Playing with precious metals: Silver and Gold derivatives trading on Bityard

Bityard is the world leading cryptocurrency derivatives exchange specialized in cryptocurrency contracts with leverage and derivatives exchange. Bityard is fully regulated and compliant with all the international laws related to cryptocurrency trading. I used this platform to learn about contract trading as my knowledge was zero! Most of the adventure and learning process was with crypto, but I also tried precious metals and done contract trading with gold and silver.

Bityard offers Contract Trading for Cryptocurrencies and Derivatives, and easy to use Spot Trading. The contract trading method involves the price forecast of an asset. The traders will not hold, buy or sell the asset, only speculating the price.

The Derivatives Contract tab offers leveraged trading options and allow traders to select and predict the price movement for precious metals, shares, bonds and even natural gas. The Bityard users can easly swap between Live and Demo trading.

The only downside of derivatives is that the markets are closing overnight and weekends. The Bityard Derivatives options are Crude Oil, Copper, Gold, Silver, Mini Dow, Nasdaq 100, Natural Gas, China A50, Hang Seng, DAX and Nikkei225.

Gold and Silver are precious metal commodities that investors usually use as an inflation hedge and safe-haven asset. Derivatives trading on Bityard allowed me to play with both Gold and Silver price, and learn about trading strategies and how to efficiently use the trading tools and interface.

Silver (Ag) is a chemical element that can be found in his pure form in the Earth's crust and is valued as a precious metal. Throughout history, it was used for coins, ornaments, tableware and jewels.  

Gold (Au) is a bright yellow chemical element that can be found as nuggets or grains. It is used as money and store of value, as coins, bars and other various shapes of different weight and purity. The first golden coin ware created in Asia, around 600 BC. 

Silver Contract Trading

The Silver Contract was opened at 26.175, using 6 USDT and 50x leverage. As the price was dropping, I decided to follow the trend and "Short" Silver.

The fee was $0.15 and $0.01 was deducted from the amount as I had bonus USDT from the daily mining. After the confirmation, the contract and the details can be found in the Orders tab.

My choice of "shorting" Silver generated profit as the price kept dropping. I closed the contract manually for $0,74 extra, 7,65% generated profit. Please note that my trading experience has an educative purpose.

Gold Contract Trading

The Gold contract was created at 1709.7 at 25x leverage. The current climate for precious metals recorded an overall downfall in price, and my option for this experiment was "Short".

The order was created for $6 USDT and no fee was paid. The $0.07 USDT fee for this contract was paid with the bonus from Daily Mining. Once created, the contract value fluctuated with the Gold value.

The Gold price kept the downwards movement and I manually closed the contract for $0.07 profit. The 1.31% profit may be a small amount but considering the low amount used for the contract, it is a way to add small amounts in the wallet.

What makes Bityard special?

The Bityard engine is the fastest on the market, processing up to 1 million transactions per second and the platform is available for both mobile (Android & IOS) and web. The exchange offers a complete range of tools, spot trading, contract trading for cryptocurrencies and derivatives. Bityard's interface is available in nine different languages with  non-stop customer support via email and live chat.

* This is not financial advice ! So your own research!

 

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