BitYard Exchange Overview
When it comes to cryptocurrency exchanges currently available within the market, the variety may seem to be endless. However, not every single one of them is a smash-hit.
In order for an exchange to be successful, it needs to implement features that make it stand out, as well as provide the traders with a solid variety of cryptocurrency tokens as well as trading pairs.
Additionally, the exchange needs to have competitive fees, a solid mobile application, and just something within it that truly grabs someone’s attention.
With all of these aspects in mind, today, we will be going over one such exchange, known as BitYard.
BitYard is an exchange that was founded in 2019; however, do not let its young age within the cryptocurrency market fool you, as it has grown and evolved into one of the most well-known as well as leading cryptocurrency exchanges.
In fact, the BitYard platform was developed as a means of enabling traders to access Contracts for Differences (CFD), spot markets, and copy trading services.
In terms of the variety of cryptocurrency tokens available, there are over 400, some most notable ones being Bitcoin (BTC0, Ethereum (ETH), Litecoin (LTC), and Dogecoin (DOGE).
As of February of 2022, BitYard has over 500,000 users and operates within 150 countries on a global scale.
The main way through which BitYard stands out when compared to other similar services is due to the fact that it offers tools that are simple to use, which makes the overall experience of using the exchange a lot more engaging, even for users who might not have historically had a lot of experience with using an exchange.
Is BitYard Legit and Safe?
BitYard is a secure exchange that aims to provide security measurements as a means of ensuring that all users have the highest possible chance of avoiding any potential compromise or exploit of their account or cryptocurrencies.
In terms of what features it actually implements, each user of this platform is given access to dual authentication, wallets that feature cold storage capabilities, engine and system security protocols, and other similarsecurity measurements.
With all of this taken into consideration, BitYard can be considered a fairly legitimate as well as safe exchange.
BitYard is under multiple regulatory authorities, which include The American Money Services Business (MSB)., Estonian Financial Regulatory Authority (MTR), Australian Transaction Reporting and Analysis Center (AUSTRAC), and the Business Administration of Singapore (ACRA).
This means that the BitYard exchange features multiple licenses, which contribute to its overall legitimacy as well as user confidence.
BitYard has conducted multiple partnerships as a means of removing the barriers in fiat-to-crypto transactions, as well as providing accessible cryptocurrency trading services to each and every one of its users. As such, BitYard’s fiat gateway partners include Banxa, Mercuryo, TRANSAK, and RAMP.
BitYard Highlights – One-Stop Trading Platform
There are multiple features that make BitYard stand out when compared to alternative options out there. We are going to go over some of the most notable things the BitYard exchange does well, so you can have a heightened perspective of how all of this works and what you can expect going forward.
BitYard is an exchange that supports the process of investing as well as trading in cryptocurrencies. Investors, as well as traders, are given the opportunity to access the crypto market through spot trading or CFDs.
In terms of the spot trading features, BitYard offers the most popular crypto-USDT pairing, in addition to other multiple options as well. Within the exchange, users can view the Open Orders, Order History, Trade History, and Funds, where they will find detailed information within each of these sub-categories.
For Trade History, users are also given the opportunity to define the period over which they would like to view the transactions which had been historically made.
Perpetual Futures (Inverse)
All of the Perpetual Futures within BitYard are settled in cryptocurrency instead of FIAT currency. Aside from this, the other basic principles of trading remain the same as any other Perpetual Futures trading exchange.
When you begin this process, you will be presented with a chart in the middle of the page, which will showcase all of the information that you are required to know about the contract’s specifications. One contract is worth 1 USD. However, it is denominated in Bitcoin.
Lite Trading（CFDs）are trading instruments found within BitYard which essentially allow any investor to trade on the price movement of an asset, which can be a physical commodity, or a financial instrument, at a predetermined future date as well as price. They are typically used by traders as a means of hedging other investments or to lock in profits when trading within volatile markets.
Another interesting and stand-out feature found within BitYard is the Copy Trade features. The Copy Trading feature is tailored towards newcomers’ investors or just about anyone without sufficient experience or time available to them to research the market.
Instead of making decisions about what trade to enter and doing the required research associated with making a well-informed decision, users can instead leverage the knowledge of other investors and traders through replicating their trades.
There are a lot of traders who will allow users to copy them, and as such, they have achieved various levels of returns.
Within the listings, there are many settings that can be applied to better define the searches and criteria. Users can adjust the style of trading, the profit rate, and even the trading day, and as a result of doing so, they will be presented with custom search results that are better suited towards the style of trades they are looking for.
Once a user has selected a trader they would like to copy, they can proceed with the process by clicking on “Copy Trade.” From the menu that will pop up, they are given the opportunity to adjust the traders that they will be doing. They can either select a fixed count, or a fixed ratio, after which they can set a copy amount and copy margin settings.
