BitYard has been in the crypto industry for many years now. Let us look through the products and features it offers through this BitYard review and learn about the new developments it has undergone since then!
Table of Contents
- BitYard hosts an extensive range of crypto trading pairs.
- Currently, it offers spot trading, CFD trading, and copy trading.
- The BitYard exchange has partnered with several prominent companies such as Paxful and Banxa to give more trading options to its users.
- Many high profile authorities regulate it in Singapore, USA and Estonia.
- Users can charge 40% of the trading fee after becoming an affiliate from their referrals.
- For spot commission, affiliates can charge 30% of the trading fee.
What is BitYard?
BitYard exchange has been up and running since 2014. It boasts many features and products that have been elaborated on in the article below. The platform is based in Singapore and has over 500,000 users.
Also, BitYard trading supports a wide range of popular coins such as Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), and so on.
BitYard Review: One-Stop Trading Platform
BitYard is a popular crypto derivatives trading platform that provides access to the global crypto market through spot trading, copy trading, and CFDs. In the past years, it has constantly evolved to simplify the trading process and present a one-stop trading front for its users.
Further, the easiest and most efficient way to access real-world market prices of assets for smart contracts is through the Chainlink Price Feeds. BitYard has incorporated more than 80 price feeds to induce stability in the pricing system and upgrade exchange rate accuracy.
1. Spot Market
Traders can select spot trading and browse the numerous crypto trading pairs directly. Furthermore, the platform offers limit and market orders, which come under spot trading.
Let’s assume that a user has selected a BTC/USDT trading pair from the list:
- First, they have to choose either limit or market order.
- Second, the user must enter the amount they want in case of a limit order.
- Next, they must specify the amount of BTC they wish to sell or purchase. The amount can be entered either in figures or in percentages.
- Finally, they have to confirm whether to buy or sell BTC to execute the order.
BitYard supports a wide range of crypto-USDT pairings displayed on the spot trading page.
2. CFDs Trading
CFD trading allows a user to trade on a commodity’s falling and rising prices or an asset like crypto. Profit and loss are calculated by multiplying the difference between the opening and closing prices of the user’s position with the total position size. Also, CFDs are traded directly with the broker, resulting in higher liquidity.
First, a user has to select a crypto pair to trade. Second, enter the leveraged amount according to the limits of the crypto pair chosen. Then, enter the amount in a limit order and select ‘buy’. Users can also select the overnight option to hold the position overnight and set profit and stop-loss orders.
Finally, when the trade is confirmed, users can observe the positions in the live positions section of the page.
3. Copy Trade
BitYard offers a one-click copy trading option, probably the most exciting feature on this platform. The feature allows novice traders to copy more experienced traders and maximize profits. In addition, beginners can watch, learn, and gain experience by following successful traders.
Bityard provides access to excellent leverage and margin options to their users. However, traders should handle this option carefully because the chances of profit and loss magnification go side by side.
When you choose to copy a trader, there is no need to open or close positions yourself. Traders who allow themselves to be copied can charge a percentage of share from their follower’s profit. Also, followers can choose the traders based on their style, short-term, long-term, profit rate, trading days, etc.
After opening their BitYard account, users can choose the trader according to their choice. After that, decide the amount to copy and the daily copy margin limit. Advanced options include maximum position amount and stop loss ratio. Finally, click on ‘copy’ to start copy trading.
4. Perpetual Futures (Inverse)
In Inverse contracts, the users have to use cryptocurrencies such as BTC, ETH as base currencies. The amount to be traded is confirmed in USD, but the profit and loss are settled in base currencies. The minimum value of a contract is 1USD. Also, if a user wants to trade on ETHUSD, they must use ETH as the base currency.
Long position profit/loss = contract value * (1/entry price – 1/exit price)
Let’s assume that a trader purchases 1000 contracts when the value of 1 BTC is equal to 500 USD. The user is trading 1000 USD with an equivalent amount of BTC. Next, the trader sells those 1000 contracts when the value of 1 BTC is equal to 800 USD. Here, the user is trading the equivalent amount of BTC with 1000 contracts.
Long position profit/loss = 1000 * (1/500 – 1/800)
= 2 BTC – 1.25 BTC
= 0.75 BTC
5. Deposits with FIAT
Currently, BitYard supports a total of 59 fiat currencies. The fiat currencies can be deposited in the BitYard accounts within 2 to 3 hours. KYC verification is necessary to perform Fiat Gateway deposits with third-party service providers such as Banxa, Ramp, XanPool, and Transak. The users can make the deposits via electronic fund transfer, credit/debit cards, and cash deposits(for specific locations only).
