Every Crypto Trading and Investment Activities Involve Risk. This Article Is Provided For Informational Purposes Only And Shouldn’t Be Taken As Investing/Trading Advice.
The cryptocurrency market is volatile, to say the least. The value of cryptocurrencies keeps changing, and making a profit off them, is a measure of performing your due diligence, studying the market, and knowing when is the right time to cash out. If you are a beginner, and you are looking to earn money from trading in cryptocurrencies like Bitcoin (The most popular cryptocurrency in the world), day trading is one way where you can increases your profits, on the investment amount you have put forth. What exactly is day trading, though?
Day Trading Cryptocurrencies
Before venturing into cryptocurrency day trading, you must be aware of, and familiar with its many aspects. Day trading can be both profitable, and unprofitable, and involves exchanges and brokers, that help you trade easily. CFD trading is the best way to trade if you do not want to get into the technicalities of blockchain technology. If you want to trade your cryptocurrencies directly, choose a broker that charges a minimal fee, and provides for substantial benefits.
Here are a couple of the Best Brokers for Day Trading Cryptocurrencies
- IQ Option – Low minimum deposit, low fees
A popular choice for many cryptocurrency day traders, IQ Option has established its standing in the cryptocurrency market. IQ Option is regulated under the Cyprus Securities and Exchange Commission, and appeals to its traders and clients, through its unique approach. You can start trading on IQ Option with a deposit of just $10 and experience several premiere trading facilities and competitive fees.
Before you enter into the world of cryptocurrency day trading, you can set up a demo account in no time, gain access to extensive educational material, and ply your trade, without garnering any losses, or spending a dime. You are given $10,000 in play money to trade, and hone your skills, for as long as you want, before you make the jump, open a new account, deposit fees, and start trading!
IQ Option provides extensive customer support and is available in several languages, including the likes of English, Spanish, French, German and Hindi, among others. Conventional brokers allow account financing in either USD, GBR or EUR, but IQ Option provides provisions for the Malaysian Ringgit, Chinese Yuan and South African Rand, as well, among several others. In fact, IQ Option is available all over the world, except for fifteen countries, of which the United States is a notable absentee.
IQ option encompasses a clear, fast and modern solution for its many clients. Among the many tools it provides for, IQ Option gives traders popular indicators like RSI and BB, graphical tools like Fibonacci Lines and Trends, historical quotes and a multi-chart layout, all in their hand. You can stay up to date with the latest news, trends, and market swings, all in one platform. You can subscribe to newsletters and turn on volatility alerts to stay on your toes and be ready to take any possible measures to make a sound day trade.
IQ Option allows for an array of different trading instruments apart from cryptocurrencies, including the likes of CFDs, Forex, Indices, Stocks FX Options ETFs and Commodities. As of the 13th of November, 2019, the day trading broker supports 6 Commodities, 10 Indices, 21 ETFs, 169 CFDs, 87 Forex Pairs, and 17 cryptocurrencies. IQ Option charges minimal fees as well when it comes to inactivity, withdrawals, spreads and overnight fees.
IQ Option charges a spread fee, which depends on current market conditions – it changes over time. The platform charges an overnight fee of 0.003-0.015%, and in some extreme cases, 0.6%. If you are inactive for a period of over 90 days, a fee of 50 EUR is levied. Withdrawal fees amount to 25 EUR, or its currency equivalent, with respect to the currency you are withdrawing in.
- XTB – Popular trading platforms, strong regulatory framework
XTB is known for its speed of execution, and its transparency. XTB differentiates itself from other day trading brokers through three main features –
- Its xStation 5 platform is powerful.
- XTB provides for a plethora of analytical and education material, for traders of all kinds – beginners, amateurs and professionals.
- It comes with an open-door policy, which entails a very high level of support from its client support team.
Notably, its customer service team is impeccable, and provides immediate responses throughout the day, for five days a week. The broker platform provides its clients with free educational material – beneficial to learn how to trade. They claim that the educational content that they provide for, is at par with no one else, and leads the pack. You can access this content from both the website and the XTB platform.
Cryptocurrency lovers can day trade on Bitcoin, Ripple, Ethereum, Litecoin, and Dash, among other cryptocurrencies. Apart from cryptocurrencies, other tradable assets include Forex, Shares, Indices, Commodities, and ETFs. New traders can easily, and efficiently apply for a new, live account by filling a secure form. XTB is well protected, and governed under the Financial Conduct Authority (FCA), and all brokers must go through the due process of filling a KYC form. This protects customers against possible money laundering activities and ensures trade is more secure.
Among the few drawbacks of the XTB day trading platform are that is fees and commissions depend on the choice of account you obtain, and the instruments you trade-in. These figures are on the higher side when compared to other notable platforms like IQ Option and IG. XTB charges a deposit fee of 2% for payments made through PayPal, supported eWallets and Skrill. No fees are cut for Debit and Credit card deposits.
XTB provides extensive language support and comes in several plausible language possibilities, including French, German and Spanish, among others. The day trading broker mainly serves Eastern, Central, and Western Europe. Another huge drawback to the XTB platform is the fact that its minimum deposit requirement is $250 (compared to $10 on IQ Option). All in all, XTB is a well-trusted platform, with several pros, and many notable cons.
Conclusion on the best broker for day trading cryptocurrencies
Day trading is a great way to foray into the cryptocurrency market, and you must do your research before choosing a platform to operate on. XTB and IQ Option are two great day trading platforms for cryptocurrencies. While XTB has a longer standing in the market, IQ Option is a unique proposition, with minimal trading fees, great features, and amazing education material. Choose wisely, and jump on the day trading bandwagon today.
This article should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before investing or having anything to do with the company, goods and/or services mentioned in the above article.