10+ Best Cryptocurrencies to Day Trade

In this article we will be taking a deeper look into the crypto day-trading tactic, where everyone forgets all about stablecoins, earning yield, or a buy and “hold” strategy – or in crypto terms, “HODLing”. Day trading is all about observing the market’s volatile state non-stop and acting upon its movements to generate a profit.

Day trading crypto assets might be the riskiest way to invest in crypto (remember to set a stoploss on each trade to manage risk), but it’s also the fastest way to make money with cryptocurrency – once you have enough experience.

Best Day Trading Crypto Coins – Top List

Best Cryptos to Day Trade – Full Reviews

1. Wall Street Memes – Best Community-Powered Memecoin To Day Trade

If you are looking to make some quick bucks by day-trading cryptocurrencies, the Wall Street Meme Token ($WSM) might well be your best bet at the moment.

$WSM is a meme coin that has recently launched its presale and has raised more than $250,000 within two days. Being a meme coin, market sentiment plays a huge role, and $WSM has no shortage of positive reviews, which makes it one of the best crypto assets to invest in.

Analysts are already predicting a 10x growth trajectory for $WSM. On the other hand, being developed by the founders of the Wall St Bulls NFT collection, there is a decent degree of credibility attached to the project. You might want to ride this tide and get hold of your $WSM through the ongoing Stage 1 presale, which is offering 1 billion tokens out of a total supply of 2 billion $WSM at a discounted price of $0.025 each. 

Visit Wall Street Memes

2. AiDoge – Leading Meme-to-Earn Crypto To Day Trade

AiDoge is a unique cryptocurrency that utilizes advanced artificial intelligence (AI) algorithms to create high-quality memes that appeal to meme enthusiasts. The platform is powered by an AI-powered meme generator that uses user-generated prompts to generate contextually relevant memes. The AI is trained on extensive meme datasets and crypto news, positioning AiDoge among the most profitable cryptocurrencies in the meme space.

AiDoge’s native token is the Ai token, which is used to purchase credits for meme generation, staking, and voting on memes. The platform’s staking and rewards mechanisms foster a vibrant community that reduces the circulating supply of tokens, potentially driving the price of Ai upwards.

The platform features a public wall where users can view and share AI-generated memes and browse memes based on popularity, recency, or specific themes using filters and sorting options.

The voting mechanism employed by AiDoge enables users to either upvote or downvote memes, which in turn impacts their rank on the public wall and boosts their visibility. As a result, memes that rank higher are rewarded with Ai tokens, serving as an incentive for creators to produce more content and foster community expansion.

The value of Ai is impacted by a range of factors, including market conditions and investor participation, apart from the sentiment around the coin in general. The team behind AiDoge has some big goals for the future, and if they’re successful, it could make AiDoge one of the best meme coin platforms out there.

Visit AiDoge

3. Copium – Memecoin to Day Trade for Huge Gains

Copium arrived to spring the memecoin mania back in action after all signs showed that it was dead.

PEPE started a new route for memecoins this year, giving people hope that parabolic gains are still possible, but it retraced quickly, making way for other memecoins to fill the vacuum – Copium is just the latest one.

Focusing on humor, community, a lot of fun, and a healthy dose of “trolling”, Copium has taken the memecoin world by storm by taking a two-pronged approach to ensure virality. For one, it has taken the Wojak meme to heart, making the Microsoft Paint-drawn-artwork its promotional material. And secondly, it has launched a collection of NFTs as well, showcasing characters with Copium tanks that fill the more COPIUM tokens a user buys.

This feeds right into the COPIUM airdrop, where the one with the most filled tank by the end of the airdrop schedule will get the most tokens.

Copium’s tokenomics is also unique as it has created a buffer of three months to distribute the tokens it offers during the private sale. That dumping-prevention measure will ensure that even those who bought the token at the top get a chance to make gains if the token’s value increases. That attribute plays right into what Copium is all about – a project designed to help investors cope with the regret of not investing in viral memecoins early.

Copium is moving up fast, and it has already accumulated a healthy number of holders. At press time, it has gone up by 40% in the last 24 hours.

Visit Copium Site

4. Launchpad XYZ – Web 3 Crypto to Day Trade

Launchpad XYZ is an all-new crypto project that is making it easier for people to invest in the exciting world of Web 3.0. The team behind the project has created a platform that offers a range of features, including a decentralized exchange for trading tokens and NFTs, access to exclusive high-value assets such as real estate and luxury cars, and the ability to invest in private ICOs.

