How useful the BITYARD exchange is — A detailed analysis for beginners
It would be very helpful to have our own study and accurate monitoring before investing in any new crypto platform. Let’s try to present the BITYARD exchange.
Founded in November 2019, Singapore-based BITYARD exchange already provides crypto asset trading services in over 150 countries across the continents of North America, Europe and Asia. BITYARD claims to have become one of the world’s leading digital currency trading platforms governing Singapore’s accounting, American money services businesses, the Corporate Regulatory Authority (ACRA), and Estonia’s MTR for the European Union. By acquiring Buakaw Banchamek ( a Thai boxing champion) as Beatyard’s brand ambassador, they have dared to capture waves of attention in their own country and beyond. (I hope you understand the boxing star who fills BITYARD’s posters).
BITYARD promotes the product concept of “Complex Contract Simple Trade”and BITYARD has already implemented a number of new ideas aimed at crypto trading beginners. Simplified user interface design and a variety of trading services such as copy-trading can be considered as part of this.
II; Legitimacy and SAFETY.
Before investing in exchanges, the major stream network that connects our world to the crypto worlds, the most authoritative things we need to consider are whether they are legitimate and how secure is over our investment.
Bityard is a legal cryptocurrency trading platform that is regulated and authorized under Singapore’s ACRA, the US Financial Crimes Compliance Network MSB, which is part of the US Department of Finance for US-based Bitcoin investors. The exchange is also authorized with Estonia’s MTR and AUSTRAC, which offers integrity as a reputable cryptocurrency exchange in Australia. In addition, the exchange has published a number of documents confirming the legitimacy of their work.
It is almost impossible to fully comprehend the security provided over an exchange investment over a short period of time. However, as far as I understand, BITYARD offers high asset security. Bityard also has several offline wallets, which ensures that the funds are secure from hackers and cannot be accessed from the internet. It also has two authentication factors when you connect your mobile number and email address. This ensures that once you log in to your account, you will be alerted by text message or email, resulting in that hackers will not be able to access your account easily.
When I finished my first trading and looked at the withdrawal I got an interface to create a PIN. Although authentication apps are now used in most exchanges, using a PIN number does not reduce security at all.
III; A look at the BITYARD exchange.
I hope you already know about the exchange interface. But for the sake of perfection, I will try to present it very briefly here.
In addition to the website, Bityard provides its customers with a completely responsible mobile trading app that contains all the functionality on the web edition of the platform. The Bityard app is available on Android and iOS devices.
1. The registration process.
A maximum of one minute is required to register at Bityard. If you have not yet created an account, you can follow the steps below.
- You can use this link to visit Bityard’s official website.
- After selecting the Get Started button, you can proceed using the email or phone number with the help of a strong password.
- You can then complete the registration by entering the confirmation code you receive.
2. User interface
Bityard has a very simple and user-friendly interface. The importance I place on the interface as a trader is immense. Customers can customize, customize and resize charts. You can also right-click the charts to display choices for the cart as given below.
Although it may seem trivial, the night and day mode is very valuable to many customers. The crypto pairing can be picked up by traders and the time intervals changed to one minute, five minutes, 15 minutes, 30 minutes, one hour, day or month. We can also use the navigation bar on the left to access trading functions, chart patterns and drawing resources. By dragging the slider, which automatically changes the take profit and stop-loss rate, the amount of leverage can be adjusted.
I do not know if I’m the only one who feels that Bityard’s price chart is similar to the tradingview. On the left, the crypto assets available for trade are listed by name, ‘Final Price’ and ‘Change%’. Another important thing I felt was that charts do not cause delays while loading like in other exchanges.
But I found that there is a small number of orders relative to other marginal exchanges.
3.Fund deposit and trading.
As with many other exchanges, bityard has adopted a number of methods for investing in customers. This includes the ability to transfer crypto directly from a hardware wallet to Bityard, the local currency converting Fiat service, and the purchase of crypto from an OTC partner.
The trading system at Bityard is as simple as depositing funds. Once in the trading interface, the customer can select the crypto pair they want to trade with, then select the desired price to buy and sell crypto and trade by determining the profit and stop loss level.
4.BYD and supporting cryptocurrencies
Its native token BYD is launched for the exchange. BYD is an ERC-20 based Ethereum token that can be used to pay the trading fee and provide extra discounts for users who hold it. In its Ethereum wallet, users can also store BYD. Currently, 7 BYD is equivalent to a USDT.
