Bityard Exchange Review 2020

Bityard is a cryptocurrency contracts trading platform based in Singapore. It received 10 million dollars from a hedge fund in the United States to kick off its operations in November of 2019. In just the last few months it has expanded to over 150 countries around the world and is quickly becoming the most popular futures exchange in cryptocurrency.

Bityard’s motto is “Complex Contract, Simple Trade” and in contrast to other similar exchanges, caters to novice crypto traders who are interested in “limited risk with the potential for infinite profit”. As you will see, there are very good reasons why Bityard has been turning heads around the world. First, let us briefly go over what exactly is being traded on their platform.

What is contracts trading?

Bitcoin margin trading

Cryptocurrency margin and leverage trading explanation.

Contracts are instruments that allow investors to trade an asset based on its price movement alone. If you bet on the price of the asset going up, then this is considered going “long” on an asset. If you believe the price of the asset will fall in the future, this is considered going “short” or shorting an asset. This is why contracts are also referred to as futures contracts or simply as ‘futures’. Simply put, they all involve speculating on the price of an asset in the future. 

What are Bityard contracts?

Bityard does something a little different. There are no order books on the exchange because you are not “facing off” against other traders. Instead, you are doing something similar to a Contract for Difference, wherein the trader basically makes a deal with the exchange that if the price of an asset moves in a certain directly, he or she will receive a percentage return of their initial investment from the exchange if their prediction was correct or will lose some of that asset to the exchange of they were wrong.

This is how it works: you open a position and earn as the price rises (or falls, depending on if you traded long or short) and you can close the position at any time to claim your profits. If your prediction is “off” by a large enough amount, you lose some of the initial asset you put down. In other words, the higher the leverage, the higher the returns, but also the higher the risk of liquidation. Be off by too much and you lose everything you put down.

Bityard trading interface

This might sound crazy, but in Bityard and similar futures exchanges, 100$ with 100x leverage would allow you to “trade” as if you had 10 000$ worth of the asset. The formula of how this works quite simple and is as follows: take the price change as a percentage (say, +10%), multiply it by the leverage you used (20x) and if you close your position right at the peak, you will have received a +200% return (10×20). The same formula applies in reverse, where a -5% change results in a -100% loss of the underlying asset you provided with 20x leverage (20×5).

Bityard fees and features

Bityard fees

Unlike many cryptocurrency exchanges, Bityard is very upfront when it comes to their fees, which are quite reasonable. Every time you open a long or short position, you will pay a 0.05% fee. You will also have to pay a 0.05% fee every time you close your position. One thing that is important to note is that Bityard automatically closes trades that are more than 12 hours old at 5:55 SGT every day. To avoid this, you must pay an overnight fee of 0.045% which is charged on a daily basis.

As with many other cryptocurrency exchanges, Bityard has minimum deposit amounts for various cryptocurrencies. This depends on the asset you are depositing but hovers at around 15$USD, the minimum amount of USDT you must deposit. The cryptocurrencies currently supported on Bityard are covered later on in the article but it is important to note that all trading takes place using USDT, meaning you must convert any other asset you deposit into USDT in order to trade it. Fiat deposits are currently only available for Vietnamese, Indonesian and Chinese citizens.

The same logic applies to withdrawals – you can only withdraw USDT. The minimum withdrawal amount is 50 USDT and the maximum is 100 000 USDT. There is a flat fee of 2 USDT every time you withdraw. There are no fees for depositing any asset into Bityard. A feature some users might find handy is the ability to transfer USDT to other accounts on the platform. Let us take a closer look at some other features offered by Bityard.

Bityard features

Trade on Bityard

Bityard on mobile and desktop: Mobile app for Android and iOS.

Bityard’s features are arguably as impressive as their fees. Here is our list of the best parts:

  • NO KYC required for funding, trading, or withdrawals
  • Practice trading with 100 000 USDT in their demo version (not real USDT!)
  • Mobile app for Android and iOS
  • Customizable trading platform (you can resize each element within the trading view to your liking and even use a “dark theme”)
  • A “close all” function that allows you to close all of your active trades

There is one last important feature to mention: the amount of leverage available on the platform. Whereas some futures trading platforms offer 1-10x leverage, the starting leverage on Bityard is 5x, with an upper limit of 100x. This can make it incredibly risky for many novice traders and has led popular crypto YouTuber Bitboy Crypto to describe the platform as somewhere where you “go big or go home”.

Is Bityard legit?

When it comes to transparency, Bityard is one of the frontrunners in the world of cryptocurrency and especially so in the context of cryptocurrency exchanges. To paraphrase Bityard’s own reasons why you should trust the platform: licensing, 2 factor authentication, anonymous trading, cold storage of exchange assets, a simple interface without confusing features that can trick you, and the ability to process over 1 million transactions per second on the exchange (apparently the fastest available on the market).

Bityard Licenses

It is unfortunate that the Bityard YouTube channel is so hard to dig up because there you will find what is perhaps the most epic display of transparency ever seen in cryptocurrency. In one of their videos, they walk you through how to check their regurgitations with various authorities step by step. Heck, they even link directly to these regulatory bodies on their main page! They also have photos of each of their licenses.

Bityard proudly lists 4 different regulatory bodies: the Australian Transaction Reports and Analysis Center (AUSTRAC) which monitors financial transactions for shady behavior, the Accounting and Corporate Regulatory Authority of Singapore (ACRA) which is a regulator of business entities within the country, the Estonian Register of Economic Activity (MTR) the agency which regulates operating companies within the country, and last but not least, the Money Services Business register of the United States (MSB).

