BitYard Exchange Beginner’s Guide: Everything You Need to Know

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Bridgit Murphy
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BitYard is a cryptocurrency exchange that offers both spot and derivatives trading, as well as the ability to copy trade. It is headquartered in Singapore and, according to its official website, accepts traders from more than 150 countries.

Traders can buy or sell cryptocurrencies with high leverage or just use the spot exchange. In addition, we will also walk you through the inverse perpetual futures and how they work.

Quick Navigation:

How to Register a New Account on BitYard

Before you can start trading, you’d need to open an account. Fortunately, doing so is quite easy. Once you hop on the website, on the right side, you will see a fill-in box where you need to enter your email and your password. Make sure that you are using a legitimate email because you will also have to open a confirmation email and verify it to activate your account.

You should also take a few more security steps to be able to withdraw funds, which include:

• Dedicated PIN to verify withdrawals
• Email verification that’s required to withdraw (it’s done automatically as you register)
• SMS Authentication

If you want to increase your account’s security, you should also go through the Know-Your-Customer (KYC) procedure, but it’s not required at the beginning. At the time of this writing, the KYC process doesn’t seem to be necessary for depositing or withdrawing funds as we’ve managed to do both without passing it.

It’s also highly recommended that you go to your account’s security settings and make sure that all the necessary measures are put in place:

Now that you have your account set up, it’s time to deposit some funds.

Deposit and Withdraw

Depositing is quite straightforward. All you need to do is hit the “Assets” button in the top right corner from your navigation menu and then select “Deposit.” This is the page that you will be redirected to:

From the drop-down menu, you should select the type of cryptocurrency that you want to deposit. On the right side, you can also select the network that you want to use. Some are quicker and cheaper than others. Once you do so, you will get a dedicated address that you can deposit your funds to. Right below that, you can see your deposit history.

Additionally, users are also able to buy cryptocurrency using Banxa – the fiat gateway provider for BitYard. All they need to do is hit the “Buy Crypto” button on the top navigation menu and follow the instructions:

To withdraw, simply click on the “Withdraw” button. Once again, you will have to select the cryptocurrency you wish to withdraw, input the withdrawal address, choose the network and input your fund password – this is something that you set up to approve withdrawals, and it’s different from your login password.

Please note that BitYard processes withdrawal requests between 09:00 and 21:000 UTC +8, although you can make your requests at any time. Also, it’s worth noting that the minimum withdrawal is 20 USDT or its equivalent.

Now that you know how to deposit and withdraw funds, it’s time to see how to trade on BitYard.

How to Trade Spot on BitYard?

First, we’re going to take a look at how to trade on the spot exchange on BitYard. Once you land on the spot exchange, this is what the interface looks like:

It’s pretty straightforward and convenient, and for those of you who’ve traded elsewhere, it’s likely to see a lot of similarities. On the left side, there’s the list of available trading pairs. BitYard supports a range of different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), AAVE, Cardano (ADA), Algorand (ALGO), Alice (ALICE), 1inch Exchange (1INCH), and so forth.

In the middle, there’s the TradingView-powered chart, and on the right, you can see the order book. Right below the chart, you will find where to place your orders. BitYard supports two types of orders on its spot exchange. Namely, these are:

• Limit Orders

Limit orders are used to open positions at a price that’s different than the current market price.

In this particular example, we have selected a Limit Order to buy Bitcoin when the price drops down to $41,000 as it currently trades at $42,000. We have selected to buy BTC worth 50% of our currently available capital, and as soon as we hit the “Buy BTC” button, this order will be placed in the order book, waiting to get filled if the price drops down to $41,000.

• Market Orders

Market orders, on the other hand, are executed immediately with the best available market price – this is where the name comes from.

Here, we’ve selected the market order to buy BTC worth 50% of our capital. As soon as we hit the “Buy BTC” button, the order will be filled immediately at the best available market price from the order book.

Now, let’s see this in an example.

How to Open a Position

To open a position, we will use a simple market order. This is what our order looks like:

Here, we are using a market order to deploy 100% of our USDT in BTC as quickly as possible. Once we hit the green button, we will effectively long BTC and open a position.

Once your position is live, you can check it in your Trade History that’s found right below the boxes with the order types:

This is where you will find information about your position, which includes whether you’re long or short, your entry price, as well as your position size, and the transaction fee you paid.

