, in its most real sense. While making this review on the Bityard exchange, we had to visit its platform several times, and what we have inferred from the platform is noteworthy. The Bityard trading platform has a very simple and well-designed layout, with customizable options for the traders’ convenience. The chart size can be increased as per the trader’s trade analysis; in the standard layout, the traders can choose the markets which they want to trade from the left-hand side. Then in the middle, they can have their customizable charts, and on the right side, there are order forms that end up below where they can have all the previous and live orders.
2) Bityard Coin
The Bityard crypto exchange has launched its own Ethereum based native platform token called BYD. The ERC-20 token can be used to pay various trading fees and also to create additional discounts for its users. The users can store their BYD tokens into the Ethereum wallet, which is an added advantage. Apart from this, the Bityard exchange also allows its users for a mining program to help the users to earn either BYD tokens or other coins. After successful registration on the Bityard exchange, each user can earn mainstream cryptocurrencies like Bitcoin, Ethereum, Tron, EOS, etc. up to a maximum value of 258 USDT.
3) Commission and Fees
The Bityard exchange currently levies 0.05% fees on the transactions, which are anyways lesser than the trading fees of 0.075%, prevailing in the industry that is charged by its competitors like BitMEX, Deribit, Bybit, etc.
4) Customer Support
The customer support team at the Bityard exchange is incredibly supportive, and the traders find them very comfortable to talk to. At Bityard, the traders can quickly connect to the customer support team through live chats at any time of the day. There is also a dedicated customer support website, which is [email protected]. There is also an FAQ section on their website that has a maximum number of questions answered, where you can surely get your general queries answered too.
5) Easy Deposits and Withdrawals
The Bityard exchange works on the approach, “Complex Contracts Simple Trade” and therefore it allows for easy deposits and withdrawals. Deposits can be made with any cryptocurrency. Once you log in to the deposit page, you will have to click on the option” Panel” and then hit on “Deposit”. Here you can either select a “coin” or a “USDT”, both are at the top right-hand corner of the page. If you select Tether (USDT) then there would be three different options, you can deposit via either of the three, namely, TRC20, ERC20, or OMNI. When you click on the “coin”, then the page will pull either the QR code or the address. How long the deposit will take to get processed depends on the particular coin selected by him. Every coin needs a definite amount of confirmation before they are credited.
For withdrawals, only the Tether USDT is available. The minimum withdrawal is $50, and a fee of $2 is charged, and therefore you should have a minimum balance of $52, to make your withdrawal request successful. Just click on the “withdraw” tab and select your preferred Tether address. Before that, you need to set a PIN to authenticate your withdrawal; otherwise the withdrawal request will not be processed.
6) Cold Storage
When traders are sending their cryptocurrencies to a particular crypto exchange, then they have the full liberty to question that exchange what security measures they are implementing to secure the clients’ funds. With Bityard, the users can trade at peace because the platform uses multiple wallets that are stored offline in cold environments. Cold storage is the best way to secure funds as they cannot be accessed through the internet. It stores the majority of their clients’ funds in the cold storage with only a small amount in the hot wallets, to pay for the withdrawals that may arise at any time. Besides this, to ensure more security, the Bityard platform implements real-time auditing and risk management tools to monitor market exposure and gauge the inherent risks.
7) SSL Security
The Bityard platform safeguards the customers’ details by robust SSL certifications. The SSL encryption assures that whenever a trader communicates or shares any documents with the Bityard trading platform- it is secure. Bityard offers security tools like a 2-factor authentication and a pin to its registered users so that their details and funds with the Bityard platform are never compromised. With 2-factor authentication, every time a user logs in to his account registered with the Bityard trading exchange, he will receive a text message on his phone to verify the login. Therefore, even if your password goes to the wrong hands, the hackers cannot intrude into your account. The second security measure that it offers is for authenticating withdrawals. The users need to set a pin in to accept withdrawals, which adds to the security protocols to prevent any unauthorized withdrawals from a trader’s account. It has to be remembered that the Pin is different from the password.
Another way to stay safe is by being alert. Whenever you land up o a website, make sure that it has a secure padlock in the browser like Http; otherwise, there are more chances that you have landed on a phishing website and need to leave it immediately before it can hack all your details and money.
