Bityard:Trading on Bityard
BitYard is a centralized cryptocurrency exchange established in 2020 and is based in Singapore. BitYard exchange enables traders and investors to be able to exchange different cryptocurrencies in terms of Bitcoin, USDT, Ethereum, and many more with a trading fee of 0.05%.
Trading pairs supported at Bityard Exchange
At bityard exchange, it is currently supporting other cryptocurrency pairs in terms of USDT. In near future, they might decide to add BTC as well as Ethereum pairs in terms of other cryptocurrencies. Here are some of the trading pairs being supported at bityard
Just like in some other exchanges like Binance as well as Bittrex, there is also a referral program at bityard exchange. At Bityard exchange, one can earn up to 60% of the trading fees of those traders they will have referred them to join the bityard platform. The referral program is divided into five categories; These are as follows;
under this category, one can refer a minimum of 1 person and a maximum of 9 people to the platform. One can earn up to 5% of the trading fees from those traders they will have referred. The only disadvantage here is that it expires after 6 months' time.
Under this category, one can refer a minimum of 10 people and a maximum of 29 people. One can earn up to 30% of the trading fees from those traders they will have referred to the platform. The advantage of this one is that it never expires.
under this category, one can refer a minimum of 30 people to the platform and a maximum of 49 people. One can earn up to 40% of the trading fees from those traders they will have referred to the platform. The advantage of this is that it does not have an expiry date.
under this category, one can refer a minimum of 50 people and a maximum of 99 people to the platform. One can earn up to 50% of the trading fees from those traders they will have referred to the platform. Just like the previous two, the advantage of this one is that it does not have an expiry date also.
Under this category which is our last one, one can refer a minimum of 100 people to the platform and an infinity number of traders and investors to the platform. One can earn up to 60% of the trading fees from those traders they will have referred to the platform. Just like the previous 3, the advantage of this one is that it does not have an expiry date. If you want to start trading or investing on the platform so that you can start referring other traders and investors just like I am trying to do to you, then you can join the platform by following the link below
Under this, we will consider the cost for trading as well as the cost for depositing and withdrawing your coin from the platform. This can be explained from below;
1. Trading cost
This is the cost that is incurred by a trader or an investor when executing a buy or a sell position. The trading cost will be considered as a way of helping an exchange to generate revenue. Most of the exchanges have been setting between 0.1%-0.2 as their trading cost for traders while executing a trade. Most traders will take a lot of time to generate some profit when the trading cost is higher and lower time to generate some profit. Let assume that the price of a given coin like TRX is going for $0.02932 in both exchange A and exchange B. if exchange A is charging a transaction cost of 0.2% while exchange B is charging a trading cost of 0.1%, then for exchange A, the cost will be 0.00005864. For B it will be 0.00002932. Most traders will prefer to trade on exchange B because it has a lower trading cost than B thus it will not take much of their USDT when executing a trade as compared to A which will take more of their USDT while executing a trade thus causing them to stay in the market for a longer period in order to realize the profit. For the case of bityard , we can say that their cost of 0.05% is much lower as compared to many exchanges. This will make many traders stay in the market for a very short period and be able to walk away with some profit.
2. Depositing and withdrawing cost
This is the cost that is being charged by most exchanges in order to initiate the withdrawal currencies as well as deposit one into the respective blockchain. Almost all exchanges charge a zero % depositing on all cryptocurrencies. For withdrawal fees, different exchanges charge a different withdrawal fee. The fee normally goes to the miners and validators on different cryptocurrencies who normally secure the network of different blockchain as well as validate any transaction before being initiated to the respective blockchain For Bityard exchange, there is not any transaction being charged while depositing your cryptocurrency into your account. They only charge fees for withdrawing different cryptocurrencies at different rates to their respective blockchain. These include; 5.92 usdt for omini tokens, 6 USDT for ERC tokens, and 0 USDT for trx tokens. This is not bad as compared to some blockchain especially when one wants to withdraw a huge amount of a given token
Language to choose from while trading
Unlike in other cryptocurrency exchanges where they only provide you with one language to trade with, for bityard exchange, that is not the case. It provides a variety of languages for traders from different countries to choose from. They include Chinese, English, Japanese, Korea, Portuguese, Russia, Bahasa amongst many more
Most exchanges only provide web platform in order to be able to get access to their infrastructure and start trading. This becomes challenging for those traders who want to trade using an android app or an app store. This is not the case with Bityard. Instead, they have managed to solve this problem by coming up with three different trading platforms in order to accommodate all kinds of techy guys. There is a web platform, android platform as well as app store. This will enable traders with android phones as well as apple phones to be able to get access to the bityard platform when they can easily grow their USDT in terms of other cryptos provided they have enough USDT balance in their account.
