Singapore-based cryptocurrency exchange Bityard recently exploded onto the scene with a customer-first, security conscious approach to cryptocurrency contracts trading.
The platform has received a strategic $10 million investment from a prominent US hedge fund and is licensed by regulatory bodies in four different countries, demonstrating solid foundations and strong potential. Here’s what all the fuss is about.
The Security-First Derivatives Exchange
Bityard was launched with the goal of making cryptocurrency derivatives simple, safe, and secure — bringing some much-needed transparency and dependability to a space that has been plagued with thefts.
To achieve this vision, the exchange sought to completely eliminate any safety concerns with its wide-range of account-side security options, ranging from email and SMS authentication options, to withdrawal address whitelisting and PIN-code access features. This combined with its usage of advanced cold storage technology and full refund warranty on assets makes Bityard one of the safest places to trade.
Beyond this, Bityard is one of the few regulated cryptocurrency derivatives exchange platforms, and has obtained licenses in four different jurisdictions: Australia, Estonia, Singapore, and the United States. As such, Bityard stands apart from most other platforms which operate as faceless entities, ushering in some much-needed accountability and compliance to the industry.
As a derivatives trading platform, Bityard allows users in over 150 countries to trade contracts for almost a dozen of the most popular cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), EOS, Ethereum (ETH), Tron (TRX) and Chainlink (LINK) — all of which can be traded with variable leverage.
The platform is powered by arguably the fastest order matching engine on the planet, which is capable of handling 1 million transactions per second, which in combination with its impressive liquidity, ensures orders are filled quickly and without slippage. This feature is a must for high-frequency and high-volume traders, which rely on receiving the most accurate prices with the lowest spreads.
Bityard currently accepts deposits for multiple cryptocurrencies, and has fiat on-ramps for several fiat currencies, including Chinese Renminbi and Vietnamese Dong, and is available in eight different languages.
Making Derivatives Accessible
One of the most common misconceptions about cryptocurrency derivatives contracts is that they’re too complicated for most traders, making it difficult to turn a profit. Though this may have once been the case, newer platforms like Bityard have done an excellent job of simplifying the user experience, ensuring even less experienced traders can successfully trade derivatives.
Bityard achieves this with its minimalist user interface, which clearly shows the specifications for each contract, and provides an easy to use trading panel and presents everything needed to understand the size of the position being opened, and the amount of risk involved with the position.
This is particularly important when you consider that Bityard allows traders to open positions with up to 100x leverage, effectively allowing traders to multiply their profits (or losses) by up to 100x. This capability necessitates the availability of robust stop loss and take profit options to help traders control their risk exposure — which Bityard provides.
The platform can be accessed on mobile devices thanks to its dedicated apps for Android and iOS devices or can be used as a standard web app that can be accessed from any device with an internet browser.
A Rewarding Place to Trade
Bityard features a quick 30-second signup process, following which users will be able to access all of the platform’s features.
To rewards users for interacting with the platform and growing their trading skills, Bityard features a wide variety of promotions and offers. These range from a range of Tether (USDT) rewards for completing various tasks and meeting a variety of trading-related milestones.
The platform also features a daily mining game that allows users to ‘mine’ for small amounts of various cryptocurrencies, ranging from EOS to Bitcoin Cash, and Bityard tokens (BYD) — the native token for the exchange. These rewards can be transferred to the main account wallet, and can then be traded, withdrawn, or used to pay fees.