8) Mobile App
Bityard exchange is also compatible with mobile phones, and therefore, you don’t need to sit before your desktops to monitor trade, it can be done with some simple clicks on your smartphones. The Bityard mobile app is compatible with both iOS and Android and can be downloaded from both the iTunes store as well as Google Play. The ease of use enhances the trading volume on this exchange.
Benefits of the Bityard Exchange
The Bityard exchange helps to execute contracts trading in a simple way, and therefore, even the novices do not face any problem while executing them. Trading through the Bityard exchange brings immense benefits to the customers by increasing the trading volume exponentially. Some of the benefits are listed below.
1) Regulatory Compliances
The Bityard exchange is regulated by apex bodies like the ACRA (The Accounting and Corporate Regulatory Authority) in Singapore, MSB from Financial Crimes Enforcement Network belonging to the United States Department of the Treasury, MTR (Majandustegevuse Register,) in Estonia and AUSTRAC (Australian Transaction Reports and Analysis Centre) in Australia. Very few cryptocurrencies contracts exchange offering contracts trading enjoy this privilege of being licensed under this apex regulatory bodies; therefore, the Bityard exchange enjoys a competitive advantage over other crypto contract exchanges.
2) Multiple Cryptocurrency Trading
The Bityard exchange offers its users the liberty to trade a total of 8 cryptocurrencies that can expand up to 100x leverage. The Bityard exchange tries to strike a unique balance between the complicated financial instruments through a stream of simplistic user interfaces.
3) Brand Endorsements by Celebrities
When celebrities endorse a particular platform, it holds a much higher value. Brand endorsement by the big names also adds to the credibility of the platform. When it comes to crypto trading, which is itself very risky owing to the volatile nature of the crypto assets, brand endorsements by celebs matters. The Bityard exchange is endorsed by Buakaw Banchamek, the renowned boxing champion, in Thailand. He is also the brand ambassador of the Bityard exchange. Having such a brand ambassador supporting the platform signals trust and reliability.
4) Ahead of Competition
The crypto options trading space has myriad players like BitMEX and Prime XBT that pose serious competition to the Bityard exchange, but the platform stays well ahead of the competition with its indigenous approach of “complex contracts, simple trade”. Bityard offers low entry levels and unique contracts and has a user-friendly interface designed to cater to novices’ trading needs. Both crypto margin trading and options trading are complicated, but Bityard has made the process much easier to understand, especially for beginners.
Additional Benefits Of the Bityard platform
With the multiple modes of deposits allowed on the Bityard platform, the traders find it more comfortable to deposit their favorite digital assets and start trading quickly on the platform. Among the supported cryptocurrencies are USDT, ETH, BTC, TRX, XT, XRP, and EOS. Apart from these, the Bityard contract trading exchange also supports 2 fiat currencies, namely VND and RMB. However, the contract trading platform has assured us to add more fiat currencies in the years to come. Besides allowing contract trading, the Bityard exchange also offers OTC services for buying assets like the USDT at lower trading fees that immensely benefits the first-time traders. The Bityard exchange also has a feature that gives the users the liberty to transfer funds between their superiors and subordinates through various trading agents.
How to Get Started on the Bityard Exchange?
It is a trader’s discretion when it comes to choosing a contract trading platform among the myriads of platforms being set up every day. The Bityard platform provides its users with multiple easy trading features having all its rights reserved for its registered users only. Availing 8 cryptocurrencies for trade that too with a 100x leverage can only be possible when a trader registers on the Bityard exchange, which is very simple and outward. For registration and creating an account, a trader only needs to feed in basic details like a valid email address and a valid phone number. Then he needs to set a strong password and captcha to get started on the Bityard platform. Apart from the phone number and email address, there are no KYC or identification verification compliances that the traders need to adhere to.
Bityard exchange also has some “beginner rewards” to encourage more and more traders on the platform. If the traders are interested, they can also add more details to familiarize them with the Bityard platform. It only takes around 30 seconds to become a registered user on the Bityard platform. The Bityard contract trading platform presently supports 8 cryptocurrencies to deposit into the accounts of the registered users.
