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Best Day Trading Cryptocurrency Platforms for 2022

Day Trading Cryptocurrency Platforms

Can anyone claim to not have heard about cryptocurrency, blockchain, Bitcoin, and Metaverse? The odds that you didn’t see an advertisement promoting cryptocurrencies or trading platforms are unlikely. The amount of money invested in these promising technologies is enormous, and it seems that investors will continue to finance them.

Are cryptocurrencies, blockchain technologies, and Metaverse just ear-candy trends, or do they represent the pillars of a huge Internet revolution? It’s too early to have a well-argued answer, but there are a few signs that reveal that they have the potential to change our lives. 

Cryptocurrencies have a bad reputation because people associate them with scams and fraudulent schemas. While they may be correct to a certain extent, cryptocurrencies are far more than illegal activities. People trading cryptocurrencies contribute to the development of excellent projects, but also earn profits from this activity. It’s legit, profitable, and interesting. Check out this article to learn more about cryptocurrency and the best day trading cryptocurrency platforms for 2022.

Cryptocurrency Industry 

Massive and casual investors alike are scared to death by cryptocurrency volatility. This is one of the main reasons people are reticent about crypto projects. In early phases, these projects may grow by 10, 50, or even 100 times. Although plenty of projects simply disappears after huge expansions, overall solid projects are relatively stable. Be aware that mass media does distort reality in some cases. Ideally, you should do your own research.

For example, let’s analyze the Bitcoin evolution. Last year,  Bitcoin was around 29,300 USD on 1st January 2021, and it was around 46,300 USD on 31 December 2021. It grew by approximately 58%, which is a fantastic rate of profitability. Take into account the inflation and fees to swap it in USD, because these will reduce the profitability. It was a good idea to invest in Bitcoin, but it’s not a get-rich instantly scheme. To be fully transparent, I underline that Bitcoin evaluation fluctuated during 2021. Indeed, during a longer period of time, let’s say a year, the value of most cryptocurrencies doesn’t fluctuate too much. However, cryptos may fluctuate considerably in a short period. For instance, a crypto coin may fall down by 20% in a week, grow by 40% the following week, and have year-over-year growth of around 10-15%.

Types of Trading

There are many classifications and definitions, but two types of trading methods are the most prevalent in the industry: investment and day trading

Investment is a long time process; in simple words, it means to invest now and expect results in a year or more. Of course, you can take profits anytime you want. What really matters is your objective—to invest in a crypto project and expect to generate profit from a long-term perspective. 

Day trading endeavors to generate money from buying coins on lows and selling them on highs in a short period. Day traders love volatility because a volatile market means more opportunities for them. 

How to Trade

Whether you are a long-term or short-term trader, there are a few golden rules you need to follow. First, it’s important to know that traders lose money more often than they earn it. Second, cryptocurrency is in its early phases, and the regulations are far from perfect. During the next few years, legislators will surely improve them and the market will be safer. Third, consult a financial advisor from your country. Regulations differ from country to country, so you should know the taxing system on crypto trading in your country. Fourth, greed is your biggest enemy. Big profits in a short time are fortunate occurrences; decent profits are what you should look for.

The following tips are the fundamentals of a profitable trader.

Invest Money You Do NOT Need

You’ve probably read tons of articles about investors who earned millions of dollars. YouTube is full of investors who share their earnings. Take all these fabulous earnings with a grain of salt. Some of them earned that money for sure, but others exaggerate the numbers to gain more attention. Anyway, it’s clear that day trading is a profitable activity for some people. Sadly, it might not be for you! As a result, don’t invest money you don’t own. You’re more likely to lose money when you’re a newbie. 

Learn the Basics

Trading is a very complex area, and you need many skills. A WordPress enthusiast is likely to be a techie, so you might quickly learn the fundamentals of trading. Numerous resources are available to learn the basics. Our list of the best day trading cryptocurrency platforms includes sections for learners. Consult them before spending money!

DYOR

The crypto industry is full of acronyms, and you’d better learn them. The first acronym: DYOR – Do Your Own Research. The more you learn, the easier it is to detect fake experts. Apart from that, you know best how much money you can risk. Research every investment before you make it. By doing so, you will prevent yourself from losing money.