Deposits with FIAT
Any user is given the opportunity to make a deposit through the usage of FIAT currencies to the BitYard exchange platform, and this essentially means that they are not required to use cryptocurrencies, assuming they do not have any on an external wallet.
However, what each user needs to understand prior to making any purchase is the fact that BitYard themselves do not actually handle any of the FIAT deposits, and this is a service that is handled in full by third-party payment providers which have conducted a partnership with BitYard.
In terms of the payment methods which are supported, they accept electronic fund transfers, Visa and Mastercard debit or credit cards, and cash deposits. However, these options will differ and change based on the geographical location in which the user is located, and as such, they should always be double-checked by the user in terms of their availability.
The fee structure found within BitYard in terms of spot trading is the same as that of the inverse and USDT contracts. The trading fee corresponds to two different execution types, which include the Maker and the Taker fees.
Across all spot trading pairs, the maker fee can range from 0.1% to 0.3%, and the same can be said for the taker fees as well. Keep in mind that the trading fee unit charged is based on the purchased cryptocurrency and that there is no trading fee for unfilled parts of orders and canceled orders.
Then there are the conversion fees, which have a transaction fee that ranges from 0.1% to 0.15%.
In terms of the CFD (Contract for Difference) fees, the current BitYard transaction fee follows the following formula:
- Opening Fee = Margin*Leverage*0.05%.
- Closing fee = Margin * Leverage * 0.05%.
In terms of the Derivatives fees, they have a transaction fee based on the following formula:
- Opening Fee = Margin*Leverage*0.025%
- Closing fee = Margin * Leverage * 0.025%
Every single other fee that a user is interested in can be found on the official support page of BitYard, but these are the main ones a lot of users need to be aware of.
BitYard is not lacking in terms of application support.
Specifically, the application is available for mobile devices, as well as desktop devices.
On mobile devices, users are given the opportunity to directly download the application from the App Store or from the Google Play Store. Additionally, android users are also given the option to download the application directly in the form of an APK file, and there is an additional version of the application known as the BETA version, also available to download as an APK file.
On the desktop side of things, users can directly download the desktop application to computers running Mac OS or Windows as an operating system. Overall, the application provides users with just about everything that is on offer from the official website; it just works a lot more smoothly and a lot more quickly due to the fact that it has been natively programmed to run on the operating systems, which have been supported.
BitYard is a cryptocurrency exchange that provides its users with multiple ways through which they can contact the customer support team that they provide.
In other words, users can access the live chat service through the web or mobile applications, but they can also send an email to firstname.lastname@example.org and gain an additional level of support that way.
The support team is also active on the various social media channels, including Telegram, Facebook, and Twitter, and there is an excellent FAQ (Frequently Asked Questions) page available which answers a bulk of the questions a newcomer to the exchange might have.
Attractive Affiliate Program
The affiliate program gives users a referral link, which means that they can convert their influence to a commission.
There are three simple steps in terms of how this actually works. A user can share their referral link through the usage of social media.
Through affiliate influencer records, the user can clearly see their referral link stats as well as commission records. Additionally, the user can also become eContract in the program, which will help them gain additional benefits. The main reason why the BitYard affiliate program is appealing is due to the fact that it offers up to 40% commissions on all trading fees.
The Registration Process
In order for a user to get started with using the BitYard cryptocurrency exchange, the first thing that they need to do is open the official website, biyard.com, after which they need to navigate to the “Get Started” button, which is located on the right side on the navigation bar.
This button is easy to spot due to the fact that it features a distinctive orange color when compared to the otherwise dark theme of the entire website.
After that, the user is presented with two options.
In order to initiate the email registration process, the user needs to enter their email address, after which they will be prompted to send a verification code to their email. Once the code is received, they need to enter it.
This procedure is in place as a means of ensuring that each user uses a legitimate email. Additionally, they need to pick a secure password and optionally enter an invitation code, assuming they were invited to use the exchange in question by someone, such as a friend.
In order to initiate the mobile registration process, instead of an email, the user enters their phone number. They can select the country to enter their number, after which they will have to click on a “Send” button in order to receive a verification code. Once that is completed, the user needs to enter their password as well as an invitation code, assuming they have received that as well.
Making a Deposit
In order for a user to make a deposit within the BitYard cryptocurrency exchange, they have a multitude of different options available to them.
For one, they can deposit any cryptocurrencies which they own on a private cryptocurrency wallet, which BitYard supports.
However, due to the fact that BitYard is a newcomer-friendly exchange, there is also an option for anyone who might just be getting started with the overall process of trading, and for users such as these, they can simply purchase USD Tether (USDT) as a means of using it to buy multiple cryptocurrencies down the line.
