Bityard is a contracts exchange based in Singapore. Launched in 2019, Bityard operates under 4 different licenses. Namely, these licenses are from Singapore (ACRA), USA (MSB), Estonia (MTR), and Australia (AUSTRAC). This makes Bityard one of the most regulation-compliant exchanges available.
Presently, Bityard operates in over 150 countries for 24 hours a day, every day. accessibility is one of the reasons why Bityard has such good liquidity and market presence.
Bityard not only provides contracts trading, but it also offers such on a margin. Margin trading allows the trader to open trades for more than what they own. The trader can borrow the difference between what they have and what they want to trade.
Newbies may find contract and margin trading a bit complicated. Bityard, however, promises to make these complex trades simple. The exchange aims to do this by offering traders — of every level — access to a user-friendly trading platform.
If you are a novice trader, you might be feeling a little overwhelmed by all the new concepts and terms. That is the exact reason why Bityard was launched. The creators of Bityard identified the need for a simple and accessible trading option, especially for novice investors, but did they succeed? Let’s find out in this Bityard Exchange Review 2021.
|Available on mobile||Yes|
|Number of supported coins/tokens||7|
|Number of supported trading pairs||N/A|
|Native token||Bityard Token (BYD)|
|Supported fiat currency||Yes|
|HQ Location||Paya Lebar, Singapore|
|Company Owner||Bityard Blockchain Foundation|
Table of contents
Bityard Exchange History Overview
Bityard was incorporated on 14 November 2019. CMO and Co-Founder Michael Hung is a graduate of Shih Hsin University, a well-known institution in Taiwan. Hung and his partners recognized the need for a contract trading company that catered to the needs of novice traders. In an interview Hung said,
In light of this, Bityard managed to launch successfully despite the prevailing bear market at the time. As mentioned above, Bityard also managed to launch with 4 top regulatory licenses from:
- Accounting and Corporate Regulatory Authority of Singapore (ACRA).
- American Financial Services Enforcement Network (MSB).
- Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Estonia Financial Supervision Authority (MTR)
Despite being a relatively young exchange, Bityard is already growing in reputation and is well respected. The exchange has also retained muay thai boxing champion Buakaw Banchamek as its brand ambassador.
Bityard Platform Interface
The Bityard platform is very simple and easy. In fact, registration takes less than a minute. Also, the process can be completed using your email address or mobile number. Once registered, Bityard offers new users a joining bonus of 258 USDT/ 6 BYD in a secure trading wallet.
Bityard also has a demo account that allows novice traders to learn without the added fear of making a mistake.
Things get really interesting once you redirect to your trading account. Here, the layout is intuitive and easy to navigate. The interface is divided into three sections:
- On the left is a list of assets. These assets are listed in pairs and you can select the one you would like to trade by clicking on it.
2. Charts are clearly positioned in the middle. The chart shows asset prices in real-time. Bityard’s pricing data combines prices from three top exchanges namely Binance, OKEx and Huobi. This allows users to benefit from accurate real-time price shifts.
Take note of the little chart icon on the bottom left. This is a direct link to a TradingView for more detailed market data. Upon clicking, TradingView opens in a new tab, thus not disrupting your session.
3. The right side consists of two sections. The top part is an order form that allows you to set the parameters of your orders. For example, this is where you put how much you want to trade. You can also see the leverage rate, etc. By the way, Bityard offers leverage from 5x up to 100x.
The order form also allows you to set Take Order (TP) and Stop Loss (SL) ratios. These ratios allow you to define when you would like to close a position automatically.
Bityard Key Features and Functions
As a contract exchange that focuses on “making complex trades simple”, Bityard offers a few unique features and services. Bityard allows users to trade a variety of asset pairs. Traders can also make their trades on margin, allowing them to multiply their profits.
Users can also acquire the Bityard token (BYD) through trading or mining. BYD can be used to pay for trading and service fees, making it very useful. As of November 2020, the exchange also began to offer spot trading and copy trade.