Best Day Trading Cryptocurrency Platforms

It’s a good idea to familiarize yourself with the day trading cryptocurrency platforms, even if you don’t have the capital to invest. Some of them allow you to create a virtual portfolio just to test the waters. All of the following suggestions allow both day trading and long-term investment. The platforms are centralized—you have to provide personal details to benefit from the features. Decentralized platforms don’t require personal data, but are a little more complicated to use. 

All our suggestions have mobile apps for Android and iOS and plenty of tutorials to learn using the web and mobile apps. You need patience and time to have a solid grasp of your favorite day trade cryptocurrency platform.

Coinbase

Coinbase gets the first position on the best day trading cryptocurrency platforms, thanks to its clutter-free and intuitive interface. If you are a complete beginner, you should start with Coinbase. 3,000+ assets, including Bitcoin, Ethereum, Ada, Solana, Dogecoin, Tether, and Shiba Inu, are available to trade on Coinbase.

One of the most attractive advantages of Coinbase is its security. No major hacks to Coinbase’s database have ever been reported. Certainly, cohorts of cyber criminals tried to find a breach, but it looks like they haven’t managed to do so. Additionally, your credentials’ strength plays a major role in keeping your account secure.

Coinbase’s transfer fees are above average, but you can earn some money by checking the Learn and Earn section. All you have to do is participate in the promotions—learn about a particular coin, answer a few questions, and earn some bucks.   

Binance

Binance faced some serious problems regarding a hack in 2019, but customers looked past this and trust the platform. It’s one of the most frequently used day trading platforms, thanks to the rich array of cryptocurrency coins. It’s hard to believe that Binance doesn’t transact your desired coin. 

Binance offers more services than Coinbase, and, as a result, the onboarding process is a little more complicated. It’s a platform for mid to advanced users, but it’s not impossible for a beginner to use it to do day trading.

Binance blog and academy are two useful places to learn more secrets about day trading, so don’t skip visiting them.

Crypto

Crypto is one of the newest day trading cryptocurrency platforms, but it looks to have a promising future. Just to give you an idea of the Crypto marketing budget—the Staple Center arena in Los Angeles was rebranded into Crypto Arena.

You can invest in the Crypto coin (CRO), but you can also day trade many other crypto coins at reasonable fees. Additionally, Crypto allows buying, selling, and showcasing your NFTs. The interface is simple to use, so this platform is perfect for beginners and experts alike.

Gemini

Gemini is a platform that is used not only by casual users but also by experienced traders. It’s suitable for buying and trading cryptos, but it also has many other interesting options. Gemini Earn is a cool way to passively earn some money from your cryptocurrencies. Buy your favorite coins, transfer them to Gemini Earn, and select how long you will keep the money. You earn interest depending on the coins you own. Use the Gemini calculator for a better idea of your potential earnings.

Kucoin

Kucoin is for everyone—its interface is simple, and you can literally start to invest in cryptocurrencies with just $1. Users can perform 500+ crypto coin transactions in a highly secure environment. While the deposit fee is in line with the competitors, the rest of the fees are lower.

Similar to the majority of the trading platforms, Kucoin gives you the possibility of lending crypto to earn interest. Besides, you can use leverage to trade cryptos—a huge NO-NO for beginners but highly profitable for genuine experts.

Kraken

Kraken is one of the oldest cryptocurrency platforms, and it has a considerable fanbase. The media has not reported any major cybercrimes involving Kraken despite its age. It targets mostly mid- to advanced users with a multitude of complex features. Kraken allows trading with leverage and futures. Don’t use these tools unless you are well-versed and fully aware of the consequences.

eToro

Is eToro a day trading cryptocurrency platform? Well…yes and no! eToro is a social trading platform, mostly focused on stocks, but you can trade cryptocurrencies as well. eToro deserves your attention as it’s a great tool to interact with like-minded people. On top of that, eToro lets you replicate the portfolio of other users. It’s not a smart idea to blindly follow other users, so always apply the DYOR principle. However, checking the portfolios of the most successful traders is one of the best methods of learning day trading.

Over to You

Cryptocurrencies are here to stay for many years! Investors allocate colossal amounts of money to crypto projects. Day trading isn’t simple, and you need a lot of research for each transaction. Prudence and patience are key factors for your success. The day trading cryptocurrency platforms recommended are the best in our evaluation, but the list is long. Do you use any other platform or one of our recommendations? Leave a comment with your cryptocurrency platform of choice and share with us your day trading strategies.

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