Bityard Review

General info

• Web address: Bityard
• Support contact: Link
• Main location: Singapore
• Daily volume: ? BTC
• Mobile app available: Yes
• Is decentralized: No

• Parent Company: BItyard Blockchain Limited
• Transfer types: Crypto Transfer
• Supported fiat: CNY, VND
• Supported pairs: 10
• Has token: BYD
• Fees: Very Low

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Bityard Review: Key features

Bityard is a relatively new crypto derivatives exchange that provides leveraged crypto contract trading. The most notable features of the platform include:

• Trade top cryptocurrencies with 100x leverage. Long or short Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Dash (DASH), EOS (EOS), Ripple (XRP), Ethereum Classic (ETC), Tron (TRX), and Chainlink (LINK) cryptocurrencies against Tether (USDT) with 10x - 100x leverage.
• Super user-friendly platform. Designed with beginners in mind, Bityard delivers stellar performance but remains extremely clean and simple to use platform that can be accessed both on the web and mobile devices.
• Regulated platform that is supervised in four jurisdictions all over the globe. Although it is based in the Asian fintech center Singapore, Bityard is also regulated in the United States, European Union, and Australia.
• No cumbersome KYC. Despite being a regulated platform, Bityard does not force users to go through know your customer (KYC) checks unless they want to deposit and withdraw fiat funds.
• Low trading fees. Bityard has an uncomplicated fee structure. Every trade will cost you 0.05% and you can open a trade starting with just 5 USDT.
• Bityard coin (BYD). Bityard has its own native cryptocurrency, BYD, which is used for trading fee discounts as well as other promotions.
• Fiat deposits. Though at the moment this feature is available in China and Vietnam only, Bityard supports fiat deposits directly to its platform. The platform claims that more fiat currencies will come to the platform in the future.
• Generous promotions. Earn BYD and USDT for completing trades and achieving milestones on the platform.
• Register and trade in minutes. Signing up on Bityard takes less than a minute. After that, you can make deposits and start trading immediately.

Background, team, and history

Bityard was established in 2019 in Singapore with an idea of “Complex Contracts Simple Trade” in mind. As such, it is geared towards new and experienced crypto traders seeking simplicity, Bityard is becoming one of the best crypto derivatives trading platforms out there.

The platform is managed by Bityard Blockchain Limited, which is registered and licensed in four countries: Singapore, under Accounting and Corporate Regulatory Authority (ACRA), the United States as a Money Services Business (MSB) from Financial Crimes Enforcement Network which belongs to the Department of Treasury, Estonia’s Majandustegevuse Register (MTR) kept by the Ministry of Economic Affairs, and Australian Transaction Reports and Analysis Centre (AUSTRAC).

The trading platform was officially launched in April 2020, so it is still a relatively new player in the industry. According to the original press release, Bityard has received a strategic USD 10 million investment from an undisclosed US hedge fund.

The company is also one of a few crypto trading platforms that have a brand ambassador - Buakaw Banchamek, who is a Thai boxing champion.

Bityard Supported Countries and Registration

Bityard is growing into a well-recognized international crypto contracts trading platform that operates in more than 150 countries, including the United States. The exchange also claims to have more than 100,00 users worldwide.

Account creation takes no longer than a minute, as you can do so using your mobile number or email. Once you verify either one of those, you’re ready to make a deposit and start trading.

Bityard makes it very convenient that in order to register users do not need to pass forced know-your-customer measures. However, you might be asked to verify your identity when withdrawing funds in fiat from the platform. Every KYC audit is typically completed within 2 hours.

Bityard’s trading services are available in eight languages: English, Simplified Chinese, Traditional Chinese, Russian, Vietnamese, Korean, Japanese, and Indonesian.

Bityard Fees

Fees are one of many Bityard’s strengths, as it offers a simple and straightforward fee schedule. Like most crypto derivatives exchanges, it charges position opening and closing, overnight, and fund withdrawal fees. There are no fees charged for making a deposit.

There are no traditional market taker and maker fees at Bityard since all liquidity is provided by the exchange. Each trade will cost you 0.05% regardless if you’re opening or closing a position.

The minimum position size must be 5 USDT or more and must not exceed 20,000 USDT per trade. Risk takers can also enhance their position sizes with margin and leverage.

Positions that are held for longer than 12 hours may incur an overnight fee, which is charged every day at 05:55:00 GMT+8, Singapore time.

