Bityard is a cryptocurrency exchange that offers low trading fees, high liquidity, and fast order execution. The platform has an impressive selection of coins with more coming soon.
The bityard vs binance is a comparison between the two cryptocurrency exchanges Bityard and Binanace.
Bityard is a Singapore-based bitcoin contract trading platform. In November of 2019, it got ten million dollars from a hedge fund in the United States to begin operations. It has rapidly grown to over 150 countries across the globe in only a few months, fast becoming the most popular bitcoin futures market.
Bityard’s slogan is “Complex Contract, Simple Trade,” and it caters to beginner crypto traders who want “minimal risk with the possibility for limitless reward,” as opposed to other comparable exchanges. As you’ll see, there are a number of compelling reasons why Bityard is causing such a stir across the globe. Let’s start by going over what precisely is exchanged on their site.
What is contract trading, and how does it work?
Explanation of cryptocurrency margin and leverage trading.
Contracts are financial contracts that enable investors to trade an asset solely on the basis of its price movement. Going “long” on an asset means betting for the asset’s price to rise. Going “short” or shorting an asset means you think the price of the asset will decrease in the future. Because of this, contracts are sometimes known as futures contracts or simply “futures.” Simply stated, they all entail betting on the future value of an item.
What are Bityard contracts, and how do they work?
Bityard takes a unique approach to the game. Because you are not competing with other traders, there are no order books on the exchange. Instead, you’re engaging in something akin to a Contract for Difference, in which a trader agrees with the exchange that if the price of an asset moves in a specific direction, the trader will receive a percentage return on their initial investment from the exchange if their prediction is correct, or will lose some of that asset to the exchange if their prediction is incorrect.
It works like this: you create a position and profit when the price increases (or falls, depending on whether you traded long or short), and you may cancel the position at any moment to collect your gains. If your forecast is wrong by a significant amount, you will lose part of the original investment. To put it another way, the larger the leverage, the better the profits, but the greater the danger of liquidation. If you’re off by too much, you’ll lose all you’ve written.
Trading platform Bityard
This may seem absurd, but on Bityard and other futures markets, a $100 investment with a 100x leverage allows you to “trade” as if you had $10,000 in the commodity. Take the price change as a percentage (say, +10%), double it by the leverage you employed (20x), and if you terminate your trade exactly at the top, you will have earned a +200 percent return (1020). In the other direction, a -5 percent change leads in a -100 percent loss on the underlying asset you supplied with 20x leverage (205).
Fees and features of Bityard
Bityard charges
Bityard, unlike many other cryptocurrency exchanges, is extremely open about their costs, which are very affordable. You will be charged a 0.05 percent fee each time you open a long or short position. You’ll also have to pay a charge of 0.05 percent each time you close a position. It’s worth noting that Bityard automatically cancels transactions that have been open for more than 12 hours at 5:55 SGT every day. To prevent this, you must pay a 0.045 percent overnight fee, which is paid on a daily basis.
Bityard is a cryptocurrency deposit platform.
Bityard, like many other cryptocurrency exchanges, offers different deposit minimums for different cryptocurrencies. The minimum amount of USDT you must deposit varies depending on the asset you’re depositing, however it’s usually about $15 USD. The cryptocurrencies presently accepted on Bityard are discussed later in the post, however it’s worth noting that all trading takes place in USDT, thus any other asset you deposit must be converted into USDT before you may trade it. Fiat deposits are presently only accessible to residents of Vietnam, Indonesia, and China.
Withdrawals follow the same principle – you can only withdraw USDT. The minimum and maximum withdrawal amounts are 50 USDT and 100 000 USDT, respectively. Every time you withdraw, you will be charged a fixed cost of 2 USDT. Depositing any asset into Bityard is free of charge. The option to move USDT to other accounts on the site is a function that some users may find useful. Let’s take a deeper look at some of Bityard’s other features.
Bityard has a number of features.
Bityard on mobile and desktop: Android and iOS mobile apps.
