This article will review Bityard, one of the leading cryptocurrency exchanges that provide safe, simple, and fast crypto-asset exchange services. They have over 100,000+ users from over 150 countries. Bityard has successfully partnered with multiple companies worldwide, such as CoinMarketCap, Binance, and more.
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Summary
- Bityard is a leading cryptocurrency exchange founded in 2014 and has its headquarters in Singapore.
- Acquired licenses from Financial regulators of four different countries.
- Offers various trading options such as spot, leveraged, contract, margin, and copy trading.
- Uses K-Line, a weighted average technique to calculate the platform’s prices by collecting data from the top three exchanges: Binance, Huobi, and OKEX.
- They provide Daily Mining to earn BYD and USDT.
- Support three mediums to deposit funds. (Crypto, Visa/Master cards, OTC)
- They use a high-security architecture to protect your funds and the platform. They store the majority of the funds in cold wallets and use two-factor authentication.
- A user-friendly interface helps you to start trading quickly. A demo mode is available, which will help you in getting accustomed to the platform.
- A 24/7 live chat will help you to resolve customer’s issues.
Bityard Trading Options
Spot Trading
Crypto spot trading allows you to purchase crypto-assets and hold them until their price increases or use them to buy different assets. Bityard supports more than 30+ crypto-assets such as Bitcoin, Ethereum, Litecoin, and more.
Futures Contract Trading
Futures Contract allows you to trade on an asset’s price movement at a predefined date and price. They are used to hedge other investments or to lock in profits when trading in volatile markets. Every contract involves a buyer, seller, and a set price.
Futures trading helps you multiply your returns; however, they can be risky. Contract Trading allows you to make a profit daily.
If you think the asset price will increase, you can buy/long the asset contract and close when your target is achieved. Similarly, If you believe the asset price will decrease, you can sell/short the asset contract. This helps you make a profit from both the buy and sell markets.
You can choose from sixteen crypto-asset options such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, EOS, TRON, and more.
Leveraged Trading
Leverage allows you to use borrowed capital to invest or trade in open markets as a funding source. Trading with leverage gives traders options to trade larger amounts, even with less capital.
Bityard provides a wide leverage range from 5x to 100x.
Margin Trading
Margins allow you to trade higher value assets by using a lower amount. You can make huge profits or losses without actually having to own the asset.
Bityard uses a system of isolated margin rather than cross margin; therefore, you will not get liquidated. The margin you have set aside is kept separate from the rest of your trading positions
Copy Trading
Copy Trading allows users to copy trading strategies from experts. It helps you earn better profits and learn from experienced traders. Bityard platform provides you detailed information about expert traders, such as profit rate, trade days, Win Rate 30D, P/L ratio 30D, 30D total trades, and each trading expert’s followers. The trader list data is updated every two hours.
Bityard offers a flexible copy trading setting. You can also filter according to trading days, styles, and P/L ratio 30D.
Besides, they provide different styles such as Short Term, Midterm, Long term, High Risk, Racial, Light trade, steady, and more. The trading days are divided into less than thirty, thirty to sixty, sixty to one-eighty, and unlimited. The P/ L ratio is categorized as less than twenty, twenty to sixty, and more than sixty percent.
The warning value helps you select the maximum copy amount that you would like to accept. The maximum amount can be 200USDT and should be more than 5USDT.
The default stop loss ratio will be the same as that of the expert; if you wish, you can set your own.
The maximum position amount is the total amount of the position that follows the experts’ position. The maximum limit is 4000USDT.
Additionally, you could set up a single-day follow principal, which allows you to set an accumulated amount for a day after which no orders will be copied. The maximum amount that can be set is 4000USDT.
Bityard Daily Mining
You can participate in daily mining to receive a random amount of crypto assets as rewards. The crypto assets will include BYD (Bityard Token) or USDT.
The gift money can be used as trading fees. They cannot be withdrawn or exchanged for other coins. Bityard automatically deducts gifting money earned from mining when placing an order.
Bityard KYC (Know Your Customer)
Bityard uses KYC to prevent money laundering, terrorist financing, or any such illegal activity. They use a five-step process, which is elaborated below -
- Verification Procedures
Bityard uses reliable verification sources, such as national ID, passport, bank statement, or utility bills. They double-check the authenticity of the documents to avoid any risk. If you are using cards for payments, then your cards need to pass verification.
- Sanctions and PEP lists screening
After completing the verification, Bityard will screen you against Sanctions and Politically Exposed Persons (PEPs) lists.
- Compliance Officer
Bityard duly authorizes the Compliance Officer to ensure the effective implementation and enforcement of the AML/KYC Policy.
- Monitoring Transactions
Bityard not only verifies your identity but also analyses your transactional patterns. They rely on data analysis as a risk assessment and suspicion detection tool.
- Risk Assessment
Bityard uses risk assessment to mitigate any money laundering or any such illegal activities. They direct resources following priorities so that higher risks receive more attention.
Bityard Review: Security
Business Administration of Singapore ( ACRA), the Australian Transaction Reporting and Analysis Center (AUSTRAC), the Estonian Financial Regulatory Authority (MTR), and the United States Financial Supervisory Authority (MSB) have issued Financial licenses to Bityard. These licenses ensure the security of your funds.
The communication in Bityard is entirely SSLencrypted. This helps you avoid phishing attacks.
The majority of the funds are stored in cold storage, which is offline and secure. Only smart portions of the funds are kept in hot wallets.
They provide real-time risk management and auditing tools to understand the market scenario.
Additionally, you can secure your account by performing the following actions-
- You can set up an email verification for resting passwords, withdrawals, or performing any significant changes in the account.
