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Bityard - trading or not trading?

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Written by   49
1 month ago

It's been awhile since I've started to trade on Bityard. Also, I've read hundreds of messages online where people where interested in Bityard and they were complaining or asking different questions about this platform. Seeing that there are not so many tutorials online, I've decided that it is my turn to publish some useful information.

The experience I've had with this platform in the last couple of days has been both demanding and pretty much full with innovations. I managed to start from scratch and explore a new universe. It's going to be about my entire experience with Bityard. There are thousands of things that are still unknown to me, even now after a couple of days of using this platform. I've read tens of posts from Bityard community and other tens of questions arose in my head. I'll take them one-by-one, with small steps, because this platform seems interesting for me.  

I know that on the world wide web are many posts, articles and YouTube videos regarding how to use Bityard and I'm pretty sure that those guys that wrote them are better experts than me. Still, today I'll write about my experience with Bityard, how I registered a new account and what I did on the platform. At the end, I will write my own conclusions. 

The first main part of this post is about how to register. It should look more like a tutorial. Then, I'll present a quick guide, based on my experience, on what do to first on Bityard. 

How to register?

It's quite easy actually and all I did at the beginning is to get a referral code from my friend, Paul, in order to register a new account. Initially, I tried doing this from my smartphone, but somehow, I got stuck. Then, I decided to use my laptop and it worked, but not straight away. 

I nicely clicked on "Get your account in only 3 clicks" and I reached the next step. 

As I was saying above, when I tried to use my smartphone, I tried both options: "Mobile Registration" and "Email Registration". The first method of registering didn't work, as long as I wasn't able to get the SMS code. After switching to the 2nd method, my account appeared to be blocked. So, I gave up for the moment. Now, using my laptop, I followed the same steps, but in reverse: first email and then mobile. 

** As you can see, the referral code is added automatically after clicking on the link provided by my friend. 

When I tried to register using my email I got the following message.

Why? The answer is exactly as I thought: my account has been blocked since I tried to register for the first time from my smartphone and I did not receive the SMS code. I also have an explanation for this too :). 

Why? The answer is exactly as I thought: my account has been blocked since I tried to register for the first time from my smartphone and I did not receive the SMS code. I also have an explanation for this too :). 

Basically, all they did was to commit a typing error: instead of "you" there should be "your". Also, what comes after the comma is written in a way that leads you to think that this is more like a cyber-attack, phising or a spam message. Usually, guys from Singapore speak very well English. 

After adding a password, the account has been registered. 

I clicked on "Get Bonus" and I reached a page where I had some methods of making some quick money. Because my main aim is not to make money on Bityard, I only changed my username and I conducted a demo trade, but up until now I did not get my 3 USDT. It will come. No worries!

Now, my account is up and running!

What is Bityard?

Bityard is a platform, like many others available on the market, that allows to exchange crypto-currencies. According to Bityard platform, it aims to provide 

provide safe, easy, and fast crypto asset trading services to its customers in more than 150 countries.

The platform is easy to navigate and offers to customers a nice trading experience. It's much more simplified than other platforms, so that's an advantage. 

It's easy to deposit and withdraw. The most interesting thing with Bityard is to watch and follow other traders. For nobbies like me, this is a very important asset for a platform of this type to have. 

There is also a live-robot to chat with you in case you have any problems. As alternatives, there are many other ways to get information such as Facebook, Twitter and so on.

After exploring Bityard in the last days, I would like to offer you a review regarding this platform. 

The first thing that came to my mind was if it's safe. I'm pretty sure that most traders have in mind the same thing. After all, my funds and the security of my transactions and of my personal details are crucial to move forward and continue using this platform. In order to get an answer to my question, I looked pretty much everywhere and for me to state that Bityard is safe, I had to take into considerations more elements, such as exchange security, regulation and licensing. I've also read something about risk management and the most important issue for myself, user side security. Below, I will take them one by one and try to explain what they are and if Bityard fits or not. 

  • Regulation and licensing - I was really surprise to see that Bityard has been authorized by 4 countries. This means that the platform has 4 licenses issued in 4 different countries. Everything about this topic is available on the website. Regulation and licensing is very important because it proves that Bityard can legally function, it has headquarters and the official addresses are not fake. Basically, in case of anything, I know where I can find them and they cannot run away with my money. I have just one insecurity: all four countries are well known as fiscal paradise so it can give you the impression that the entire business has something fishy too.   

