Crypto trading has been a lucrative profession for so many right from time, and as it keeps trending, the issue of the best crypto day trading platform continues to emerge.
Although crypto trading is broad, but the common one we understand is buying and selling crypto pairs.
In crypto trading you either scalp, trade daily, weekly etc.
What is Crypto Day Trading
From the term “day trading“, this type of trading involves you not holding a trade position for a longer period of time. Day trading involves the holding of trade positions for hours or less than that depending on the market.
The crypto space has made day traders profitable because of the volatility of the crypto market. That’s why the issue of the best crypto day trading platform has sprung up.
If you want to learn day trading or if you are a day trader, you have to choose between different trading platforms to perform your day trades. But from researches we have picked the best crypto day trading platform, and we would reveal that ASAP.
Best crypto day trading platform
In the course of this article, Binance crypto Exchange is the best crypto day trading platform and the exchange will be discussed comprehensively.
Binance crypto exchange was founded and launched in 2017 by Changpeng Zhao , and since then it has been an amazing journey for the crypto exchange as the exchange has strived vividly not just in their exchange but in taking crypto knowledge to crypto enthusiast all over the world.
Currently, Binance is the largest crypto exchange in the world by cryptocurrency volume.
Binance is committed in advancing their ground over the globe, and the journey has been successful and continuous by the just concluded Bayrain and Dubai digital asset license acquisition.
When it comes to day crypto trading, an exchange should be easy to understand, to navigate and used by either newbies or professionals. That’s why we chose Binance, because of its seamless and its friendly user interface.
Every day trader’s dream is to trade positions with lesser fees, and this is feasible in Binance, as the exchange charges a commission of 0.10percent per slide. If you open larger positions in a month, your trade commission will be reduced.
Depending on the crypto market, a day trader can open many positions in a day, this makes it advisable to use a trade-position friendly crypto exchange.
Binance lets users trade and hold positions of about 600 plus cryptocurrencies, this favours a day trader as he/she has lots of currency choices to trade on. Even if you are a US citizen, you still have access to about 60 cryptocurrencies to enjoy your day trading experience.
Features of Binance day trading interface
Binance trading interface is equipped with everything a trader should need for analysis. You don’t need to use it as an option but as a top exchange.
- Spots trading feature: In Binance you can directly buy and sell currency pairs with immediate delivery at a specific date.
- Futures trading feature: This feature lets users buy and sell futures crypto contracts for delivery on a specified future date.
- An advanced technical analysis section where you can use various technical indicators to analyze your trades before you execute them.
- Effective market orders to be discussed below
Binance Market price orders
This orders help in trade executions and Binance made it easier for users to trade with convenient execution orders. In this vain you can sleep and your orders are being executed accurately.
- Market order: This executes your buy or sell orders instantly at the current price of the crypto pair.
- Limit order: This order helps you execute your trade at a specified price(not at the current price). For example, if Bitcoin’s price is $50k and you are expecting a retracement before buying. You can set a limit order price to execute your trade when Bitcoin hits $49k. With this even when Bitcoin hits $49k when you are sleeping or working, your trade will still be executed automatically.
- Stop Limit Order: This order triggers a limit order set.
- OCO(one cancels the other): This order comes in play when you are not really sure of a buying or selling point. With this you can get a buying or selling range and OCO the two prices. Any one that is partially or completely filled will cancel the other one. In this order, two different trades are set, and the first one to be partially or completely filled will remain and the other one will be cancelled. With this we can say an OCO order combines the limit and the stop limit order.
A lot of features in Binance will make your trading journey seamless and productive.
Why crypto day trading?
We are in a crypto world where people have different mindsets in the same trading path. Crypto trading is broad with different strategies. Picking the one that works for you will be of great impact to your trading journey. Why should you day trade?
- When you can’t hold positions for long: Some traders are known by their short market exposure times, while some like spending enough time in the market. If you have short term mind for markets, you should day trade, as it will be profitable for you. Day trading will reduce the positions you can hold for a long while.
- When the market is not stable: Sometimes, the market can make you dumbfounded. It doesn’t matter how long you have been trading, you can be speechless seeing a certain choppy market. In this case, holding a long trade or position will be at great risk. But day trading with short positions will fit in at this point.
- When you have scalping ability: A scalper is automatically a day trader. If you have a scalping ability, you should channel it into day trading and build your day trading skills more and more.
Conclusion
Your trading journey can be totally influenced by the trading platform you use, so its advisable to use an equipped and easy to use platform.
