A Review of Platforms for Beginner Cryptocurrency Day Traders – 2023

crypto chart

When it comes to day trading of cryptocurrency, the platform you use can be just as important as your own skill and strategy. That’s why it is essential for those who are new to cryptocurrency day trading to choose a platform that offers low fees, competitive spreads, fast execution speeds, access to multiple asset classes and reliable customer support.

Fortunately, there are plenty of options available. Some popular ones include Coinbase Pro, Kraken, Binance and eToro. Each of these platforms has its own unique advantages and disadvantages that need to be carefully considered before signing up.  Today we look at CoinBase, and its pros and cons for the beginner cryptocurrency day trader.

You want a platform that has several features designed specifically for beginners, such as advanced charting tools, a user-friendly interface and in-depth tutorials to help new traders get up to   speed quickly. You also want to make sure that you have access to the latest market news and analysis so that you can stay informed and make better trading decisions. A good platform should also provide high levels of security, as this is one of the most important aspects for traders when choosing a broker.

Finally, look for platforms that offer additional services such as customer support and a variety of payment options. This will help to ensure that you get the most out of your trading experience and that you can trust your broker with your funds. With all these factors in mind, you should be able to find the best crypto for day trading platform for you.  Let’s look at the more popular platforms for beginner cryptocurrency day traders for 2023.

coinbase

 Coinbase Platform for Beginning Crypto Day Traders

Let’s take a look at the features that Coinbase offers for its users. Coinbase has both a mobile app and a website, which are very easy to use. It supports a few cryptocurrencies, most notably Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It has integrated wallets to store your assets safely on its platform. In addition, Coinbase supports over 100 other crypto assets including stablecoins like USD Coin and DAI, giving users the ability to buy and sell more assets than most other similar crypto exchanges.

Coinbase, being a regulated exchange, requires its users to register with government-issued identification proof in compliance with KYC and AML regulations. It also provides the option to link your bank account or credit card, which is usually used to fund your account or purchase the supported crypto-currencies. The exchange also provides users with the option to trade instantly by depositing fiat currency, which is a feature unique in the industry.

The platform charges a nominal fee for each transaction depending on the size of the trade, which is usually between 1.00% to 4.00%. Further, Coinbase also provides a pro version of its platform, CoinbasePro, which offers advanced trading tools and lower fee structures. With CoinbasePro, users can trade on the limit order book, and the platform allows high-volume trading which makes it a go-to platform for professional traders.

Aside from its trading features, Coinbase also offers its users several educational resources, including a blog that explains the latest happenings in the crypto world along with webinars and other resources. Furthermore, Coinbase is very serious about ensuring the safety of its users’ assets, and for this reason, they provide extensive security features like two-factor authentication and biometric login.

Coinbase is one of the most user-friendly platforms for buying, selling, and trading cryptocurrencies. Its regulated nature, security features, and user-friendly interface make it an excellent choice for novice trader as well as experienced traders. The ability to trade on CoinbasePro and the extensive educational resources are added bonuses that make Coinbase an excellent choice for anyone interested in crypto trading. Overall, Coinbase takes its place as one of the top cryptocurrency exchanges in the market today, and should definitely be on your shortlist when choosing a cryptocurrency trading platform.

Binance Platform for Beginning Crypto Day Traders

Binance is a Malta-based cryptocurrency exchange that has quickly become one of the most popular crypto trading platforms around. The platform offers an impressive selection of digital currencies, allowing users to trade more than 150 different coins and tokens. It also has some of the lowest fees in the industry, making it attractive to traders who want to maximize their profits.

Binance is a major player in the cryptocurrency trading industry, and it provides traders with a highly sophisticated and reputable platform to engage in buying and selling various digital assets. If you are just beginning your journey as a crypto day trader or exploring different platforms, this Binance review will provide a comprehensive breakdown of what you can expect.

Security and Reputation: One of the critical factors that traders consider before adopting a cryptocurrency trading platform is the level of security and reputation that the platform offers. Binance has a reputation as one of the most secure and reliable exchanges in the market. The platform uses advanced security measures to safeguard users’ assets, and it boasts of a high liquidity rate that ensures seamless trading for its users.

Trading Pairs and Fees: Binance provides a wide range of trading pairs that cover all major cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The platform offers competitive fees that can be further lowered through the use of the native token of Binance, BNB. The use of BNB enables traders to enjoy up to 50% off on trading fees, and this provides a further incentive for traders to adopt the platform.

