Summary of the Best Exchanges for Day Trading
So, you want to be a crypto trader, eh?! Before we start on our journey into trading, it is very important to understand that day-trading cryptocurrencies is NOT for everyone! So, think very carefully before making this your sideline. Here is our selection of the 6 best exchanges for day trading Bitcoin, and other cryptocurrencies.
Day trading is very short-term trading, and it can mean holding an asset for just a few seconds, to a couple of hours. The idea is that you sell your asset before the end of the day, hoping to make a small, but quick profit. The main idea is that you look for opportunities to make a quick profit. There are lots of different methods that people use to day trade, but the main two are based on either speculation or chart analysis.
Speculation is when a trader believes a price will go up or down because of a certain event. There is no guarantee that the price would go up, but you speculate that it would, based on your own opinion. Chart analysis is another day trading cryptocurrency strategy that is often used. This is where traders study the price movement of a particular cryptocurrency and try to guess which way it will go, based on historical price movements.
When analyzing charts, you can look at how the price moves every few seconds, minutes or even hours. In some circumstances, even more. Anyone that bought the coin towards the start of the day would have made a lot of money, however, the people that bought it at its highest price would have lost the majority of their investment. With CFD you can buy and sell bitcoins just like bitcoin exchange, but with an advantage of not waiting for the confirmation from the blockchain, which is time-consuming.
It is better if all the sites are checked and compared before trading. Here you should look out for high fees as they can quickly add up and eat up your profits. There are some platforms that offer extra features along as low fees for using them which is perfect for day trading. Binance is mainly about crypto-crypto trading and if you wish to trade Bitcoin — it can be done via altcoins or USDT, which is merely a virtual equivalent of USD.
Binance has over coins to trade. Binance fee structure is also unique. They claim to have 0. It offers two types of interface — basic and advanced. These two options show less and more information to traders depending on what is the preference. However, beginners might find it difficult to work with this site, as the interface is quite complex. It is one of the exchanges with the widest spectrum of trading services offered in the world. The interface is designed nicely, but it can be overwhelming for newbies.
In most of the cases, only experienced users will manage to find their way around the website. The website is relatively fast and responsive, at it looks good on mobile platforms as well.
BitMEX claims to have high leverage on its derivatives products and strong site-wide security protocols. BitMEX uses multi-signature wallets for both client and exchange accounts. All withdrawals are handled manually and processed at a designated time once a day. It serves two purposes:. When it comes to trading fees, they vary with a monthly trade volume for all pairs.
According to the CEX. Margin trading fees differ and include an open fee 0. When buying bitcoin on CEX. IO, you need to purchase a minimum of 0. The limits are the same for selling bitcoin. The minimum transfer amount is 0. The company is based in Hong Kong, and it started live trading in January The exchange is providing service in over countries, allowing traders from all around the world to buy and sell cryptocurrencies with ease.
This exchange is a bit specific, as it only offers margin trading. Standard open book trading without leverage is not supported. The five different order types offer risk management solutions for day traders as well. However, they only accept cryptocurrency deposits and withdrawals so you need to own bitcoins before you can start trading on WhaleClub platform. The withdrawal fee is 0.
Whale Club has one of the best user interfaces out there, it is both intuitive and fast at the same time. There are no apps for Android and iOS, but the design is responsive and looks good on mobile devices.
They also have a great API, which serves a large number of traders. Bitfinex is a full-featured cryptocurrency exchange that is used by millions of traders worldwide. Advanced trading features, deep liquidity and access to multiple altcoins make Bitfinex a contender for serious traders who want all of the options at their fingertips to help them make money from cryptocurrency.
The platform applies a make-take fee model, where trading fees start at 0. The trading platform is very sophisticated, and it offers a lot of trading options and several different advanced order types which helps the risk management side of day trading. The user interface is simple and suitable for beginners as well. It offers customized user interface which is a unique feature. This site provides advanced security measures. Cryptopia is a combined cryptocurrency exchange, trading platform and marketplace located in New Zealand.
It also offers a range of features that you might find useful, including:. Anyone with a verified account can use it, from anywhere in the world. However, the only fiat currency it supports is New Zealand dollars, and you can only make bank transfers from New Zealand bank accounts. As you have probably noticed, there are a lot of steps to consider before you begin your trading career. In reality, it will take a really long time before you are able to trade successfully. If you want to do things correctly, you will need to build things up slowly.
How to Manage the Risks of Day Trading
However, there are a lot of basic questions that still remain unanswered. Which are the best places to buy Bitcoins is definitely one of. But the problem is that a negligible fraction of them are actually trustworthy. We have checked out and reviewed more than 20 exchanges, from the top ones to the almost unknown small and regional bitcoins. This list will be continually updated so make sure to revisit it every once in a. Direct head to head comparison of best crypto exchanges Head to head exchange comparison. How does investing in stocks vs crypto compare?
Cryptocurrency Day Trading
Well before you do, I think you should read my guide first! This will start by explaining exactly what day trading is, followed by the things you need to consider. By the end of reading my guide from start to finish, you will have all the information you need to decide if day trading cryptocurrency is right for you. When people talk about trading, they are referring to buying and selling an asset with the aim of making a profit. For example, in real-world stock exchanges, people trade all kinds of things. This can include stocks and shares like Apple, currencies like U. Dollars, and even metals such as Gold and Silver. Whatever is being traded, the objective is the same. Buy an asset and then sell it for more than you paid for it!
The IEO has started! Check it out at https://t.co/qswM58yFkO Tokens are going fast! Get yours now! #ethereum #Bitcoinnews #Trader#investments #VentureCapital #EXCHANGE #crypto #blockchain #TechTrends #TokenSales #IEO #ICOs #icotracker https://t.co/j4KSSON5oE pic.twitter.com/obrwj7WsBD— Thaler Token (@TokenThaler) October 13, 2019
Easy Strategies for Beginners
Day trading is an excuange and involved trading style which seeks to capitalise on short but significant price moves. You have to login to your email id and click on the link to activate the account. Nice blog. December 11th, Binance's app is available for both iOS and Android. The object of day trading is to get into the market, take a position, keep a close eye on that position, and then exit at a profit. The registration process on BitMex is quite simple where you just need to register through your email ID and their fee structure is also quite straightforward as shown below:. Of course, markets are seldom predictable. Many exchanges have been scams in the past, so research any exchange before you deposit money with. If you want to learn how to use Kraken's advanced order types you can pay just 0. There are two benefits to. Day trading is very short-term trading, and it can mean holding an asset for just a few seconds, to a couple of hours. If the cryptocurrencu seems too hectic, or the work outweighs the rewards, consider a different strategy, such as long-term holding or becoming involved with a professionally traded fund that you can invest in much as you would a common mutual fund. Take our beginner course on cryptoeconomics. We might go so far as to call Bitcoin the ultimate day trading instrument, based on these 5 factors:. Share Tweet