Crypto Day Trading in the US is very easy and fun as well, if only you know what you are doing and when to enter and stay away from the financial market.
You will be buying and selling digital currencies all day if you day trade crypto. This means that you will most likely begin a position and try to exit it with a modest profit a few hours or even minutes later.
In this trading guide, we’ll go through the finest day trading crypto platforms on the market right now, as well as some key details regarding how this market operates.
What Is Crypto Day Trading
In comparison to a long-term purchase and hold approach, crypto day trading is an entirely different kettle of fish. This is due to the fact that experienced day traders rarely hold positions for more than a few hours.
If you’re looking for a cryptocurrency bot to utilize for day trading, check out our Bitcoin Evolution review. And, depending on the markets, day traders may be able to open and close a position in as little as a few minutes.
The overarching notion of crypto day trading is that you will seek to profit from short-term market changes. This means you’ll concentrate your efforts on small profit margins, but on a much more frequent basis.
Best Exchanges for Crypto Day Trading in the US
One approach to making money with cryptocurrencies is to engage in crypto day trading. Low costs and commissions, a large number of supported markets, and access to investing tools and features are some of the criteria we look for when evaluating the top day trading crypto platforms.
Of course, we only examine day-trading crypto platforms that provide a secure and safe atmosphere. The top day trading crypto platforms for 2022 are discussed in the sections below, taking this into mind.
Bitstamp is our top choice for day trading cryptocurrency platforms. Because it was founded in 2011, Bitstamp is well-known in the crypto-trading community. The site serves over 4 million consumers globally and allows users to trade over 50 different cryptocurrencies.
Low costs are one of the most important factors to consider when picking a day trading crypto platform, and Bitstamp clearly fits this need.
With a minimum position size of only $10 for USD-denominated assets, you can invest in Bitcoin for as low as 0.5 percent every trade. Bitstamp is perfect for day traders because the minimum trade amount for BTC-denominated assets is only 0.0002 BTC.
Traders with a monthly trading volume of $10,000 or more will have their costs reduced to only 0.25 percent per deal. When it comes to account funding, Bitstamp accepts ACH deposits with no fees. Withdrawals are also free via ACH, though you can purchase cryptocurrency instantaneously with a credit or debit card if you choose. This, however, comes at a cost of 5% for each transaction.
The Bitstamp trading experience is second to none, with consumers having the option of trading through a browser or mobile app. Both are designed for day traders, however, Bitstamp’s ‘Tradeview’ interface caters to more seasoned investors.
eToro strikes the perfect blend of restrictions, cheap costs, user-friendliness, and a broad range of trading markets. Over 40 spot trading markets are available on this day trading platform, all of which are linked against the US dollar.
From Bitcoin, XRP, and Dogecoin to Shiba Inu, Ethereum, Celo, and AAVE, there’s something for everyone. Additionally, you can exchange digital assets against other fiat currencies like the euro and the British pound.
Day traders will appreciate eToro’s support for dozens of crypto-cross pairs. This covers ETH/BTC, EOS/XLM, and BTC/XLM, among others. eToro uses a spread-only pricing mechanism regardless of which pair you choose to trade.
If you’re unfamiliar with the term, it simply implies that you’ll just have to pay the difference between the bid and ask price of your selected cryptocurrency. In terms of fees, this makes eToro one of the finest day trading crypto platforms.
Crypto.com comes in second on our list of the best day trading crypto sites. This platform, which was launched in 2016, is popular with traders of various skill levels and budgets.
You’ll have access to approximately 250 cryptocurrencies in total, representing a good mix of major and mid-capitalized projects. Crypto.com has a maker/taker pricing structure for costs, which is especially beneficial for day traders.
Market makers, for those who are unaware, supply liquidity to crypto exchanges and, as a result, are compensated with higher commissions. You will be classified as a market taker as a rookie crypto day trader.