Bityard Price Data and Supported Cryptocurrencies

Bityard uses a mix of APIs to provide accurate price data on the assets it offers. This is a blend between Binance price data (30%), OKEx price data (40%), and Huobi price data (30%). At the time of writing, there are 16 trading pairs and10 assets are available for trading against USDT. These include Bitcoin Cash (BCH), Bitcoin (BTC), Dash (DASH), Eos (EOS), Ethereum Classic (ETC), Ethereum (ETH), Chainlink (LINK), Litceoin (LTC), Tron (TRX) and Ripple (XRP).

Keeping in tune with its focus around simplicity and appealing to novice traders, Bityard also offers short profiles on each asset listed on their exchange. In the trading dashboard, you can click on any asset and scroll down to see detailed information about it on the bottom right-hand side of the screen. It also contains links to other helpful resources for additional reading. This is one of the many little features that makes Bityard stand out from other cryptocurrency exchanges currently on the market.

Bityard Exchange Rewards

As a new exchange, Bityard understands that the most important thing it needs to do is not only recruit users but also give them a bit of extra motivation to stay on the exchange. While many have applauded Bitayard’s simplicity and speed in comparison to other futures exchanges such as Bitmex, Bityard seems to believe that this is not enough. As you will see shortly, it has essentially gamified the use of their platform in a manner which is both legitimately attractive and comprehensible.

Welcome bonuses

If you have spent even just a few minutes of time researching the Bityard exchange, you have probably come across the famous 258$ bonus that is given to new users in the form of USDT. This little cash pile is divided into two sections: beginning rewards and trading rewards. As you might have guessed, the beginner rewards are quite small and amounts to a whopping 4 USDT for filling out basic information and trying out the demo version of their exchange.

The remaining 254$ in USDT can only be acquired once you have traded more than 1 million USDT on the platform. That is quite a bit, but it is a number that is much more achievable on a platform which uses leverage. At the time of writing, there is a blank Video Contest section. This is left over from a video contest Bityard hosted which offered 38 888 XRP to a YouTuber who brought in the most user to the platform. The contest began on April 18th and concluded on May 18th.

Bityard “Mining”

To give users an incentive to come check the platform every day, Bityard uses a feature called “Daily Mining”. This can be a bit misleading at first, since of course those who are familiar with cryptocurrency will tend to assume Bityard is offering mining or staking pools as seen on other exchanges such as Binance. In reality, “Daily Mining” on Bityard is more like an Easter egg or mini game.

Every 24 hours, users can “mine” the various cryptocurrencies on the mountain by clicking on them. Doing so deposits a very small amount of each asset into the dashboard which can then be converted into USDT. In terms of dollar value, the daily reward for mining is a few cents USD. If and when you convert the “mined” cryptocurrency into USDT, you can then use it trade on the Bityard exchange or send it as a gift to another user on the platform.

Affiliate programs

Bityard offers some of the juiciest carrots when it comes to motivating its users to get their friends on board. This involves giving a small cut of the trading fees to the referring user. As seen in the image above, if you successfully refer 100 users to the Bityard platform, you will receive 60% of every trading fee they pay on the platform for life. The infographic on the same page also highlights the possibility of even greater kickbacks if you refer substantially more than 100 users. 

They also offer a variety of rewards in USDT to “partners” that trade a large amount of USDT per day or month or have invited that trade a substantial amount per month. “How large is large?” you might be asking. Well, rewards for daily trading volumes begin at 50 000 USDT, with monthly bonuses being issued when someone you introduced to the platform trades more than a modest 3 million USDT per month.

Bityard Exchange Token (BYD)

Not much is known about Bityard’s BYD token. It is intended to be a utility token similar to Binance’s Binance Coin (BNB). This means that it would be used to pay for trading fees on the Bityard platform along with other features which have yet to be announced. It will eventually be available for trading on other exchanges.

How to buy BYD coin

Oddly enough, searching BYD in Etherscan gives us a handful of different tokens which do not fit the profile of Bityard’s BYD token. All of them were created long before Bityard was founded, almost all of them are held by 1 or 2 addresses, and none of them have a total supply of 210 million. For the time being, Bityard users can “collect” the BYD token via the daily mining feature, up to a maximum of 16 BYD.

Final Comments on Bityard

Bityard has hit the nail on the head when it comes to simplicity and transparency. At a time when other cryptocurrency exchanges seem to be increasing in complexity, Bityard offers an alternative that is easy to use, understand, and trust. Furthermore, the fact that KYC is not required for funding, trading, or withdrawing is a huge selling point for the platform. Bityard may just offer the fasted on-boarding in the world of crypto exchanges because of this and other factors.

Perhaps the only gripe one could have with Bityard is that it does not offer any withdrawals besides USDT. This may also lead some to question what happens to the other cryptocurrencies users deposit into the exchange. Since you are, in a sense, trading “against” Bityard in an ecosystem that only accepts USDT, it seems likely that these are the funds which go into the cold wallets mentioned on its website. Still, a flat fee of 2 USDT on withdrawals is very attractive compared to many other exchanges.

All in all, Bityard is an excellent cryptocurrency exchange that results in a win-win for everyone involved. It is interesting to see what exactly it will do with its upcoming BYD token and which cryptocurrency exchanges will support it. Indeed, this is just be the beginning of what may become one of the best-known companies in the world of cryptocurrency. If you are interested in signing up for Bityard and enjoyed this article, you can thank us by using our referral code! 

DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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