Bityard Review: The World’s Leading Cryptocurrency Contracts Exchange.

Cryptocurrency Contracts Exchange

Bityard is a cryptocurrency derivatives trading platform that is based in Singapore. Their mission is to simplify leveraged trading contracts with their novel approach: ‘Complex Contracts, Simple Trade’.

Bityard is relatively new, yet it has attracted lots of crypto traders from around the world. At the moment, they trade in 8 different cryptocurrencies, offering leverage up to 100x. 

This post explores all key components of the platform and if it is worthwhile. Note, however, that it should not be taken as investment advice. 

What is Bityard?

Launched in November 2019, Bityard is a privately-held cryptocurrency contract exchange company that makes it easy and safe to engage in asset contract trading. Bityard is hinged on the concept of cryptocurrency options trading.

Cryptocurrency options contract trading is not the same as cryptocurrency-to-cryptocurrency exchanges in that you are not buying Bitcoin or Ethereum on Bityard’s platform. Rather you are buying an options contract. With contracts, investors can trade on the price movements of assets, without actually holding the assets. Contracts are used in physical goods like crude oil, and agricultural produce, just as they are used for digital goods like Bitcoin, stocks, and more. Sellers and buyers can use contract trading to hedge and minimize risks, speculate on assets, and protect against volatile future price swings. 

Bityard offers cryptocurrency margin trading. This means that a trader only needs to put down a fraction of the full trade amount in a leveraged position. Although margin trading is complicated and risky, Bityard makes it user-friendly. 

Supported Cryptocurrencies

On Bityard, you can trade top cryptocurrencies with leverage; Bitcoin, Ethereum, Ripple and other crypto assets at your disposal. Bityard supports trading in the following cryptos:

Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP (XRP), Tron (TRX), DASH, EOS, Ethereum Classic (ETC), LINK, and Litecoin (LTC).

Bityard’s Competition

When it comes to contract trading, the main companies dominating the sphere are BitMEX and Prime XBT. However, Bityward does a good job of providing a strong unique selling point (USP) that distinguishes it from its competitors. These USPs include:

  1. Lower entry levels.
  2. Unique complex contract offerings.
  3. Simple user-friendly interface.

No doubt, cryptocurrency options trading and margin trading is incredibly intricate for beginners. However, Bityard’s interface is relatively simpler and easier compared to BitMEX, so even beginners can understand key components of the platform. It seems BitMEX’s primary market is sophisticated traders – hence the thorough and meticulous interface.

To boost its brand in the marketplace, Bityard also has a brand ambassador: Buakaw Banchamek, a world-famous Muay Thia Champion. 

Transaction Fee

Bityard currently charges a 0.05% transaction fee, which is lower than the industry standard of 0.075%.

Latest Feature And Upcoming Features

Happy Friday! The crypto/USDT is a randomly free transaction fee every Friday.

On 16 October 2020, Bityard launched Happy Friday: “0 Transaction Fee Day for Designated Token”, where Bityard users can trade on a chosen token without having to pay a transaction fee for that contract trade. The chosen token for each Friday will be announced on the same day. 

As an innovative cryptocurrency contract exchange company, Bityard is always at the forefront of pioneering functionalities that will continually improve the experience of traders on our platform. Some of which include:

Copy Trade 

Bityard will launch its contract copy trade in November 2020. This function allows users to automatically mimic the contract trading of traders of their choice. This eliminates the need for constantly monitoring the market. And if you’re a beginner user, this feature is perfect for you! Traders are divided into two levels, where ordinary traders enjoy 8% of copy trade profit, while star traders enjoy 10%.

Spot Exchange

Bityard platform will launch its spot exchange that will provide advanced financial services to traders globally using blockchain technology.

Is Bityard Safe?

The safety of your funds and the security that the exchange provides is the most important question any trader can ask. When assessing the safety of a trading platform, several things – like exchange security, risk management, licenses, and user-side security – have to be considered.

  • Regulation

Bityard has licenses from four different country regulators, which include the United States, Singapore, Estonia, and Australia. With these licenses, you can be assured that they’re legally able to operate as a money service business. Therefore, no one will run away with your funds. 

  • Exchange Security

Bityard uses multiple wallets stored in an offline cold environment to make sure your coins are protected. Cold storage is secure because hackers cannot assess it since it’s not connected to the internet. While the majority of the funds are kept in cold storage, only a fraction is in a hot wallet to ensure that withdrawals are always possible. 

However, unlike leveraged exchanges, Bityard does not have an insurance fund to manage market risk. Instead, they have a real-time risk auditing and managing tool that monitors market positions and exposure. 

  • Communication Security

Bityard employs full Secure Sockets Layer (SSL) encryption, which ensures that all communications in form of texts, documents, and more are secured.

  • User Side Security

When it comes to security, you are usually the first line of protection for your account. To ensure that hackers do you access your account, Bityard makes use of two layers of user-side security. 

First is the two-factor authentication. If you link your phone to your account, you will always receive an OTP on your device anytime you want to log in. Even if a hacker has your password, they cannot access your account without the OTP.

Second, you can set a pin for withdrawals, which must be different from your password. So, even if unauthorized personnel access your account, they won’t be able to withdraw your funds without the pin. 

  • Reach

Bityard has expanded to over 150 countries and is available in 8 different languages including English, Russian, Simplified Chinese, Traditional Chinese, Vietnamese, Japanese, Korean, and Indonesian.

How to Get Started on Bityard

To get started on Bityard, all it takes is a valid email address, password, and a Captcha. No identity verification is needed. 

As you begin to add more details to your account and familiarize yourself with the platform, Bityard gives you a few “beginner rewards”, which are added as coupon credits for the fees. 

The platform also features a “demo trade”, which allows you to perform trading with real price charts and volumes without having to use your real assets. This functionality is valuable to get a feel for the entire platform before you start real trading. Just make sure you do not forget to change the mode from Demo before you start real trading.

You can register on Bityward here

Affiliate Program

Bityard affiliate program marketed as KOL is very attractive. It invites the crypto community to become Bityard business partners. If you are satisfied with Bityard’s platform, you can then make money by referring others. Affiliates convert your impact into commissions, where you can make up to 60% on all trading fees. Here are the benefits of the affiliate program:

  • Transparency: You get a multidimensional report that gives you an overview of your referral statistics. 
  • Support: Bityard also provides one-on-one support for dedicated affiliates.
  • Real-time settlement: Your commissions are settled in real-time. 

Wrap Up

Although Bityard is relatively new, it has made significant strides, establishing itself as the easiest-to-use exchange trading platform. Moreover, they have a well-functioning mobile app, which is very impressive, considering mobile derivatives are still in its infant stages. 

Bityard is safe and 100% legit. However, as with all trading platforms, make sure you maintain strong account security from your end and avoid taking excessive risks.  

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