One of the major complaints newcomers into the crypto space have is the complexity of the whole bitcoin world. From unintuitive and user-unfriendly trading platforms and wallets, to completely new terminology and philosophy, bitcoin is a lot to digest for a newbie trader and investor.
Luckily, at least in the sector of crypto exchanges, a lot of progress has been made when it comes to simplicity and user interface without sacrificing utility and efficacy. Bityard is one of the cryptocurrency derivative trading exchanges that set simplicity and beginner-friendliness as its top priority. This Bityard review will go over all important features of this Singapore-based exchange including fees, security, trustworthiness and other pros & cons. So, let’s dive into the review process by checking some basic background info and offering of Bityard platform.
What is Bityard and where is it located?
Bityard s based in Singapore and is led by a slogan “Complex Contracts Simple Trade”. Bityard has a goal to bring the ultimate simplified trading experience to new customers.
As we mentioned above, older and still popular margin and futures trading exchanges like BitMex or Poloniex are very powerful trading platforms with a host of options that can be overwhelming for a rookie trader. This is where platforms like Bityard jump in to save the day – their dashboard and user interface is much simpler, decluttered and easier to comprehend.
They say an image is worth a thousand words so have a look at a neck-and-neck comparison of the Bitmex and Bityard user interfaces to understand what we mean:
Bityard regulatory status – is the exchange regulated?
Bityard is regulated and licensed under the Singapore’s ACRA, USA’s MSB from Financial Crimes Enforcement Network which belongs to United States Department of the Treasury, Estonia’s MTR and Australia’s AUSTRAC.
Bityard dashboard – Key features
Middle name for Bityard platform is simplicity. The trading dashboard is neat and intuitive.
User interface is modular and highly customizable – you can drag and drop separate sections like charts, assets, order box etc. to arrange them to your liking.
Bityard mobile apps
As you would expect from an exchange aiming to challenge top leaders in leveraged trading, Bityard is a full stack platform with apps for all major platforms: android apps, iOS apps and of course the web version.
Deposit and Withdrawal options
BitYard also offers OTC services for buying USDT with low trading fees that cater to first time traders and institutions alike.
Does Bityard have a demo account?
Yes, Bityard has a fully featured demo account where you can hone your skills before taking the training wheels off.
Does Bityard require KYC?
No, Bityard has no mandatory KYC process which is a big plus in the eyes of many crypto traders as it fits into the original narrative and ethos of cypherpunks and crypto OGs.
Bityard native token – BYD
Bityard introduced mining activity as well where the mining rewards are paid out in BYD – a native platform token that is yet to have a public ICO.
BYD is a platform coin issued by Bityard with a total circulation of 210M. It plays an important role in the Bityard ecosystem and will be listed on mainstream exchanges in the future. Design and role of the token is similar to BNB and other exchange tokens launched by almost all major crypto trading platforms.
Bityard’s brand ambassadors
Bityard sets itself apart from their competition by their strong marketing and brand building game. One of the top bran ambassadors of the exchange is a Thai boxin champion, Buakaw Banchamek.
This is Buakaw’s Facebook about cooperation whit Bityard:
Bityard vs competitors
|License||Securities Dealer License||Financial Services Comission||MTR||AUSTRAC,|
|Transaction fee||0.075%||0.075%||0.075%||0.05% (The mining reward can be deducted by another 10%)|
|Supported deposit currency||Only 1 BTC||5 BTC、ETH、EOS、XRP、USDT||2 BTC、ETH||7 BTC、ETH、XRP、USDT、TRX、HT、LINK|
|Minimum Margin||1 USDT||5 USDT||0.1 BTC / 1 ETH||5.00 USDT|
|No. Of Assets Options||8||4||2||10|
|Max. withdrawal||None||10 BTC||None with KYC||100,000USDT|
|KYC?||No||No||Withdrawals > 1BTC||No|
|Customer Support||Email, Telegram||Email, Online customer||Email,Telegram,Online customer|
|Brand Ambassadors||None||None||None||Buakaw Banchamek|
Trading crypto contracts with leverage is a highly risky endeavor and you should first make sure to get a good grip of spot trading and all risks and benefits before you ignite the leveraged trading rocket. Once you are ready to make a plunge, Bityard is definitely a platform worth of considering thanks to their easy to use and straightforward dashboard.
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