Total newbie question about day trading crypto

[SomeGuyOnTheWeb]

Hi guys I've been thinking about dabbling with day trading in crypto and I'm wondering what exchange you would recommend? On Coinbase and Coinbase Pro, I don't see an option to "Short" cryptos or buy puts... so in other words on Coinbase is there no way to capitalize when crypto *declines* in price? If so, that wouldn't make it very good for day trading since you could only capitalize on when the price goes up... right?

I watched a video of a guy day trading on a crypto exchange and the Buy/Sell buttons were labeled "Buy / Long" and "Sell / Short" and he was able to capitalize on when BTC dropped in price. Is the "Short" option possible on Coinbase?

Thanks for any help here!

[1714292100]

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[Oshosondy]

Coinbase Pro has been changed to Advanced Trade and every Coinbase Pro users should transfer their coins to Advanced Trade, if not it would be automatically done by Coinbase after 9th of November.

You can not leverage on Coinbase, this has been cancelled like 2 or 3 years ago.

If you want to leverage, there are good exchanges for it. I use Binance, OKX and Huobi global for derivative trading. If you are from US, you will not be able to make use of derivative trading because their regulators against it.

[BitMaxz]

I think the Coinbase Pro in the mobile app doesn't have the option to do shorting buy/sell and another thing is that I heard they will close the Coinbase pro end of this year.

So why not switch to another exchange instead? Like Binance? Their advanced trading tools in spot exchange are very useful for long/short buy/sell

But If you still want to use Coinbase pro then I think you will need a trading bot to host to do long/shorting.

[gunhell16]

Hi guys I've been thinking about dabbling with day trading in crypto and I'm wondering what exchange you would recommend? On Coinbase and Coinbase Pro, I don't see an option to "Short" cryptos or buy puts... so in other words on Coinbase is there no way to capitalize when crypto *declines* in price? If so, that wouldn't make it very good for day trading since you could only capitalize on when the price goes up... right?

I watched a video of a guy day trading on a crypto exchange and the Buy/Sell buttons were labeled "Buy / Long" and "Sell / Short" and he was able to capitalize on when BTC dropped in price. Is the "Short" option possible on Coinbase?

Thanks for any help here!

If your only goal is day trading here in cryptocurrency, there are many options to shop dude, not just coinbase, there are Binance, Kucoin, Houbi and other local exchanges here in the field of cryptocurrency.

These are my suggestions that I think you should do better, although I'm not saying that coinbase isn't okay, maybe I'm just more comfortable that the exchanges I mentioned are good to use compared to coinbase. But of course the final decision is still in your hands not mine.

[tbct_mt2]

Hi guys I've been thinking about dabbling with day trading in crypto

First advice: Don't do daily trading. You will very likely get loss if you trade daily, trade too often.
First question: How long have you been in cryptocurrency market?
Second question: How long have you been in daily trading with crypto?
Third question: How about your results from daily trading? Loss or profit

I'm wondering what exchange you would recommend?

There are two types of exchanges: centralized exchanges so called CEX; decentralized exchanges so called DEX.

At DEX, you will have to pay transaction fee for each of your swap. That is expensive if you swap ETH and ERC20 tokens.
At CEX, you will have to pay taker, maker fee for your trading. It is cheaper than swap at DEX.

Some good centralized exchanges:
- Binance
- FTX
- OKX

Don't store all your crypto at one exchange or in only one account.

[adaseb]

Yeah the reason why they removed the leverage in Coinbase, yes they actually allowed leverage once, is because there was a flash crash on ETH due to the excess leverage.

No idea how they helped the users affected but they might of credited back many people. And since then they stay away from leverage trading. I am surprised they didn’t add it back. Even max 3x or so would be pretty safe in my opinion.

[Ahli38]

I have tried almost all major exchanges. But in the end I feel comfortable doing day trading on Binance. Because so far Binance has more features that are more practical and help us in trading.

even on binance there is a trading bot (GRID Futures). and it can be used if we don't have much time to continue trading in the market. this is a type of trading bot that trades futures contracts automatically for us. While it's still relatively rare for users to use this feature on Binance, it's actually an interesting feature to learn and use properly. actually I've tried it a few times and I think it's pretty good. but the gain is very small. but there is also a risk of loss. especially if we are not good at managing it from the start. so I don't recommend using this feature if you feel you still don't understand the mechanism and how to use it optimally. and this trading bot (Grid futures on binance) is of course free. Please DYOR be more careful. because everything has a high risk.

[Awaklara]

try to create a Binance account and trade there. most people on youtube make videos with the Binance exchange.
Yes, nowadays there are more and more streamers who make futures trading videos. it makes more new traders come to learn day trading.

I don't know if it's good for beginners or not. but I don't really like day trading myself. I read news about traders receiving more and more losses from futures trading.

[ethereumhunter]

try to create a Binance account and trade there. most people on youtube make videos with the Binance exchange.

I also want to suggest this to him because Binance gives convenience to future trading or day trading. He can find many coins and select more than one coin for future trade.