As a result, you’ll only have to pay a 0.4 percent commission for every slide. If you trade greater sums, though, you can get even cheaper commissions. If you trade $50,000 or more in a 30-day period, for example, your commission is decreased to 0.15 percent per slide.
Furthermore, customers who hold Crypto.com’s CRO tokens a digital asset backed by the company – will benefit from further cost reductions. Another feature of Crypto.com that we enjoy is how simple it is to get money into and out of the exchange.
If you are unable to deposit funds using cryptocurrency, the platform also accepts debit and credit card payments. There is also the option of using a bank transfer. You might also think about applying for the Crypto.com debit card.
Fourth on the list is coinbase.
It goes without saying that day trading cryptocurrency and consistently making money is no easy task. As a result, if you’re just getting started in this field, Coinbase may be the perfect platform for you.
In a nutshell, Coinbase has been providing cryptocurrency trading services since 2012, and its platform caters mostly to newcomers. This is due to the fact that you only need a few bucks to begin starting, and accounts can be opened in minutes.
Furthermore, if you don’t have any crypto on hand to fund your trade, Coinbase offers a variety of payment methods that make it simple to deposit US cash. This includes purchases made with a debit/credit card or Paypal, which cost 3.99 percent, and ACH transactions, which cost 1.49 percent.
Many cryptocurrency day traders are now looking for companies that provide both an internet platform and a mobile app. If you choose this technique, you’ll never be more than a click away from the digital currency markets.
In terms of suppliers, Webull is one of the finest crypto apps for day trading in 2022, according to our research. The app, which is available on both iOS and Android, connects to your primary Webull account and allows you to move between the two as needed.
Although the Webull app is simple to use and appropriate for beginners, it also has a number of advanced features that will appeal to experienced traders. Access to technical indicators, current pricing fees, and even customizable charts are all included. In terms of market support.
Webull has a limited selection of cryptocurrencies. Bitcoin, Ethereum, Cardano, Shiba Inu, Dogecoin, and a number of other cryptocurrencies fall into this category. You can also trade shares, ETFs, and stock options with the Webull app.
Binance separates out from the crowd as the top crypto day trading platform in terms of fees. Because Binance has given a headline commission rate of merely 0.10 percent each slide since its start in 2017, this is the case.
This cost is also decreased if you trade bigger sums throughout the course of the month. Those who pay their fees in BNB will additionally receive a 25% commission cut.
If you live in the United States, the Binance website offers 60 different cryptocurrencies. Over 1,000 markets are available to all other nationalities. In either case, fiat money can be used to finance your Binance account.
Clients in the United States, for example, can use ACH, domestic bank wire, or a debit/credit card to deposit funds. Deposits in cryptocurrencies are accepted as well. You can pick between the classic and sophisticated Binance platforms after your account has been financed.
Is Crypto Day Trading Profitable?
Is Day Trading in Cryptocurrencies Profitable? There’s no way to know for sure whether crypto day trading will be beneficial for you. After all, there are far too many variables at work.
The most important consideration is if you have the necessary skill set to consistently join profitable situations. That is to say, if you have more losing trades than winning trades, you will almost certainly lose money.
Another thing to keep in mind is that the main goal of crypto day trading is to achieve tiny but frequent profits.
This implies that if you only have a modest quantity of trading capital, it may be difficult to make enough money in monetary terms to make the procedure profitable.
Finally, this is why you should think about using the eToro copy trading tool. You won’t need any prior experience with crypto day trading because your chosen investor will be placing orders on your behalf.
How to Get Started with Crypto Day Trading
We can now teach you how to get started with your first position now that we’ve covered the nuts and bolts of how crypto day trading works in practice.
In this step-by-step guide, we’ll teach you how to trade crypto for as little as 0.5 percent per deal on the well-known Bitstamp platform all in a matter of minutes.
Step 1 – Open an Account with any Broker
Step 2 – Verify your Identity
Step 3 – Make a Deposit
Step 4 – Choose a Crypto to Trade
Step 5 – Start Day Trading
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The Heartz Team