A crypto guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Bityard consists of four parts: general info, fees, deposit methods and security.
Bityard is an exchange from Singapore that launched in 2020. It focuses on crypto derivatives and supports eight different languages: English, Russian, Simplified Chinese, Traditional Chinese, Vietnamese, Korean, Japanese and Indonesian, so a clear focus on the Asian languages at this platform.
The platform primarily markets three things as its main benefits: it's safe, it's easy and it's fast.
While we have no reason to mistrust the safety, easiness or speed of this platform, we are a bit allergic to statements like "the world's leading cryptocurrency contracts exchange". Based on what parameters should an exchange consider itself to be "world leading"? We find it very difficult to believe that this exchange, on any paramters, is world leading considering that it launched in 2020. But, on the other hand, if they're trying to express an optimistic ambition, that they want to become world leading, that's fine in our opinion.
Bityard is very focused on being an easy alternative, suitable for newer crypto traders. And we feel that this focus has paid off. To illustrate this, let's have a look at the mobile interface of Bityard and the industry giant BitMEX (BitMEX to the left):
Clearly, the Bityard interface is easier to navigate which makes it more suitable for a "newbie" in the cryptocurrency contracts game.
Sign up here to try Bityard's services.
Bityard also offers leveraged trading on its platform. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., going up in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an extra 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC goes down in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
This platform is not only available from your desktop, you can now also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you, seeing as it has a native mobile application.
Bityard Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. This is the desktop trading view at Bityard:
Bityard Trading fees
The trading fees involved in crypto contract trading can be a bit difficult to understand. At this platform, you pay two types of fees when trading: an opening fee, and an overnight fee.
The opening fee is paid when you open a position. It is set at 0.05% (previously 0.075%), but has other elements as well. Margin and leverage impacts the opening fee also, so the "real fee" is derived at by this formula:
Opening Fee = Margin*Leverage*0.05%.
The overnight fee is added on top of the opening fee and is charged every night you hold the position. This fee is 0.045%. You derive at the "real fee" with this formula:
Overnight Fee = Margin*Leverage*0.045%*Days
Bityard Withdrawal fees
According to information from the exchange, withdrawals are only possible in USDT. The withdrawal fee is 6 USDT per withdrawal. At the date of last updating this review (29 December 2020), 6 USDT corresponded to approx. 0.000223 BTC. This withdrawal fee is actually very competitive, and roughly 60% lower than the global industry average.
Deposit Methods and US-investors
At this platform, you can deposit fiat currency through debit cards, but not via wire transfer. To find an exchange where you can deposit fiat currency via wire transfer, just use our Exchange Filters and we’ll help you through it.
According to information from the exchange, US-investors may trade here. However, different US state laws may complicate things for US-investors regardless of a platform being open to them or not, so, if you're a US-investor, you should always try to form your own opinion on any issues that might arise from your crypto trading.