- Low barriers to entry make it easy for users to trade as little as 5 USDT or as high as 20,000 USDT. Users can also buy currency OTC with low trading fees.
- Competitive fees from 0.05% interest rate plus low OTC trading fees make Bityard well placed against the competition.
- Wide leverage range from 5x to 100x allows users to trade on margin according to their personal risk tolerance and experience. Bityard also sets a limit of 500x profit to limit user exposure.
- The daily mining program allows users to generate income. This is because Bityard emphasizes the importance of its users earning short term profits. Users can trade on positions in minutes or hours.
Hence, this allows users to open and close positions quickly and take advantage of the price volatility in the interim. This philosophy also extends to Bityard’s mining program. Moreover, Bityard issues BYD tokens daily, allowing miners to earn real-time benefits.
BYD is an ERC-20 based token that can be used to pay for trading fees at a discount when using Bityard. This makes it a valuable asset for users to hold. Users can also keep BYD in an ERC-20 wallet.
Additionally, Bityard intends to list BYD on exchanges for mainstream trading in future. Moreover, BYD has a supply of 210 million, of which 10.24 million are in the mining program.
- PoS protocol is used for mining. This protocol adds to the security of the network. It also allows miners to earn a small interest from the stakes they place on blocks as proof.
- Bityard supports deposits with fiat and digital currencies (BTC, ETH, XRP, TRX, USDT, HT, EOS). Consequently, this makes Bityard the top mainstream contract exchange as it offers the most deposit options.
- Real-time price quotes are shown on the Bityard charts. This allows users to quickly open and close positions accurately. As many traders are aware, this is an important trait of contract trading.
- Bityard supports several languages including English, Simplified and Traditional Chinese, Russian, Korean, Japanese, Portuguese, Vietnamese and Indonesian. This feature has enabled Bityard to expand to North America, Asia Pacific, Southeast Asia, and beyond.
- Hot and cold wallets add another layer of security. One of the main mistakes Mt Gox Exchange made was keeping user coins in a hot wallet. This left the exchange vulnerable to hacking.
Bityard, on the other hand, keeps user coins mainly in cold wallets. These wallets are offline and cannot be hacked. Bityard keeps a minimum amount in hot wallets to facilitate daily liquidity.
- Mobile App allows trading flexibility. Users gain the same support and functionality on the go. The mobile app is available on both iOS and Android.
- Promotions are offered on multiple levels. These include a signing up bonus and rewards for reaching certain trade levels. Bityard also voids transaction fees on Fridays for special trading pairs.
- Affiliates/ KOL earn up to 60% commission on trading fees. Bityard also gives 1 on 1 support to affiliates and provides real-time data updates on transactions and commissions.
To sign up, simply share your referral link on social media. And as your network starts signing up and trading, you start earning. Once you pass 100 referrals, Bityard upgrades you to Diamond KOL.
Bityard also has a celebrity brand ambassador, namely Thai boxing champion Buakaw Banchamek.
- Contract Trading (15+ pairs) is actually the first service offered by Bityard. The exchange was initially created to offer a simple solution to complex contract trading. Contracts allow for positions to be held for short periods. As such, Bityard users can take advantage of the real-time price feature.Contract trading also allows traders access to financial instruments they do not own. This is because contracts are about the underlying assets instead of being the underlying assets.
- Derivative Trading (10+ pairs) is one of two contract types offered by Bityard. The other contract type is cryptocurrencies. A derivative is a contract whose value comes from another asset. The asset that gives a derivative value is called the underlying asset. The most common types of derivatives are futures, forwards, swaps, and options.Bityard derivatives are based on Crude Oil, Copper, Gold, Silver, Mini Dow, Nasdaq 100, Natural Gas, China ASO, Hong Seng, DAX and Nikkei225. In total, Bityard has over 10 trading pairs, allowing traders exposure to a variety of options.
