In this BitYard Review, we will be looking into all of BitYard's features and assess whether or not BitYard is a safe and legit option.
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BitYard Review: Background
Since 2019, BITYARD BLOCKCHAIN FOUNDATION LTD. is one of the fastest-growing crypto exchanges around the world. Headquartered in Singapore, BitYard is dedicated to creating the best investment platform for people from different countries. BitYard services are available in more than 150 countries and have more than 100,000 active users.
BitYard provides comprehensive contract and spot trading services and has developed many convenient trading tools to help global investors gain a pleasant trading experience. These services include:
- Contract Trading
BitYard offers contract trading services including CFDs and perpetual contracts, which include many asset types such as cryptocurrencies, forex currencies, indices, and commodities, to meet different needs of investors from all over the world.
- Spot Trading
With over 80 crypto spot trading pairs available on the platform, including mainstream coins such as BTC/USDT and ETH/USDT, as well as other popular altcoins, BitYard provides digital currency enthusiasts with a full range of options.
- Trading Tools
BitYard has developed copy trading and grid trading tools, aiming to make trading easier for its users. Through these tools, even beginners can quickly get started with crypto trading in a short time.
BitYard Review: Licenses
BitYard has taken licensing very seriously, that's why they hold four major licenses.
- The American Money Services Business (“MSB”).
- Estonian Financial Regulatory Authority (“MTR”).
- Australian Transaction Reporting and Analysis Center (AUSTRAC).
- Business Administration of Singapore (“ACRA”).
BitYard Review: Security
BitYard is committed to implementing rigorous, precise, and comprehensive security standards, ensuring that the industry's most stringent security measures and tools are used to prevent any accidental events and threats to customer assets at multiple levels, including trading systems, network transmission, customer accounts, fund custody, insurance, and auditing. The platform conducts regular stress tests and security audits to ensure compliance with the strictest security standards, providing global clients with the industry's top security protection.
Dual authentication (provided by Google Authenticator), also known as two-step verification, requires users to verify their identity in two different ways, which is more secure than traditional single-step verification (password protection), prevents unauthorized users from accessing accounts, and is more secure and reliable than SMS verification.
Your digital assets are kept in BitYard's offline deep cold storage wallets, with no risk of a single point of failure of a layered deterministic cold wallet and total compromise. In addition, BitYard uses multiple signature technology access for deposits and withdrawals for the first time ever, both to defend against attacks and to defend against losing access to keys or facilities. Even in the most extreme case where the system is completely hacked, including the webserver, transaction engine, and database, the hacker does not have enough keys to steal the funds since there are no private keys on any of the cloud servers.
BitYard's trade aggregation engine is programmed in the kdb+ language, which is a toolset often used by major financial institutions in their high-frequency trading programs. All subsystems of the trade aggregation engine are secondarily optimized using unique coding and are developed using an advanced distributed cluster architecture and microservices to minimize latency and increase order execution speed, capable of supporting over 1 million/second concurrent trades, achieving unprecedented speed and reliability. BitYard's transaction aggregation engine has one of the highest industry standards in the online trading of blockchain assets and is one of the most advanced, efficient, and stable transaction aggregation engine in the market.
BitYard uses Alibaba Cloud (Ali Web Services) Tier 1 security service which has a good reputation for physical security and internal control. The system requires multiple authentications and hardware verification for access, and the hardware security module meets the highest security level requirements of FIPS PUB 140-2 (Cryptographic Module Security Requirements) Level 3 or higher. BitYard uses encrypted SSL protocol to encrypt and protect website traffic, all passwords and sensitive data are processed by 512-bit encrypted hash (SHA512), and Cloudfare is used to reduce potential DDoS attacks. The platform technical team regularly tests and checks, conducts IT security audits and assessments, and is able to find new potential vulnerabilities at any time.
BitYard Review: Fees
Spot: Maker 0.1% / Taker 0.1%
CFD: Open/Close 0.05%
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BitYard Review: Features
- Spot Trading: 200+ trading pairs
- CFDs: up to 125x leverage
- Copy Trading
- Fiat Gateway
- Free Price Bot on Telegram
- Affiliate Program: up to 40% commission (Real-time settlement Commission) + Google Ads Bonus Program
- Monthly Salary Partner Program
- 24/7 Online Support
BitYard Review: Roadmap
BitYard has been working hard on improving its services, on top of that, new features keep being introduced, below you can check some of BitYard's plans for the future.
- 2021 Q4: Perpetual Future
- 2022 Q1: Grid Trading Bot
- 2022 Q2: BitYard Saving
- 2022 Q2: Platform Token: BYD
- 2022 Q3: 500+ Trading Pairs
- After Pandemic: Global Roadshow
BitYard Review: Pros & Cons
- Holds important regulatory licenses from four different countries
- Customer support is great
- The desktop version of the exchange is simple and intuitive
- No slippage cost
- High leverage is available (be careful when using it)
- Low trading fees
- Mobile app needs improvement
- Lacking many features available on other exchanges
- Doesn't have an insurance fund
BitYard Review: Verdict
After our BitYard review, we found this exchange to be one of the most stable and promising exchanges available in the market today.
BitYard has only been around since 2019, nonetheless, it already holds four important licenses in the US, in the EU, in Australia, and in Singapore.
BiYard has some very strong security features, low fees, copy trading, a free price bot on Telegram, and one of the best customer support in the market.
On the downside, the BitYard mobile app still needs a lot of improvement as it has some usability issues, the exchange also lacks a lot of features found on other exchanges and it doesn't have an insurance fund, that being said, we believe BitYard will keep improving and will only get better with the passing of time.
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