>Is BitYard Legitimate?Can US citizens use BitYard Exchange?What are the features of BitYard Exchange?
Choosing a reliable crypto exchange is critical for the security of funds and the convenience of a crypto investor or trader. This is where CoinSutra comes in handy. We continuously scrutinize hundreds of crypto exchanges available in the market and bring out the best ones for you.
Today’s post is about one such crypto exchange called BitYard. So, without further ado, let’s get started.
What is BitYard?
BitYard is a centralized crypto exchange that was established in 2019 in Singapore.
The exchange offers several crypto services tokens for a wide variety of crypto tokens. It has many unique features such as Copy Trading, Demo accounts, etc.
Further, the exchange provides margin trading services upto 125 times the user’s investment. This is one of the maximum leverage available in the crypto market.
The platform is available for US citizensin select states. Further, BitYard is reasonably secure at the platform and user level. Although the exchange is new in the crypto game, it aspires to be one of the top crypto exchanges in the world.
Now, let’s understand more about the team behind the platform.
BitYard Team and where it is based?
Michael Hung is the face of BitYard Exchange.
Michael Hung – Linkedin
Co-Founder and CMO
Michael is based out of Singapore. He has a degree in Computer Science from Shih Hsin University, Taiwan.
He Co-founded BitYard in 2019 and currently serves as the platform’s CMO (Chief Marketing Officer).
Before joining BitYard, Michael worked in several different industries and specialized in Sales, Business Development, Marketing Strategy, and Social Media.
Currently, he is the only face of the platform. Other founders of the platform have kept their identities anonymous. The rest of the team is spread worldwide, primarily in Singapore, Vietnam, the Philippines, Europe, and the USA.
What are the Features of Bityard Exchange?
The general features of BitYard Exchange are as follows:
1. Spot Trading
BitYard Exchange – Spot Trading
BitYard offers spot trading features on a wide variety of Crypto tokens. A user can either place a limit or a market order to buy or sell crypto assets on the platform.
The spot market is available to the users in three different versions:
Convert – This allows users to convert their crypto assets with a single click. This is the quickest way to transact on the platform.Classic Trading – This is the most used version of trading. It has an order book where users can place their buy or sell order.Advanced Trading – This version is most suitable for professional traders as it includes all the technical charts and indicators necessary for the technical analysis of a crypto asset.
2. Derivatives Trading
BitYard Exchange – Derivatives Trading
BitYard Exchange offers derivatives trading to its users. This includes the following types of derivatives:
Lite Futures – These are contracts that are settled in USDT (stablecoin)Inverse Perpetual – These are perpetual futures contracts that are settled in Cryptocurrency, i.e., BTC, ETH, DOT, etc. (Other than stablecoin)USDT Perpetual – These are perpetual futures contracts that are settled in USDT (stablecoin)Leveraged Tokens – These are derivative contracts representing a levered position in a particular token. For example, if you want to buy a 3 Times levered position on BTC, then you can either use Margin Trading or buy BTC 3L/USDT token.
All the above contracts can be used to either long or short sell a particular position.
Also see: Best crypto derivative trading exchanges
3. Margin Trading
BitYard Exchange – Margin Trading
BitYard Exchange offers Margin Trading services to its users. Further, this service is available on both spot and derivative trades. On these trades, users get a margin upto 125 times their investment.
If you are new to Margin Trading, then you can refer to our Margin Trading Guide for Beginners’.
Further, the exchange offers both types of margins, i.e., Cross Margin and Isolated Margin.
Please note that Leveraged Tokens (discussed in the derivatives section) can be used as an alternative to Margin Trading. They are easier and cheaper to use.
Further, please note that Margin / Leveraged Trading is very risky, and you should not do it without sufficient knowledge and experience.
Also see: Best crypto margin trading platforms
4. Copy Trading Feature
BitYard Exchange – Copy Trading
This unique feature helps beginners copy trades of professional traders and start making money from day 1. A user can explore a wide variety of traders and their past performance and simply copy their trades with just one click.
The BitYard platform duly vets these professional traders. Further, 10% of the profit on these copied trades go back to these professional traders.
Please note that the percentage mentioned in the Copy trading screen of BitYard is the past performances of these professional traders. And past performance does not guarantee future performance. This means that you may also incur losses by copying trades.