Launchpad XYZ offers a range of benefits through its proprietary LPX token. This versatile token not only provides users with exclusive access to certain features but also offers rewards through staking. In addition, the LPX token will also be used to pay fees when getting partial ownership of assets and can be used to get a discount on trading fees on the Launchpad XYZ DEX.

Launchpad XYZ provides users with a comprehensive dashboard that offers insights and analytics on the best cryptocurrencies to purchase, both established tokens and new launches.

Users will also be able to get useful insight into the best cryptocurrencies with the dashboard provided by Launchpad XYZ, as well as be updated on the launch of new cryptocurrencies. In addition to this, the platform will also allow users to mint NFTs, own fractional assets and participate in play-to-earn games.

Launchpad XYZ has minted one billion LPX tokens, and the presale will sell 250 million LPX. The presale is currently live on the official website, accepting Ethereum and Tether. The presale has 10 stages with increasing prices, and no minimum investment is required. Investors can claim their tokens once the presale is over.

Visit Launchpad XYZ

5. yPredict – AI Crypto To Day Trade

yPredict is an all-new platform which utilizes artificial intelligence and machine learning to facilitate more intelligent and profitable trading. The platform is on track to meet its hard cap goal of $6,507,511, having already garnered almost $500,000 in its ongoing presale, currently in its fourth stage out of eight. The platform runs on the Polygon layer-two network, yPredict offers a range of features aimed at assisting traders in making informed decisions and achieving better outcomes.

yPredict has already released its trading algorithm in beta and is set to further develop its range of AI-based prediction tools in the coming months. Additionally, it plans to establish a marketplace where developers of forecasting and analytical tools can interact with traders. The platform’s ecosystem is fueled by YPRED, the native token that will have various functions and purposes within yPredict’s platform.

In order to get their hands over YPRED, investors can visit yPredict’s website, link their software wallets, and purchase the tokens using any of the several payment methods such as ETH, USDT or credit cards. Currently, 1 YPRED is priced at $0.05, but this price will increase to $0.07 when the fifth stage begins after the presale gathers an additional $500,000.

In the longer term, yPredict has set its sights on launching its platform to the public by the end of the year, preceded by beta releases of several features in the preceding months. As YPRED is the main currency within the yPredict ecosystem, the coin is likely to experience consistent price appreciation when the platform’s mainnet becomes operational. Moreover, yPredict plans to establish partnerships with several entities in the cryptocurrency industry, which will not only raise the platform’s profile but also create more demand for YPRED. Naturally, the earlier you get in, the more you benefit.

Visit yPredict

6. DeeLance – Best Day Trading Crypto Directed at Freelancers

DeeLance utilizes blockchain technology to give freelancers access to a freelancing platform in the decentralized Web 3 space. This cryptocurrency project has been created to address the shortcomings of the current Web 2 freelancing space and seeks to make the gig market more decentralized, less complex, and more rewarding.

There are three pillars powering DeeLance – a unique NFT marketplace, a recruitment platform, and the metaverse.

1. The NFT marketplace – It is a unique space where users can tokenize their work and post it as an NFT on the marketplace. That allows these freelancers to have full ownership of their work that they can transfer through the in-app mechanics easily to recruiters who want to buy it. And since these NFTs have to be paid for in crypto – buying the cryptocurrency projects becomes more ethical. No one can infringe on the rights of freelancers anymore.
2. Recruitment Platform – DeeLance has a unique interface for recruiters through which they can get access to all the talent they require in one place. The platform also makes it easier for recruiters to filter the talent they are looking for and makes it easy for them to spread awareness about new opportunities and launch career fairs.
3. The Metaverse – The third unique element of DeeLance is the metaverse. It is a unique virtual world, elements of which, such as plots and offices, can be owned by those holding DeeLance’s NFTs. The metaverse will feature a lobby arena for community interactions and meeting rooms where recruiters can directly talk to freelancers.

DeeLance is aiming to create a better and fair gig economy where everyone – recruiters and freelancers – get respected. It removes all the bottlenecks that could deter the earning potential of the freelancers and deals with all the issues that make it difficult for recruiters to find the right fit.

The entire platform is powered by DLANCE tokens, which you can buy now via the presale by clicking the link below. The presale has six stages, and the price of the token will rise with each stage. Invest today to become an early mover.