In brief, Bityard’s fees can be summarized as follows:

• Min/max leverage: 10x - 100x
• Min/max margin: 5 USDT - 20,000 USDT
• Trading fee: margin*(leverage-1)*0.05%
• Overnight fee: margin*(leverage-1)*0.045%*days

When it comes to deposit and withdrawal fees, Bityard does not charge a penny for depositing funds into the platform. However, every withdrawal will cost you 2 USDT or its equivalent. This fee scheme makes Bityard one of the most affordable crypto contracts trading platforms out there.

Here is how Bityard compares with other popular crypto leveraged contract trading platforms:

Aside from the regular fees, the exchange offers many discounts and promotions whose rewards can be used to cover trading costs. For example, you can use the exchange’s native coin, BYD, to get a substantial trading fee discount. You will receive 6 BYD simply by activating your account, and there are numerous tasks you can complete to earn more. Aside from that, you can also obtain discounts by using Bityards "mining" page (see the "Design and usability" section to learn more).

Overall, Bityard offers some of the lowest fees for everyone interested in leveraged crypto derivatives trading.

Bityard Security

Bityard appears to be a very secure cryptocurrency exchange, though it hasn’t existed for long yet, and still needs to pass the test of time.

First and foremost, Bityard is a regulated exchange and adheres to the international trading standards in four jurisdictions, including the United States, Estonia (European Union), Singapore, and Australia. The financial oversight guarantees that the exchange is running a legitimate operation and is not going away with your funds anytime soon.

On the technical side of exchange security, Bityard is a custodial platform, meaning that you have to rely on it to secure your funds from hackers and other malicious cyberspace actors. In order to keep their operations secure, Bityard is said to employ the following security measures:

• Multi-signature cold wallets kept safely offline, with only a fraction of user funds being kept in hot wallets online.
• Real-time risk auditing and management tools that monitor the exchange’s activities, market positions, and exposure.
• Secure communications that use SSL encryption

The security of your funds on custodial crypto trading platforms is not a one-way street. On the user side of things, Bityard lets you protect your funds using:

• Two-factor authentication (2FA) using SMS (not recommended for U.S. customers due to the prevalence of SMS-swap attacks in the United States) or email.
• Whitelisting withdrawal addresses.
• Secure PIN for withdrawal authentication.
• History of login records.

Interestingly, the exchange does not offer Google-based 2FA, which is one of the more popular options within the industry, as well as universal 2nd factor (U2F) authentication method, which could help the users to make their account security bulletproof from the user side of things.

As a result, Bityard is a generally secure platform, and the risk of losing your funds to attackers via the exchange is low. However, it is never zero, so it is not recommended to keep your funds on the platform longer than necessary.

Design and usability

Bityard is designed with ease of use in mind. As such, the platform is great for retail investors, who are interested in trading leveraged crypto contracts. Professional investors can make use of the platform, too, as it offers over-the-counter (OTC) trading services and partner programs for professionals.

Perhaps the greatest thing about Bityard is its frictionless experience that lets you advance from signing up to making a deposit and trading in just a few minutes. All you need to do is enter your email address or phone number and you’re ready to roll.

Other than that, there are no complex drop-down menus or tiny tick boxes that make the exchange very easy to use regardless if you’re trading on your phone or computer. The trading platform is laid out clearly, with an easy way to switch between different markets, watch, observe and perform technical analysis (TA) on the charts, place market or limit orders, set stop loss or take profit targets, adjust leverage, and manage open and pending positions.

Night owls are likely to enjoy its night mode, while others can customize the trading interface using the “Layout” button.

All trades on the platform are denominated in Tether (USDT) cryptocurrency. Currently, the platform lists ten active crypto contracts:

• Bitcoin / Tether (BTC/USDT)
• Bitcoin Cash / Tether (BCH/USDT)
• Dash / Tether (DASH/USDT)
• EOS / Tether (EOS/USDT)
• Ethereum / Tether (ETH/USDT)
• Ethereum Classic / Tether (ETC/USDT)
• Chainlink / Tether (LINK/USDT)
• Litecoin / Tether (LTC/USDT)
• Tron / Tether (TRX/USDT)
• XRP / Tether (XRP/USDT)

The exchange also offers over-the-counter (OTC) trading services for making deposits with fiat or buying USDT.

Besides, the exchange is accessible via mobile apps for iOS and Android.

