Is bityard.com legit? How reliable are its features? What are its customers saying about it? Welcome to today’s review about this platform, in which we shall be highlighting some of the most details about it, to help you decide whether it’s worth using or not. Here are the main elements that we shall cover:
- What is Bityard?
- Which cryptocurrencies are supported by Bityard?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Bityard Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Bityard
Official website URL: https://www.bityard.com/
Overall Rating: (2.8 / 5)
Recommended: Not Highly Recommended
Is bityard.com legit (What is Bityard?)
Bityard exists as one of the well-known online cryptocurrency contracts exchange. This platform offers its customers access to premium liquidity as they engage in a wide variety of trading services, ranging from spot trading, copy trading, contract trading, Forex, as well as CFDs. Customers can also access cryptocurrency contracts that enable them to trade on the movement of their preferred cryptocurrencies.
This exchange was founded in 2019, and has its headquarters in Singapore, from where most of its operations are overseen. Since it serves clientele in different parts of the world, this company is currently being regulated by the following bodies:
- AUSTRAC – Australia
- MTR of Estonia – European Union
- Singaporean Accounting and Corporate Regulatory Authority (ACRA).
- The American Money Services Businesses
Which cryptocurrencies are supported by Bityard?
As of now, this platform supports the trading of more than 50 cryptos. Some of the main ones include Bitcoin, Dash, YFI, Tether, Tron, DOGE, UNI, EOS, Ethereum Classic, LINK, Ripple, 1INCH, DOT, Litecoin, and Ethereum.
Bityard customers can also get well-known coins that are related to DeFi (Decentralized Finance) such as COMP, BAND, UNI, YFI, MKR, and KNC. The fact that you can access different coins on this platform, makes it easy for you to decide whether you’ll take part in spot trading and contract for difference (CFDs) trades.
Countries this platform is available in
Bityard is accepted in 249 nations in the world, which is essentially close to every country in the world. The fact that it’s highly regulated makes it one that’s trustworthy to most traders- this makes them believe that their funds will not just vanish into the thin air, provided that they’ve adhered to all legal requirements.
The owners of this exchange are quite transparent and open with the fees that are charged for using their platform. The platform fees are usually updated from time to time, but as of June 2021, the following fees are applicable:
- Contract fee – 0.05%
- Derivatives handling fee – 0.025%
- Spot handling fee – Maker fee is 0.1%, Taker fee is 0.1%
The overnight fee is 0.045%, with the formula used to calculate this fee being:
- Overnight fee = Margin *Leverage* 0.045%*Days.
N.B: Overnight fees are fees for positions that are held for less than 12-hours. Bityard usually force liquidates a traders’ positions to cover for shortfalls, in the event, there isn’t enough money to cover the overnight fee.
Finally, the cryptocurrency convert fee on this exchange is 0.05%.
The deposit and withdrawal options
Deposit and withdrawals on this platform should be quite easy, in comparison to what is already in this industry. Bityard traders from Russia, Korea, U.S., Europe, India, Mainland China, Indonesia, as well as Vietnam can deposit and withdraw funds in fiat and cryptos. Other traders can only do this in cryptos.
Customers can make deposits using any of the following cryptocurrencies: Bitcoin, EOS, Tron, Tether, Huobi, Ripple, and Tether.
Fiat Currency Deposit
If you’re currently living in Indonesia, Mainland China, India, U.S., Russia, Korea, Vietnam, or Europe, you can make fiat deposits through Paxful. You can contact the customer support staff if you do not know what is expected of you at different stages.
As a trader or investor who’s using Bityard, you can withdraw 65 different cryptocurrencies, then deposit them to a privately held Tether wallet (one that’s privately held).
Bityard does not usually support the withdrawal of fiat currencies for the broader markets, as well as the other cryptos that are supported for trading. To withdraw cryptos, all you have to do is locate the wallet to which you intend to withdraw the cryptos too.
There’s a maximum withdrawal limit of 10,000 USDT on this platform, accompanied by a withdrawal fee of 2USDT. The minimum withdrawal on this platform is 15USDT.
Is Bityard Legit or is it a Scam?
Bityard is in my own opinion a legit exchange that interested customers can rely on. I came across several other reviews about it on consumer trust sites, with none pointing to it being a scam. In fact, all of them discussed its features and briefly showed how it compares to other exchanges. Overall, I think Bityard falls below the industrial standards of what can be perceived as the best for use in crypto trading. With an average rating of (2.8/5) stars on Trustpilot, this platform is far from providing sufficient social proof that it’s capable of serving its customers reliably.
65% of the customers on Trustpilot think Bityard’s services are bad, which is quite worrisome since you’d expect that more customers would be pleased with its features. I’d, therefore, not hurry to use this platform without checking out the available alternatives.
Pros and Cons
- No KYC for traders who don’t want to withdraw fiat money
- Competitive transaction fees
- Quick registration process
- Integrates with Paxful, making fiat deposits possible
- Cold storage of assets (plus other security features like 2-factor authentication, multiple offline signatures, and real-time risk audit)
- One can only withdrawal funds in USDT (except those in Vietnam, Indonesia, China, and Mainland China).
- Regulated for KYC and AML Compliance for those who’d like to withdraw fiat.
- Poor customer reviews and ratings
Do You Own or Represent Bityard?
If you are a representative, or associate of Bityard and have found something that isn’t accurate in today’s review please, feel free to reach out to me and I will update the information on this post. You can do this by leaving your feedback in the comments section below or simply by sending me an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (2.8 / 5)
Bityard has since its establishment in 2019 been striving to penetrate a highly competitive market. So far, it seems like it hasn’t had an easy run, with the ratings on consumer trust sites showing that most of its customers are not very satisfied with the services being offered. If you, however, perceive this platform as a reliable one, then you create your account and start using it for trading right away. You can, however, check out other alternatives (such as those that allow you to withdraw funds in Bitcoin or ETH, which is something that Bityard may not offer in your country).
That’ll be all for today’s review on whether bityard.com is legit and what it has to offer. I’m glad you made it to the end and that you now know whether to use it or to check out other alternatives. Let me know what your thoughts and experiences are about and with this exchange.
I wish you success,
Eric, investor, and team member on Gold Retired!