Bityard Exchange – Bringing Simplicity To Crypto Contracts Trading

Exchange Reviews / 31.07.2020

Cryptocurrency options trading has become a popular venture for crypto enthusiasts. An option is a derivative contract that gives the bearer the right, with no obligation, to buy or sell the underlying cryptocurrency at a given price before a specific date. Most crypto traders prefer options trading due to the low risk involved.

A significant drawback of options trading is the difficulty involved, especially for beginners. Although there are lots of derivative exchanges, only a few cater to beginners. If you are only getting started with options trading, you may find it challenging to use some of the popular exchanges that experienced traders swear by. Luckily for you, one exchange has positioned itself as the best exchange for both beginners and experienced traders – Bityard exchange. What is Bityard, and how does it work? This article presents everything you need to know about this exchange. 

What is Bityard?

Bityard is a Singapore-based derivatives exchange that was established in 2019. It’s one of the few licensed derivative exchanges with regulatory licenses in Australia, the US, Singapore, and Estonia. The exchange operates in more than 150 countries across the world. 

To take care of global users, Bityard has made its services available in 8 different languages, including Japanese, traditional Chinese, simplified Chinese, English, Vietnamese, Korean, Russian, and Indonesian. 

There are currently 16 cryptocurrencies that you can trade on Bityard, including BTC, ETH, XRP, LTC, EOS, BCH, ETC, and TRX in main area and DASH, BAT, ADA, KNCU, XLM, XTZ, ZRC and LINK in innovate area. These cryptos are tradable against USDT. 

The minimum deposit value on the platform is 0.002 BTC, 0.05 ETH, 100 XRP,  5 HT,  500 TRX, 15 USDT, or 5 LINK. The exchange also offers an open trading platform and leverage trading which starts from 5x-100x. 

Bityard users can complete their trades via the web or mobile application. Anyone, regardless of their location, can join the platform and start trading.

Is Bityard the Deal? Let’s Find Out

Hundreds of cryptocurrency exchanges exist today. Therefore, it can be overwhelming to select one that fits your requirements. However, this process becomes much easier when you understand the exchange’s mission. The mission statement should act as your point of scrutiny. For example, Bityard’s mission focuses on three main objectives: simplicity, safety, and convenience.

Therefore, to decide whether Bityard is the deal, and not others, you must be able to answer these questions;

  1. How easy is it to trade on Bityard as compared to other exchanges?
  2. How secure is trading on Bityard?
  3. How convenient is trading on Bityard, e.g., in terms of fees and costs?

Below we try to answer these questions based on first-hand experience using the platform.

Simplicity

Bityard targets crypto traders who are interested in derivatives but lack considerable expertise in crypto markets. To achieve this, Bityard has the following in place.

  • Simple registration process – Joining Bityard is an easy 30-seconds process. Unlike other platforms with long registration forms, you only need to provide an email address or a phone number to open an account on Bityard. 
  • Simple user interface – Bityard offers a clean and straightforward interface presented in eight different translations. The interface is so straightforward that even an absolute beginner can easily navigate it. 
  • Demo account – The exchange offers a demo trading account with all the functionalities of a real account. Beginners can use the account to learn the ropes using virtual assets before they can invest real money. You can easily switch between the demo and live account anytime without much hassle.

Bityard Security

The cryptocurrency industry lost more than $4.4 Billion to theft and fraud in 2019 alone. The number was $1.7 Billion in the previous year. 

Security is a non-negotiable requirement when it comes to any crypto exchange. An exchange must go extra miles to ensure the safety of users’ funds. Bityard is no exception and has some security features in place. 

  1. Adherence to regulations

Bityard is careful to follow security standards set by global and local crypto regulators. Currently, the exchange boasts of four significant licenses; Singapore’s ACRA, the US’s MSB, Estonia’s MTR, and Australia’s AUSTRAC.

  1. Secure Storage of Funds

Bityard stores the majority of the user’s funds in cold wallets. A crypto wallet is a place where you crypto users store their funds. Unlike hot wallets, cold wallets are crypto wallets that are entirely offline. 

Funds in a cold wallet cannot be accessed from the internet. This keeps the funds safe from hackers and scammers. Only small portions are left in hot wallets to facilitate operations.

Other security policies used in Bityard include real-time risk auditing, risk management tools, two-factor authentication protocol, and SSL encryption of messages.

Bityard Fees

Investing in cryptocurrency is already risky enough. High cost means more liabilities hence added risks. Unfortunately, cases of higher transaction costs are the norm with older exchanges. Bityard is, however, challenging the status quo by charging some of the most competitive fees.

Bityard fees include;

  • Opening fee – Is a fee paid when you enter a position. Bityard charges 0.05% against the market average of 0.075%. The following formula is used to calculate the final value of opening fee with considerations to margin and leverage impacts.

                                   Opening Fee = Margin x leverage x 0.05%

  • Closing fee – This applies when you exit a position. It’s given by;

                                    Closing Fee = Margin x leverage x 0.05%

  • Overnight fee – Overnight fee is paid when you want to keep your position active overnight, i.e., 0.045% per night. Use this formula to get the total overnight cost. 

                                    Overnight Fee = Margin x Leverage x 0.045% x No. of Days

             The overnight fee will be charged every 05:55am Singapore Time.

  • Withdrawal fee – Bityard withdrawals are only possible in USDT. The withdrawal fee is 2 USDT (appro. 0.0002 BTC) per withdrawal -about 60% lower than the global market average. 

The minimum withdrawal amount is 50 USDT, The daily withdrawal is 2 times and the daily limit is 100,000 USDT.

Verdict

Options trading should not be a complicated process in 2020, even for absolute beginners. Although several exchanges allow derivative trading, most of them are complicated enough to lockout traders who are only getting started. 

Bityard exchange provides a solution for this by offering a simplified system that anyone can use to trade in crypto options. The exchange has solved the complex puzzle of options trading to provide a simple, secure, and convenient crypto trading ecosystem. Thanks to Bityard, you can start trading in cryptocurrency options, even if you are absolutely new to it.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.