Bityard Beginner’s Guide & Exchange Review

Always trade amounts you can afford to lose.rnWhat trading pairs are available on Bityard?rnAt the time of this review, there are currently ten cryptocurrencies that you can trade on Bityard, including BTC, ETH, LTC, XRP, BCH, ETC, EOS, TRX, DASH, and LINK.rnrnAs most derivatives exchanges, Bityard allows you to open both long and short positions, hence giving you the opportunity to profit regardless of whether the price goes up or down.rnHow to Register a new account on BityardrnRegistering an account on Bityard is very easy. On the right, you can find the orders, and below is where you can see the opened positions.rnrnThere are two types of orders on Bityard, but thereu2019s an embedded functionality to put a Stop Loss or a Take Profit with each order.rnLimit OrdersrnLimit orders are used to open a position at a price that is different than the current market price.rnrnrnrnFor example, if BTC currently trades at around $9,500, but you want to buy only when it drops to $9,000, you would have to place a limit order to buy at $9,000, and it will be filled only when the price drops to that level.rnrnAs shown in the screenshot above, you only have to input the price that you want to buy at ($9,000), adjust the leverage (weu2019ve used 20x leverage), and the amount of USDT you want to use as margin.

The exchange calculates precisely how much BTC the position will be – in this case, 0.1058 BTC.rnUsing Stop Loss and Take Profit RatiosrnWith each order, users are also able to set Take Profit and Stop Loss orders before opening the position.rnrnThe levels are displayed under the u201cInitial Marginu201d tab and from the settings button on top you can adjust them:rnrnrnrnThis way, once your position is opened, it automatically has a stop loss and a take profit in place, making it less risky.u00a0Besides, Bityard has a very cool and unique feature, having the option to set Take Profit (TP) and Stoploss (SL) ratio.rnOpening a New PositionrnNow, letu2019s open a position using a market order.rnrnrnrnFor this, weu2019ve decided to use 20x leverage and put 50 USDT as margin. In other words, if the price drops to $9395.06 – we will be stopped out of our position, and if it goes up to 10858.62, we will realize profits.rnrnThe only thing thatu2019s left to do is to hit the u201cbuyu201d button, and our position will be opened and displayed below the chart.rnClosing a PositionrnOnce your position is opened, this is how it looks like:rnrnrnrnThis is where you monitor the performance of your position and check stats such as opening price, profit, and loss (in USDT or percentages), the time you opened your position, and so forth.rnrnTo close your position, you have two options – either let it hit your Stop Loss or Take Profit, or close it instantly by hitting the u201ccloseu201d button – this will close it using the current market price.rnrnThe u201csettingsu201d button allows you to change your Stop Loss and Take Profit targets.rnBityard Trading FeesrnAnother crucial thing to consider when choosing a cryptocurrency derivatives trading exchange is how much it would charge you for opening and closing positions – the fees.rnrnAccording to the official website, Bityard doesnu2019t differentiate between market makers and takers.

Timeline of Eos, Xrp, Bitcoin, Bitcoin-cash, Chainlink, Dash, Ethereum, Ethereum-classic, Litecoin, Tether, Tron