  • Exchange security - since I've started this new adventure into the crypto-world, I was always wondering how a wallet can be secured and how my crypto-transactions and my crypto-coins are protected. In Bityard's case, I've read that it uses 

multiple wallets stored offline in cold environments. 

By "cold storage" I understand that this is a place where my coins are stored and it is not connected to the Internet. The opposite is "hot storage". Thus, as long as there is no Internet connection, a potential hacker cannot steal them. In order to function properly, Bityard keeps only a small amount in hot storage in order to have the necessary funds to pay users and so on. It's pretty much like a bank: most of them money are kept cash in secure vaults. 

  • Risk management - this was a hard topic for me to understand, but in the end I got an idea: basically, there is no insurance for the funds, like betting websites have or like other crypto exchange platforms. I've also read on Bityard that the platform has 

real time risk auditing and risk management tools that monitor market positions and exposure.

  • User side security - I saw that there are many ways to secure my Bityard account. I haven't tried them yet, but I believe that from this point of view the platform is very safe. Bityard provides many methods to secure the accounts, so that a future potential hack will be very unlikely to happen. 

I also found interesting the Demo account option - I highly recommend you to use this option, because you can learn a lot by doing this. Through this option, Bityard offers us a very opportunity to see how things work on the platform and to get used to the way trading is done, and not only that. Many platforms like Bityard also offer a demo choice, but Bityard allows us 100% functionality, with no restrictions or other sort of obstacles. What's best is that you can risk as much as you want using the demo account, without actually losing your real money. It's true, you can't get profit, but knowledge is worth a lot in this case anyway.  

To use the demo account is free and it's available from the beginning, from the moment you registered your Bityard account. I didn't need to register another account or to make other extra registration stuff in order to use it. With a click of a button now I have a real and a demo account. I learnt how to trade, even if just the basics, using the demo account and I did all kind of experiments. Also, it's very easy to switch between live and demo. Just go to contract and choose "demo" from the right side of the screen, like you see in the below picture.  

Another wonderful thing that I found on Bityard is Copy Trading - it's not an innovation and this way of trading is not Bityard's own creation. I've meet it on other platforms too. Basically, all you have to do is to find a very experienced trader and follow his steps exactly. If he wins, you win too, if he loses, you lose too. But it's not so simple to find a trader that you wish to follow. The main condition is that he or she should be like you, from the point of view of how much you are willing to risk and your methods of trading. But if you are beginner like me, you can find someone OK either way. By following an experienced trader, the user can also make some profit and learn in the same time how things are done when trading. 

When I'm using Bityard, I see that I have many traders to follow and copy their transactions. I also found out that this is a good thing for those traders as well: if you copy them and make profit, they also make profit because you copied them. 

Finally, after exploring Bityard, I would say that the platform is more than OK, but the developers should think to develop it further. It's a bit annoying that when you want to deposit you only have crypto-currencies. Why am I saying this is that, in my case for example, I don't have deposits of crypto, so I would like to deposit real money on Bityard, such as USD, GBP or EUR, but I can't. This may be the case of many other users, I'm sure of that. 

I also found annoying that when trying to withdraw I only had crypto-options and not USD or other currency. But on the other hand, it's a good thing that the developers offer more options to withdraw. It's nice to see other crypto-currencies than just USDT. 

Moreover, even if I'm not in the position to talk, I think that Bityard should offer more to users, especially when it come to more experienced ones. I know that one of its main aims is to simplify trading, but I believe that experienced traders wish more from the platform. 

And finally, even if the platform is basically new, Bityard could become one of the greatest if everything stays the same, but with further improvements of course. 

Conclusion

After experiencing the platform in the last days, I definitely can say that Bityard is a great and for me, with little knowledge in crypto-trading, it was a very good instrument to understand and learn even more. I would say that Bityard is great for all traders, from the very beginners, to the most experienced ones. 

From the point of view of security, it is secure and having 4 licenses from 4 different countries, it's legal too. 

A thing that I forgot to mention is the customer service that works nice and I didn't have to wait too long until someone get in touch with me. That's an advantage also for Bityard. 

My Bityard UID: 543589822137925632

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Written by   49
1 month ago
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Comments

Which crypto are you bullish about for Q4 21? Did you write about that as per the instructions of the contest?

I re-read the contest rules and it says "The article must be a mix of Bityard drive towards innovation and a coin that is available on Bityard that you think will be bullish in Quarter 4 of 2021. Be different ... be unique!"

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1 month ago

Good article fren'

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1 month ago