Contract trading might come off as a flamboyant task that requires a multitude of technical and market knowledge and expertise. This notion is likely what keeps aspiring traders away from indulging in the trading sector. The Bityard exchange wants to solve this problem, and seems to be focusing on aiding budding traders and elevating their trading experience with a novice-friendly environment. With their product concept of ‘Complex Contracts Simple Trade’, Bityard aims to bring the ultimate simplified trading experience to its customers. How well does it succeed? In this review, we take a closer look at how Bityard goes about this deal.
Contents
About Bityard
Bityard, launched in 2019, is a global cryptocurrency contracts exchange, with headquarters at Singapore. The contracts trading sector is witnessing a boom promising an alluring future for the beginners. While trading in itself can become an overwhelming task, considering the mental and emotional energy we indulge in amidst all the analysis and frenetic decision making, the situation significantly deteriorates if you’re made to face a subpar user interface – something not uncommon across many trading exchanges. Fortunately, Bityard manages to stray from the norms on this front. While most trading exchanges are notoriously complex to manoeuvre, Bityard offers an easy to comprehend-and-navigate exchange experience to its customers. The beginner-friendly operational panels for users do not contain any unwanted and complex trading tools and instead offer an intuitive user interface.
Bityard is a globally certified trading exchange with regulatory compliance licenses from Singapore’s ACRA, USA’s MSB, Estonia’s MTR and Australia’s AUSTRAC.
Prominent Features
Right from first glance, it’s apparent that Bityard has built its features based on the shortcomings of contemporary exchanges, with the objective to significantly offer more value to its customers. Whether it succeeds in this or not, is what we see as we dive deeper.
User Interface
Bityard exhibits a straightforward and smooth interface and operational panel for its users, compared to the conventionally complicated interface of its contemporaries that might appeal to weathered investors, but leave novices perplexed. There’s certainly lesser data crammed per screen here. And a bright mode and dark mode toggle – standard, but welcome features for a modern portal, are also available. With support for 8 languages, there’s clearly an attempt to appeal to the masses.
The registration process is dead simple too, and would’ve taken us only a few seconds. But we did have to wait longer than expected to generate our captchas on email, and eventually switched to using its Mobile Registration option, which completed within seconds.
Supported Currencies & Integrations
There’s support for deposits in fiat and other 7 mainstream digital currencies on Bityard, a number more than any mainstream contract exchange: BTC, ETH, XRP, USDT, TRX, HT and EOS. On the fiat front, there’s support for currencies you wouldn’t normally see, including the Vietnamese Dong, Indonesian Rupiah, and the Chinese Yuan.
Plus, there are OTC services for buying USDT at low trading fees to both first time traders and institutions. The portal offers 10 asset options to its users, higher than any other contract exchange.
Trading Interface & Fees
While certainly not the determining factor in picking an exchange, trading charges and fees become increasingly important the more familiar you get with an exchange, and the more you trade. Bityard charges its users fairly low fees, even for transactions as small as 5 USDT to as large as 20,000 USDT, with a mere 0.05% rate. It also allows a leverage slab between 10x to 100x.
The trading interface itself is feature packed, yet aesthetically pleasing. Like we noted earlier, there’s an attempt to ensure the platform isn’t intimidating for the users. Nevertheless, there’s support for a whole bunch of indicators, charting tools, and patterns.
(Long Position view on Bityard)
Bityard also offers a maximum withdrawal limit of a whopping 100k USDT. A welcome addition is that on the same lines as BitMEX, Bityard relies on the marked price for forced liquidation. The market price is determined using the differences between the spot transaction price of your asset of multiple reference exchanges, including Coinbase, Kraken and Bitstamp. In short, users are clearly less vulnerable to stoploss hunting and other manipulative trades on the exchange.
Customer Support
There seem to be dedicated customer support environments available on Bityard, stretching over a multitude of contact options right from email and telegram to online customer support. While the chat function is automated from the get go, there’s clearly room to both make it more accurate, and perhaps even make it more conversational? Since the target audience here seem to be beginner traders. Worth noting that we were connected to a human in a matter of seconds whenever we attempted.
Daily Mining Activity and BYD
The platform also packs in a daily mining window where users can earn cryptocurrencies and BYD, which is Bityard’s platform token. There will be a total of 210M BYD in circulation in the future with Bityard currently offering 10.24M as early bird rewards.
BYD being a native currency is clearly significant in the Bityard ecosystem and currently acts as its trading fee currency, with users gaining a discount when using it on the exchange. A new user automatically earns 6 BYD on account activation. BYD in the BIityard ecosystem is the equivalent of BNB holds in Binance.
BYD will be soon listed on several mainstream cryptocurrency exchanges in the future. If and when that does happen, that should significantly boost its current value.
What’s Bityard’s Growth Trajectory? It’s KOL Partner Program
Bityard seems to recognise the catching up it has to do to compete with the bigger names in the sector. The team has decided to approach the challenge with a dedicated KOL (Key Opinion Leader) support program, backed by a rewarding incentives framework.
- Bityard offers a solid 40% commission to its KOL partners, which means KOLs receive a daily salary proportional to the number of valid users introduced to Bityard by them. Invitation rewards can go up to100 BYD/month.
- KOLs also earn 3 months of invitation bonuses, and those who become a qualified KOL by achieving standard trading volume within 3 months are rewarded an additional bonus.
- KOLs who recommend other worthy KOL prospects to Bityard are rewarded with another lucrative bonus.
- A daily payment is up for grabs for those with higher trading volumes from their referrals, stretching up to 15 USDT every day.
You can learn more about the Bityard KOL-support program here.
Bityard’s Brand Ambassador
One characteristic that sets Bityard apart from its contemporaries is its choice of brand ambassador. While other exchanges don’t seem to have one in the first place, Bityard is represented by Thai boxing champion, Buakaw Banchamek.
The message is crisp and clear. Bityard is here to dominate the trade exchange arena just like Buakaw Banchamek does in the ring. Their simplistic state-of-the-art operational panels point in the same direction.
The Verdict
The Bityard experience on the whole is smooth, and leaning towards the minimal, without making any compromises. Its KOL program should assist in driving good traffic volumes to the platform, much of which it will retain given ist interface and ease of use. While the website offers a Beginner’s Guide and Trading Guide to its uses, these led to dead links at the time of our review. Such minor bumps notwithstanding, Bityard is positioned well as the go-to platform for newbies looking for an amiable trading experience, away from unwanted technical jargon.
With its philosophy of ‘Complex Contracts, Simple Trade’, Bityard may well redefine industry standards and make it more novice friendly. Seasoned investors, on the other hand, can benefit from Bityard’s KOL incentives program and enjoy trading at a multi-currency compatible exchange at lowest interest rates in the market.
Ready to try it out: https://bityard.com/
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