But before he trade, he needs to understand the basic thing of trading so he can trade without having a problem. The basic thing such as searching, analyzing, and selecting the coins are the things that he needs to know. There are more things to do before he can start trading and as a newbie in trading, he needs to avoid using big money to avoid big losses.

[Tony116]

Hi guys I've been thinking about dabbling with day trading in crypto and I'm wondering what exchange you would recommend? On Coinbase and Coinbase Pro, I don't see an option to "Short" cryptos or buy puts... so in other words on Coinbase is there no way to capitalize when crypto *declines* in price? If so, that wouldn't make it very good for day trading since you could only capitalize on when the price goes up... right?

I watched a video of a guy day trading on a crypto exchange and the Buy/Sell buttons were labeled "Buy / Long" and "Sell / Short" and he was able to capitalize on when BTC dropped in price. Is the "Short" option possible on Coinbase?

Thanks for any help here!

If you want to be a day trader then I recommend you to switch to Binance exchange as everyone gives same advice, simply because this is the best exchange today. Binance is not only the world's leading exchange but it can be said that binance is a friendly exchange whether new or old people like to use it from its interface to its services.

To avoid clicking on fake links, go here: https://www.binance.com/en

Also you are newbies so there will be a lot to learn and I think losing money is inevitable, I would have no better advice than to experience it for yourself and start with minimal capital.

[Yamifoud]

Well, the choice of Coinbase or Coinbase pro to use for trading is good but you have to consider their features if that will fit you and where you become comfortable. In order to see their difference it is best to try them all. This is just also a way to verify if those things that you have seen in videos are true or just something articulated. Just like we did on other exchanges, the only way to find which is better and where we become confident is to try.

I say to you that "don't rush" we can dig more and gather ideas through research but it is best to spend a few bucks in real trading just to asses which is one of them is better.

[el kaka22]

Demo trading would be ideal for newbies, but day trading with the real market numbers, so not a fake market, fake money but real market. Newbies would then learn how to make trades and what to buy and what to sell, and how they could use some strategies by doing them on the demo money and see if it works or if it fits their personal life and what not.

This would allow them to get even better returns in the long run, not an easy thing to do but not an impossible one neither. If they went into real thing right away, it wouldn't be really that great and I would assume that it would cause them a lot of trouble as well, would lose too much money, hence demo is better.

[rozak]

Demo trading would be ideal for newbies, but day trading with the real market numbers, so not a fake market, fake money but real market. Newbies would then learn how to make trades and what to buy and what to sell, and how they could use some strategies by doing them on the demo money and see if it works or if it fits their personal life and what not.

This would allow them to get even better returns in the long run, not an easy thing to do but not an impossible one neither. If they went into real thing right away, it wouldn't be really that great and I would assume that it would cause them a lot of trouble as well, would lose too much money, hence demo is better.

demo trading is only to hone the skills and knowledge of traders for the features on the platform. demo trading will make traders profit and looks easy.
Day trading is not easy enough for beginners to learn. It will take time in knowledge and skills.
I think people who are new to the crypto market should try to find the right place. trade or investment. some people may be able to do both well. but sometimes we only have 1 luck.

[jossiel]

Centralized exchange that I use is Binance but I'm seeing a lot of people or probably just part of the marketing about okex. I just want to try that out if that's going to be a good exchange for me.

For a decentralized exchange, pancakeswap is the one that I'm using right now. Before it was uniswap but I like pancakeswap more based on my experience.

[nurilham]

Hi guys I've been thinking about dabbling with day trading in crypto and I'm wondering what exchange you would recommend?

Hi there,
I am not sure about what you said dabbling
Do you mean that actually, you have never tried any trading yet? Do you have learned about cryptocurrency and trading?
I tell you that trading is not for dabbling, is a serious activity that needs enough knowledge and consideration. I think you are better to learn first about cryptocurrency, about how the crypto market and trading activities work.
Moreover, you are talking about leverage or margin trading I think, this is too risky for beginners, mate. YOu may get very high profits, but on the other hand, you may lose your money easily.

If you really want to do such trading, I suggest you learn some information first.
You may get some useful information right here:
https://www.binance.com/en/support/faq/489c90b44dbe454d85fc4cbdca10dcb1
https://academy.binance.com/en/articles/a-complete-guide-to-cryptocurrency-trading-for-beginners
https://academy.binance.com/en/articles/what-is-shorting-in-the-financial-markets
https://www.binance.com/en/support/faq/c5124a83ca4c48468115a5ac7ce7bc24
https://academy.binance.com/en/articles/what-is-leverage-in-crypto-trading

And you may also learn more about crypto trading from other sources.
Prepare yourself with enough knowledge, at least the basic one to avoid gambling in trading. Be wise and you must also think about the risks, not only the profit probabilities.
Btw, otehr exchanges to be used reputably like Binance or you can check on CMC Exchange lists:
https://coinmarketcap.com/rankings/exchanges/