How to Close a Position

Closing a position on the spot exchange is different than closing a position on a leveraged platform. You can close your position partially or fully by selling the designated amount of BTC.

Let’s see an example:

In this example, we want to close only 50% of our position, which automatically calculates that it’s 0.00101 BTC. As soon as we hit the sell button, the transaction will take place, and we will see our BTC holdings deducted by this amount.

That’s everything you need to know about using the spot exchange, now let’s see how to use some of the other features of Bityard.

BitYard Lite Futures Trading

On top of all that, BitYard also offers futures trading where users can speculate on both directions of the market – unlike trading spot when you can effectively be only long.

CryptoPotato has written an in-depth guide on how to trade futures on BitYard that you can find here.

How to Use Inverse Perpetual Futures on BitYard?

The thing that you need to know about inverse perpetual futures on BitYard is that they are settled in cryptocurrency instead of fiat. Apart from this, the other basic principles of trading remain absolutely the same as perpetual futures trading.

This is what the interface looks like:

As you can see, there’s the chart in the middle and all the information about the contract’s specifications on the right side of the chart. One contract is worth 1 USD, but it is denominated in Bitcoin. So, as soon as you open a position, you will also be seeing the profit and loss in BTC rather than in USD.

This is how it looks once you have your position opened:

Now, if you want to close it, all you need to do is either hit the market button on the side or set a limit order to close it at a price that you feel more comfortable.

How to Copy Trade on BitYard?

Copy trading is something more or less designated for people without sufficient experience or time on their hands. Instead of making decisions about what trade to enter and the necessary research associated with taking an informed call of the kind, users can replicate the trades of others.

At the time of writing this guide, there are quite a bit of traders who allow users to copy them, and they’ve achieved various levels of returns. Here’s what the dashboard looks like:

As you can see, there are plenty of settings that can be adjusted to better define your searches and criteria. You can adjust the style of trading, the profit rate, as well as the trading days. This will pull up different results that are better suited to your own style.

So long as you’ve chosen the trader to copy, you should proceed to click on “Copy Trade.” This is the next pop up:

From here, you can adjust the trades that you will be doing. For example, in the current setup as shown above, if the trader places a position, we will copy it with a maximum of 20 USDT. On the other hand, if the day’s total copy trading amount reaches 12,000 USDT, then trades will no longer be copied. Alternatively, you can also click on “Fixed Ratio” and execute the settings in percentages.

BitYard Trading Fees

Trading fees are particularly important to consider when choosing a cryptocurrency exchange. In terms of spot trading, BitYard’s fees are on par with these of most exchanges, and they don’t differentiate between market takers and market makers:

When it comes to futures trading, though, the fees are a bit different. BitYard charges 0.05% when you open and close a trade, but that’s based on the position size. So, for instance, if you open a position using $100 and a 10x leverage, your size will effectively be $1,000, and you would have to pay 0.05% on that when you open it and 0.05% on the amount’s worth when you close it.

There’s also an overnight fee, however. It is calculated through the following formula: Margin * Leverage * 0.05% * overnight. This, again, is only for futures trading.

BitYard’s Customer Support

There are a couple of ways you can get in touch with BitYard’s customer support. The first one is through the official email found here. This one would be recommended in case you have an issue that you don’t want to resolve through a chat.

Alternatively, you can also use the live chat function by hitting the “Help” pop-up button in the bottom right corner of the screen.

This will trigger a live chat with someone from customer support. We tested it out, and after leaving our question, it took less than a minute for a person from the relevant department to get in touch. In our experience, this has been one of the quickest replies we’ve got. However, it’s worth noting that there was just one person, and hopefully, the support would be just as quick under a heavier load.

Conclusion

All in all, BitYard seems to have become a fully-fledged cryptocurrency exchange and has taken a significant leap forward in the past few months. It has added spot trading capabilities which are absolutely essential for many users, as well as the ability to copy trade which is also an interesting feature.

Pros:

• Variety of trading options
• Inverse perpetual contracts denominated in crypto
• Attractive affiliate program
• FIAT deposits

Cons:

• Relatively lower volume
• Some earning features have not been implemented yet

Fore more information, follow BitYard on its social channels: Twitter, Telegram, Facebook.