After this, the traders can directly sign up for a demo account allowed on the platform, but this is available only to the registered users on the platform. The demo feature transforms the user interface into a demo mode where the traders can do a demo crypto options trading by using the real price chart and trading volume without committing real assets. Registered users can also initiate options trades to feel the actual contract trading on the Bityard exchange. The demo feature is only for practice purposes, where the traders gain valuable insight into how the actual options trading is done on the live Bityard exchange. Traders do n have to register a separate demo account, as it already becomes active once a trader registers himself by making the initial deposit on the platform. Once the traders gain confidence, they can switch the modes from ‘demo’ to ‘live’, anytime they wish to.
Wrap Up
The Singapore based crypto derivatives trading platform is a relatively platform that works on the “Complex Contracts, Simple Trade” approach, and has come up a long way since its inception into the crypto world. As the platform is relatively new, not much information can be extracted regarding the exchange’s legitimacy. It apparently looks like a straightforward and user-friendly platform for crypto contracts trading. The Bityard exchange differentiates itself from its competitors by providing fast and reliable crypto-asset contract trading. Though it has managed to attract the attention of crypto traders on options trading, it is still in its nascent stage when it comes to an option- oriented platform like its competitor BitMEX.
The onus of doing this Bityard review is not to convince the readers to invest in Bityard, but to help them to check on the facts and figures that this platform provides to its users. Margin trading has its risks, and therefore, all the future traders should do their own research and consult a licensed financial counselor if necessary.
FAQs
1. What is Bityard, get a brief introduction to it?
Ans. Bityard is the world’s leading cryptocurrency contracts exchange, which is Headquartered in Singapore with its primary office listed at the Paya Lebar Square. The company’s main aim is to provide safe, secure, and fast crypto asset trading services in more than 150 countries. Bityard adheres to the product concept of “Complex Contracts Simple Trade”, and aims to bring the ultimate simplified trading experience to customers. The company was established in 2020 and focused on the simple trading environment for new traders. They focused on the worldwide market.
2) Is the Bityard Exchange safe?
Ans. As per our findings, the Bityard exchange is apparently a legit and safe platform. We concluded this after making this elaborate review and going through various reports stated by the users. Most of them stated that it is a safe platform to trade-in. Bityard is one of the few crypto leveraged exchanges with regulatory licenses in Singapore, Australia, Estonia, and the USA. Since its launch in November 2019, Bityard has expanded over 150 countries all over the world and has translated its website into 8 languages, namely English, Russian, Chinese, Korean, Vietnamese, Japanese, and Indonesian. It has also announced to bring in the Portuguese translation very soon. With so many licenses and positive reviews from the traders, the platform appears to be safe and reliable, where the traders can trade at peace without worrying about their details getting leaked to third parties.
3) Who are the main competitors of Bityard?
Ans. Amongst the main competitors of Bityard are BitMEX and Prime XBT.
4) Who are the ideal clients of Bityard, and why?
Ans. The platform is designed to simplify the process of crypto contract trading for everyone, including novice and experienced traders. Still, we made it simple and easy, so newbies can easily start into the crypto world.
5) What can we expect from Bityard in the next 12 months?
Ans. Issuing BYD plus list
6) What’s the best thing about Bityard that people might not know about?
Ans. We have the lowest trading fees
7) What are the key benefits of using Bityard?
Ans. The key benefits of using Bityard are :-
- Safety. Many bitcoin futures trading platforms are registered in jurisdictions where there is little or no regulation to protect users from manipulation and hold nefarious actors accountable when and where necessary. Bityard has registered licenses to operate as a money transmitter with the American Financial Crimes Enforcement Network (FinCEN), The Accounting and Reporting authority of Singapore (ACRA), the Australian Transaction Reports and Analysis Center (AUSTRAC), and the Majandustegevuse Register (MTR) of Estonia, giving us a global presence with regards to regulatory friendliness and government cooperation where and when necessary.
- USDT as the standard currency for futures trades.
- Can be set up and ready to trade in only 30 seconds.
- Simplified interface.
- One time transaction fee when a position is opened.
- K line pricing determined by the average price of three major cryptocurrency exchanges.
- Rewards for users that join the platform and start trading.
- Daily collectible minute amounts of cryptocurrency.
- The ability to avoid slippage by placing limit-orders.