Bityard Review
Bityard is a trading platform launched in 2019 that lets traders trade Bitcoin with leverage up to 100x across its portfolio of trading pairs. In this Bityard review, we compare and assess the latest information on its features, user interface and trading fees and security.
https://www.bityard.com/
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Our Bityard Review - Quick Verdict
Bityard is a cryptocurrency exchange that is suited for beginners and intermediate traders. The platform enables users to buy, hold and sell crypto assets with leverage of up to 100x. The fees of 0.05% per trade are quite expensive in the market, however, users will find the user interface to be easy to use on desktop and mobile. There is an OTC desk for high-net-worth individuals and other markets such as derivatives and copy-trading. Overall, Bityard offers a good crypto platform, however, the exchange does not provide any information on its trading volume of proof-of-reserves.
- Multiple user interfaces to buy crypto on the spot market
- Margin and derivatives trading with leverage of up to 100x
- No KYC is required to begin trading crypto
- Does not publish trading volume or proof-of-reserve information
- Copy-trading marketplace has limited traders sharing their strategies
- Does not have the biggest selection of coins or trading pairs
What Is Bityard?
Bityard is a trading platform that launched in 2019 and offers a safe, easy and fast trading service and is available in over 150 countries worldwide. The cryptocurrency trading exchange adheres to the product concept of 'Complex Contracts Simple Trade' and aims to bring a simplified trading experience to its customers. Bityard is a cryptocurrency exchange based in Singapore that provides derivatives products in the cryptocurrency market that can be traded with leverage up to 100 to 1.
Bityard At A Glance
| Exchange Name | Bityard |
|---|---|
| Fiat Currency | USD |
| Cryptocurrency | BTC, BCH, DASH, EOS, ETC, ETH & 4 others |
| Payment Type | Crypto, debit & credit card |
| Trading Fee | 0.05% |
| USD Withdrawal Fee | $2 |
| Mobile App | Yes |
Bityard Compared
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 ByBit | 331 (608 trading pairs) | 0% (spot), 0.06% / 0.01% (futures) | Rating | Deposit bonus up to $30,000 USDT | Visit ByBit | ByBit Review |
 Bittrex | 573 | From 0.35% (Bittrex) and 0.75% (Bittrex Global) | Rating | None available at this time | Visit Bittrex | Bittrex Review |
Bityard Features
The platform features a crypto contracts trading exchange to allow users to hedge against market risks without purchasing the actual trading asset. Users to profit from both bear and bull markets while using a small amount of capital to maximize potential profits with margin trading.
Bityard is offering a welcome bonus to attract new users to the platform. Once a new trader has registered, they can earn free Bitcoin, Ethereum, EOS, Tron and other major digital currencies.
Trading on Bityard offers several other features for traders such as:
- Withdraw profits in Tether (USDT) as the base currency
- Trade with Bityard coin BYD to reduce trading fees or earn extra crypto
- Deposit funds using Over The Counter (OTC) partners
- Low minimum deposit amount ($5 USDT)
- Accurate live crypto prices using data from Binance, OKEx and Huobi
- Margin trading with leverage up to 100x
- Zero spread, no slippage cost and no clawbacks
- Mobile trading app for Android and iOS devices
Is Bityard Legit?
Bityard is a legit cryptocurrency trading platform that is regulated and licensed under Singapore’s ACRA, USA’s MSB from Financial Crimes Enforcement Network which belongs to the United States Department of the Treasury for US based Bitcoin investors.
The exchange is also licensed with Estonia’s MTR and has obtained a license from AUSTRAC in Australia. This allows the exchange to legally provide financial services to residents in Australia. For a list of other well-known and regulated crypto exchanges in Australia, read this article. The official certificates can be viewed by following the links on Bityard's website.
Supported Cryptocurrencies
Bityard exchange support 10 cryptocurrencies which can be traded against USDT only. The assets which can be traded on the exchange are BTC, BCH, DASH, EOS, ETC, ETH, LINK, LTC, TRX and XRP. As Bityard is a new exchange, we anticipate the platform to eventually grow their asset offering and allow profits to be realized in other digital assets and even fiat currencies.
Getting Started With Bityard
Creating an account with Bityard takes a few minutes and requires a valid email address or mobile phone number. There is no KYC process or need to upload identification documents to start trading.
Related: Best crypto exchanges without KYC.
Depositing Funds
Bityard provides multiple methods to deposit funds to the trading exchange. Users can transfer cryptocurrency directly from a hardware wallet to Bityard. The speed of a Bitcoin transfer to a Bityard wallet depends on the crypto asset, the number of confirmations required and the blockchain network load.
