Bityard Exchange Review 2021 - Is It Safe?
- Bityard Overview
- Bityard Fees
- How to Get Started with Bityard
How to Use Bityard
- Customer Service
- Is Bityard Safe?
Bityard is a brand-new exchange providing cryptocurrency contracts for trading. The platform was founded in November 2019, and its headquarters is located in Singapore. The service is registered as Bityard Blockchain Foundation limited with an officially registered address at Paya Lebar Square Singapore.
Bityard adheres to the concept of the product “Simple trading on complex contracts” and seeks to convey to customers the most simplified trading experience. The platform is relatively new and it has every chance of attracting the attention of many cryptocurrency traders.
The interface of the platform is very clear and intuitive. The platform has been translated into 8 languages, including English, Chinese simple and complicated, Russian, Korean, Vietnamese, and Indonesian.
Currently, Bityard operates in 150 countries. The service has no limited regions. Everyone in any country can create an account and use the platform.
Bityard service is also one of the few leverage-based cryptocurrency exchanges that have regulatory licenses. These include licenses in the United States, Australia, Estonia, and Singapore.
As for the advantages of working with the Bityard service, it is multifunctional and at the same time, a simple and convenient solution for both confident users and beginners.
First of all, Bityard is:
- Safe. It offers 2-Factor Authentication (2FA), completely anonymous trades, multiple offline signatures, cold storage of assets, real-time risk audit, full refund warranty, a limited risk with the potential for infinite profit.
- Easy. The service has a friendly and concise user interface, yet convenient to input user’s commands. Users can register an account in 30 seconds and trade with as little as 5 USDT. Bityard supports both Mainstream Cryptocurrency and OTC.
- Fast. Bityard has the fastest trading engine in the industry, matching 1 million transactions per second. Users can flexibly choose from 10x to 100x leverage.
The commission on Bityard is quite profitable, in comparison with other exchange services. On the platform users pay several types of fees: opening/closing and overnight fees.
Users are charged a fee of 0.05%, however, margin and leverage also affect opening fees. That could be presented with formulas:
- Opening fee = margin*leverage* 0.05%,
- Closing fee = margin*leverage*0.05%.
The overnight fee is added to the other fees and is charged every night when users hold a position. This charge is 0.045%. It could be presented with this formula:
- Overnight fee = margin*leverage*0.045%*days
As for the deposit fee, no commission is charged. But when it comes to withdrawal, users will be charged with 2 USDT.
How to Get Started with Bityard
In order to start working with the Bityard, you need to go through a simple and very quick registration. At the initial registration stage, the service does not require to go through any verification or security check. Moreover, the service promises each new customer a welcome bonus in the amount of 258 USDT.
In order to register on the platform, you need to click on “Sign Up” in the upper right corner. Next, in the opened window, enter your email address, password and click on the “Send” button so that you receive a verification code.
Within 90 seconds, your profile activation code will be sent to your address. Find the message in your email (most probably the message may be in the “Spam” folder), copy the code and paste it into the field in the registration window. Click "Register".
That’s it! You have successfully signed up into the Bityard service and now you can start trading and using all the features.
In order to better understand how the Bityard platform works, a demo account is available to users. This account allows users to use all the same tools and functions that are available to traders in a real account. But at the same time, users do not risk their own funds.
You do not need to register a separate demo account to start trading. You can switch between a demo and a real account in the lower left corner of the platform.
How to Use Bityard
The exchange interface is pretty standard and has almost all the tools so well known to traders. On the left, users can select the coin from the list of currencies. The center displays the price of the selected currency, its volatility, volume, etc. On the chart, users can select the price period (minute, hour, day, week, month). On the right, traders can set leverage, margin, and see information on the price of buying and selling an asset. Also, as standard, the interface is equipped with the Position, Pending, and History tabs.
The layout is adjustable for users. Traders can also increase the size of the chart in case to make it more convenient to use.
