Founded in 2019, Bityard is one of the newest cryptocurrency exchanges in the crypto space based in Singapore.
However, in this small time period, Bityard has gained popularity because of its simple and robust user interface, support for multiple coins and trading products, and high leverage.
Bityard is one of the very few exchanges that offer up to 125x leverage on BTC contracts. Low trading fees, robust security, and top-notch customer support are other reasons to use Bityard.
So, should new and experienced traders use Bityard? This Bityard review will answer all your questions.
Bityard Review: Supported Cryptocurrencies for Margin Trading
Bityard supports ten cryptocurrencies for contract trading, including:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- EOS.io (EOS)
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Chainlink (LINK)
- LiteCoin (LTC)
- TRON Coin (TRX)
- Ripple (CRP)
As a new cryptocurrency exchange, Bityard offers numerous cryptocurrencies to trade from. Please note that cryptocurrencies on Bityard can only be traded against USDT.
Derivatives Product Offerings: Contract Trading, 100x Leverage, and More
Bityard offers a wide range of trading products to choose from, including:
- Crypto Contracts: Traditional futures contracts with timely expiry
- Other Contracts: Crude and currency derivatives
- Spot Trading: Spot trading of more than 40 cryptocurrencies and altcoins.
Coming to trading with leverage, Bityard offers up to 125x leverage on BTC, up to 100x leverage on ETH, and up to 50x leverage on the remaining crypto futures contracts.
125x leverage means that for an initial investment of USD 100, you can trade assets worth 12,500. This increases your profit potential as well as your loss exposure. Therefore, traders must follow risk management during leveraged trading.
Bityard Review: Order Types
The more orders and exchange support, the more control traders have when entering and exiting their positions. Bityard supports three main types of orders, along with advanced attributes for orders. These include:
- Limit Order
When you place a limit order, you select a specific price at which you want the order to be executed. The order will trigger only when the price reaches your entered price. Until then, the order will remain in the order book.
- Market Order
A market order is placed at the current market price and doesn’t enter the order book. However, keep in mind that market orders may not necessarily execute immediately. The time it takes for an order to fill depends on the liquidity.
- Stop Order
Stop orders are conditional orders placed against currently open positions. You can place a stop-loss order (in the opposite direction of your trade) or a take-profit order (in the same direction of your trade).
Bityard also supports advanced attributes for orders, including:
- One Cancels the Other (OCO): If one conditional order executes in an OCO order, the other is canceled.
- Good Until Canceled (GUC): A GUC order remains open until the trader cancels it.
- Immediate or Cancel (IOC): An IOC order either get filled immediately or canceled. Partial filling of orders is possible.
- Kill or Fill (KOF): A KOF order is a type of IOC order in which partial filling is not possible.
Bityard Trading Fees
Unlike most exchanges that deploy a market maker-taker trading fees structure, Bityard uses a flat commission model that charges a flat transaction fee of 0.05% on each transaction. The Bityard fees are calculated as follows:
- Opening Fee: Margin x Leverage x 0.05%
- Closing Fee: Margin x Leverage x 0.05%
Please note that an overnight fee will be charged if you hold positions for more than 12 hours. The overnight fee is calculated as follows:
- Overnight Fee: Margin x Leverage x 0.045% x Days
For other derivatives, the derivatives handling fee is 0.025%. Here, the formula used is:
- Opening Fee: Margin x Leverage x 0.025%
- Liquidation Fee: Margin x Leverage x 0.025%
Bityard follows a market maker-taker model for spot trading. It charges a spot handling fee of 0.1% for both market maker and market taker orders. In case you’re not aware of maker and taker orders, this quick explanation might help.
When an order is placed, it either gets immediately executed or enters the order book. For example, market orders get immediately executed, while limit and stop-limit orders enter the order book.
The orders that enter the order book add liquidity to the market and are called market maker orders. The orders that don’t enter the order book reduce liquidity from the market and are called market taker orders.
Bityard Review: Deposit & Withdrawal Fees
You can deposit funds for free. Bityard doesn’t charge any deposit fee. However, there is a minimum deposit requirement of 5 EOS or 0.002 BTC.
There is no minimum withdrawal requirement. Bityard charges a withdrawal fee of 5.92 USDT for OMNI tokens, 6 USDT for ERC20 tokens.
Perpetual swaps don’t have a quarterly expiry, and they can trade at a significantly higher or lower price than the spot price.
Since Bityard offers perpetual swaps, it implements a funding rate mechanism to ensure that the futures price trades near the spot price.
Bityard doesn’t have a dedicated funding fee structure, and it uses the overnight fees in place of the funding fee.
Trading Platform & Tools
Bityard has a user-friendly platform. It comes with a small learning curve and offers an exceptional experience to both beginner and professional crypto traders.