- Cryptocurrency Spot Trading (30+ pairs) launched in November 2020. Spot trading allows traders to deposit cryptocurrency onto Bityard. This deposit facilitates immediate trades to take place. In fact, a trade occurs as soon as a matching bid (buying) and ask (selling) offers are placed. Spot trading is done manually without the aid of software. Bityard also allows leveraged spot trading. The exchange has over 30 spot trading pairs, giving users a wider variety of options. Spot trading is currently only available on PC.
- Copy Trade also started in November 2020 and is currently only available on mobile. This is a strategy that allows one trader to copy another trader’s positions. This strategy can then be executed manually or automatically. It is great for novice traders or traders with time constraints.Through copy trading, Bityard allows new traders to learn from expert traders. This is done by novice traders following expert traders on the platform.The system also benefits expert traders in that traders that get copied receive a bot of profit from each successful copied trade. Bityard Copy Trading rewards expert traders with 8% of their followers’ order profits. Not only that, but the expert also shares in both their profits or losses using a simple formula:
Profit ratio = Total profit and loss/ Total margin with orders
This is a great opportunity for expert traders because the more followers a trader has, the more profit they can earn. Traders can easily check the number of followers or profit earned anytime on their order management page.
Crypto trading is highly volatile and can be very risky for novice traders. Through copy trading, new traders can learn under real market conditions while affording them some protection. However, as Bityard says, “always remember to trade less than you can afford to lose” regardless of whose strategy you are following.
Bityard Supported Cryptocurrencies
Bityard supports 7 main cryptocurrencies for deposits. This number excludes the exchange’s native token BYD. Bityard also allows direct trading between two users (OTC). The deposit currencies are BTC, ETH, XRP, TRX, USDT, HT, and EOS.
With 7 supported currencies, this means Bityard supports more currencies compared to its top competitors.
Currently, Bityard has 10 contract trading pairs. The platform uses Tether’s USDT as its base currency for all trading pairs. Users can trade currencies such as Cosmos (ATOM), Bitcoin Cash (BCH), Bitcoin (BTC), Polkadot (DOT), EOS, Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), Tron (TRX), and Ripple (XRP).
In detail, this is how Bityard uses and supports currencies:
|Bitcoin Cash (BCH||Yes|
|Ethereum Classic (ETC)||Yes|
Of note, Bityard also supports fiat currency deposits, and is one of the few crypto exchanges to do so. Although, this feature is presently available in a few countries.
Bityard Withdrawal/Deposit/Trading Fees
As an exchange that targets novice traders, Bityard tries to make it easy for new traders to start trading. One of the ways Bityard does this is by charging competitive transaction fees. Another way is that Bityard allows users to make fiat deposits.
Although this feature is currently only available in Mainland China, Vietnam, and Indonesia, Bityard is working toward expanding this to other countries.
Making a withdrawal from Bityard is easy. All you need to do is go to the ‘Withdraw’ section. The withdrawal option is located on the drop-down menu after clicking the Assets tab on the website’s top navigation bar.
To proceed, you need to add the following details:
- Withdrawal address
- Fund password
- A verification code that you will receive via email or sms
Once you enter all the vital details, you can confirm the withdrawal. It’s important to note that Bityard currently only offers withdrawals in USDT. The minimum withdrawal amount is 50 USDT, while the maximum is 100,000 USDT for users with certified KYC. Withdrawal limits differ for certified and uncertified KYC. Please see below:
|Currency||Uncertified KYC||Certified KYC|
Withdrawals are currently only available in USDT. The rest of the comparison is for future reference.
Additionally, the amount of time withdrawals take to reflect depends on your wallet type. Bityard supports 3 USDT wallets.
- Omni which is a Bitcoin-based wallet that takes up to 60 minutes to reflect account updates.
- ERC20, an Ethereum-based wallet that takes an average of 10 minutes to update.
- TRC20, a Tron-based wallet which is the fastest option and only takes about 5 minutes to reflect.
