Best Crypto Platform For Day Trading: Everything You Need to Know

 Best Crypto Platform For Day Trading: Everything You Need to Know

When it comes to trading cryptocurrencies, there are two main strategies that traders use: day trading and long-term investing (aka HODLing). While you can do both of these strategies on every exchange, some exchanges are better suited to one of these strategies than the other. If you want to know the best crypto platform for day trading, this is your comprehensive guide.

Introduction

Cryptocurrency is becoming increasingly popular these days, with traders constantly looking for new ways to maximize their return on investment. In fact, crypto trading has become so popular that there are now crypto platforms solely dedicated to helping you trade your digital assets as effectively as possible. And in today’s blog post, we are going to look at what makes the best crypto platform for day trading and how it can help you maximize your ROI.

There are four key factors that you should consider when picking a cryptocurrency exchange for day trading purposes, but let’s start by looking at security. As cryptocurrencies gain popularity, more hackers will start targeting them. One of the best ways to protect your investments is by using two-factor authentication (2FA) which means that even if someone steals your login details, they won't be able to access your account without also knowing the code sent via SMS or email. Make sure you enable 2FA on all exchanges where you have an account and use strong passwords - ideally 12 characters long containing letters, numbers and special characters (e.g., !@#$%^&*). Other important considerations include customer support quality (they're always online), whether or not there's margin trading available for altcoins as well as fiat currencies like EUR or USD and finally how many transactions per second does the system support?

Choosing The Right Exchange

When choosing the right exchange, you should consider a few factors. First, what's your goal? Second, what type of currencies are you looking to trade? Third, which countries do you live in and is there an option that serves your location? Finally, if you're an active trader or not. Active traders may want an exchange that offers high liquidity and low trading fees. If these things don't matter to you then a simple exchange with basic features will work just fine. There are so many different exchanges out there it can be hard to choose one. However, we've narrowed down our top three for best crypto platform for day trading based on the criteria above. They are Binance, Kraken, and Bittrex respectively. Binance- It has never been easier to start trading cryptocurrency than now. The interface is extremely intuitive and easy to use. It also has a variety of cryptocurrencies available for purchase or trade. 

Kraken- Newcomers will find this website extremely easy to use because its UI is so straightforward and modern.

Choosing The Right Cryptocurrency

Cryptocurrency is a digital asset that can be traded and will eventually be accepted as a currency in some countries. When you first get started, it's important to know what the best crypto platform for day trading is for you. With so many platforms out there, it can be tough to determine which one is best for your needs. Your choice of platform will depend on what type of investor you are, your knowledge of cryptocurrencies, and your budget. If you're new to investing in cryptocurrency, then Coinbase is probably the best crypto platform for day trading. It has an easy-to-use interface, makes buying and selling cryptocurrency simple, and offers physical bitcoins that have a tamper-proof design called cold storage. The downside is that its fees tend to be higher than other sites but it offers mobile apps for both Android and iOS devices. If you want to trade quickly on short term trends with low fees, then Kraken might be the best crypto platform for day trading for you. It's geared towards more experienced traders who want more control over their trades. Keep in mind though that it has higher transaction fees than other platforms like Binance or Bittrex because those exchanges deal with transactions differently than Kraken does.

Starting Out Small

There are many different crypto trading platforms but not all of them offer the same features and levels of security. Here is a list of the best crypto platforms for day trading, ranked according to their popularity. 

Binance - Binance is popular because it offers a wide variety of coins that can be traded for other coins or for Bitcoin, and it has low fees. It also has good customer support, which is important when you are starting out small with day trading. 

Bitfinex - Bitfinex has a large variety of cryptocurrencies available for trade as well as fiat currency deposits and withdrawals. It also offers advanced features such as margin trading and stop orders so you can give yourself some protection in case your investments take a turn for the worse. The site does have a bit of a checkered past due to its hack back in 2016, but they have since been able to recover and prove themselves once again.

Bittrex - Another great platform for new traders is Bittrex because it offers access to lots of altcoins. The downside is that they only allow cryptocurrency purchases with other cryptocurrencies. But if you already have Bitcoins then this might be the way to go! Plus their prices are fairly competitive too!

Practice Makes Perfect

Day trading can be a lucrative investment strategy, but it's also a risky one. When you trade on the day, you're buying and selling your assets over the course of one trading day. This means that when you buy at 9am and sell at 5pm, that was your whole day's trading. If you bought at $1 and sold for $2, great! But if you bought at $1 and sold for $0.75, well then your profit is not so great.

In order to help mitigate risk while maximizing profit potentials, it's important to pick the best crypto platform for day trading before investing any money in this type of activity. As always, there are many different factors to consider. Some brokers offer certain features or access to markets that others don't have, so choosing an all-encompassing service may not be the right way to go. We've listed some of our favorite picks below, as well as what they offer and how they compare with each other. Let us know which one is your favorite in the comments!