Taking this into account, the best day trading crypto platforms for are discussed in the sections below. Moreover, you can also trade digital assets against other fiat currencies, such as the euro and the British pound. Day traders will also like the dozens of crypto-cross pairs that are supported by eToro. Irrespective of which pair you decide to trade, eToro operates a spread-only pricing model.
For those unaware of this term, this simply means that you will only need to pay the difference between the bid and ask price of your chosen crypto. This makes eToro one of the best day trading crypto sites in terms of fees. We also like eToro for its zero-fee deposits and withdrawals on USD balances. In terms of core investment features, eToro offers a copy trading tool that allows you to mirror the positions of a seasoned investor.
Day Trade Crypto on eToro Now. Cryptoassets are a highly volatile unregulated investment product. Next up on our list of the best day trading crypto sites is Crypto. Launched in , this platform is popular with traders of all skill sets and budgets. In terms of fees, Crypto. For those unaware, market makers provide crypto exchanges with liquidity and as such, are offered more attractive commissions.
As a newbie crypto day trader, you will be defined as a market taker. And therefore, you will pay a maximum commission of 0. You can, however, benefit from even lower commissions if you trade larger amounts. Moreover, further fee reductions are in place for those holding CRO tokens — which is the digital asset-backed by Crypto. Another thing we like about Crypto.
For instance, if you are unable to deposit funds via crypto, the platform supports debit and credit card purchases. Bank transfers are also supported. Additionally, you might even consider applying for the Crypto. In doing so, you can instantly withdraw your day trading crypto profits via an ATM. Another aspect of Crypto. Day Trade Crypto on Crypto. It goes without saying that day trading crypto and making consistent profits is no easy feat. In a nutshell, Coinbase has been offering crypto trading services since and its platform is primarily used by beginners.
This is because you only need a few dollars to get started and accounts take minutes to open. Nevertheless, once your Coinbase account is funded, you will then have access to over 50 leading cryptocurrencies. Each and every crypto asset available at Coinbase is traded against the USD spot market.
Spreads are competitive here and liquidity levels are significant. In terms of trading commissions, Coinbase is the most expensive day trading crypto site on our list, with the platform charging 1. This means that you will need to make at least 2. Although the platform is typically used by traders with little to no experience, Coinbase Pro has since been launched for seasoned investors.
Not only does this come with more markets — including crypto-cross pairs, but more advanced tools and charting features. Coinbase also offers a mobile trading app for iOS and Android, as well as a secure crypto wallet. Day Trade Crypto on Coinbase Now. Many crypto day traders now look for providers that offer both an online platform and a mobile app. Taking this approach will ensure that you are never more than a click away from the digital currency markets. And, in terms of providers, we found that Webull offers one of the best crypto apps for day trading in Available on both iOS and Android, the app connects to your main Webull account — you can switch between the two as you wish.
Although the Webull app is user-friendly and suitable for newbies, it also comes packed with features that will appeal to advanced traders. This includes access to technical indicators, live pricing fees, and even customizable charts. In terms of supported markets, Webull offers a relatively thin number of cryptocurrencies.
You can also use the Webull app to trade equities, ETFs, and stock options. This means that just like eToro, trading crypto here will only require you to cover the spread. With that said, while eToro spreads start at 0. On the other hand, ACH transactions are fee-free.
Another major feature of the Webull crypto trading platform is that you are not required to meet a minimum deposit. This means that Webull is perfectly suited for day trading crypto newbies. Moreover, millions of US traders are registered with Webull — so the platform has a great reputation.
Day Trade Crypto on Webull Now. This is because since the platform was launched in , Binance has offered a headline commission rate of just 0. And, if you find yourself trading larger amounts throughout the month, this commission is reduced.
All other nationalities have access to over 1, markets. Either way, you can easily deposit funds into your Binance account with fiat money. Crypto deposits are also supported. Once your account is funded, you can then choose between the classic or advanced Binance platform. The classic platform is suited for those that are just starting their day trading crypto journey.
On the other hand, if you seek highly sophisticated trading features, customizable charts, technical indicators, and drawing tools — then the advanced platform will appeal. This includes the ability to trade digital currencies with leverage. You can also trade crypto futures and options across many markets. In terms of safety, we should note that Binance is not regulated in any country that it operates in. The platform does offer top-rated security tools though — such as two-factor authentication.
The platform also has a fund in place should the unlikely happen and Binance is hacked. No UK or EU investor protection. Crypto day trading is a completely different kettle of fish in comparison to a long-term buy and hold strategy. The reason for this is that seasoned day traders will rarely hold onto a position for more than a few hours. And, depending on the markets, you might even find that day traders open and close a position within a space of just a few minutes.
Crucially, the overarching concept with crypto day trading is that you will look to take advantage of short-term market trends. This means that you will specifically target small profit margins — but on a much more frequent basis. This is the case even if the trader believes that Bitcoin is likely to continue rising in value over the course of the next few days.
And therefore, as a day trader, you need to be disciplined. One of the first things that you will need to learn when day trading crypto is that digital currencies are bought and sold in pairs. For example, at eToro, the platform allows you to trade both fiat-to-crypto and crypto-cross pairs. We should note that not all day trading crypto sites offer the order types outlined above. As such, this is yet another factor that you need to consider when choosing the best crypto platform for day trading.
