Day trading platform

[Oshosondy]

indeed many platforms offer small fees, but we must also be aware of the platform's recommendations. I agree with you that Binance is the main choice for trading, because we have to put the safety of funds as the first choice. On the other hand, the coins listed on Binance are of course a lot of coins that have good quality

Binance has even been hacked before, did you also check binance review on TrustPilot? The rating is not very good but just fair. There are other alternatives to binance, there are some centralized exchanges that has not also been hacked before. But centralized exchanges are using hot wallets, anyone of them can be hacked at any time by hackers. So we should not talk about safety of funds when talking about centralized exchanges. About the coin listed on binance, they are of high quality but someone needs to be very careful.

[globalpain]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

There are certain exchanges that offer a relatively low percentage per trade- you could probably search this on the internet but I highly recommend using binance as your main exchange platform if you plan on day-trading.

As per your knowledge that day traders do about "100+ trades a day", it is somehow worrying to have this kind of mentality especially that you are just starting as a beginner. My advice would be to trade as little amount as possible in order you could gain the experience of trading. Just like in driving, no matter how you read tips and guides about it, the only way to learn is through actual experience.

indeed many platforms offer small fees, but we must also be aware of the platform's recommendations. I agree with you that Binance is the main choice for trading, because we have to put the safety of funds as the first choice. On the other hand, the coins listed on Binance are of course a lot of coins that have good quality

So far I think Binance is one of the best platforms to trade on and proven to be safe,
Binance has many features and this can be an option for everyone,
so I think it's really worth recommending Binance and it's possible that there are better trading platforms

[redsun114]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Even there are at least 25 highly reputed exchanges are available for crypto trading as per you requirements, I like to suggest you to go re-considering your decision of entering into day-trading. Day trading might be profitable only one trader out of 10 and all others must be facing losses in most cases. If you adopt swing based long term trading then you can make significant profits in this crypto space.

Even you still prefer to be a day trader then you should not go for 100+ trades a day. You must choose right signals and then trade only very few which must be 10 to 15 because we are having only 24 hrs a day.

[GbitG]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Even there are at least 25 highly reputed exchanges are available for crypto trading as per you requirements, I like to suggest you to go re-considering your decision of entering into day-trading. Day trading might be profitable only one trader out of 10 and all others must be facing losses in most cases. If you adopt swing based long term trading then you can make significant profits in this crypto space.

This is best tip for OP he needs to consider his decision before jumping into day trading because it's not easy for every one to do this you need some good knowledge and have some good patience for this after these two funds are also very important because any stuck or early lost can give you serious shock which is surely not good.
About exchanges now you require KYC must for these all as without this they are limiting accounts Binance and FTX both are good options but if you are in the USA then surely you need to check all details before this.

[doomloop]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

You should do your research on trusted exchanges and select the ones that are going to be charging you lesser fees. There are so many exchanges out there that would charge you a less fee for trading and there are also the ones that would charge you too much.

If the fee you’re paying for hundred times that you have traded on an exchange is going to wipe out almost everything you have earned, then it’s as well going to wipe out your profit even if you should trade only once. That’s just it. And moreover I don’t think people has the time to be trading up to hundred times in a day, that’s too much. But if you can do doubt, it is up to you and good luck.

[arditiyan]

If you're trading using ethereum tokens, I guess your small profits will be lost by virtue of no choice. Unlike the old days we've been embracing day trading activities comfortably because of inexpensive transaction fees.
As per review, it's now time for binance chain to arise and prove that we can stand alone with much efficient trading without erc20. Once diversion happens, that would change every perspective particular with profit gains.

I think trading with ethereum Erc20 is not good for beginners because of the high fees.  i suggest to start trading on the BSC network which has low fees and also cheap token prices.  lots of daily coin trading using the spectacular BSC network.

[checkmatesir]

Day trading in my perspective is full of hazards. Starting day trading means you are putting your money at risk. There is highly ups and downs in day trading. So i will suggest that if you have decided to start it then give your much time to it as there will be much more fluctuations in day trading and so many people and day traders often lose money in day trading. It is not necessary that everyone will fail in day trading someone who have some experience may be successful in day trading  but is something dangerous

[crwth]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading.

This would probably be a great idea to have a great feel on what you could do when you're trading. It will definitely be different if you use real money instead of "fake money" with trading because that's when the emotions would set and sink in.

