BitYard is a cryptocurrency exchange that offers spot and derivatives trading, as well as the ability to copy trades. Based in Singapore, it accepts merchants from over 150 countries, according to its official website.
Traders can buy and sell cryptocurrencies with high leverage or simply use spot trading. Additionally, we will walk you through inverse perpetual futures and how they work.
How to register a new account on BitYard
Before you can start trading, you need to open an account. Fortunately, doing so is easy. After jumping to the website, on the right, you will see a fill-in box where you need to enter your email and password. Make sure you are using a legitimate email as you will also need to open the confirmation email and verify to activate your account.
You should also go through some additional security steps to withdraw funds, including:
- Dedicated PIN to verify withdrawals
- Pickup requires email verification (automatically done during registration)
- SMS authentication
We also recommend that you log into your account’s security settings and ensure that all necessary measures are in place:
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Now that you’ve set up your account, it’s time to deposit some funds.
Deposits and Withdrawals
Filing is easy. All you have to do is click the “Resources” button in the upper right corner of the navigation menu and select “Deposit”. This is the page you will be redirected to:
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From the drop-down menu, you should select the type of cryptocurrency you want to deposit. On the right, you can also choose which network to use. Some are faster and cheaper than others. After doing this, you will get a dedicated address where you can deposit funds. Below you can see your deposit history.
Additionally, users can purchase cryptocurrencies using Banxa, BitYard’s fiat gateway provider. All they have to do is click the “Buy Crypto” button on the top navigation menu and follow the instructions:
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To withdraw money, just click the “Withdraw” button. Again, you need to select the cryptocurrency you want to withdraw, enter the withdrawal address, select the network and enter your fund’s password – this is what you set to approve withdrawals and is different from your login password.
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Please note that BitYard processes withdrawal requests between 09:00 and 21:000 UTC +8, but you can request at any time. Also, it is worth noting that the minimum withdrawal amount is 20 USDT or equivalent.
Now that you know how to deposit and withdraw funds, it’s time to see how to trade on BitYard.
How to trade spot on BitYard?
First, we’ll see how to live trade on BitYard. After logging in to the trading station, the interface is as follows:
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It’s very simple and convenient, and for those of you who’ve been trading elsewhere, they’re likely to see a lot of similarities. On the left, there is a list of available trading pairs. BitYard supports a range of different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), AAVE, Cardano (ADA), Algorand (ALGO), Alice (ALICE), 1inch Exchange ( 1INCH), etc.
In the center, there is a TradingView based chart and on the right, you can see the order book. Below the chart, you will find where to place your order. BitYard supports two types of orders in its spot trading. That is, these are:
A limit order is used to open a position at a price other than the current market price.
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In this particular example, we have chosen a limit order to buy Bitcoin when the price falls to $41,000, as it is currently trading at $42,000. We choose to buy BTC with 50% of our currently available funds, and once we click the “Buy BTC” button, the order will be placed in the order book, waiting to be executed when the price drops to $41,000.
On the other hand, market orders are executed immediately at the best available market price – hence the name.
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Here, we have chosen a market order to buy BTC at 50% of our capital. As soon as we press the “Buy BTC” button, the order will be executed immediately at the best market price available in the order book.
Now, let’s look at an example.
How to open a position
To open a position, we will use a simple market order. Here’s what our order looks like:
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In this case, we are using market orders to allocate 100% of our USDT into BTC as soon as possible. Once the green button is pressed, we will be long BTC and open a position.
Once your position is active, you can view it in the trade history below the order type box:
Here you can find information about your position, including whether you are long or short, your entry price, as well as your position size, and the transaction fees you pay.
How to close a position
Closing a position on a spot exchange is different from closing a position on a leveraged platform. You can lose part or all of your position by selling a specified amount of BTC.
Let’s see an example:
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In this example, we only want to close 50% of the position, which is automatically calculated as 0.00101 BTC. Once we hit the sell button, the transaction will take place and we will see our BTC holdings deducted from this amount.
