Where Can I Day Trade Cryptocurrencies?
June 28, 2021 (Investorideas.com Newswire) Even though day trading is a business that has been around for decades, the introduction of cryptocurrency in 2009 has drastically increased the number of users currently trading online. The major price fluctuations of digital currencies in financial markets create an opportunity to gain larger profits than with traditional currencies.
The flux in price makes cryptocurrency an excellent option for day trading and earning significant profits. In addition to reading the market, an essential factor to successful day trading is choosing the platform best for you. Below, we've detailed the key elements to consider when deciding where it's best to day trade.
Factors When Deciding On a Trading Platform
Software
Because day trading moves at an incredibly fast pace, it's vital that traders have easy and constant access to their wallets and exchanges. Ensure that your broker of choice offers a mobile compatible site or app that you can use on the go. Today, there are plenty of apps and sites to choose from, so be sure to find the one that suits your particular trading needs.
Safety
The most crucial element to trading with ease is knowing the exchange you transact on is secure. When researching brokers, be sure to check for safety and licensing credentials.
Fees
Different brokers offer varying fee structures on transactions. The slightest difference in fees can significantly impact your profit margin. When deciding on a platform, the main fees to consider are their trading, exchange, and deposit or withdrawal fees. Certain brokers offer deals on fees for certain types of trades, which may also influence how you choose to transact.
Best Places to Day Trade
Coinbase
Coinbase is a well-known broker (and wallet) and is considered a popular choice among traders. This is due to the wide range of virtual currencies available for trade. This offers users multiple trades on various currencies from one easy platform.
In comparison with other exchanges, Coinbase offers one of the best fee structures available. Fees will, however, vary depending on your location.
Avatrade
Founded in 2006, Avatrade is one of the longest-standing online brokers available. It's also considered as one of the most reputable sites, holding licenses from four different regulating bodies around the world. Whether you're new to trading or a seasoned pro, this platform has multiple types of trades available to suit everyone.
Depending on your location, Avatrade is one of the few brokers offering bonuses. Fees may be slightly higher than that of competitors but are worth it for the services they have on offer.
Binance
Binance is a popular choice for those trading in traditional as well as digital currency. An advantage to using Binance is that users have access to historical trading data to help them make more informed trades. Fees are another drawing card to this platform, with trading rates that start at 0.1%.
For more information about cryptocurrency and bitcoin day trading, crypto day trading platforms, and general day trading guides for crypto traders, please visit Tradingbrowser.com.
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