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Cryptocurrency day trading involves trading of digital currency assets. As you probably know, one of the top forms of digital currency is Bitcoin. This kind of online trading is somewhat new, however, it shares a lot of similarities with Forex trading and is becoming a great way of making money online.

One of the benefits of crypto day trading is the potential profit to be made. Not many people trade cryptocurrency markets yet, so it's less saturated by others trying to get in on the action. However, you should know that as well as big wins you can also experience losses, and you should understand the technology before you start.

Just like binary options or Forex brokers, there are also cryptocurrency brokers that specialise in the day trading of this digital cash. As with any broker, our job is to test them all out, put them through their paces and then present our information so that you can make an informed decision about which broker to choose.

In this article, you will learn:

  • The vast benefits of cryptocurrency day trading
  • How crypto day trading works and what to watch
  • Why choosing a great broker really matters

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Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

What Makes a Great Broker

Crypto Trading

Like many other brokers, some factors make a good broker. From the bonuses that they offer to their licensing and regulation, competition is fierce, and you have the choice between numerous brokers. Let's take a look at some of the criteria that make a good broker:

Licensing And Regulation

Obviously, like any online transacting, if you are going to put your money somewhere, you need to know that it is in safe hands. Any platform where you are financially transacting needs to be licensed and regulated for you to be confident that your money is safe. Each country has its regulator and rules surrounding regulation, and you should always look for the licensing accreditation when you are selecting a broker.

Ease of Trading

With the evolution of technology, almost everyone transacts on the move from a mobile device. As long as you have a mobile phone and an internet connection, then you should be able to trade. You need to ensure that the broker offers a good mobile experience and that their platform is easy to navigate and use. If they don't have an app, then they should at least have a mobile-friendly website. Just visiting the site from your mobile device and having a look around will demonstrate if mobile day trading is feasible.

Bonuses And Incentives

From $25 welcome bonuses to 100% match deposit bonuses you will find a whole host of incentives to encourage you to open an account with a specific broker. Make sure they offer all the other criteria that we discuss before you get drawn in though. Remember, you cant withdraw your bonus until it has been traded a certain number of times.

Customer Service

If something goes wrong, or if you have a question about an element of day trading you need to know that there is someone there to help and advise you. Customer service can mean a 24-hour virtual assistant or someone on the phone during trading hours. A good broker will offer a high level of customer service.

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How Crypto Trading Works

Similar to Forex day trading in which you trade actual currency pairs like USD/GBP, cryptocurrency day trading involves the trading of currency pairs where one or both can be a form of digital cash. An example of a cryptocurrency pair could be Bitcoin against the USD or USD/BTC. We use Bitcoin as an example because it is the most widely recognisable, but there are many types of cryptocurrency.

These currencies are what are known as World Financial Transactions and are among the most recognisable. There are many other niches within the cryptocurrency market including Application Platforms, Private Financial Transactions and Specialty Currencies. Each of these niches contains different currencies. If day trading currency markets aren't your thing, you can try "Contract For Difference" trading, this type of day trading spans many markets including stocks, shares and commodities.

While some people are yet to get to grips with cryptocurrencies, you may wonder if it is real money. The answer is yes! While you may not have physical coins and notes like with "real" money, digital cash is an entry on a database. It isn't unlike your real-world bank balance. Often you make a transaction, but you never see the actual money. When you are day trading online, there is no difference between physical currency and digital currency except our perception of it.

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Cryptocurrency Bonus Deals

There are many types of bonus deals available across the many brokers. Of course, there is the favourite and widely offered "welcome bonus" which is open to all new traders. This type of bonus doesn't always require a deposit and can be used to test the platform before risking your cash. You can use your bonus to trade a range of cryptocurrencies including:

  • Bitcoin - The most widely recognised and pioneer of cryptocurrency
  • Litecoin - Another early entry into the market following Bitcoin
  • Tether - Matches the market value as $1USD = $1 Tether
  • Ripple - Launched in 2012 and a major player in the cryptocurrency market
  • Ethereum - Used by application developers to pay for services on the Ethereum network

More and more brokers are now also offering no deposit bonuses to remain competitive. Other bonuses include a deposit bonus which varies from broker to broker. For some, it may be a percentage while for others they will match your deposit 100%.

There are specific criteria that come with these bonuses though. While you may get a bonus for signing up to the site you cannot withdraw the bonus until you meet a specific list of requirements. These include making a financial deposit and fulfilling a minimum trading volume.

One example of a broker requiring a minimum trading volume stipulates that before withdrawal $1,000,000 in volume must be traded! Other factors require you to deposit cash within a particular time frame and also proving your identity. You will be required to do this before making any withdrawal.

One of the benefits of crypto day trading is the potential profits available.

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How we Rate Crypto Platforms

As with all of our reviews and recommendations we don't just base our ratings on internet research alone. Our team of experienced traders use every platform to test the experience for themselves. They use their extensive years of successful day trading experience to ensure that they check each site on every aspect of day trading. Only when we are satisfied that they offer an excellent all-round service will we put our name to recommending them.

While there are many cryptocurrency platforms out there, our experience means that we know what we are looking for and ultimately, what you are looking for in a broker. We deposit funds just like any other trader, use the live platforms, test the customer service and make several transactions to get a good feel for the broker and the claims that we make.

We test all aspects of the website from its ease of use and trading on the move to the app that they may offer. We substantiate their claims through our own experience so that we can bring you enough information to make the right selection. Then all you need to do is read the reviews and select the best one for you, saving you hours trawling through the internet conducting your research.

Our Rating System (More Info)

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  • Account Types
  • Banking & Payouts
  • Bonuses & Promotions
  • Mobile Trading
  • Trade Types
  • Special Features
  • Customer Support

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Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.

Frequently Asked Questions


Is crypto day trading regulated and safe?

Yes, crypto day trading is perfectly legal in most countries. The majority of brokers will be licensed/regulated in their country of origin.

Can I trade without downloading software?

Not many brokers require you to download software to trade in cryptocurrencies. If you are unsure as to whether your broker needs downloads, you can check this out before you sign up to an account.

Do I need to start trading with real money?

No, many brokers offer a free demo platform or a no deposit sign up bonus meaning you won't have to spend anything to start day trading.

How can I make deposits and withdrawals?

Deposits and withdrawals can be made using the traditional digital methods; credit/debit card, wire transfer or electronic payment systems such as Paypal and Skrill. Of course, Some brokers accept cryptocurrency.

What is a crypto broker welcome bonus?

You will receive your welcome bonus payment once you have completed the sign-up process. A no deposit bonus means that you can start day trading without using real money.

Meet The Author
Emily Lanham
Emily Lanham
Trading Economist

Emily has written for us for 2 years, and with an education and career in economics, markets are something she understands. Working as a consultant for various financial institutions gives Emily the ability to devote a certain amount of her time to the site.

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