In the traditional investment scene — US-based traders are required to follow the pattern day trader rule. In a nutshell, this means that if you place four or more trades within a 5-day period, you are considered a day trader. It goes without saying that this makes day trading out of reach for many. However, the good news is that cryptocurrencies do not fall under the remit of the pattern day trading rule.
And as such, you can day trade crypto with any amount of your choosing. One of the best things about day trading crypto is that there are no restrictions on which digital currencies you can target. After all, you are only looking to keep positions open for a matter of hours or minutes, so your overarching goal is to profit from short-term trends.
With that said, some digital currencies are better for day trading than others — especially those that benefit from high levels of liquidity. Moreover, crypto traders will often seek pairs that attract higher levels of volatility — as this presents plenty of profit-making opportunities throughout the day. Lucky Block is an exciting crypto-lottery platform that looks to leverage blockchain technology to offer transparent daily prize draws with greater odds of winning for each entrant.
This is excellent news for day traders, as it dramatically increases the potential universe of investors that can access LBLOCK, leading to greater liquidity and clearer price action. Visit Lucky Block Now. If you are just starting out in the world of crypto day trading, you may also wish to stick with Bitcoin until you get more comfortable. Either way, both pairs allow you to day trade the future value of Bitcoin against the US dollar.
Importantly, Bitcoin carries the largest amount of liquidity and trading volume than any other digital currency. And as such, you will benefit from tighter spreads. Moreover, although Bitcoin is still volatile, you will likely find that pricing spikes are not as parabolic when compared to other digital assets.
In a similar nature to Bitcoin, Ethereum is a large-cap cryptocurrency that benefits from large levels of volume and liquidity. Moreover, Ethereum can be traded not only again the US dollars, but hundreds of alternative digital assets. This is because its value is often dictated by speculation — especially when Elon Musk tweets about the digital currency. The digital currency is backed by the Binance exchange and is now firmly a top-5 crypto asset in terms of market capitalization.
And as such, this allows you to day trade this cryptocurrency at bargain prices. There are several core metrics that make certain digital currency pairs better for crypto day trading than others. The most important thing to consider when deciding on which day trading crypto pair to target is with respect to volume and liquidity. Naturally, the more volume that a pair attracts, the greater level of liquidity it offers.
And, most importantly, in trading highly liquid pairs, you will find it easy to enter and exit positions at suitable prices. High volatility and trading volume in cryptocurrencies suit short-term trading very well. Here we provide some tips for day trading crypto, including information on strategy, software and trading bots — as well as specific things new traders need to know, such as taxes or rules in certain markets. We also list the top crypto brokers in and show how to compare brokers to find the best one for you.
See all cryptocurrency brokers. Congratulations, you are now a cryptocurrency trader! Remember, you can run through the purchase or sale of cryptocurrencies on a broker demo account. Unfortunately, you cannot practise on an exchange. For this reason, brokers offering forex and CFDs are generally an easier introduction for beginners, than the alternative of buying real currency via an exchange. Some brokers specialise in crypto trades, others less so. Others offer specific products.
IQ Option for example, deliver traditional crypto trading via Forex or CFDs — but also offer cryptocurrency multipliers. These offer increased leverage and therefore risk and reward. Innovative products like these might be the difference when opening an account cryptocurrency day trading. Day traders need to be constantly tuned in, as reacting just a few seconds late to big news events could make the difference between profit and loss.
The cryptocurrency trading platform you sign up for will be where you spend a considerable amount of time each day, so look for one that suits your trading style and needs. Always check reviews to make sure the cryptocurrency exchange is secure. So whilst secure and complex credentials are half the battle, the other half will be fought by the trading software. Each exchange offers different commission rates and fee structures. As a day trader making a high volume of trades, just a marginal difference in rates can seriously cut into profits.
There are three main fees to compare:. Do the maths, read reviews and trial the exchange and software first. Coinbase is widely regarded as one of the most trusted exchanges, but trading cryptocurrency on Bittrex is also a sensible choice. IO, Coinmama , Kraken and Bitstamp are other popular options. Before you choose a broker and trial different platforms, there are a few straightforward things to get your head around first.
Understanding and accepting these three things will give you the best chance of succeeding when you step into the crypto trading arena. If you want to own the actual cryptocurrency, rather than speculate on the price, you need to store it in a crypto wallet.
There are a huge range of wallet providers, but there are also risks using lesser known wallet providers or exchanges. We recommend a service called Binance. Below is an example of a straightforward cryptocurrency strategy. The straightforward strategy of crypto swing trading simply requires vigilance.
A correction is simply when candles or price bars overlap. You should see lots of overlap. This tells you there is a substantial chance the price is going to continue into the trend. You should then sell when the first candle moved below the contracting range of the previous several candles, and you could place a stop at the most recent minor swing high.
Even with the right broker, software, capital and strategy, there are a number of general tips that can help increase your profit margin and minimise losses. Below are some useful cryptocurrency tips to bear in mind. Short-term cryptocurrencies are extremely sensitive to relevant news. When news such as government regulations or the hacking of a cryptocurrency exchange comes through, prices tend to plummet.
Analyse historical price charts to identify telling patterns.
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