Finally, Bityard users can withdraw between 9 AM and 9 PM (GMT +8).
Bityard withdrawal fees differ per wallet, similar to the transfer time.
The fees are charged as follows:
|Name||Amount (USDT)||Time (minutes)|
Deposits on Bityard are equally easy to make as withdrawals. As mentioned before, deposits can be made in 7 currencies excluding BYD.
While OTC deposits reflect instantly, deposits from external wallets are affected by how busy the network of origin is.
To initiate a deposit, you need to select the ‘Deposit’ option on the Assets drop-down menu. To begin you must select one of the supported cryptocurrencies listed on the left sidebar.
Once you have selected your deposit currency you can make a wallet to wallet transfer. Or, you can upload your deposit. You can do this either by scanning the available QR code or by copying the link provided.
Please note that each deposit currency has a list of rules that need to be met for the deposit to work.
|Currency||Minimum Amount||Wallet Address||Deposit Currency||Tag||Other|
|USDT||15USDT||Must be accurate||Only USDT||N/A||Transfers must use transfer function or form on Ethereum network|
|BTC||0.001BTC||Must be accurate||Only BTC||N/A||N/A|
|ETH||0.05ETH||Must be accurate||Only ETH||N/A||Transfers must use transfer function or form on Ethereum network|
|XRP||100XRP||Must be accurate||Only XRP||Required||N/A|
|TRX||500TRX||Must be accurate||Only TRX||N/A||N/A|
|EOS||5EOS||Must be accurate||Only EOS||Required|
Provided all the deposit requirements are met, you can proceed to confirm the block. Please note that block confirmations vary due to network traffic. Bityard will credit your account once the transfer has been confirmed.
Please ensure that you enter the correct deposit address. Otherwise, you will risk losing your coins. Once completed, most crypto transfers cannot be reversed. As such, it is best to confirm the deposit address before each deposit or to use the QR code.
Bityard currently doesn’t charge for deposits. This includes fiat currency deposits as well.
Although Bityard is primarily a contracts exchange, the platform offers multiple other services. These include spot trading, copy trade, and derivatives. For each of these services, Bityard offers custom fees as follows:
|Service||Opening or Maker Fee (%)||Closing Fee/ Taker (%)||Formula||Notes|
|Trading||0.05||0.05||Margin x Leverage x 0.05||Both fees are deducted when the position is opened at|
Margin x Leverage x 0.1
|Derivatives Handling||0.025||0.025||Margin x Leverage x 0.025||Both fees are deducted when the position is opened at|
Margin x Leverage x 0.05
|Spot Handling||0.1||0.1||Charged separately for the buyer and seller|
Overnight fees apply to positions held for more than 12 hours and are closed after 05:55:00 SGT. Bityard overnight fees are calculated as:
Margin x Leverage x 0.045 x Number of Days.
Also, Bityard recently adjusted its Copy Trade commission fees to:
Trader’s profit share = net profit x ratio*
*Where ratio= 8% or 10%
Net profit = order profit – trading fee – O/N fee – Gift money
All Bityard transaction fees do not affect the margin value as they are deducted from your account balance.
Bityard Accepted Payment Methods
Payments on Bityard can be made in any of the supported currencies. However, you can use the exchange’s BYD token to get a discount. Bityard gives 6 BYD as a signing bonus and the token can be earned through the daily mining activity. In future, Bityard plans to trade BYD on mainstream exchanges.
Controversies & Issues
Bityard has recorded no mishaps or issues to date. It seems the exchange knows how to handle its business as well as keep its users happy.
Bityard Exchange Achievements
As a fairly new contract trading exchange, Bityard has made several significant achievements. Having only launched in 2019, the exchange has achieved a high level of regulatory compliance. Older exchanges have struggled to gain even one license, while Bityard has four.
The exchange has also managed to diversify its services by adding new services like Spot Trading and Copy Trade. This proves that though young, Bityard is ready to push the limits of innovation.