Security in your bityard account
Just like in other exchanges where they ensure that the security is there to protect the fund of the trader, this also applies to bityard exchange such that whenever you make your withdrawal, you will receive a two-factor authenticator to confirm your withdrawal.
pip difference between the buy and sell position
Unlike in other exchanges where they will have a pip difference of more than ten pips between the buy and sell limit price, this does not apply to bityard exchange. Instead, there is a zero pip difference between the buy and sell limit order. This will easily enable the trader to make a profit very fast whenever they purchased or sell a given amount of cryptocurrency.
Placing a buy or a sell order
Just like in other exchanges where there is a market and a limit price, it also applies to bityard exchange. Here is an image showing the market/limit space for placing your buy or sell order of a given cryptocurrency; We have given an example of Tron;
From the above image, there is a limit price for both selling and buying of TRX. The limit price for both the buy and sell is being shown as 0.02936. If you want to buy a given amount of TRX with your USDT balance, you can either place the amount on the amount box or you can scroll the button that shows between 0% to 100% so that you choose the percentage you want to buy with your USDT. if you choose 100%, all of your USDT will be used to purchase the trx at limit price. On the other hand, if you want to sell a given amount of trx so that you receive some USDT balance in your account, you can as well decide to place the amount you want to sell on the amount box or you can scroll the button which indicates between 0% to 100% so that you choose the % you want to sell. When you choose 100%, all of your trx balance will be executed where your order reaches the limit sell price order. On the other hand, for market price, when you want to buy or sell some trx, you will do the same as you did for limit order price. The only difference is that your order will instantly be executed at any market price
Timing Frame of the chart
Unlike in some exchanges where provide timing frame that is not less than 5 minutes thus disfavoring some short-term traders, on bityard exchange, that is not the case. There is different timing frame ranging from 1-minute chart all the way to the 1-month chart. This can enable both scalpers as well as long holders to be able to choose their favorite timing frame to use in analyzing the market for the cryptocurrency they are trading. By doing so provided that they are also applying indicators like RSI and moving average, they will be able to know when to buy or sell a given cryptocurrency thus growing their account as planned. Here is a view of the timing frame to choose from with a good candlesticks chart;
As indicated above, there is timing frame ranging from 1 minute to 1 month. For our case, we have chosen to use 5 minutes time frame. This timing frame can easily enable us to know when the market is in overbought or oversold in a very easy way provided that we follow our beautiful candlesticks together with a moving average indicator as you can see from above.
Dividend/mining while trading
This is a very good concept used by different exchanges in a different way. Some exchanges enable traders to earn dividend from the profit generated provided that they are holding the token of that exchange whereby the more token you own,the more dividend you will receive from the trading fees charged. On the other hand,some exchanges enable traders to mine their token while trading which they can exchange for other cryptos. This is not the case for bityard. There mining strategy is different in such a way that the coin you mine from your webpage on their exchange,you can only use it to pay for your trading fees. This is also a good strategy because whenever you will be placing your trades,you will not be charged from your order. Instead you will be charged from the coin you mined. This fees deduction will take place automatically. This mining is being indicated as from below;
As you can see from the image above, there is some amount indicated on each coin. When you click on those coins, those amounts indicated will automatically be added to your account which can be used to deduct the trading fees whenever you place a buy or a sell order.
Spot market and derivative market
In the spot market, you only use your own fund in your account to buy a given amount of cryptocurrency. There is no liquidation of an account in the spot market which means the trader can still continue to hold the purchased coin despite the decreasing of the price. The only thing that will happen to their account is that it will depreciate in value. On the other hand, the derivative market enables traders to trade using the borrowed fund. The more leverage they use the more borrowed funds they can use to place a buy or a sell order. There is huge return in the derivative market as compared to the spot market. The only disadvantage is that you might end up liquidating your account when a given price is being reached provided that the market goes against you. Bityard is able to provide room for both future traders and spot traders. For the derivative market, one can use up to a leverage of 1:200
Bityard exchange was created not more than 6 months ago. Despite of it being based in Singapore, it has the potential to grow to different countries due to its strategy of trading mining as well as low trading cost. The reward for their referral program will also attract many affiliate marketers to promote it for their own benefit since the reward ranges from 5%-60% of the trading cost incurred by those traders who have joined the platform using the affiliate link of other traders. This is an exchange to watch in 2021
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