Introduction to BitYard
BitYard is a popular cryptocurrency trading platform that offers a wide range of trading services for digital assets. If you're considering using BitYard for your cryptocurrency trading needs, one of the essential factors to consider is the cost associated with using their services. In this article, we will break down the various charges and fees associated with BitYard trading.
Trading Fees
Maker and Taker Fees
BitYard charges trading fees based on a maker-taker fee model. The maker is the trader who provides liquidity by placing a limit order that doesn't get immediately matched with an existing order. The taker is the trader who places an order that matches an existing one.
- Maker Fee: BitYard offers competitive maker fees, which can be as low as 0.05% per trade. This fee is charged to traders who provide liquidity to the market.
- Taker Fee: Taker fees are slightly higher and can go up to 0.2% per trade. This fee is applicable to traders who take liquidity from the market.
Trading Volume Discounts
BitYard also offers trading volume-based discounts. The more you trade, the lower your fees become. These discounts can significantly reduce your overall trading costs if you are a frequent trader.
Withdrawal Fees
BitYard charges withdrawal fees when you move your cryptocurrencies out of the platform and into your personal wallet. The withdrawal fees vary depending on the cryptocurrency you are withdrawing. It's important to check the current withdrawal fees on the BitYard website as they may change over time.
Deposit Fees
BitYard generally does not charge any deposit fees. You can fund your BitYard account with cryptocurrencies or fiat currency without incurring any additional charges. However, keep in mind that your bank or payment provider may charge fees for depositing fiat currency.
Inactivity Fees
BitYard does not impose inactivity fees. You won't be charged simply for not using your account for a certain period.
Funding Fees
BitYard does not charge funding fees for trading perpetual contracts. However, it's essential to be aware of the funding rate, which is applied every eight hours for open perpetual contracts positions. The funding rate is used to balance the price of the contract with the spot market price, and it can either be a positive or negative fee depending on the market conditions.
Conclusion
When using BitYard for cryptocurrency trading, it's crucial to consider the various fees and charges associated with the platform. The fees can vary depending on your trading activity, the type of trade you execute, and the specific cryptocurrency you are trading. It's essential to review the most up-to-date fee schedule on the BitYard website to get a clear understanding of the current fee structure.