Singapore-based derivative exchange Bityard has announced its forex trading service that will allow its users to invest in multiple asset types.
Bityard is a relatively new crypto derivatives exchange that was founded in November 2019 and launched in 2020. Initially created as a digital currency contract trading platform, it now aims to provide different types of trading services, including cryptocurrency, index, commodity, and forex.
With over 100,000 users in more than 150 countries Bityard adheres to the concept of “Complex Contracts Simple Trade”. As a means to support the growth of its global client base, Bityard is set to begin to offer forex CFDs as a way to ensure trading profits continue, even if the price of Bitcoin plummets.
A major advantage of trading Forex is that it is the largest and most liquid market in the world, and doesn’t have the same volatility as trading cryptocurrencies. That being said, many forex brokers now accept bitcoin and other popular cryptocurrencies. The security and low cost of trading makes cryptocurrency trading popular to clients, while the relative stability of forex trading makes it a safer bet for traders who are concerned with market volatility.
Prior to the 2020 bull market, Bityard focused largely on its crypto CFDs service, which allowed Bityard users to make profits with smaller cryptocurrency market price fluctuations. Following the sharp rise in Bitcoin prices towards the end of 2020, Bityard launched spot trading service to let its users buy and sell Bitcoin as well as other types of popular altcoins.
While cryptocurrencies such as Bitcoin are gaining popularity, there are still many associated risks. With some commentators claiming that Bitcoin is nearing the end of its bull run, exchanges that provide established trading services are likely to rise in popularity.
Bityard is regulated and licensed by the US, Singapore, and Estonia.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.