How to register on BitYard?
For registration on this platform, the user first has to click on register and type their email address or phone number. Second, they will have to enter the verification code, receiving it via their email or phone number. Next, they have to set up a password for their BitYard account and enter an invitation code(if they have any). Finally, they have to click register, and they are good to go!
Is BitYard legit and safe?
Users can trade on BitYard without worrying about the safety of their assets on the platform. BitYard exchange has implemented strong safety measures to reduce online theft and fraud. In addition, it has set up multiple wallets stored offline to keep its users’ assets secure.
Furthermore, it uses SSL encryption for secure conversations and multistep login procedures to further protect crypto assets.
It has also acquired multiple licenses over the past years and has established itself as a secure and safe place to trade cryptocurrencies and other commodities it offers. The following authorities regulate the exchange.
- The Accounting and Corporate Regulatory Authority of Singapore.
- Money Services Business from Financial Crimes Enforcement Network in the USA
- MTR (Register of Economic Activity) of Estonia
- AUSTRAC (Australian Transaction Reports and Analysis)
BitYard has partnered with multiple leading companies to give uninterrupted and advanced services to their users. For example, it has teamed up with Paxful to present extensive payment options to its users. As a result, BitYard users can now buy Bitcoin with more than 150 fiat currencies. Not only this, but users will also have over 300 different payment options to purchase cryptocurrencies.
This partnership aims to remove the barriers in fiat-to-crypto transactions and provide accessible crypto assets trading services to their users.
Also, BitYard has also joined hands with another third-party fiat gateway service provider, Banxa, that will enable the users to deposit and buy crypto with credit cards!
BitYard Review: Fees
The spot handling fee is as follows:
- BitYard charges 0.1% as the maker’s fee.
- Similarly, it charges 0.1% as the taker’s fee.
- The conversion fee is 0.1%.
Similarly, for CFDs:
- The transaction fee varies from 0.075% to 0.05%.
- The price of opening/closing position can be calculated as follows: margin * leverage * 0.05%
- BitYard charges 0.1% when opening a position.
- The opening/closing fee can be calculated as follows: margin * leverage * 0.025%
- BitYard charges 0.05% when opening a position.
To know the entire fee structure, visit the BitYard help centre.
BitYard Review: Mobile App
The BitYard App contains all the features of the websites, making trading much easier and faster. Now analyze market prices or copy trade from anywhere, anytime. The app is available for both Android and iOS users.
BitYard Review: Customer Support
BitYard boasts a comprehensive guide that lists solutions to general problems that the customers general problems. In addition, an email([email protected]) and live chat support are available to answer any customers’ queries.
BitYard Review: Affiliate Program
Prominent trading professionals can become affiliates and earn passive income while trading side by side on BitYard exchange.
The platform provides a referral link to its users to share through media channels. For each referral that starts trading, they will earn a commission. In addition, if the user performs exceptionally well, they can become an eContract member that will further boost their career.
A trader is entitled to a 40% commission on the trading fees. In addition, they will get real-time updates of their referrals and detailed reports on the commissions.
Apart from this, BitYard also offers up to 30% spot commission to their affiliates. Also, a user can contact [email protected] to apply for a higher commission if they want to join the BitYard affiliate program.
BitYard Review: Pros and Cons
|Several charting tools are available for technical analysis.||At present, the withdrawal options on BitYard are limited.|
|Multiple licenses showcase that it is a trustworthy platform.|
|BitYard offers 2-factor authentication, cold and hot wallet storage systems, and much more to add layers of protection to their customers’ assets.|
|Users can use the demo account to get familiar with features.|
|It offers highly leveraged trading, enabling its traders to maximize their profits.|
|Supports fiat currencies of over 150 countries for purchasing crypto assets.|
BitYard exchange presents a simple yet intuitive interface with fast processing and leveraged trading to their users. Many prominent authorities of different nations regulate the platform, showing that all the transactions are legal and completely safe. Moreover, the exchange’s extensive and straightforward trading options cater to the needs of both novice and experienced traders.
Frequently Asked Questions
How to Deposit on BitYard?
First, select the coin you want to deposit under the assets section of the website. Second, select the chain name. After this, a QR code and deposit address will be displayed, and then the user can deposit the coin onto that address.
What is the deposit and withdrawal fee?
BitYard does not charge any deposit fee. However, for withdrawal, the transaction fee for withdrawing USDT is as follows:
1. 0.8 USDT for BSC
2. 24 USDT for ERC-20
3. 1 USDT for TRC-20