For traders that want to buy crypto and top up their wallet, Bityard offers a fiat service to convert local currency into crypto. You can buy crypto with a credit/debit card or using an Over The Counter (OTC) partner.
To deposit funds into Bityard, follow these simple steps:
- Navigate to the 'Deposit' link under 'My Assets' on the top menu
- Select and confirm the cryptocurrency asset to deposit into Bityard
- Copy the deposit address or scan the QR code displayed
- Deposit crypto to the address
Charting User Interface
The charting interface is one of the most important considerations for traders. This is where most of the time is spent analyzing the chart and technical indicators. The main charts are positioned in the middle and can be re-sized and positioned to suit. There is a night and day mode which is a great feature.
The look and feel of the price charts are similar to the popular crypto charting website, Tradingview. It is sleek, intuitive, responsive and clean. Everything a crypto trader should be looking to focus on analyzing the charts, price action and positions without distractions (e.g. a troll box or excessive dialogue boxes).
Trading features, chart patterns and drawing tools are accessible using the navigation bar on the left. You can also right-click the charts to bring up chart options such as:
- Reset chart
- Modify drawing tools
- Change the chart interval
- Insert indicators
- Remove drawing tools
On the left, the available crypto assets to trade are listed which can be sorted by 'Name', 'Last Price' and 'Change%'. Switching between crypto pairs was responsive and quick to load the price charts. We did not notice an excessive lag between loading charts which is a common frustration on other exchanges.
The trade window is positioned on the right to enter in orders. Here, you can manually place trades using a limit or market orders. The amount of leverage can be changed by dragging the slider, which automatically adjusts the take profit and stop loss levels.
Compared to other margin platforms that allow short selling Bitcoin and other coins, we did observe there is a limited number of orders and would like to see advanced risk management types included such as:
- Stop-limit
- One Cancels the Other (OCO)
- Good Until Cancelled
- Immediate Or Cancel
- Kill Or Fill
Overall, the user-interface on Bityard is clean and a solid platform that we think is well suited to both beginner and intermediate crypto traders.
What Are The Fees?
Bityard charges a 0.05% transaction fee that applies when an order is opened AND closed. The trade fee payable will be displayed in the order window and calculated using the formula:
- Opening Fee=Margin*leverage*0.05%
- Closing Fee=Margin*leverage*0.05%
Positions that are held for longer than 12 hours may be charged an overnight fee. This charge in addition to the transaction fee. In comparison to other crypto trading exchange, the fees are reasonable however could be reduced further to increase competition.
There is no deposit fee for transferring cryptocurrency and fiat currency into Bityard. The deposit time to reach the Bityard wallet depends on node confirmations and the blockchain network load. For withdrawals, there is a $2 USDT charge during the current promotion period. Withdrawals are usually processed within the hour and there is a minimum limit of $50 USDT. Overall, the trading fees are competitive however are not the lowest compared to other exchanges.
Customer Support
Bityard offers its clients support on a 24/7 basis to provide guidance and support. There are several mediums to get in touch with the Bityard team including email, social media and a live support bot. Users can also navigate through the extensive FAQ section to find answers to commonly asked questions.
There is a live support bot to contact the support team directly during hours. After hours it defers you to support articles and guides in the Bityard Help Center while waiting for staff. We used the chat box and are still waiting for a response!
Security
Bityard's website states the platform employs several security measures to protect users funds from theft and fraudulent activity. The security measures include 2 Factor Authentication (2FA), multiple offline signatures, cold storage of client assets, real-time risk audit and full refund warranty.
As with all crypto exchanges, it can be difficult to verify the security measures in place, so users need to conduct their own due diligence and only invest what you can afford to lose.
Frequently Asked Questions
Bityard does not charge its own platform spread in addition to the transaction fee. Prices that traders see on the Bityard trading platform are the spot prices without additional spreads and slippage. To learn more about spreads in crypto, read this article.
Bityard offers its customers a fully responsible mobile trading app that includes all of the features on the desktop version of the site. The Bityard app can be used to trades at anytime or anywhere and is available on Android and iOS devices.
Bityard offers its users a tiered affiliate program that rewards up to 60% in trading commissions. The program is designed to encourage existing users to bring in new customers to the platform by sharing their affiliate code to earn additional income.
Conclusion
Bityard has created a solid offering in the cryptocurrency trading space with their contracts trading exchange. It appears to be a legit service that allows traders to hedge against market risks without purchasing the actual trading asset. Bityard's registration process is fast and easy and the user interface is well suited to beginners. If you're searching for a regulated and licensed margin cryptocurrency exchange, then Bityard is a great option to consider.
As always, we caution traders that leverage trading is very risky. It's possible to make a lot of money but it is easy to make an error and lose all the funds in your account.