You can read more about BitYard’s Copy Trading feature here.
Also see: Best crypto copy-trading platforms
5. Demo Account by BitYard
BitYard Exchange – Demo Account
This interesting rare feature allows beginners to learn the nuances of the platform or the crypto industry in general.
The Demo account allows a user to execute paper trades. These trades do not have any actual value.
6. BitYard Payment Methods
BitYard Exchange – Fiat Purchase
BitYard has an extensive Fiat Gateway that allows users to buy crypto assets with over 50 fiat currencies.
Further, the gateway supports several modes of payment, including:
a) Electronic Fund Transfers,
b) Visa / Master cars (Debit / Credit)
c) Cash Deposits, etc.
BitYard does not charge any transaction fee for Fiat Gateway. However, third-party service providers may charge a fee.
Further, BitYard’s Fiat payment gateway can only be used to deposit fiat currencies. It cannot be used to withdraw crypto in the form of fiat.
7. BitYard Fees Structure
The Fees Structure of BitYard Exchange is as follows:
a) Trading Fee
The trading fee charged by BitYars is variable and depends on the type of crypto asset traded.
This variable fee is as follows:
Type of TradesTrading Fee RangeSpot Trading0.1% – 0.3%Derivatives Perpetual Contracts0.1% – 0.3%Derivatives CFDs0.05% – 0.075%
You can read more about BitYard’s trading fee here.
b) Deposit and Withdrawal Fee
For fiat deposits, BitYard does not charge any fee from its users. However, if a third-party service is used for a deposit, the third party may charge a fee.Crypto deposit of most of the assets is free on the platform.Fiat withdrawals are not allowed on BitYardCrypto withdrawal fee varies on the type of token and blockchain network used to withdraw assets.
You can read more about BitYard’s deposit and withdrawal fee here.
What are the Pros and Cons of BitYard Exchange?
1. Pros of BitYard Exchange
The benefits of the BitYard Exchange are as follows:
a) Copy Trading – Copy Trading is a unique feature offered by BitYard. This allows new traders to simply copy trades of veteran traders and use their experience in their trading system.
b) Web Interface and Mobile Application – BitYard has a very user-friendly web interface. Further, it has a desktop application for Mac and Windows OS and a mobile application for iOS and Android devices.
c) Derivatives and Leverage Trading – BitYard offers a wide range of derivatives and margin trading services.
d) Wide Variety of tokens – The platform offers its users a wide variety of crypto assets.
e) Security – Bityard is a reasonably secure platform. On the Platform level, most of the funds are kept in multi-sig cold storage. On the user level, the exchange provides 2 Factor Authentication.
2. Cons of BitYard Exchange
The limitations of the BitYard Exchange are as follows:
a) No Fiat Withdrawal
BitYard does not allow users to withdraw their crypto assets in the form of Fiat currency. This means that users would need to transfer their assets to another platform for fiat withdrawals.
Conclusion – BitYard Exchange Review
We understand that BitYard is an excellent addition to the Crypto Exchange ecosystem. It has decent liquidity and a few unique features such as Copy Trading or Demo Account that beginners or professional traders can use. Further, it allows derivatives and margin trading for users.
Therefore, we think that the platform is worth giving a shot.
That’s it for this post. Please let us know if you have any feedback or comments. Please note that nothing written in this post is a financial advice. Please consult your financial advisor before making any financial decision. Lastly, subscribe to CoinSutra Newsletter to get your FREE crypto trading E-Book.
Frequently Asked Questions (FAQs)
Is BitYard secure and Trustworthy?
Yes, BitYard is a reasonably secure platform. On the Platform level, most of the funds are kept in multi-sig cold storage. On the user level, the exchange provides 2 Factor Authentication.
Is BitYard Legit and Safe?
Yes, BitYard is regulated and holds licenses in several countries. Further, the exchange is trusted by more than 500,000 users.
Can US citizens use BitYard Exchange?
Yes, US citizens can use the services of BitYard Exchange.
What are the fees for BitYard Exchange?
The base trading fee for BitYard Exchange is variable and is in the range of 0.1% to 0.3% of the transaction value.
Does BitYard support Fiat?
Yes, BitYard supports the deposit of Fiat currency. However, there is no way to withdraw your crypto assets in the form of Fiat currency.
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