Here’s a detailed overview of the Bityard platform and trade management tools available on Bityard.
Bityard has a minimalistic contracts trading panel with all the features you see in other prominent trading platforms.
On the left side of the panel is the Main Area, where you can see the available contracts for trading. You can add your favorite trading pairs to the “Favorites” section to trade them on the go.
The bar on the top of the trading panel displays the following information:
- Current traded price
- Change price
- Change percentage
- 24h high
- 24h low
- 24h volume
Towards the left side of the Bityard trading platform is the Order Form, where you can place orders. It allows you to select the type of order you want to place, the amount you want to trade, and the leverage you want to use.
Below the Order From, there is a comprehensive section that displays trading rules (min/max-margin, leverage, holding time, closing time, trading hours), fees (trading fees, O/N fees, and O/N fee charge), and additional info (issue time, issue amount, circulation volume, and crowdfunding price).
The panel also briefly introduces the coin, along with its white paper, website, and block query to help you accumulate more information before placing a trade.
Towards the end of the trading, the panel is the position manager, where you can check and manage your live position, trigger orders, trade history, and transaction history.
TradingView Charting System
Like most exchanges in the crypto space, Bityard also uses the TradingView charting system. TradingView is one of the most popular and powerful chart visualization solutions globally, thanks to its robust, feature-rich, user-friendly interface.
Key TradingView features available on Bityard are:
- Chart Types: Bityard supports seven types of charts: Bars, Candles, Hollow Candles, Heikin Ashi, Line, Area, and Baseline.
- Time Frames: Bityard allows you to view charts on the following time frames: 1 minute, 5 minutes, 30 minutes, 1 hour, 4 hours, 1 Day, 1 Week, and 1 Month. This enables you to perform multi-timeframe analysis and make informed trading decisions.
- Indicators: Bityard has hundreds of built-in indicators provided by TradingView that help traders conduct technical analysis and identify potential trading opportunities.
- Drawing Tools: Bityard supports drawing tools like horizontal line/ray, trend line, price/date range, short/long position, Fibonacci retracement, etc. Hence, you can mark important levels to ensure that you don’t miss out on important trade opportunities.
Bityard has a mobile app available for iOS and Android devices. The app allows you to perform various tasks, such as open accounts, complete KYC, deposit funds, withdraw funds, take and exit positions, etc.
However, the mobile app isn’t intuitive and user-friendly and has various bugs and performance issues. It is recommended that traders stick to the desktop version.
User Interface & User Experience
Bityard has one of the best trading platforms in the crypto space for the desktop version. It offers all the essential features offered by top trading platforms while ensuring the user-friendliness, intuitive user interface, and high performance.
The platform is institution-grade and has no history of sudden downtimes, lagging, or other performance-related issues.
Overall, whether you are a beginner or a professional trader, you will have an amazing trading experience on Bityard’s desktop version.
However, the mobile app is not the best out there, and clearly, other exchanges offer a better mobile experience. Bityard’s mobile app may not be the best choice for you if you are solely a mobile trader.
A key advantage to using Bityard is that it provides multiple deposit methods. You can transfer cryptocurrency from any hard wallet.
Cryptocurrencies supported for depositing funds are USDT, BTC, ETH, EOS, XRP, TRX, and HT. OTC traders from selected countries can buy crypto from fiat.
Bityard is one of the few cryptocurrency exchanges that support fiat deposits. You can deposit USDT with Visa or Mastercard credit and debit cards.
However, when it comes to withdrawal, Bityard only supports USDT withdrawals.
Account Types & Limits
Bityard does not have mandatory KYC requirements, and you can register with your email or phone number.
However, users who want to use the fiat deposit feature need to complete KYC to withdraw funds. Bityard has only two account types – without KYC and with KYC.
Verified accounts get to enjoy more flexible withdrawal limits. For instance, the withdrawal limits for accounts without KYC are:
- USDT: 1500
- BTC: 0.1
- ETH: 3
- XLM: 25,000
- DASH: 3
- BCH: 2
Withdrawal limits for KYC-verified accounts are:
- USDT: 100,000
- BTC: 10
- ETH: 2,000
- XLM: 25,000
- DASH: 4,000,000
- BCH: 3,000
How to Start Trading on Bityard?
Now that you have learned about the supported cryptocurrencies, trading products, and the trading platform of Bityard, let’s now discuss how you can start trading on the exchange.
Here is a step-by-step process to starting margin trading on Bityard.
1. Open a Trading Account on Bityard
The first step is to open a contract trading account on Bityard. You can do that by visiting the Bityard registration page. You can also use an invitational code and receive a welcome bonus of 258 USDT.
You’ll need to decide whether or not you should complete the KYC verification. If you plan on depositing fiat currencies or trading in large amounts, KYC verification is recommended.