10 cryptocurrencies that can be exchanged against USDT only are currently sponsored by exchanges. BTC, BCH, DASH, EOS, ETC, ETH, LINK, LTC, TRX and XRP are assets that may be traded on the exchange.
5. Bityard Fee
- This mainly includes the 0.05% transaction fee applicable when opening and closing an order. This can be calculated using the formula given below.
Fee = Margin * leverage * 0.05%
- An overnight fee can be paid for positions which are held for longer than 12 hours. But it is very small compared to other exchanges.
- Another important fee is the 2 dollars charged at the time of withdrawal. This is a huge amount for small traders. One thing to note is that if you want to withdraw money from Bityard then the minimum balance should be at least 50 USDT.
6. Bityard Bonuses and Rewards
- Beginner Bonus:- Once you have properly registered with Bityard you will get the opportunity to claim 4 USDT beginner bonus.
- Trading Bonus:You can claim 2 USDT after completing your first trading. As your trading volume increases, you will receive a small bonus from Bityard. You can claim a total of 254 USDT Trading Bonus when your trading volume exceeds 1000000. (I am a small trader and it will take me a long time to fully claim the trading bonus Seems to be 😅)
- First Deposit Bonus: If your first deposit is 0.5 BTC or more, you can claim 50 USDT on it. Maybe I totally disagree with this because it is safer for any person to deposit a small amount at the beginning to study and review it in detail before choosing the exchange on their own.
- Daily Bonus:Bityard’s platform token BYD can be earned through daily mining. Mining interface is as fun as a game. Users convert the crypto they receive daily from the mountain landscape to USDT and convert it into a gift money balance. This is not a withdrawal fee but will be deducted from the trading fee.
Many videos seen on YouTube make it clear that Bityard often organizes a number of affiliate programs.
There is more information, such as KOL Rewards, KOL Daily Pay, Referral Bonus, Active User Bonus etc. For its KOL partners, they have a high percentage commission incentive. Everyone will earn a regular wage equal to the number of users they bring to the site. Only legitimate users will be compensated, however. Bityard KOLs get to experience an invitation bonus of 3 months. As long as their commission rate is above 5 per cent, Bityard KOLs will also earn a daily bonus and upgrade to an eligible KOL. KOLs who achieve the level of trading volume within 3 months become a qualified KOL and enjoy the benefit of regularization. KOL’s will also receive a bonus via the referral bonus program for recommending Bityard to others. You can find out more info on their official page.
8.Contract and Spot trading.
In contract trading, trading on an asset is carried out in full as scheduled. Although it is a way to make a profit from a volatile market, the risks are high. Bityard supports contract trading and Demo trading at Bityard enables customers to do so.
But spot trading is different. This simply means buying and keeping crypto, such as Bitcoin, until the value increases or using it to buy other altcoins that you think will increase in value. The investors own, purchase and sell real Bitcoin on the Bitcoin spot market. It is the underlying market, in basic words, where bitcoins are traded. It is known as spot trading if trades are taken and settled immediately.
These traders must be booked on the spot, not on a date in the future. There is a range of trading techniques available in the market in order to carry out a spot trade.
Bityard launched the crypto spot trading service with Binance, one of the largest crypto exchanges in the world, in November 2020 to bring more than 30 cryptocurrency spot trading options to investors around the world.
Advantages of diverse and safe spot service offered by Bityard.
- 1. It paves the way for a lot of benefits for both the buyer and the seller.
- 2. Faster transactions are possible through technological advancement.
- 3. Illegal transactions can be avoided as it is transparent and regulated.
- 5. The prospect of arbitration is open
- 6. Offers the best price for both buyers and sellers.
9. Derivatives trading.
Many retail investors deal in Spot and Margin but are involved in derivative trading (including me). With current platforms, the only issue is that the learning curve of current platforms is very high causing money to be lost by the new investor due to lack of understanding.
Bityard understands this issue and addresses it with its exclusive UI that enables every retail and experienced cryptocurrency trader to feel secure.
Crude Oil, Copper, Gold, Silver, Natural Gas, Nasdaq and many more are included in derivatives market of Bityard.