User Interface: Binance is a platform that offers both a beginner-friendly user interface and advanced trading features for more seasoned traders. The platform’s simplicity allows beginners to make trades with ease and convenience, while advanced users can take advantage of detailed charts to make informed trading decisions.

Customer Support: Binance offers 24/7 customer support to its users through different channels such as email, live chat, and social media platforms. The platform’s team of experts ensures quick responses and resolutions to users’ issues, and this helps to enhance the user experience.

Mobile App: In addition to its web-based platform, Binance offers a mobile app that is available for iOS and Android users. The mobile app offers a seamless trading experience, and users can access all the features available on its web-based platform.

Binance offers beginner and experienced traders a reliable and secure platform to engage in cryptocurrency trading. With its wide range of trading pairs, low fees, and high liquidity rate, Binance has established itself as a go-to platform for cryptocurrency traders. The user-friendly interface and excellent customer support complement the platform’s robust trading features, making it an excellent choice for any trader.

Kraken Platform for Beginning Crypto Day Traders

Kraken is another popular crypto exchange platform that caters to both beginner and experienced traders. It offers a wide range of trading pairs, making it a great option for those looking to diversify their portfolios. The platform supports many coins such as Bitcoin, Ethereum, Litecoin, Dash, Ripple, and Monero and provides advanced features such as margin trading, futures and stop-limit orders. Kraken also has an impressive track record of safety and security, which makes it a reliable exchange for both beginners and experienced traders alike.

Kraken is a popular cryptocurrency exchange platform known for its security features and low fees. If you are a beginner who wants to start trading in the cryptocurrency market, Kraken can be a good choice.

User Interface

Kraken’s user interface is intuitive and easy to navigate. The trading dashboard provides a clear overview of your current position and recent trades. You can customize the layout of the dashboard to suit your preferences. The platform is optimized for desktop and mobile devices, making it accessible to users on the go.

Registration Process

The registration process for Kraken is straightforward. You need to provide your email address, create a secure password, and verify your account by providing government-issued identification. Once you have completed the registration process, you can start trading immediately.

Security Measures

Kraken has a robust security system that includes two-factor authentication and SSL encryption. The platform also stores the majority of its funds in cold storage, which prevents hackers from accessing them. Additionally, Kraken conducts regular security audits to ensure the platform is secure for its users.

Customer Support

Kraken provides customer support through email, live chat, and a support ticket system. The team is responsive and helpful, and they are available 24/7. Additionally, Kraken has a comprehensive FAQ section that provides answers to most common questions.

Supported Cryptocurrencies, Trading Pairs, and Fees

Kraken supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. The platform also offers a variety of trading pairs that allow you to trade your selected cryptocurrency against other currencies. The fees for trading on Kraken are relatively low compared to other exchanges, with a fee of 0.26% for makers and takers.

Kraken is an excellent exchange platform for beginning crypto day traders. The user interface is easy to use, and the registration process is straightforward. Additionally, Kraken has an impressive array of security measures in place and provides responsive customer support. The platform supports a wide range of cryptocurrencies, and trading pairs, and boasts some of the lowest fees in the market. Overall, we highly recommend Kraken to anyone who is looking for a secure, user-friendly, and affordable way to start trading in the cryptocurrency market.

KuCoin Platform for Beginning Crypto Day Traders

KuCoin is another great choice for those looking to get into crypto day trading. KuCoin offers a comprehensive set of tools and features, including an advanced order-matching engine, margin trading, detailed charts with technical indicators, and a wide range of cryptocurrency pairs. In addition to low fees (0.1%), KuCoin also has some of the most competitive trading fees in the market. KuCoin also provides a secure mobile app for traders on the go, as well as an intuitive platform interface and support for multiple languages. All of these factors make KuCoin one of the best options available for crypto day trading.

If you are looking for a more advanced tool to help you with your cryptocurrency trading, then KuCoin also offers trading signals. Signals are automated notifications that can help traders identify potential entry and exit points for their trades. Using the signals, you can stay ahead of the market and make more informed decisions. This is one of the biggest advantages that KuCoin has over other exchanges as it allows users to benefit from its sophisticated algorithms.

Kucoin is a leading cryptocurrency exchange that allows its users to trade over 400 different cryptocurrency pairs, including Bitcoin, Ethereum, and Litecoin. It has a user-friendly interface and advanced trading tools and features, which make it ideal for novice crypto day traders looking to get started in the market.

