A day trade is when you purchase shares (stock) and then proceed to trade the already purchased shares before the market completes. The best day trading platforms for cryptocurrency offer improved and evolved features, rapid performance, a large selection of research, low fees, and a powerful mobile app for trading as you carry out your daily activities. If you’re a day trader (or a prospective day trader), you likely have an inkling of what you want in a brokerage and online trading platform: low costs, premium research, and innovative technique. Now, this article covers everything you need to know about the best day trading platforms for beginners. Just in case you are wondering about the best day trading platforms, we got you covered too. Let’s begin.
The Best Day Trading Platforms
Here are some of the best day trading platforms for beginners and also the best day trading platform for cryptocurrency.
#1. eToro
eToro completely altered the way many people trade and invest with its best-day trading platform for cryptocurrency. Social trading includes mirroring another trader or investor’s trades in a unique and different social trading account.
Although you make the same amount and percentage proportionally as the investor you’re copying, you also earn the same percentage of losses the trader takes into their account.
You can exchange both traditional stakes like stocks and ETFs and cryptos all on the same platform with this best-day trading platform for beginners, making it a fantastic all-around platform.
#2. Uphold
This is one of the best day trading platforms for cryptocurrency brokers because of its extraordinary variety and functionality. It provides more than 200 types of cryptos, which is more than you’d see from other day trading platforms
It even endorses stock and precious metals trading too. If that’s not enough to convince you here’s more, its crypto staking page provides incredible and mouth-watering interest rates if you are looking to earn passive income.
If you enjoy trading a large diversity of assets including Bitcoin, altcoins, stocks, and precious metals, Uphold is likely the best day trading platform for you.
#3. Coinmama
This is effortlessly one of the best day trading platforms for cryptocurrency available today. You can tell by its completely massive user base of 2.8 million people( amazing right?).
It is an exceptionally outstanding option for foreign investors/ traders because it’s available in over 188 countries and its support for various fiat currencies is practically unpaired. You can use virtually any fiat currency to purchase cryptos ( prices are just shown in EUR or USD).
Coinmama is a wonderful option for foreign traders but it’s just as great for U.S. traders too.
It offers low fees and a reasonable selection of tradable cryptocurrencies. It isn’t the biggest option out there by any means but you can still exchange most of the top cryptos on Coinmama.
#4. NinjaTrader
This best-day trading platform for cryptocurrency offers some of the best charting, backtesting, and automation tools convenient to retail traders.
For more professional traders looking for great customizability of graphs and the proficiency to leverage thousands of pointers, this platform is your best bet.
You also have backtesting and simulation tools all available in the same platform, so you can proceed to refine your technique in the platform you do your actual trading.
You have access to stocks, forex trading, futures, options, and contracts for differences (CFD), day traders can also influence custom trading strategies in almost any market of their choice.
The major weakness and disadvantage is the lack of educational resources. Beginners and first-time traders might feel lost in the platform and battle to operate the full suite of tools available.
#5. Robinhood
This is by far the best day trading platform for beginners. It seeks to make financial markets available and open to everyone by offering an intuitive platform and an abundance of educational methods for new traders to understand the ropes.
With real-time selections and a responsive platform, you can reliably perform trades founded on the most up-to-date pricing data.
Investors of all skill categories will also appreciate the zero commission costs and low margin rates that make regular day trading cost-effective.
Nonetheless, Robinhood offers restricted indicators, so mobile day traders or more professional traders who require better charting tools and indicators would consider the platform lacking.
#6. Moomoo
Providing high-quality executions, lengthened hours, and high-volume order skills and qualities, moo-moo is the best day trading platform for cryptocurrency.
The platform delivers commission-free trading, zero options agreements and policies, and a wide span of market analysis tools.
You can use a whopping 50 indicators, access grade 2 market data, and uncover the latest information on all your positions, all in the same platform where you do your actual trading. This is just amazing
Do you know what else is amazing? All of this is available at no additional cost when you open an account. Regardless, it is without backtesting and automation tools which might make it feel unsatisfactory for some traders.
#7. Pionex
Automatic and Robotic trading is an important service for crypto traders because the market is awfully explosive and you constantly don’t have time to handle your trades.
When you use this best-day trading platform, it’s free to sign up and there are 18 tailored bots you can try, with each one offering a unique strategy.
You merely pay maker and taker fees of 0.05% when you trade with this best-day trading platform for cryptocurrency, and you can even trade manually if you prefer.
Big investors with accounts transcending/topping $300,000 can also enter the Market Maker program, which plunges your maker fees to zero.
You can trade on the go with the app, set up your account to generate passive income or permit the app to build on tokens you intend to hold for many years.