Bityard mobile apps

Those wishing to trade on the go will be glad to know that they can access the platform via their mobile devices.

Just like the web version of the exchange, the apps are extremely user-friendly and make it very easy to perform trades, open an account, try out the demo platform, as well as monitor the markets.

Bityard customer support

Bityard support is reachable via the following customer support channels:

• Live chat - accessible via the web and mobile apps.
• Email - [email protected]
• Social media - Telegram, Facebook, and Twitter.
• FAQ knowledge base and help center.

The quickest way to get a response is by summoning a live support agent. An email is a surefire way to get a response, too, though it might take a bit longer. In our test, social media channels were the slowest to respond, meaning that you might not get an answer every time.

Bityard promotions

As a new exchange, Bityard has plenty of promotions and contests that allow you to earn free cryptocurrency using its bonuses, affiliate, or referral programs.

Some of the cool bonuses include earning cryptocurrency just by completing trivial things like binding your phone number or email, setting up a username, trying out the demo platform, or surpassing certain milestones like conducting a trade or surpassing USD 10,000 in trading volume.

Also, you can get bonus points from Bityard’s "Daily Mining".

Here, you can get a fraction of all sorts of coins just by coming back and “mining” them on a daily basis. Well, you don’t actually get to mine them in a traditional sense - just clicking on the coins’ icons is sufficient to get them transferred into your account.

Keep in mind that these “mining rewards” are not real cryptocurrencies - they can be used only for reducing trading fees and cannot be withdrawn from your account.

Bityards BYD Token

The BYD token is Bityard’s native platform token. It works in a similar way as Binance’s Binance Coin (BNB) or KuCoin Shares (KCS) by KuCoin.

The total supply of BYD tokens is 210 million, and it is currently distributed via various promotions on the platform, including BYD mining. Currently, 10.24 million BYD are being given away in platform promotions. One account can receive up to 16 BYD tokens.

The token is used for various fee discounts, contests, and other community incentives. In the future, the exchange intends on listing the token on numerous other exchanges.

Deposit and withdrawal methods

Bityard supports deposits and withdrawals in both cryptocurrencies as well as fiat currencies.

When it comes to cryptocurrency deposits, they are free of charge. Currently, you can deposit:

• Tether (all variations of USDT, including TRC20, ERC20, and OMNI tokens) - min. 15 USDT
• Bitcoin (BTC) - min. 0.002 BTC
• Ethereum (ETH) - min. 0.05 ETH
• Tron (TRX) - min. 500 TRX
• Ripple (XRP) - min. 100 XRP
• EOS (EOS) - min. 5 EOS
• Huobi Token (HT) - min. 5 HT

The process of making a deposit is as simple as using the platform, as you simply need to navigate to the “Assets” section and hit “Deposit.”Here you can choose how much of which cryptocurrency you can deposit.

Cryptocurrency withdrawals as rather straightforward, too. All you need to do is head to the same “Assets” section and hit the “Withdraw” button. Here, you can select which assets you want to withdraw from the platform.

Cryptocurrency withdrawals are currently available in Tether (USDT) only. As such, you have to convert the asset into USDT before sending it out from the platform using a conveniently located “Convert” option.

Mind that the minimum withdrawal amount is USDT 50 or its equivalent. On top of that, you will have to pay a 2 USDT withdrawal fee charged by the platform.

As for fiat deposits and withdrawals, these are more difficult to perform and are available only for customers based in Vietnam and Mainland China. However, since Bityard is just getting started, more options are very likely to be available in the future.

Unfortunately, Bityard does not support direct fiat deposits via bank transfer or credit/debit cards yet.

Conclusion

Bityard is a modern crypto contracts trading platform, and it is an ambitious one, too. Regulated in four continents, it has positioned itself to grow into one of the main crypto leveraged contract trading hubs globally. As for now, it offers low fees, up to 100x leverage, generous promotion and referral offers, ten active USDT denominated markets, and a super user-friendly interface that makes it stand out amongst competing contract exchanges.

Summary

• Web address: Bityard
• Support contact: Link
• Main location: Singapore
• Daily volume: ? BTC
• Mobile app available: Yes
• Is decentralized: No

• Parent Company: BItyard Blockchain Limited
• Transfer types: Crypto Transfer
• Supported fiat: CNY, VND
• Supported pairs: 10
• Has token: BYD
• Fees: Very Low