If you’re a beginner who holds cryptocurrencies and wants to trade in small quantities, KYC verification won’t be mandatory for you.
After submitting your KYC requirements, Bityard will confirm your KYC in less than two hours.
2. Deposit Funds
Once you have created your account, the next step is to deposit funds. As discussed, Bityard supports both cryptocurrency and fiat deposits. Deposit an amount you are comfortable with.
If you are a beginner, it’s best to start with a nominal amount of USDT 500-1000. Since Bityard offers leverage trading, you can take larger positions with a small initial investment.
3. Place a Trade
Now that you have funds in your account, you can place a trade. First, you’ll need to pick a contract that you want to trade. For instance, you can choose BTCUSDT as Bityard offers maximum leverage on it.
Once you have selected the contract you want to trade, you need to determine the type of order you will place. Here, you can place either a market order or a limit order.
Suppose BTCUSDT is trading at 31,000. You want to go long (Buy), but you want to enter at a slightly lower price – for example, 30,800 – to increase your profit potential. You can place a limit order at 30,800. The order will execute when the price reaches that level.
Or, if you’re satisfied with the current price and want to enter, you can place a market order. The order will be executed at the current price, provided that there is enough liquidity.
You can also use advanced order attributes based on your requirements and level of understanding.
4. Exit a Trade
After you enter a trade, give it some time to move. It will either move in your direction of trade or the opposite direction.
If it starts moving in the opposite direction (and you’re in loss), place a stop-loss order at a price where you want to exit your position and take the profit. Your stop should depend on your risk appetite.
If the price goes in the direction of your trade (and you’re in profit), place a take-profit order at a price where you want to exit your position and take the profit.
While placing stop-loss and take-profit orders will depend on your risk appetite and profit expectations, price levels also play a vital role.
It is wise to place your stop orders at important market levels to increase your probability of winning.
5. Keep Practicing
The final and most important step is to keep trading and practicing. Crypto contract trading isn’t a get-rich-quick scheme, and if you want to earn money, you’ll need to show perseverance and be disciplined and patient.
It is alright if you incur a few losses, as that is a part of the game. Focus on the process and keep learning.
Beginners must build new strategies and learn the basics of technical analysis, position-sizing, and risk management, to get an edge in the market and increase their probability of winning.
Security Bityard Features
Bityard offers a secure trading experience to all its users. Let’s look at the key security features and measures implemented by Bityard.
- Multi-Signature Cold Storage Wallets
Bityard uses multiple multi-signature cold storage wallets to store users’ funds and keeps a small portion of the fund in hot wallets to support users’ trading requirements.
- Two-Factor Authentication
Bityard encourages its users to activate two-factor authentication (2FA) to avoid unauthorized access to trading accounts. Users can go to their account settings and activate 2FA.
- Real-Time Withdrawal Authentication
The Bityard team authenticates withdrawal requests in real-time to avoid any unauthorized withdrawals. This ensures that users’ funds remain secured.
- Real-Time Risk Audit
Additionally, Bityard performs real-time risk audits and takes measures like IP whitelisting, SSL encryption, etc., to further enhance the security of its platform.
- Full Refund Warranty
A standout security feature offered by Bityard is the full refund warranty. If traders lose their funds due to a breach or a mistake from Bityard’s end, the exchange promises to refund the full amount to its users.
Bityard has a comprehensive customer support system that helps users resolve all their queries on the go. The exchange offers customer support in the following ways:
- Live Chatbot: Bityard has a live chatbot that provides answers to basic questions and queries. In case you are not satisfied, you can accelerate your requests to a live agent.
- Email: You can reach the Bityard team via email. The response times can be a bit slow – a few minutes to a few hours – depending on the traffic of queries.
- Telegram: Bityard has Telegram communities in English, Vietnamese, Indonesian, and Filipino languages. It also has a presence on YouTube, Facebook, and Twitter.
- Knowledge Base: Bityard’s vast knowledge base is one of its standout features. The knowledge base section provides in-depth information about all the common questions and queries.
Bityard Review Summary
Let’s quickly sum up this Bityard review and determine whether you should use it for crypto trading or not.
Coming to the pros first, Bityard offers numerous trading options. It supports more than 50 coins and has seven crypto contracts. It also supports spot trading.
Bityard offers up to 125x leverage on BTC futures trading, and it is the second exchange to do so apart from Binance. It also has a simple trading fee structure and charges a low trading fee.
Bityard is a new exchange when it comes to cons, and hence, it might have low liquidity. Also, Bityard doesn’t disclose its 24h liquidity.
While Bityard charges a low trading fee, it also charges a withdrawal fee, which could be an issue for some traders.
Lastly, Bityard’s mobile app is not good for trading. Since many traders nowadays prefer mobile trading, it can be a dealbreaker for many traders.
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