Refreshing my Bityard knowledge – Platform Review 2021
Back in December 2020 I wrote Trading Platforms Street Fighter – Bityard is beating the competition, when I had a review of the Bityard platform and the unique tools available for Bityard users.
The theme for the article was Street Fighter, as the Bityard fighter reminded me of Ken and his fireballs.
New Year, new goals and new resolutions. Now is time to refresh my dose of Bityard and dive into the platform to see what has changed or improved since my last visit. I will start with a short summary, which will be the framework of my experience. Bityard is the world leading cryptocurrency derivatives exchange, based in Singapore. The company was founded in 2019, is fully regulated and compliant with international laws, with the main activity in cryptocurrency contracts with leverage and derivatives exchange.
I remember clearly how the front page impressed me with a strong message wrapped in simplicity “The World’s Leading Cryptocurrency Derivatives Exchange”. If most exchanges are available in English and Chinese, Bityard is available in nine different languages.
As any top company, Bityard is well updated on Linkedin, with a well maintained and fresh account. The Overview and People sections are well updated, and 8 employees can be researched, including their studies and skills.
Moving back to the website, I like that the system allows users to log in using either their username or the mobile number. One of the many things I love at Bityard is puzzle verification, replacing the ancient captcha. Not more than a month ago, Captcha had a major issue, and users couldn’t log on the platforms using this living fossil verification.
The contract trading is the method that of trading that aims to gain profit from market volatility. Is quicker than holding assets but the risk involved with contract trading is higher. The contract allow the user to forecast if the price will go up or down. Contract trading is different from spot trading, because the trading instrument called contract allows the investor to trade on the price movement of the asset or physical commodity, at a future date or price. It involves leverage, and traders are not buying or selling the asset, only speculating the price. There are to available options, cryptocurrency contracts and derivatives, where the Bityard trading fee is only 0.05%, lower than the industry average. The Crypto Contract layout makes it easier for traders to select crypto contracts and gain profit depending on the market.
The Derivatives Contract tab offers leveraged trading options and allow traders to select and predict the price movement for precious metals, shares, bonds and even natural gas. In the right side of the interface, users can swap between Live and Demo, if they feel the need to practice before using real funds. The leverage for derivatives is up to 200x and users can buy or sell when the price is right.
Spot trading allow users to buy and sell cryptocurrencies directly with other traders, transactions which can settled instantly. You can use the coins and tokens from the exchange account to buy new coins or tokens, and the order matching and trade settlement is done automatically and at high speed by the trading engine. The order must be matched by another user, which will accept the current offer. As a small inconvenient, the only available pairing is Tether (USDT).
The Bityard Copy Trade function makes trading easier, allowing users to find and follow professional traders. The Copy Trade tool allows everyone to mirror and mimic the professional traders’ strategy. When mirroring the strategy, the trader is in control of the process while the one who copies the strategy can lose or earn money as a result of the trader’s actions. Bityard constantly checks the trader history data, ensuring that the traders in the system are qualified for other users to follow their investment strategies. The page looks much better than I remember and a new trader check list was added, in order to simplify the search of top traders. Users can select the style, the profit rate and trading days, and the list of traders matching the criteria will show up.
The Daily Mining will help users to earn BYD, a platform token offered by Bityard. The prospector-like game mines small amounts of crypto from this mountain landscape, which than is converted in bonus USDT. The bonus will be automatically deducted when placing an order or used to deduct trading fees. BYD is my long lasting asset, and all 15.25 are used for mining. Up to date I mined 4 USDT as contract rewards and 2.05 USDT as contract bonus.
Plus/Minus debate
Plus
- Deposit and withdrawal for both fiat money and cryptocurrencies
- The fast trading engine on the market, processing up to 1 million TPS
- Regulated, licensed, and fully compliant with international laws.
- Available on both mobile (Android & IOS) and web.
- Lowest transaction fees.
- Bityard operates with licenses from four different countries: The USA, Australia, Singapore, and Estonia. This are the Singapore’s ACRA (Accounting and Corporate Regulatory Authority), The American Money Services Businesses (MSBs), Estonia’s MTR (Register of Economic Activity) for the European Union, and the Australian Transaction Reports and Analysis Centre (AUSTRAC)
- The website and interface is available in 9 different languages
- 24/7 support via email and live chat.
- Multiple cold storage wallets backed by real-time risk audit tech and multi-signature technology.
Minus
- Bityard has a minimum deposit and withdraw cap set at $15
- Offers a limited number of trading pairs in the spot market
- KYC is required to use the all the platform’s features.
- The maximum withdrawal limit of $100,000 with KYC and $1,500 without KYC verification.
Resources:
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
Publishing bundle: Publish0x, ReadCash, LBRY & Presearch
- This article may have been published on ReadCash or Publish0X