Depositing Cryptocurrencies You Already Own
In order to get started with depositing cryptocurrencies that are already held on an external, private cryptocurrency wallet, all the user has to do is visit the “Assets” dropdown menu located on the navigational bar of the page, after which they can select the “Deposit” option within it.
Here, all the user has to do is select the cryptocurrency that they want to deposit from the dropdown menu, which will showcase all of the available options. After they have done so, the user can copy the BitYard wallet address or just scan the QR code, after which they can complete the transfer from their external wallet.
Keep in mind, however, that there are minimum deposits for every single cryptocurrency selected, which differ, and as such, ensure that you review each of these prior to making any deposit. With all of that in mind, once a user has managed to fully fund their BitYard wallet account, they are prepared to begin the process of trading.
There are limitations until the verification process is fully completed. For any trader located within a country where FIAT currency withdrawal is permitted they will have to complete a Know-Your-Customer (KYC) verification process.
Deposits with FIAT
If you as a user want to make a deposit through the utilization of FIAT currencies, this is indeed a supported payment method, and you can finish it within minutes.
However, prior to starting this process, you need to be aware of the fact that BitYard does not handle FIAT deposits directly. Instead, this is a service that is fully handled by third-party payment providers.
In order for this process to be completed, you need to click on “Buy Crypto,” which is a setting that any user will find on the navigational bar located on the top of the website. At this point in time, any user is given the opportunity to select the FIAT currency they would like to buy.
By clicking on “USD,” the dropdown menu should appear in front of the screen of any user. The fiat currencies which are supported by BitYard include ARS, AUD, BOB, BRL, BYN, CAD, CHF, CLP, COP, CRC, CZK, DKK, DOP, DZD, EUR, GBP, USD, and many others. Each user, prior to making a purchase, should check the purchase limit of each currency within the input box.
When we take USD as an example here, we can see that the minimum purchase amount is $30 USD, while the maximum is $15,000 USD. Note that this will differ based on the service provider selected. Next, the user will need to select the cryptocurrency they would like to receive on their BitYard wallet address.
Here, the user has the option of picking between BTC, ETH, USDT, USDC, BUSD, DOGE, and many others.
Once this process has been completed, the user can simply enter the amount they would like to buy. They can then enter the deposit amount based on FIAT currency, or cryptocurrency, according to the specific preferences of the user.
Last but not least, the user can select from the list of service providers. According to the FIAT currency and the cryptocurrency selected by the user, the supplier that provides the corresponding service will be displayed on the list. Once the user clicks on “Buy Now,” they will be redirected to the third-party payment provider’s official website.
Keep in mind that deposits through OTC are real-time, while deposits made through external wallets depend on congestion in the blockchain network.
Fiat-gateways – Banxa
BitYard is a One-Stop Trading Platform. In other words, it implements what is called a “Convert” function which allows anyone to swap any cryptocurrency, into another currency, without having to go through any troubles in terms of diving into the market. They also offer classic SPOT trading, where users can easily create buy or sell orders from cryptocurrencies that they have chosen to use. There are also more advanced forms of trading, such as futures and derivatives.
All of this is made possible by Banxa. Banxa is a payment integration gateway, similar to PayPal, and is one of the gateways that each BitYard user can utilize as a means of facilitating this process.
BitYard is a platform that also supports an extensive number of crypto-USDT pairings, which in turn provide users access to spot trading.
In addition to the largest as well as most popular cryptocurrencies available within the crypto market, BitYard supports over 1,400 trading pairs.
Users are able to review all of the spot trading options within the BitYard spot trading page, even prior to making an account which is an excellent way through which someone can experience what the exchange can offer prior to making an account.
Overall, BitYard is a simple-to-use crypto trading platform by design that gives users access to spot and CFD trading.
BitYard also gives access to commodities, forex, and indices CFD trading, which ultimately makes BitYard a single location where traders can experience much of what the market has on offer.
BitYard has thousands of cryptocurrency trading pairs and is supported across over 150 countries on a global scale. Due to the fact that it implements heavy security measurements and it features multiple licenses, BitYard is a solid exchange that should not be missed by any trader looking for an exchange with low taker and maker fees and an excellent level of convenience offered by its mobile applications.
This is a sponsored guide. Learn how to reach our audience here.
This article is not a direct offer, recommendation, or endorsement of any products, services, or companies mentioned. Blockgeeks.com does not provide investment, tax, legal, or accounting advice. Crypto is risky, do your own research, invest safe.
Even whether you’re a newcomer to Canada or submitting your taxes for the first time, there are several free tax filing options accessible to you.