The growing popularity of the crypto asset class has given day traders a great option to diversify their investment alternatives. Because cryptocurrencies are unstable and prone to sharp price fluctuations, they actually present frequent opportunities for profit. When considering which platform to trade digital assets on, key factors include reduced prices, higher security, continuous service improvement, and practical and aggressive terms (zero commissions, no withdrawal fees, ability to deposit funds with fiat currency, etc).
What is Crypto Day Trading? How to day trade crypto?
Compared with long-term trading, day trading is totally different because usually experienced day traders rarely stick onto a position for more than a few hours. You might even find that day traders open and exit a position in a matter of minutes, depending on the markets.
The main idea behind day trading in cryptocurrencies is to hunt for opportunities to profit from transient market patterns. This implies that you will target modest profit margins, but with much more frequency. Minimizing costs is the main consideration for day traders when choosing the best crypto trading platform for day trading. After all, day traders often execute a large number of trades, so even a tiny difference in fees can soon pile up. Day traders also find particular appeal in exchanges that provide discounts for high volume traders. Also, altcoin selection can be important because altcoins tend to be very volatile and present profitable trading opportunities to astute investors.
What are the best crypto exchanges?
Users struggle to choose the best and most dependable service providers due to the overabundance of available options. Here we list some of the best day trading platforms for you.
Phemex is an excellent cryptocurrency day trading platform with low fees, cutting-edge features, and industry-leading security and transparency. The cryptocurrency exchange offers a wide variety of key features and trading products as well as high trading volumes and acceptable liquidity.
Fees for spot trading on Phemex start at 0.1% and go down as the monthly trading volume increases. The transaction fees for contract trading are 0.01% and 0.06% for makers and takers, respectively. The fees are quite competitive when compared to other exchanges of a similar nature and provide high-frequency crypto traders with excellent value. The Phemex VIP program rewards big volume traders such as day traders, featuring strongly discounted rates that won’t be easily found elsewhere in the entire crypto industry.
As for additional support, Phemex has integrated TradingView, which means users on the TradingView platform can chart Phemex’s trading pairs. Besides, Phemex offers academy and blog articles conducting all types of technical analysis with explainers on hundreds of trading indicators. Even new traders can easily start their day trading journey on Phemex.
Binance is an exchange designed for both experienced and those who are new to the cryptocurrency market. Active crypto traders may be interested in the exchange’s range of trading choices and order types. However, the high expansion speed also brings problems because this giant crypto platform has recently been facing regulatory pressures, resulting in certain service suspensions.
One of the most well-known exchanges is Coinbase. On the site, more than 89 million users can access hundreds of cryptocurrencies and can purchase, sell, and manage them. Both inexperienced cryptocurrency investors and expert traders may easily navigate Coinbase. But for some users, its fee structure might be difficult to understand.
Platforms for trading cryptocurrency now come in all shapes and sizes. While several factors such as reputation, fee policy, and depth of offering must be considered when selecting the best place for day trading crypto, the final decision is based on your personal preferences. If you’re wondering which is the best crypto day trading platform, the suggestions on this list should be your first considerations.