Security

Kucoin has implemented several security protocols to ensure that its users’ funds are safe and secure. These include two-factor authentication (2FA) and Google Authenticator. Additionally, the exchange incorporates SSL encryption technology to safeguard user data. Kucoin also has a dedicated team of cybersecurity experts who constantly monitor the platform for any potential threats.

Trading Fees

Kucoin has reasonable trading fees when compared to other cryptocurrency exchanges. The platform charges a flat rate of 0.1% per trade, which is relatively low compared to other exchanges. The platform also offers its users rewards and discounts that can be earned by using the Kucoin token (KCS) to pay for trading fees.

Trading Tools

Kucoin provides its users with advanced trading tools that can help them analyze and trade crypto assets. The platform offers six different chart types for technical analysis, and users can customize the chart’s time duration to better suit their trading strategy. Additionally, Kucoin also supports several order types, including limit orders, stop orders, and market orders.

Customer Service

Kucoin has a responsive customer support team that is available 24/7 to help resolve any issues that users may encounter. The exchange offers a live chat feature, where users can get immediate assistance, and the exchange also maintains an FAQ section and a knowledge base to help answer common questions.

Mobile Application

Kucoin has a mobile app that is available on both Android and iOS platforms. The app provides users with access to their accounts, trading tools, and charts. The mobile application also features push notifications, which can alert users to any significant price movements or changes in their portfolio.

Kucoin is an ideal exchange for beginner crypto day traders looking to get started in the market. The exchange offers a variety of trading tools and features, including low trading fees and advanced order types. Additionally, the exchange has implemented various security measures to ensure user funds are safe and secure. The exchange’s mobile application allows its users to trade and access their accounts on the go. Overall, Kucoin is a robust platform that provides users with a user-friendly experience and excellent customer service.

eToro Review: The Ideal Platform for Beginning Crypto Day Traders

eToro is another popular crypto day trading platform that allows users to trade over 16 different cryptocurrencies, including Bitcoin, Ethereum and Ripple. The exchange offers a variety of features such as copy trading and virtual private servers. Additionally, the platform provides state-of-the-art charts and technical analysis tools which can help traders make informed decisions when making trades. eToro also provides users with a variety of payment options, including credit and debit cards, bank transfers and PayPal.

With over 15 million users across 140 countries, eToro has become one of the most reputable trading platforms for beginners and experienced traders alike.

User-Friendly Interface: One of the most significant advantages of eToro is its user-friendly interface. It’s an intuitive platform that’s easy to navigate, even for individuals who have never traded before. Whether you prefer to use a desktop or mobile device, eToro has you covered with its user-friendly platform accessible from any device.

Social Trading: eToro’s social trading platform is another reason why it’s a popular choice for many beginners. Social trading provides investors with the ability to duplicate other expert traders’ successful trade strategies. Traders can connect with top-performing traders and get their advice and insight, which can help them to make better trades.

Large Market Assets: eToro offers a broad range of assets for traders to pick, including cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Traders can buy and sell a variety of different cryptocurrencies on eToro, along with other asset classes like stocks and commodities.

Low Fees: One major perk of using eToro is its low fee structure. The platform doesn’t charge any commissions on trades, making it a more affordable option for beginners. However, eToro does charge fees for things like withdrawing funds, so it’s important to keep this in mind when using the platform.

Customer Support: eToro’s customer support team is available 24/7, seven days a week. The platform’s customer support team can answer any questions or concerns traders may have, and they can help resolve any technical issues. There are various support channels available, including a phone line, email support, and a live chat feature on their website.

eToro is a highly recommended platform for beginners looking to start trading crypto. Its user-friendly interface, social trading, large market asset offerings, low fees, and customer support make it a reliable and helpful trading platform.

In conclusion, the world of cryptocurrency trading is vast and exciting. With so many options, finding the right platform for you can be a daunting task. Luckily, our list has some great choices for getting started that each offer something different.

Coinbase and Kraken are great for those who want to get exposure to a wide variety of different coins,  If you’re looking for a more versatile system with a wider range of offers, Binance may offer just what you need. Whatever your approach to trading crypto— small or large scale, beginner or smart investor— there’s always something out there that fits your needs perfectly. So put on your adventure hat, do some research, and check out each site to get more information! Good luck!