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.
By day trading crypto, you will be buying and selling digital currencies throughout the day.
This means that in most cases, you will open a position and look to close it with a small profit just a few hours or even minutes later.
In this guide, we review the best day trading crypto platforms in the market right now alongside some crucial information about how this investment scene works.
Best Day Trading Crypto Platforms List
In order to day trade crypto today, you will need to open an account with a top-rated platform.
The six best crypto day trading platforms can be found in the list below.
Bitstamp – Overall Best Day Trading Platform for 2022
eToro – Leading Crypto Exchange for Day Trading with Low Fees
Crypto.com – One of the Best Crypto Exchanges for Day Trading
Coinbase – Top Crypto Day Trading Site for Beginners
Webull – One of the Best Apps for Day Trading Crypto
Binance – Day Trading Crypto Platform With Low Commissions
1. Bitstamp – Overall Best Day Trading Crypto Platform for 2022
Our number one pick when it comes to day trading crypto platforms is Bitstamp. Bitstamp comes highly regarded within the crypto-trading scene, thanks to being established in 2011. The platform caters to over 4 million customers worldwide and offers over 50 different cryptocurrencies for users to trade.
One of the critical things to look out for when choosing a day trading crypto platform is low fees – and Bitstamp certainly meets this criterion. You can invest in cryptocurrency from as little as 0.5% per trade, with a minimum position size of only $10 for USD-denominated assets. The minimum trade amount for BTC-denominated assets is only 0.0002 BTC, making Bitstamp ideal for day traders.
2. eToro – Leading Crypto Exchange for Day Trading with Low Fees
eToro offers the ultimate balance between regulations, low fees, user-friendliness, and a diverse number of trading markets. This day trading platform is home to over 40+ spot trading markets – all of which are paired against the US dollar. This includes everything from Bitcoin, XRP, and Dogecoin to Shiba Inu, Ethereum, Celo, and AAVE. 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. This includes the likes of ETH/BTC, EOS/XLM, and BTC/XLM. 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.
3. Crypto.com – Best Crypto Exchange for Day Trading Diverse Markets
Next up on our list of the best day trading crypto sites is Crypto.com. Launched in 2016, this platform is popular with traders of all skill sets and budgets. In total, you will have access to over 250+ cryptocurrencies, which cover a great blend of large and mid-capitalized projects. In terms of fees, Crypto.com operates a maker/taker pricing structure, which is particularly useful for day traders.
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 0.4% per slide. You can, however, benefit from even lower commissions if you trade larger amounts. For instance, if you trade over $50,000 in a 30-day period, then your commission is reduced to 0.15% per slide.
4. Coinbase – Top Crypto Day Trading Site for Beginners
It goes without saying that day trading crypto and making consistent profits is no easy feat. And as such, if you’re just starting out in this space, Coinbase might be the best platform for your skillset. In a nutshell, Coinbase has been offering crypto trading services since 2012 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.
Moreover, if you don’t have any crypto to hand to fund your trading endeavors, Coinbase offers multiple payment methods that allow you to deposit US dollars with ease. This includes debit/credit card and Paypal purchases at a few 3.99% and ACH at 1.49%. Additional fees are charged on deposits of less than $200. Nevertheless, once your Coinbase account is funded, you will then have access to over 50 leading cryptocurrencies.
5. Webull – One of the Best Apps for Day Trading Crypto
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 2022. 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. This includes the likes of Bitcoin, Ethereum, Cardano, Shiba Inu, Dogecoin, and several others. You can also use the Webull app to trade equities, ETFs, and stock options.
6. Binance – Day Trading Crypto Platform With Low Commissions
If you’re looking for the best crypto day trading platform for fees, Binance stands out from the crowd. This is because since the platform was launched in 2017, Binance has offered a headline commission rate of just 0.10% per slide. And, if you find yourself trading larger amounts throughout the month, this commission is reduced. A 25% reduction in commission is also offered for those paying their fees in BNB.
If you’re based in the US, you will have access to 60 cryptocurrencies on the Binance website. All other nationalities have access to over 1,000 markets. Either way, you can easily deposit funds into your Binance account with fiat money. US clients, for example, can deposit funds via ACH, domestic bank wire, or a debit/credit card. Crypto deposits are also supported. Once your account is funded, you can then choose between the classic or advanced Binance platform.
Source- https://www.business2community.com/cryptocurrency/day-trading