That’s all you need to know to use spot trading, now let’s see how to use some of Bityard’s other features.
How to use Inverse Perpetual Swap on BitYard?
All you need to know about perpetual inverse futures on BitYard is that they are settled in cryptocurrency rather than fiat. Apart from that, other basic principles of trading are the same as perpetual contract trading.
This is what the interface looks like:
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As you can see, the center is the graph, and to the right of the graph are all contract specification information. A contract is worth $1 but is denominated in Bitcoin. Therefore, once you open a position, you will also see profit and loss in BTC instead of USD.
This is what your position looks like after you open it:
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Now, if you want to close it, all you have to do is press the market button on the side or place a limit order to close it at the price you are most comfortable with.
How to copy trades on BitYard?
Copy trading is more or less designed for people who don’t have enough experience or time. Instead of deciding which action to enter and the necessary searches associated with such an informed call, users can replicate other people’s actions.
At the time of writing this guide, there are quite a few traders who allow users to copy them, and they have been rewarded to varying degrees. The dashboard looks like this:
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As you can see, many settings can be adjusted to better define your search and criteria. You can adjust the trading style, profit margin, and trading day. This will get you several results that best suit your style.
As long as you have selected a trader to copy, you should continue to click “Copy Trade”. Here is the next popup:
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From here, you can edit what you will do. For example, in the current setup on the chart above, if a trader enters a position, we will copy up to 20 USDT. On the contrary, if the total amount of copying transactions on the day reaches 12,000 USDT, the copying will no longer be performed. Alternatively, you can click “Fixed Ratio” and set it as a percentage.
BitYard transaction fees
Transaction fees are especially important when choosing a cryptocurrency exchange. When it comes to spotting trading, BitYard’s fees are on par with most exchanges and do not differentiate between market makers and market makers:
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However, when it comes to futures trading, the fees are slightly different. BitYard charges a 0.05% fee when you open and close a position, but it depends on the size of the position. So, for example, if you open a position with $100 and 10x leverage, your size will be $1,000 and you should pay 0.05% of the amount when you open the position and 0.05% of the value of the amount when you open the position. close it.
However, there is also a nightly fee. It is calculated using the following formula: Margin * Leverage * 0.05% * Overnight. Again, this only applies to futures trading.
BitYard Customer Support
You can get in touch with BitYard customer support in several ways. The first is through the official email found here. This is recommended if you have a problem that you don’t want to resolve via chat.
Alternatively, you can use the live chat feature by pressing the Help pop-up button in the lower right corner of the screen.
This will trigger a live chat with customer support. We tested it and after leaving our question, someone from the relevant department got in touch within a minute. In our experience, this is one of the fastest responses we have received. However, it’s worth noting that there’s only one person who wants to support just as fast under heavier loads.
All in all, BitYard seems to have become a veritable cryptocurrency exchange and has made notable leaps over the past few months. It adds spot trading functionality, which is essential for many users, as well as the ability to copy trades, which is also a cool feature.
- Multiple trading options
- Inverse perpetual contracts denominated in cryptocurrencies
- Attractive affiliate program
- statutory deposit
- relatively low volume
- Part of the gain function has not been implemented
Discuss together or do not understand?
join us: https://discord.gg/NPRwRpsyka
Steps to win mystery box from spot trading:
- Login or create a BitYard trading Account here
- Deposit crypto or fiat and trade on the spot market
- Head over to the mystery box section and claim your rewards
Founded in late 2019 and headquartered in Singapore, BitYard is a leading global cryptocurrency derivatives exchange. As one of the fastest-growing exchanges, BitYard has continuously optimized and upgraded the platform and has brought many quality trading services to users worldwide. With the new corporate slogan “Grow Your Future in the Yard” BitYard will continue to help investors around the world to achieve their goals through providing one-stop financial trading services.