The features of Bityard are almost as amazing as their fees. Here’s what we think are the finest parts:
- For financing, trading, or withdrawals, no KYC is needed.
- In their trial version, you may practice trading with 100,000 USDT (not actual USDT!).
- Android and iOS apps are available.
- Trading platform that may be customized (you can resize each piece inside the trading display and even use a “dark theme”)
- You may use the “close all” option to close all of your open transactions.
The quantity of leverage accessible on the platform is one final essential aspect to highlight. Unlike other futures trading platforms that provide 1-10x leverage, Bityard’s initial leverage is 5x, with a maximum leverage of 100x. For many new traders, this may be very dangerous, prompting famous crypto YouTuber Bitboy Crypto to characterize the site as a place where you “go big or go home.”
Is Bityard a genuine company?
Bityard is one of the frontrunners in the world of cryptocurrencies, particularly in the context of cryptocurrency exchanges, when it comes to transparency. To quote Bityard’s own reasons for trusting the platform: license, two-factor authentication, anonymous trading, cold storage of exchange assets, a straightforward interface free of potentially misleading elements, and the capacity to execute over one million transactions per second on the exchange (apparently the fastest available on the market).
Licenses from Bityard
It’s a shame that the Bityard YouTube channel is so difficult to locate since it contains what is perhaps the most spectacular show of openness yet seen in the bitcoin world. They take you through how to check their regurgitations with different authorities step by step in one of their movies. They even include a direct link to these regulating agencies on their home page! Each of their licenses is also photographed.
Licenses from Bityard.
Bityard proudly lists four regulatory bodies: the Australian Transaction Reports and Analysis Center (AUSTRAC), which monitors financial transactions for suspicious activity, the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which regulates business entities in Singapore, and the Estonian Register of Economic Activity (MTR), which regulates operating companies in Estonia (MSB).
Bityard Price Data and Cryptocurrencies Supported
Bityard provides reliable pricing data on the assets it sells via a combination of APIs. This is a combination of Binance (30%), OKEx (40%), and Huobi (40%) pricing data (30 percent ). There are 16 trading pairs and 10 assets available for trade against USDT at the time of writing. Bitcoin Cash (BCH), Bitcoin (BTC), Dash (DASH), Eos (EOS), Ethereum Classic (ETC), Ethereum (ETH), Chainlink (LINK), Litceoin (LTC), Tron (TRX), and Ripple (XRP) are just a few examples (XRP).
Descriptions of the cryptocurrency Bityard.
Bityard also provides brief biographies on each item featured on its exchange, in keeping with its emphasis on simplicity and attractiveness to beginner traders. You may click on any asset on the trading dashboard and scroll down to view comprehensive information about it on the bottom right-hand side of the screen. There are also connections to other useful sites for further reading. This is only one of the numerous unique features that distinguish Bityard from other cryptocurrency exchanges presently available.
Benefits of the Bityard Exchange
Bityard recognizes that as a new exchange, the most essential thing it can do is not only attract members, but also offer them a little more incentive to remain on the platform. While many have praised Bitayard for its ease of use and quickness in contrast to other futures exchanges like Bitmex, Bityard seems to think that this is insufficient. It has basically gamified the usage of its platform in a way that is both genuinely appealing and understandable, as you shall see soon.
Bonuses for new customers
Beginners may take advantage of Bityard’s welcoming incentives.
If you’ve spent even a few minutes looking into the Bityard exchange, you’ve undoubtedly came across the well-known 258$ USDT bonus that is offered to new customers. This little sum of money is split into two sections: initial prizes and trade rewards. As you would expect, the beginning incentives are modest, amounting to just 4 USDT for filling out basic information and checking out the exchange’s trial version.
Traders may take advantage of Bityard’s welcome incentives.
Only when you’ve exchanged more than 1 million USDT on the site can you get the remaining 254$ in USDT. That’s a big figure, but it’s one that’s a lot easier to achieve on a platform that utilizes leverage. There is a blank Video Contest section at the time of writing. This is leftover from a video contest Bityard held, in which a YouTuber who brought in the most users to the site was awarded 38,888 XRP. The competition started on April 18th and ended on May 18th.
