Cryptocurrency trading has been around for a while and, in the middle of the global COVID-19 pandemic, a lot of people have started exploring it as a way to earn some extra money from home. But trading crypto tokens isn’t the only kind of trading you can do. Ever since smart contracts debuted on the Ethereum blockchain, Contracts Trading has also been a possibility. Sites like BitMex and Bybit offer excellent platforms where experienced traders can engage in Contracts Trading. But these platforms have features and interfaces that can overwhelm novice traders. Enter Bityard; a service aimed at providing a simple, beginner-friendly platform for Contracts Trading. Read on for a comprehensive Bityard review of its key features.
What is Bityard?
Bityard was founded in Singapore in 2019 with its specific goal of providing an easy-to-use platform for cryptocurrency options trading reflected in their “Complex contracts – simple trade” motto. Other platforms like BitMex or Bybit may have more advanced features, but they are targeted towards experienced traders.
What makes Bityard different?
The key difference between Bityard and other Contracts Trading platforms is simplicity. Because Bityard is specifically aimed at novice traders, they have gone a long way to providing a clean, easy-to-use interface that won't overwhelm the user with a lot of features and options.
Let's just take a look at the trading interfaces for BitMex and Bityard…
BitMex’s interface is full of options. While these options are easy to understand and very useful to experts, a first-time trader will surely get lost in this UI. And the truth is that most of these options aren’t necessary for the novel options trader. Bityard’s interface, on the other hand, is a lot simpler, cleaner, and easier to understand. Now, don’t get me wrong. Both BitMex and Bybit are fine trading platforms… they’re just aimed at a different kind of trader.
What other advantages does Bityard offer?
Simplicity and ease of use may be a big part of Bityard’s appeal, but it’s far from the only advantage. There is also:
Regulation: this is a big difference with other contracts trading platforms. Bityard is compliant with several regulation sets and is licensed under Singapore’s ACRA, Australia’s AUSTRAC, Estonia’s MTR and USA’s MSB from the Department of the Treasury’s Financial Crimes Enforcement Network.
Fiat deposits: As of writing, Bityard is one of the few contracts trading platform that accepts deposits in fiat currency.
Multiple options for Cryptocurrency deposits: Currently Bityard accepts deposits in seven different crypto tokens: USDT (OMNI/TRC20/ERC20), BTC, ETH, XRP, TRX, Huobi Token, EOS, and BYD (Bityard's native token). This is more than any other major contracts trading platform.
They have their own platform coin: Bityard has announced that they will soon introduce mining activity that will be rewarded with their own BYD token. This coin is heading towards an ICO and will be listed on several major exchanges. The potential for BYD could match Binance's BNB token.
Brand Ambassador: This is something other exchange platforms don’t even bother with. But Bityard has invested in having a brand ambassador in Thai boxing champion Buakaw Banchamek. You can head here to read his post about cooperation with Bityard.
Demo Trading Mode: This is a welcome addition to any trading site: a way for users to get comfortable with the platform’s features before they invest any of their funds.
Fees: Bityard charges a standard trading fee of 0,05% for both takers and makers; lower than other competing platforms.
Support: When trading, you will have some questions or doubts or experience some form of a technical issue from time to time. This is when you will want to get in touch with customer support and you want as many options as possible so your issue can be sorted out quickly. Bityard offers more support options than other platforms; you can get help via e-mail, online customer support or their official Telegram group.
The table below shows a more detailed comparison between Bityard and other trading platforms:
|License||Securities Dealer License||Financial Services Commission||MTR||AUSTRAC, ACRA, MTR, FinCEN|
|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||100,000 USDT|
|KYC?||No||No||Withdrawals > 1BTC||No|
|Customer Support||Email, Telegram||Email, Online customer||Email, Telegram, Online customer|
|Brand Ambassadors||None||None||None||Buakaw Banchamek|
Bityard Review Conclusion…
If you’re a seasoned expert looking for advanced features for contracts trading, there are several fine platforms you can choose from. But if you’re a novel contracts trader, or if you simply want a clean, easy-to-use interface, you’ll find Bityard is unsurpassed in terms of simplicity. And if this simplicity also comes with lower trading fees, more options in both fiat and cryptocurrency deposits, and more customer support options, so much the better. Choosing Bityard as a simple platform for contracts trading is simply a no-brainer. So, if you’re thinking about taking your first steps in cryptocurrency options trading, make sure the check out Bityard.
Happy trading, everyone!