One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

That would depend on your exchange and what order you are going to use. Usually, you can get rebates when you use limit orders compared to market orders. This varies on exchanges and it would basically be dependent on the time you are going to close your trades because that's what would determine your profit. It would be something that could be big or slim.

Why would you even close your position if it's not enough to cover your fees anyway?

[Hobo66]

If you are interested in day trading then just join that platform which is trustworthy. Just look over for the project if you think that you have gain knowledge about it now you can get benefit from it then start trading. But keep in mind that if you hear from someone that this project is good then do make trading into it without knowing about it. Binance is consider as a good and beneficial day trading platform you can make trading in Binance.

[irsykes]

I'm thinking of starting out as a day trader. I'm still scouring the internet about information and tips about it, then I'll practice with paper trading. One question I have is about popular platforms/exchanges. From what I know, day traders make about 100+ trades a day.

Won't taker/maker fees basically wipe out your already slim profits?

Taker/Maker fees, i think already calculated by the sites. But if really not want to pay higher fees, just be a maker and put your order, then fees is not a problem. Even day trader itself must already think how much cost for the fees especially that thing is only take really small amount of money from us.

[Mohsin420]

Many platform best for day trading but I am mostly using binance and Koucoin they give many best feature like low trading fee buying and selling in just some seconds so this thing is very good

[aquafinewater]

Day trading according to me risky but if you want to  day profit then I recommend to join some trust platform but first do propper research on this because mostly platform do scamed nowadays

[Peanutswar]

It's not ideal to make practice with the paper trade or the demo trading because you can not face the real trade just having insights but not the risk because at your mindset at the end of the day it's not your money it's a demo only if you will face the real trade you will hit different emotions and decisions that might affect the whole trade it's better to make a day trade budget because currently, the market does not have a good price movement so might dangerous to take a ride still it's part id the risk.

[CryptoWebDirectory]

If you're looking to day trade then you definitely want an exchange that's going to have reasonable fees and be well reputable. Personally, I think Kucoin or Binance would be best for what you're wanting to do. FTX might be another option. Just make sure it's an exchange that is well reputable. Day traders usually keep a lot of money in their accounts so if I were you security (and lots of pairs/tokens) would probably be the two most important things. Hope this helps!

[checkmatesir]

You can make profit by participating in any type of trading in which you are expert so it is good choice to be the part of day trading if you can manage it. Give full attention to day trading as there will be much more moments of the day you have to look into the marketplace.  One more most necessary advice is that buy the coin of trust which can go up and can give you profit.

[bubidan.id]

Usually trading platforms cut the cost of our profits, but I don't know what percentage they take, each platform has a different percentage, obviously they take advantage of us even if only a little.

[jrrsparkles]

There is no specific exchanges for day trading, you simply can trade as much as you want to trade on any trading platform and if you care about taker and maker fee then choose the one with lowest and make sure it has the trading pair you wanted to trade.

Basically day trading is not recommended for newbie traders, it has potential to bring more profits along with risk of losing capital as well.

[jostorres]

There is no specific exchanges for day trading, you simply can trade as much as you want to trade on any trading platform and if you care about taker and maker fee then choose the one with lowest and make sure it has the trading pair you wanted to trade.

Basically day trading is not recommended for newbie traders, it has potential to bring more profits along with risk of losing capital as well.

The lower fee doesn't mean that it is the best. There are places that has lower fee than binance for example, but they do not have the volume of it, which means it is not really that great. If you really want to do day trading, then trading fee matters because you will be trading plenty of times per day, even saving 10 cents on each trade means 1 dollar per day on 10 trades, and 30+ dollars on monthly and we are talking about just 10 trades per day.

The moment you become great and do 100 trades, or even 200 trades, that becomes 10x/20x more profitable to save 10 cents on each trade. Long story short the fee matters, but if you do not have volume then you can't find those trades, and that is why you need to find the middle ground. Not too expensive fee, but also a high volume.

[Sebas.tian]

You are in the right direction to make a good profit from your day cryptocurrency trading because since this bearing market started, only day trading that is making it rightly in the community. Those newbies that involved themselves in different day trading platform are seriously worry because many failed to carry out their personal research to know if day trading is still favourable to traders to make a good profit from the market.

Day trading is made for professional traders who really understood the market conditions very well in the community. They know when to sell to make a good profit and save the money to wait for the price of the coin to decrease again before they can buy more to wait for the next opportunity to come.