10. KYC verification
Complete KYC verification will definitely ensure your security for the future if you want to continue trading in my opinion, even if the KYC verification at Bityard is not as important or deserving for small traders. Bityard’s verification steps include Verification procedures, Sanctions and PEP lists screening, Compliance Officer, Monitoring Transactions and Risk Assessment. The image below shows the limits of cryptocurrencies that can be withdrawn without KYC verification and with KYC verification. Apart from this limit in withdrawal, we can see it in many other places.
Bityard offers customer service 24/7 on a regular basis. A live support boat, email and social media are all media to connect with the Beatyard team. Above all, my favourite is the Beginners Guide included on the website. Apart from these, contract guide and FAQ are also available on the website.
I tried to contact the support team directly through the Live support bot but initially, the bot redirected me to some articles and guides and I was able to contact the support team after further attempts.
IV; How useful is bityard for a beginner?
Bityard is one of the best exchanges for beginners, although it may be overlooked in many other comparative studies. In fact, at some point, I wondered if Bityard started targeting beginners only. Bityard allows newcomers to reach the promising crypto environment quickly and easily with well-simplified user interface design and diverse trading services. It has a simple, easy-to-understand interface on the trading page with straightforward charts and handy resources, helping users learn in seconds how to trade.
More than anything else, two things attract newcomers to BITYARD.
1. Demo trading
On Bityard, in demo mode, users can practice trading without using real money. They provide 100000 USDT Demo trading amount for each user. Bityard Exchange will allow users to carry out various experimental trade scenarios and provide all users with a sandbox for their wildest trading dreams, enabling the world to concentrate on a free demo trading system. Because of the demo trading strategy at the start, this will help unprepared users avoid losing money. Even though I am not a newcomer to crypto trading, using such a large amount and it helps me a lot to conduct trading experiments.
2. Copy trading.
On many occasions, we have been amazed by the trading portfolio of some people. Through Bityard’s copy trading, users can find professional traders and emulate strategies. When copying other merchants, users do not need to open and close their locations. Merchants will automatically promote the entire business for the users who copy them. The important thing to note here is how reliable and proficient the merchants we copy are.
Only if all traders submit their trading history data, Bityard Copy Trade allow them to access the system, and Bityard carefully monitors data before it is listed and copied, ensuring that all merchants in the system are qualified to follow their investment strategies to other users. This makes the system more reliable for beginners. Copy trading is very helpful in times of crisis in trading. Moreover, it saves from continuous losses.
V; Bityard’s features at a glance.
- The platform features a trading exchange of crypto contracts to allow users to hedge against market risks without buying the actual trading asset. By using a small amount of capital to increase future gains through margin trading, consumers benefit from both bear and bull markets.
- Furthermore, Bityard attaches importance to financial enforcement and has been awarded financial licenses by four national institutions.
- As a trader, I consider another feature of bityard to be that the exchange works consistently and provides high liquidity.
- To encourage new users to the site, Bityard is currently offering a welcome bonus of up to 258 USDT. Once a new trader has registered, they can earn free Bitcoin, Ethereum, EOS, Tron and other major digital currencies through different trading programs. Also, there is an interesting daily mining section.
- Support for different fiat currencies and various cryptocurrencies is one of Bityard’s advantages over other derivative platforms. Besides, several deposit options, including approximately 150 forms of FIAT and common cryptocurrency deposit methods, will soon be available on Bityard. Bityard has its own OTC desk that caters to retail and specialist merchants alike.
- The smallest trading fee of any big derivatives trading platform is funded by Bityard. Their present fee is 0.05 per cent only.
- Bityard has one of the most impressive deals for KOLs, which includes a 40% discount as a referral commission, monthly KOL profit, user bonus, etc.
- As a base currency, we can withdraw profits in USDT.
- To lower trading fees or earn extra Crypto, we can trade with Bityard coin BYD.
- Low minimum ($ 5 USDT) deposit volume.
- Accurate prices for live crypto trading using Binance, OKEx and Huobi info.
- We can also implement margin trading with leverage up to 100x.
- In addition to the website, Bityard provides its customers with a completely responsible mobile trading app that contains all the functionality on the web edition of the platform. The Bityard app is available on Android and iOS devices.
VI; How much ratings do you want to give Bityard?
My personal opinion is that the total rating I would like to give to bityard would be 4.2 / 5. It would be very natural for many people to doubt why I give this rating despite so many advantages. But there is another fact that you need to understand, When studying an exchange, it is very important to study the comparison with other exchanges. But in the exchange world, it is absolutely appreciable to have achieved so much in just one year. Bityard is a platform that is growing day by day.