Bityard’s innovation is also seen by its integration of copy trading. Copy trade continues to champion the exchange’s ideology of making trading complex contracts simple, especially for new traders.
The introduction of BYD is another achievement of note. This move enabled Bityard to improve it’s security while reducing transaction costs. Once again proving the exchange’s commitment to providing quality service to its users.
Bityard Exchange Pros and Cons
- High level of regulatory compliance. Bityard holds licenses from 4 authorities, offering peace-of-mind to its traders.
- Active in over 150 countries with a strong presence in North America, Asia Pacific, and Southeast Asia.
- User-friendly interface that offers intuitive instructions that even new traders can easily follow. The interface is also optimized for both desktop and mobile.
- Fast processing speed that can match 1 million transactions per second.
- Accessible on the go, thanks to the mobile app which is available on iOS and Android.
- Supports 7 mainstream cryptocurrencies, which is more than its competitors.
- Offers low barriers to entry by allowing fiat currency deposits, providing a signing bonus and a 5 USDT minimum margin.
- Offers low transaction fees which can be further reduced through mining activities.
- Has a wide range of products and leverage levels which caters to a diverse customer base.
- Supports trader anonymity through OTC trades and requires no KYC except for fiat withdrawals.
- Offers a higher withdrawal threshold than its competitors (USDT 100,000).
- Bityard offers multiple layers of security, giving its traders additional safety. These layers include:
- PIN-secured wallets
- 2-factor authentication which requires an authentication code sent via email or mobile to make withdrawals
- Cold wallets which cannot be hacked
- Real-time risk audit
- Full refund warranty
- No order ‘slippage’ as trades are matched by Bityard
- Multiple offline signatures
- Dedicated support staff
- Withdrawals are only available in USDT except for users in Mainland China, Vietnam and Indonesia.
- All trading pairs only have USDT as the base currency.
- Conflicting currency information, especially regarding HT.
- No insurance fund, as Bityard uses real-time risk auditing and risk management tools to monitor risk and assess market position and exposure.
- Requires KYC to make fiat withdrawals, thus limiting trader anonymity.
- Services offered 3/5
- Cryptocurrency support 3/5
- Fees 4/5
- Security 4/5
- Review Score ⅘
In conclusion, Bityard has gone to great lengths to provide quality services and user experience. The interface is easy to use with many helpful tools. User support is also available if needed. Low barriers to entry make it easy for anyone to start trading within minutes. Its wide margin range also caters to a diverse user group.
Bityard also offers several services including spot trading and copy trading, which nicely diversify the services offered. The ability to make deposits in multiple currencies is also a notable benefit. Low interest and transaction fees also add to a great user experience.
Despite the few noted cons, Bityard offers great security and an opportunity to trade complex contracts simply, just as it promised.
Bityard is a top international contracts exchange based in Singapore and licensed in 3 other countries.
Becoming a Bityard Affiliate is easy. To get started, share a custom link provided on the Affiliates page to your social media. Once your referrals start signing up, you will receive a commission. Bityard Affiliates earn commissions on tiered scale, so the more active referrals you have, the more commissions you earn.
On the other hand, to become a Bityard Partner, you need to sign up. Partners can earn up to 40% commission on a tiered scale. New Partners that reach the trading volume standard within 3 months gain an additional bonus.
Contracting trading is complex and volatile, but as a contract exchange, Bityard is very secure. Bityard has 4 regulatory licenses as well as multiple security layers. Bityard security includes 2-factor authentication, cold wallets and real-time risk audits.
Opening a Bityard account is very easy and takes less than a minute. All you need is to enter your email address, create a password and add the email verification code.
Payments on Bityard can be made in BYD, USDT or one of the other supported cryptocurrencies. Moreover, making payment in BYD on Bityard is discounted.
To learn about the latest news and updates about Bityard, follow CoinQuora’s Exchanges News section.