“Mining” in Bityard
Bityard utilizes a feature called “Daily Mining” to encourage users to check the site every day. This may be deceiving at first, since people acquainted with cryptocurrencies will think Bityard offers mining or staking pools similar to those seen on other exchanges like Binance. In fact, Bityard’s “Daily Mining” is more of an Easter egg or a little game.
Daily mining in Bityard is explained.
Users may click on the different cryptocurrencies on the mountain to “mine” them once every 24 hours. As a result, a tiny quantity of each asset is deposited in the dashboard, which may subsequently be converted to USDT. The daily payout for mining is a few cents USD in terms of monetary worth. You may use the “mined” cryptocurrency to trade on the Bityard exchange or give it as a gift to another Bityard user if and when you convert it to USDT.
Affiliate programs are a kind of marketing that allows you
Bityard pays out commissions.
When it comes to encouraging its customers to get their friends on board, Bityard has some of the tastiest carrots. This entails paying the referring user a tiny percentage of the trading costs. If you successfully recommend 100 people to the Bityard platform, you will earn 60% of every trade charge they spend on the site for the rest of their lives, as shown in the picture above. On the same website, an infographic shows the potential of even higher kickbacks if you recommend much more than 100 people.
They also provide a range of USDT incentives to “partners” who trade a significant amount of USDT per day or month, or who have referred others to trade a significant amount of USDT per month. You may be wondering, “How big is big?” Daily trading volume incentives start at 50 000 USDT, with monthly bonuses awarded if someone you referred to the site trades more than a modest 3 million USDT each month.
Token on the Bityard Exchange (BYD)
The BYD token from Bityard is a mystery. It’s meant to be a utility token like Binance’s Binance Coin (BNB). This implies it will be used to pay for trading costs on the Bityard platform, as well as other yet-to-be-announced services. Other exchanges will ultimately accept it for trade.
Surprisingly, searching BYD on Etherscan returns a number of tokens that do not match the characteristics of Bityard’s BYD token. They were all formed before Bityard, nearly all of them are owned by just one or two addresses, and none of them have a total supply of 210 million. Bityard users may “collect” the BYD token through the daily mining function for the time being, up to a maximum of 16 BYD.
In New York City’s Time’s Square, there is a Bityard advertising.
When it comes to simplicity and openness, Bityard has struck the nail on the head. Bityard provides an option that is simple to use, comprehend, and trust at a time when other cryptocurrency exchanges seem to be becoming more complicated. Furthermore, the platform’s lack of a KYC requirement for financing, trading, or withdrawal is a major selling factor. Because of these and other reasons, Bityard may well provide the quickest onboarding in the crypto exchange industry.
The only criticism one could have about Bityard is that it only accepts USDT as a form of withdrawal. Some may wonder what happens to the other cryptocurrency customers put into the exchange as a result of this. Because you’re trading “against” Bityard in an environment that only takes USDT, it’s probable that these are the money that end up in the cold wallets stated on the Bityard website. Still, as compared to many other exchanges, a flat charge of 2 USDT on withdrawals is extremely appealing.
Overall, Bityard is a great cryptocurrency exchange that benefits all parties involved. It will be fascinating to watch what it does with its forthcoming BYD coin and which cryptocurrency markets will accept it. Indeed, this is just the beginning of what may become one of the most well-known cryptocurrency businesses. You may thank us by using our referral code if you’re interested in joining up for Bityard and liked this post.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Bityard is a decentralized cryptocurrency exchange that allows users to trade cryptocurrencies. The bityard app has been reviewed by the Crypto Coin Junky and given a 5 star rating.
Frequently Asked Questions
Is Bityard trustworthy?
Bityard is a trustworthy company.
Is Bityard regulated?
Yes, Bityard is regulated.
Can I use Bityard in the US?
Yes, you can use Bityard in the US.
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