- You can also leverage SMS verification for withdrawals or any major activities.
- For making a withdrawal, you have to enter an additional pin.
- To ensure or report any unauthorized logins, you can check login records.
- Withdrawal access management allows you to include the specific address to avoid transferring funds to the wrong address.
Bityard Token ( BYD)
BYD is a decentralized digital asset based on Ethereum with a total supply of 210 M. A new user gets six BYD after registration. Each Bityard account receives up to sixteen BYD.
BYD can be used for:
- Trading Fess deduction.
- Excess income from listing
- More applications for the global crypto business will be coming soon.
You can get BYD by registering a new account, trading on Bityard or Daily Mining.
Bityard Fee
The currency exchange fee is 0.05%.
The opening and closing trading fee can be calculated as margin * leverage * 0.05%. The opening and closing fee is pre-deducted while opening a position and will not be charged when closing a place. The transaction fee does not affect the initial margin.
If your position is held for less than twelve hours, you are not charged any overnight fee. If you have held the position for more than twelve hours and closed after SGT 05:55:00, you will be charged using the following formula- Margin * Leverage * 0.045% * Days.
Bityard provides a low trading entry that is 5 USDT.
Bityard Deposit
Bityard provides three different ways to deposit funds.
- Transfer from your crypto wallet.
- Buy USDT using Visa or Mastercard.
- But crypto from fiat via OTC traders. Fiat currency deposit is only supported in Vietnam, Mainland China, and Indonesia.
There is a minimum deposit for all the supported cryptocurrencies. A minimum of 15 USDT-Omni, 15 USDT-ERC20, 10 USDT-Omni, 0.001 BTC, 0.05 ETH, 0.001 BTC, 100 XRP, 500 TRX or 5 EOS is required.
Bityard supports USDT(Omni, ERC20, TRC20), BTC, ETH, EOS, XRP, TRX, and HT.
Cryptocurrency deposit required network node confirmation. It takes approximately ten to sixty minutes for confirmation. You should check the address before depositing since the address can change.
Deposits through OTC occur in real-time while it depends on the network congestion when taking place through external wallets.
There is no fees charged for deposits.
Bityard Withdrawals
You can make withdrawals in USDT- Omni, USDT- ERC20, and USDT- TRC20. You have to submit the withdrawal address, amount, password, and verification code form email to complete the transaction.
The minimum withdrawal amount is 50 USDT. You can withdraw two times a day between 9:00–21:00 Singapore time.
The withdrawal limit also differs if your KYC ( Know Your Customer) is completed or not.
The maximum withdrawal limit is 100,000 USDT.
Bityard Review: User Experience
Bityard provides an easy to use and user friendly interface for beginners. The platform supports multiple languages such as English, Portuguese, Bahasa, and more. It supports dark and light mode.
The demo platform helps you to get accustomed. You can customize the charts according to your requirements.
The market-related information is on the left, the charts are in the center, and the order forms on the right. The order history is available at the bottom of the page. The platform is also available in mobile applications in Androidand iOS platforms to manage your funds on the go.
Bityard Review: Customer Support
Bityard provides live chat functionality. You can reach out to them on Twitter.
They also have an active Telegram and Youtube channel. You can also write to them at [email protected].
Bityard Pros and Cons
Pros
- An easy to use and user-friendly interface.
- Bityard has licenses from four different country regulators.
- Low trading fees.
- They offer a wide leverage range from 5x to 100x.
- They support OTC deposits.
- There is no slippage cost.
Cons
- They do not have an insurance fund.
- They provide limited cryptocurrency support.
- OTC Trading is supported in limited countries.
Bityard Review: Conclusion
Bityard is a user-friendly cryptocurrency exchange with worldwide users that offers crypto spot, contract, leveraged, margin, and copy trading options. They have received financial licenses from four different countries and have a high-security architecture to protect your funds. The trading fee is comparatively low. Daily Mining can help you earn USDT and BYD tokens.
Bityard provides multiple ways to deposit your funds. You can buy crypto via FIAT through OTC counters. An easy to use trading terminal attracts beginner. An extensive customer supports its users to solve their queries faster. All around, Bityard is capable of providing A-Grade crypto exchange service to its customers.
Frequently Asked Questions (FAQ)
What is Bityard?
Bityard is one of the leading cryptocurrency exchanges which provides safe, simple, and fast crypto-asset exchange services.
Is Bityard legit and safe?
Bityard acquired financial service licenses from the Business Administration of Singapore ( ACRA), the Australian Transaction Reporting and Analysis Center (AUSTRAC), the Estonian Financial Regulatory Authority (MTR), and the United States Financial Supervisory Authority (MSB). Therefore, it’s legit.
In addition, It practices the best standard to safeguard your cryptocurrencies.
How to trade on Bityard?
On Bityard, you need to deposit your funds in order to start trading.
Does Bityard support FIAT?
Yes, it does. You can buy crypto from fiat via OTC traders. Fiat currency deposit is only supported in Vietnam, Mainland China, and Indonesia.
Bityard supports which cryptocurrencies?
Bityard supports USDT(Omni, ERC20, TRC20), BTC, ETH, EOS, XRP, TRX, and HT, and more.
How much leverage does Bityard offer?
Bityard offers a wide leverage range of 5x to100x.
When Bityard’s overnight fee is charged?
If you have held the position for more than twelve hours and closed after SGT
05:55:00, you will be charged using the following formula- Margin * Leverage * 0.045% * Days.
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Originally published at https://blog.coincodecap.com on January 17, 2021.
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