Instruments traded on Bityard are not futures. They are leveraged contracts that work similarly to a CFD (Contract for Difference). Therefore, there are no order books at the service. When you trade you are placing a trade that is matched by the exchange themselves. The advantage of this instrument is that users won’t get any order slippage on the trades.
When you trade with Bityard, you do it on margin. This means that the margin that you set is part of the total transaction amount and involves the use of borrowed funds.
Taking into account that Bityard does not have its own order books, the service will have to receive external data on Bitcoin prices. In case to ensure that this process is taking place in a pellucid manner, Bityard uses the “K-line” weighted average approach.
This means that the price they indicate for their contracts on the exchange is the average price on a number of different exchanges. In this case, the Binance, OKEx, and Huobi exchanges are mentioned. Weights are 30%, 40% and 30% respectively.
To replenish the balance of your trading account, you need to go to the "Deposit" tab, select the currency which you will top up in, copy the recipient's address (or scan the QR-code) and send funds to this address.
The main thing when replenishing is to comply with the minimum limits and send the correct currency. Otherwise, you will have to deal with technical support in case to get assistance in obtaining your payment.
In order to withdraw funds from the balance of the Bityard exchange, you need to go to the "Withdrawal" tab and select the withdrawal currency. Next, you will need to enter the amount, withdrawal address, pin-code, and go through the captcha. If all the data is entered correctly, then click "Send" to send the payment.
At the bottom, you will see the maximum withdrawal amount and the commission charged for making this payment.
One of the most important points in the work of each service is the efficiency of customer support. And Bityard clearly approached this issue seriously.
The service has developed a detailed FAQ (frequently asked questions) section, which contains all the basic questions that users can ask.
In case you did not find the answer to your question in FAQ, you can use one of the fastest ways to contact user support - online chat. Chat is easy to find since it is located on the main page of the platform. This chat works 24/7 and reacts to your request almost instantly. Also, anyone can send the question to the Bityard email - [email protected]
Is Bityard Safe?
As for the safety of the Bityard platform, the service is taking care of the security of its traders.
The first thing users must pay attention to is that Bityard has licenses from 4 countries, including the USA, Estonia, Singapore, and Australia. Bityard is regulated and licensed under Singapore's ACRA, the USA’s MSB from the Financial Crimes Enforcement Network, which belongs to the United States Department of the Treasury, Estonia’s MTR, and Australia’s AUSTRAC. You can see the full licenses on the official website.
To ensure asset security, Bityard uses several wallets that are stored offline in cold storage. This is conceivably the best way to protect users’ funds from hacking since the storage can not be accessed from the Internet. Bityard stores most of its funds in cold stores, and only a small part is located in “hot wallets”, which are used to pay for withdrawal/receipt of deposits.
Although Bityard does not have an insurance fund, they have tools for real-time risk auditing and risk management that track market positions and risks instead.
Also, Bityard has full SSL encryption, which means that whenever users send documents or have a conversation, all information is protected.
Bityard also provided tools to protect the user account from intruders, such as two-factor authentication, PIN code, etc. You can find all these tools in your profile settings.
Although this service is new to the market, it has already managed to show its serious intentions to take profitable positions among its competitors and settle in the financial market for a long time. According to our review, this is a great leveraged exchange that makes sophisticated tools easy to use for traders of any level.
This service is quite safe, which owns licenses from 4 countries. In addition, the security features that are used to protect users ’assets and the good encryption levels of this platform do not leave us indifferent.
Like any other service, this platform has its own growth areas. Nevertheless, this service was able to establish itself as a serious product with a wide range of features, which is suitable for both beginners and professional traders.
The first time I use this website, it’s very unique. It’s amazing to have ALTCOIN as a trading pair. High multiples may not be profitable, and the handling fee is also low. Basically, it’s still hard work. It may be used with Binance at the same time. See if there are any discounts they can give out.