The cryptocurrency market is providing numerous opportunities to people looking for an ideal place to trade. You can make money in the crypto market even within a day. However, for day trading cryptocurrencies, a trader needs to have a user-friendly platform.
In Market Investopedia, this blog, we will have a detailed study on crypto day trading platforms with their key features. So, let’s get started on your journey of becoming a successful crypto day trader.
What is Crypto Day trading?
Crypto-day trading is the opening and closing of a trade within a day to take advantage of these digital assets’ price fluctuation. Day traders buy or sell digital currencies for a few seconds, minutes or hours.
The number of trades varies from trader to trader. Crypto-day traders can place 1 to 100 trades in a day. The strategy can give you high profit; however, the risk is also significant with crypto day trading.
6 Best Crypto Day Trading Platforms
Crypto day trading is an advanced strategy which requires an advanced platform for smooth execution. Traders can go for both cryptocurrency exchanges and crypto brokers to start day trading.
Crypto is a global market, so numerous international and regional options are available for traders to choose from. Here is the list of the most ideal ones:
Binance: Trade Crypto with Largest Exchange
Binance is the most popular and largest cryptocurrency exchange by trade volume. The platform is digital currency-oriented, so you can get almost every crypto to trade here. Even after being the largest platform, the fee structures for trading crypto are friendly.
With a user-friendly interface, Binance facilitates high liquidity and fast order execution. The platform allows traders to trade crypto in the option, margin, futures and spot market. Binance does not charge any fees for deposits and withdrawals. In addition, a range of discounts and bonuses are available to promote the use of BNB.
Kraken: The Most Suitable For US Crypto Traders
Kraken is the seventh largest platform by market cap for spot and derivative trading. The cryptocurrency exchange offers premium features to its clients, like round-the-clock customer support, secure digital wallets, a simple interface, mobile apps and wide trading instruments.
Many of the popular platforms, like Binance, do not offer services in the USA. However, Kraken is even available for USA traders and offers the best environment for American traders. Traders can even get access to charting tools, automated systems and technical indicators for free.
Kucoin: Get Access to a Wide Range of Cryptos
Kucoin is another popular choice for traders looking for crypto day trading platforms. Traders can access advanced trading bots, large communities, technological solutions, leveraged products, cold crypto storage wallets, and many other facilities.
Kucoin offers more than 700 cryptocurrencies to trade, which is quite huge compared to others. The platform even has its own crypto KuCoin Token (KCS), and offers exclusive discounts for using it. The only drawback is the platform is not available in the United States, Canada, Singapore, Thailand, and some other countries. So you need to check whether the platform is available in your country or not.
Crypto.com: Best to access Customizable Bots and Tools
Crypto.com is available in more than 350 countries, including the USA. Traders can trade, invest, stake, and store cryptos on the platform. The fees for spot trading are around 0% to 0.07%, which is quite low compared to the others.
Traders can access customizable trading bots, including TWAP, Grid, DCA and many other automated bots. The platform does not have any minimum deposit, but it charges a significant withdrawal fee. Although crypto.com is available in the USA, some services are not available for US traders, and the platform is restricted to New York residents.
eToro: Ideal for Crypto Automated and Copy Traders
The above options are for crypto exchanges for day trading; however, traders can even go for brokers’ platforms like Etoro. The major benefit is with crypto; traders can trade in forex, commodities, stocks, indices, ETFs, and NFTs. Also, strategies like day trading brokers’ platforms are quite suitable. At Etoro, traders can access over 6000 assets, including 100 cryptocurrencies.
Apart from offering a wide range of trading pairs, etoro even provides various trading resources. Traders can access free webinars, courses and podcasts on different simple to complex topics. Although the platform is suitable for various strategies, it is best for copy trading and algorithmic trading.
Beirman Capital: Trade in a Diverse Range of Financial Instruments
Beirman Capital can also be a good option if you are looking for a crypto CFD trading platform. With day trading, the broker is suitable for scalping, swing trading, position trading, trend trading, momentum trading and many other strategies.
Traders can get diverse crypto options, including Bitcoin, Ethereum, Tether, Dogecoin, Cardano, Solano, Litecoin, and many others. The brokers offer a leverage of up to 1:1000, which can be beneficial for day traders. In addition, the platform allows traders to diversify their capital into other financial markets. It even offers a demo account facility to new clients so they can review the broker platform before subscribing to its services.
A quick glance
Crypto-day trading is the opening and closing of a trade within a day to take advantage of these digital assets’ price fluctuation.
- A crypto trader needs at least $25000 to start day trading.
Kraken is the best crypto exchange for day trading in the United States. It offers the best environment and features for American traders.
Yes, crypto day trading income is taxable in most of the countries. However, the crypto tax slabs depend from country to country.
- Binance, Kraken, KuCoin, eToro, and Beirman Capital are the best platforms for day trading crypto.
Beirman Capital is the best broker platform for trading in Crypto CFD products.
In sum-up
Crypto-day trading is a highly profitable yet advanced strategy. A crypto day trader needs ultra-fast execution speed, a variety of market orders, advanced risk management, automated tools, educational resources, tight spreads, high liquidity and many other features.
A huge part of crypto trading success depends on the platform. So, traders need to select the right platform. Also, crypto is a highly volatile market, so knowledge is a must, especially when dealing with day trading strategies. And if you want to expand your knowledge, visit Market Investopedia’s crypto sections and explore our educational
