My trading knowledge and experience was absolute zero for so many years because I am a HODLer. I buy crypto, I hold it until it reaches a set value and then I will sell it. I will invest half of the profit in new crypto I find promising and then repeat the cycle.
It was back in December 2020 when a Publish0x writing competition introduced me to Bityard and I started exploring the platform. I spent two days exploring every option and feature and wrote up Trading Platforms Street Fighter: Bityard is beating the competition and won the 1st place! The prize was $100 worth of Ethereum which tripled in value!
The registration process was quick and in less than a minute I had a Bityard account. The KYC is mandatory for full access to tools and features. I had to stick to my brand name and #PVMihalache was my username choice. The first thing that looked very interesting was the fact that Bityard exchange falls under four jurisdictions, the American Money Services Businesses, the Singaporean Accounting and Corporate Regulatory Authority (ACRA), the MTR of Estonia for the European Union and the Australia’s AUSTRAC.
I started exploring the DEMO Trade as I never played with contract trading and leverage and slowly got an idea about the trading tool and how to earn (or lose) by predicting the price of an asset you don't even own. I completed the daily mining quest and accumulated bonus USDT which later on I used to deduct 20% of trading margin and trading fees. I also accumulated 15.25 BYD, Bityard's own token, but unfortunately this token has no real usage or utility.
Print!
One of the top features on Bityard is "Copy Trade", a tool that allows new traders to benefit from the experience and knowledge of successful traders by copying the trades the top dogs are doing! This tool allows users to find a successful professional trader and mimic his/hers strategy.
The Affiliate Program is really KOL, as users can earn up to 60% of commissions on all trading fees. Users can become a Bityard Business Partner in three easy steps: share your referral link on social media, earn commission and advance through the ranks. Bityard has five levels of KOL membership: Basic, Bronze KOL, Silver KOL, Gold KOL and Diamond KOL, all with different sets of perks and benefits. The user will advance from Basic to Bronze after achieving 10 referrals, and the commission level will raise to 30%. The level will be upgraded to Silver KOL after referring 30 or more sub-affiliates. The Gold KOL status is earned by users who gathered 50 or more affiliates, and the reward is upgraded to 50% commission rate. Diamond KOL is the top level, achieved after 100 100 successful referrals, and comes with 60% commission rate.
I refreshed my knowledgeand felt like I was ready to do contract trading with small amounts of disposable income. My exploration into contract trading with crypto and derivatives started as an educational quest. I wasn't required to invest anything or have an initial deposit because a video competition was organized by Bityard and my video, How mobile friendly is Bityard , won 50 USDT.
The contract trading is the method of trading that uses market volatility and price forecasting to generate profit. The investor creates a contract linked to the price movement of the asset or physical commodity, at a future date or price. The contract uses leverage, and the investors are not buying or selling the asset, only speculating the price. I started my contract trading journey with the 50 USDT I won at the Bityard video competition and wrote down my experience. I used my drafts to create a step by step guide on how to create and fund a Bityard account for contract trading. See the in-depth analysis here: How to start cryptocurrency trading on Bityard
I started with Bitcoin (BTC) and Ethereum (ETH) contracts until I understood that mastering crypto contract trading involves not only speculating the volatility, but also speculating the news! I moved to Bitcoin Cash (BCH) and AAVE as the two had a constant growing pattern, than played with BAT, ADA and ATOM news to anticipate ups and downs in the price. Keeping up to date with crypto news was an important factor that helped me to generate nice profit. See the detailed experience with all of mentioned coins and tokens here:
How to efficiently trade AAVE contracts on Bityard
Bityard Contract Trading: Bitcoin (BTC) and Ethereum (ETH)
How to use Bitcoin Cash (BCH) for Contract Trading on Bityard
How to trade ATOM Contract Trading on Bityard
Giving BAT more attention on Bityard!
ADA Contract Trading on Bityard
When I felt confident in crypto contract trading I wanted to master derivatives contract trading as well. The Derivatives Contract trading uses leveraged trading options that allow investors to select and predict the price movement for precious metals, shares, bonds and even natural gas. The leverage for derivatives is up to 200x and users can buy or sell when the price is right. The only downside of derivatives is that the markets are closing during the night and over the weekend.
Bityard has listed Crude Oil, Copper, Gold, Silver, Mini Dow, Nasdaq 100, Natural Gas, China A50, Hang Seng, DAX and Nikkei225 for derivative trading. If the natural resources and precious metals are easy to understand, the other options were new to me. Opened Presearch and started researching and reading about Mini Dow, DAX and the others. The Mini Dow contracts are financial futures allowing users to hedge with the value of various components of the Dow Jones Industrial Average market. The Nasdaq100 the stock market index made up by 100 of the largest non-financial companies listed on the Nasdaq market. The China A50 Index is a stock market index containing the top 50 companies from Shanghai Stock Exchange and Shenzhen Stock Exchange while the DAX is a stock market index consisting of the 30 major German companies from the Frankfurt Stock Exchange.
Because I am still comfortable with stocks and shares, I decided to play with Silver and Gold. As the crypto market was blooming in March - April, I went on the depreciation of Gold and Silver, which again was the best choice!
Bityard also has one of the fastest trading engine, supporting spot trading at one million transactions per second. This is similar to every other exchange, where users are buying and selling cryptocurrencies directly with other traders. The only inconvenient is that Bityard's only available pairing is with Tether (USDT).
Contract trading is not difficult but involves time and stress. I was on profit in over 90% of my contracts and the amount of USDT slowly grew. Between February and May I made the $50 from the video competition into $515. After I multiplied the prize 10 times, I slowed down and focused only on Bitcoin growth. I am very positive about my achievement, considering that I was new into contract trading.
Well, by now you will wonder if this is a good bye letter ... and you are right! I spent 6 months exploring and writing about Bityard. I had nearly 1000 contracts and about 900 brought profit but now I feel that I learned what I had to learn. It's nothing more to write about it, without becoming repetitive, and nothing new to keep me using Bityard. I made profit but I didn't enjoyed contract trading, and I feel stress free to just hold crypto.
Bityard was new and fresh in December 2020, but in the last 6 months no new feature was added. We all know that the Cryptoverse moves in fast-forward mode and 6 months are the equivalent of 100 years of Industrial Revolution. I also feel that the communication channels and the Bityard activity on social media dropped in quality. Not sure if at the beginning they were extra active to attract new customers or they just reached a level where they cannot be bothered to interact with users.
I took advantage of May's market crash and raised the USDT stash to $715,36 in about 10 days. At the end of May I decided to cash out, as I didn't used Bityard as much as before. The volatile market made it difficult to predict any price movement so I chose the risk free method.
I sent everything to Binance, as TRC20 to reduce the transaction fee to only $1. For ERC20 or BSC the transaction fee was 15 USDT, which is too much. I received 714.36 Tether in less than 10 minutes and I used all to buy discounted crypto.
Until June I was thinking that the Affiliate Program is broken, same as Kucoin, as not a single penny was earned from affiliates and none was an active trader. This changed this month and surprisingly I made $212.38 USD because the active users had $841,929 total volume trades.
It's bye bye for now Bityard but we can still be friends! It's not you ... it's me! You deserve more, you deserve someone who will do proper trading not a noob with 1000 contracts at $5. Almost certain this will be my last article, however I will comeback every month to check my bounty from the affiliate program.
Resources:
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
Publishing bundle: Publish0x, ReadCash, LBRY & Presearch
- This article may have been published on ReadCash or Publish0X
