Since 2020, cryptocurrency has seen a huge surge in popularity, and has completely turned the financial industry upside down. Studies have shown that an increasing number of people are losing faith in traditional investment authorities, and looking for something a bit more independent. For those people, the discovery of Bitcoin (and cryptocurrency in general) has served as a godsend. Polls reveal that an increasing number of American adults are becoming interested in crypto trading, and the same is true for people from all over the globe. A good chunk of millennial millionaires claims that a quarter of their wealth is placed in digital assets, most notably Bitcoin, or sometimes non-fungible tokens. Usually, both. So, it would seem that crypto is here to stay, and experts are certain that it is only going to rise in popularity from here on out.
What is Cryptocurrency?
While it has been around for a decade, the popularity of cryptocurrency is a rather new phenomenon, so many might not be aware of what crypto is. For those who aren’t aware of cryptocurrency, in this section, we are going to explain what it is, and how it works.
Cryptocurrency is a digital currency, which exists on a blockchain, and uses encryption (hence the name). Often times, the most popular cryptocurrencies are decentralized, meaning they are not beholden to any central authorities, like banks and governments. What this means is that, unlike FIAT currencies, cryptos are not subjected to the banking fees and taxations, or at least fees are not as steep as they would be for FIAT currency.
The most notable way that people make a profit from cryptocurrency, is by investing, and then re-selling their assets, and when it comes to crypto trading, a rather popular form of trading is day trading. So, what is day trading, and what are the best platforms to engage in it?
What is Day Trading?
Within the world of investments, trading, and finances, one of the most popular forms of trading is day trading. So, what is day trading, can it be done using crypto, and what are the best platforms through which you can day trade in crypto?
In the eyes of many investors, day trading is one of the easiest ways to make money off of crypto. The basic concept of day trading is buying and selling a stock (in this case in a cryptocurrency) in the same day. In this way, traders exploit the volatility of the crypto market, and in doing so manage to get a profit. For those interested to try their hands in day trading, let us take a look at some of the best day trading platform on the current market.
Best Crypto Day Trading Platforms
The following are best day trading crypto platforms, all of which offer different pros and cons when it comes to crypto trading. So, let us discuss the merits that each of them brings to the table.
Bybit [ create an account ]
Much like Binance, Bybit is a platform where users can trade crypto, as well as non-fungible tokens. The website offers tips and tutorials to help new investors. Much like all of the websites featured on this list, Bybit covers the most popular cryptos on the market today, such as Bitcoin, Doge, Ether, etc.
Coinbase [ create an account ]
An American company founded in 2012, Coinbase is the largest crypto exchange platform in the States. The company has close to 90 million verified users, and is available in over one hundred countries. With close to 4000 employees, Coinbase is one of the top platforms for day trading, but also crypto trading in general. Most recently, the company was featured in a 60 second Super Bowl ad, which went viral, increasing the company’s popularity further.
Binance [ create an account ]
With over 90 million registered users, low transaction fees, and the capability to trade NFTs, you can do much worse than Binance. The platform features all of the most popular cryptocurrencies, and some of the less known ones as well, for those looking to make risky bets. Apart from Bitcoin and Ethereum, users can trade Doge, Cardano, DOT, and dozens of other crypto using the website.
Huobi [ create an account ]
A Seychelles-based crypto exchange website, Huobi was founded in China, and less than 5 years ago, became a publically listed Hong Kong company. The company processes more than a billion dollars in trades daily. Apart from the popular cryptocurrencies (Bitcoin, Ether, Ripple etc.) the company also has its own Huobi token, which is quite popular for trade on their website.
Bitstamp [ create an account ]
Based in Luxembourg, Bitstamp is a platform that makes crypto trading a lot easier, more accessible, fast, and reliable. The platform offers 24/7 customer support, and they can be reached easily through various social medias. Not only can users use Bitstamp to buy and sell Bitcoin, Ether, Tether, etc., but they can also trade NFTs like the Sandbox, Axie Infinity, etc.
eToro [ create an account ]
Often regarded as the best platform for day trading in the United Kingdom, eToro offers some great assets, including 15 different cryptocurrencies (most notably, of course, Bitcoin). The best part about this platform, is that all trades are completely commission-free, which means, eToro users will get the best bang for their buck. Apart from being a great resource for crypto day trading, eToro users are given access to the forex market, and over 2000 global shares. It is worth mentioning, that eToro users are subject to small withdrawal fees, and inactivity fees.
Skilling [ create an account ]
Skilling is one of the best websites when it comes to crypto CFD trading. They cover a number of the best cryptocurrencies on the market today, including Bitcoin, Litecoin, Ripple, and Ethereum. In stark contrast to Libertex, the Skilling platform falls short in terms of customer support, and often times users might not get a response at all.
Margex [ create an account ]
Margex is a Bitcoin-derivatives trading platform designed with traders’ needs in mind. While allowing you to trade Bitcoin with up to 100x leverage, the platform is equipped with a robust risk management solution. By seamless switching between isolated and cross-margin, you always stay on top of the exact liquidation price and funds at risk. Moreover, the developers built a proprietary price manipulation system, MP Shield™, for the sake of equal and fair trading. It improves the security of your trades by setting up asset prices based on the combined liquidity of more than twelve providers, not offering illiquid assets with artificially inflated prices, and constantly monitoring suspicious trading activity.
Whether you are new to a complicated and volatile crypto market or not, you won’t take a long time to get a grasp of the platform. With its easy-to-navigate interface, you can quickly open new buy and sell orders, access the transparent reporting system, and keep a finger on an ever-changing crypto market to make prudent trading decisions. To begin trading, you will need to complete a brief registration without providing your personal information. The multi-collateral wallet allows you to experiment with different trading pairs without owning the chosen assets. Deposit any crypto like Bitcoin, Ethereum, Litecoin, Ripple, Solano, and others and trade different pairs at the same time. Margex applies no commission; therefore, you cover only reasonable trade and funding fees.
Plus500 [ create an account ]
The last platform we are taking a look at today is Plus500. Like Skilling, Plus500 is great for crypto CFD trades, and supports stock trading. While it may underwhelm some more seasoned crypto traders, Plus500 is easy to use and understand, making it great for newcomers. Written and visual tutorials can be found on the website, which will help you start out on your journey into the world of trading. Though the flexibility and customer support of the website are limited, the ease-of-use and various tips the site provides more than makes up for it. If you are new to crypto trading (or trading in general) check out Plus500.
Also you might be interested in a list of the best Bitcoin hardware wallets.