BYDFi Review: Singapore’s fully-compliant exchange wants to make margin trading crypto simple and accessible to all
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A new cryptocurrency exchange is capitalizing on the market gaps that other trading participants have failed to fulfill, while promising market-leading execution tools and institutional-level liquidity for users.
Its motto is singular and forward-thinking; making crypto trading simple while taking the “complexity out of contracts.” Bityard’s product goal is to offer complex contracts with a simple trading experience.
Making margin trading simple
Bityard, founded in late-2019 in Singapore, was built on the belief that existing solutions for margin trading popular and large-cap cryptocurrencies, like Bitcoin, Ether, Bitcoin Cash, and XRP, is not geared at beginners.
Simply put; while BitMex, Deribit, and similar exchanges offer a good product with world-class execution, they are not immediately intuitive for crypto newcomers. Both exchange boast millions in daily trading volume and are the mainstays of many crypto hedge funds.
However, Bityard wants to make the leverage trading process much more simple for the everyday cryptocurrency individual, or even mom-and-pop type investors looking for larger market exposure with lesser capital.
Bityard’s brand ambassador is Buakaw Banchamek, a Thai boxing champion. Banchamek’s popularity and influence will help propel the exchange to newer heights, and usher in millions of users to margin trading using simple tools.
Bityard’s mobile and online tools provide a simple, intuitive interface for users; including how much leverage to choose from, the amount of crypto to bet on a certain position, and very succinct buttons on closing a profitable position.
Signup to trading in 30 seconds
The end-to-end signup process takes no longer than a minute, cutting out the excessive and oft-days long process to sign up on popular cryptocurrency exchanges to deploying capital on personal accounts.
Users just need to provide either a mobile number or an email address to start. Once this is confirmed and ready, a secure, unique multi-asset wallet is immediately assigned and users can start trading.
Account-holders don’t even need a lot of money to start with. Bityard allows users to open $5 accounts, meaning everyone is welcome and can use all features of the exchange regardless of their economic standing. This increases and ensures financial inclusivity for everyone.
At present, users can fund their individual wallets with seven cryptocurrencies: USDT, BTC, ETH, TRX, XRP, HT, and EOS. Two fiat options are available currently, the Chinese RMB and Vietnamese VND, with support for more cash options on the way.
Depositing any currency is quick and requires fewer confirmations than other exchanges, allowing one to react “quickly to evolving market conditions.”
Trading is enabled as soon as deposits are complete. Attached below is an exchange snapshot, showing all supported currencies on the left and margin tools on the right:
Charting is supported by TradingView, a professional-level charting tool used by millions worldwide. Traders can use their preferred indicators and calculate support/resistance levels across multiple time-frames and place trades whenever their conditions are met.
Price data is sourced from APIs deriving asset values from Huobi, OKEx, and Binance. This ensures fair pricing and accurate price discovery for Bityard users.
The exchange noted in a release:
“A thoughtful layout switch feature which allows you to change the exchange backaground color for when you’re trading in the night versus the day, or vice versa.”
Leverage selection is available via a simple drag tool. Noted below are the various leverage options:
- Min/Max Leverage: 10X – 100X
- Min/Max Margin: 5 USDT – 20,000 USDT
- Trading Fees: Margin*(leverage-1)*0.05%
- O/N Fee: Margin*(leverage-1)*0.045%
Bityard is open for leveraged cryptocurrency trading 24 hours a day, 7 days a week, which presents the significant advantage of constant liquidity and zero spread-based fees.
Bityard mining and native BYD token
For those looking for passive income in these uncertain times, Bityard also offers a daily mining program and native BYD platform token. The two are closely related as participating in the BYD daily mining program generates BYD tokens.
BYD is the native platform digital asset token and based on ERC-20 token standards. It can be transferred to and held on any ERC-20 compliant wallet.
— BYDFi Filipino (@BYDFi_Filipino) June 11, 2020
Users can use BYD coin to pay discounted transaction fees, thus giving an incentive to BYD holders. Finally, BYD coin can generate additional income after listings. There are 210 million BYD, with 10.24 million BYD made available to the daily mining program.
After signing up with Bityard, users receive 6 BYD upon account activation.
Finally, Bityard features a KOL program for influencers and business partners. Perks include opportunities to earn up to 60% of commissions, a daily “salary,” active user bonus in first 3 months, and upgrading to a “diamond” KOL on reaching 100 referrals.
Meanwhile, the beginner-friendly cryptocurrency contract trading also features comparable legal and regulatory permissions — giving a certain “peace of mind” for investors who may worry about their capital tied up on an exchange.
Bityard has regulatory licenses and oversight from America’s MSB, Singapore’s ACRA, Australia’s AUSTRAC, and the EU’s MTR. With these, the exchange is allowed to operate in most major jurisdictions, and importantly, cater to millions of users.
All in all, Bityard presents newcomers and mom-and-pop type trading enthusiasts a platform to margin their favorite cryptocurrencies using a simple and legally-compliant procedure alongside the opportunity to earn passive income via mining and referral activities.
Disclosure: This is a sponsored post brought to you via Bityard. For more information on sponsored posts, see here.