#8. Caleb & Brown
This is by far one of the best day trading platforms for beginners. It strives to bring cryptocurrency to clients who are beginners and might not know how to navigate the site very well yet.
With personalized/tailor-made service, you get global access to liquidity that makes trading easier and more accessible.
You can trade more than 1000 assets, and security for your account is extremely enhanced. Only you can access your tokens, and you operate/trade directly with a vendor who will assist you make the best investment decisions.
Since C & B is an Australian firm, you also have access to XRP, TFue,l, and Theta, while U.S. exchanges do not. Talk to your vendor about paying for college, retiring, saving for major purchases, planning vacations, and a whole lot more.
Is Day Trading Still Profitable?
The answer is yes, day trading is still profitable. A day trader’s earnings vary and it depends on the manifold trading procedures, risk management strategies, and percentage of capital available. As of 2023, the typical day trader’s yearly earnings were approximately $294,000.
It doesn’t matter if you are choosing stocks, options, futures, commodities, or currencies, day traders go in and exit positions within the same day.
Sacrificing and losing funds is common for day traders as various individual investors own undiversified portfolios and trade industriously, speculatively, and often to their detriment.
Day traders naturally incur high brokerage salaries, so picking the best trader and establishing a manageable trading technique with proper risk management is necessary, hence you must find the best day trading platform that suits your needs.
“Whether they’re trading for themselves or working for a trading shop and using the firm’s money, day traders typically don’t get paid a regular salary. Instead, their income is derived from their net profits. These profits include what’s left over after deducting trading fees and commissions, the cost of trading software or connections to exchanges, and any “seat fee” paid to a trading firm.
A day trader can have dry spells or experience volatility in their earnings. As a result, many trading firms offer instead of a draw instead of a salary. This is often a modest amount of money meant to cover everyday living expenses and is drawn monthly. Then, any excess earnings are paid out in the form of bonuses. This also means that if you don’t make enough trading profits to cover your draw, you may end up owing the company money.”
Why Do Most Day Traders Quit?
According to a survey result from the stock platform Etoro, they discovered a large percentage (80%) of day traders lose a fortune over a year with a central loss of -36.30. It’s no surprise then that we have a lot of day traders quitting. Not looking so hot for day traders.
An analysis of trading-platform data shows that 80% of day traders are unprofitable over a ye
According to the stock platform Etoro, they found that a whopping 80% of day traders lose money over a year with a median loss of -36.30%!
It’s no surprise more than 75% of all-day traders end up quitting within just two years.
Read Also: STOCK TRADING: Definition, Best Apps, Strategies & Games for Beginners Stock Trading
In 1999 The North American Securities Administration Association ( NASAA) noted that: 70% of traders will lose nearly all their money. With only 12 percent of them actually making a profit on their short-term trades, and now those digits have just gotten worse!
It’s through the improvement of readily accessible apps like RobinHood that make it so convenient to trade stocks that additional people want to give this investment technique a try. (and it doesn’t usually end well for them)
You not only have to be apt at finding and picking the few stocks that will go like a shot, but you will also have to do it with excellent timing.
The large majority of profits in the stock markets were formulated in just a few days out of a whole year. If you miss investing on the 3 favorable days of the year, you will miss out on over 70% of the earnings. This is why you almost always hear the saying “Time in the market, beats timing the market”.
Does Warren Buffett Use a Broker?
Yes, he uses a broker, possibly many. He often negotiates a private/unique deal with the company, which you and I cannot. But his organizations deal daily with brokers on cash supervision and stock positions.
Buffet discovered several preferred, convertible stock deals, where even then his investment banker was involved.
Warren Buffet and his brokers/bankers negotiate deals with companies for full takeover, or a special, one-off security just for him. He may offer loans, or he may take management responsibility but delegates it.
What Brokers Do Most Day Traders Use?
- Fidelity Investments.
- Interactive Brokers.
- TradeStation.
- TD Ameritrade.
- E-Trade.
- Charles Schwab.
What is the Role of a Cryptocurrency Broker?
Cryptocurrency brokers offer speculative agreements on the rate of digital currencies. You have the right to swap the contracts as prices shift, not the digital currency.
Conclusion
A day in the life of a Day trader is not easy, it’s not a pastime or a periodic activity if you are serious about building wealth.
Although there is no guarantee that you will earn a lot or be able to predict your average profit margin over any period, there are strategies that you must master to help you rake in profits while minimizing losses.
It requires discipline, capital, forbearance, training, and risk management to be a prosperous and profitable day trader. If you’re interested, review the best day trading platform to choose the right trader for your needs.
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