Visit DeeLance

7. Ecoterra – Best Day Trading Crypto in the Recyle2Earn Niche

Lack of rewards and convenience deters many from the act of recycling – regardless of how good for the environment it can be. Ecoterra manages to deal with this issue by rewarding people who recycle their metal and e-waste.

Ecoterra is a green cryptocurrency project which rewards users with ECOTERRA tokens if they recycle. With just a click of a button, users can upload their recycling receipts on the Ecoterra app and get tokens in return.

The ECOTERRA tokens have multiple utilities.

1. Staking – Users can stake their ECOTERRA tokens in the ecosystem and APY in return – which would be a portion of the profits that Ecoterra generates.
2. Access to the carbon offset marketplace – The carbon offset marketplace is a unique online storefront that gives ESG brands the capacity to offset their carbon emission by buying carbon credits. Selling these credits will be Ecoterra holders who have obtained carbon credits after prolonged use of the app whenever they recycled.

The carbon offset storefront also acts as a way for the ESG companies to connect with recycling companies to buy recycled raw materials. Once the transaction completes, both parties earn ECOTERRA tokens.

The unique prospect of Ecoterra tokens comes from its reliance on working on an established niche by innovating it through blockchain technologies. Rewards for recycling already exist, but Ecoterra, through its Recycle2Earn program, is making this process more worthwhile for everyone.

ECOTERRA is currently available on presale, and you can invest in it today by clicking on the link below. There are only 8 presale stages, and it has raised more than $50k already.

Visit Ecoterra

8. SpongeBob – Recently Launched Crypto Ideal for Day Trading

One of the most popular cryptocurrencies to be launched currently is SpongeBob, which is gaining value for two major reasons- its memecoin status and the theme it is built around. Launched on 4th May, SpongeBob is a memecoin that was initially listed on Uniswap. The token has since seen an exponential rise in value, and currently boasts of more than 4000 holders.

The recent trend in memecoins is also a major reason to consider SPONGE(the project’s native token) as an asset for day trading. SpongeBob is currently trading in the $0.001 and has been experiencing massive volatility in the past couple of days. Investors expect the token to shoot up in value going forwards too, which can also be a good indicator to stock up on the crypto as a long-term investment.

At the time of writing, not much has been revealed about the utility of the project or its potential developments. However, with projects like PEPE and TURBO performing exceptionally, it can be a wise decision to consider trading on the SPONGE token for some likely profits.

Visit SpongeBob

9. Love Hate Inu – Overall, the Best Day Trading Crypto of 2023

Love Hate Inu is a DAO project that utilizes the marketability factor of the memecoin to make the global voting system more democratized and without spam. The project aims to bring the memecoin community together and make them vote on the pressing issues of the world – and earn profits while doing so.

That unique aspect has caused many experts to dub LHINU a Vote-to-Earn project. The first of its kind, Love Hate Inu implements a standard staking mechanic for voting and ties it with its earning mechanic. That unique utility alone makes it one of the leading day-trading cryptos of 2023.

At the heart of this project exists the LHINU token. It is an ERC-20 token that gives users the ability to vote on social causes (or any other topic in general). Much like the standard voting mechanic, a higher number of tokens equates to higher voting power. However, the token is a memecoin, and it allows people to vote and earn, which makes it one of the most differentiated crypto DAO projects that we have covered this year.

Memecoins have always had a reputation for being less than useful, even in the crypto space. And many memecoin devs ben Musk to mention something about them on social media in order to get traction. Love hate Inu is one of many projects to arrive at that seek to change that narrative. It wants to create a space where memecoins have more utilities than before – and creating a DAO project that democratizes and decentralizes the voting process is a great way to go about it.

Plus, since users would have to stake their own tokens to cast their votes, there won’t be any spam votes – which will make voting even more transparent.

Love Hate Inu was officially listed on OKX crypto and its DEX podium on May 19, 2023. OKX is a top crypto exchange with numerous users and high trading activity. LHINU hopes to benefit from its global reach and succeed in the crypto market. Notably, LHINU presales are over raising over $10 million in two months. It implies that investors see growth potential in the project, and its official listing might boost its price performance.

Buy Love Hate Inu

10. Immutable X (IMX)

For NFTs on Ethereum, Immutable X claims to be the first layer-two scaling solution. It is claimed that Immutable X’s blockchain can overcome Ethereum’s shortcomings, such as limited scalability, a poor user experience and illiquidity. There is no need to compromise user or asset security to enjoy rapid trading and vast scalability with zero gas expenses while minting and trading NFTs. Immutable X is created using STARK zk-rollups, a technique that Vitalik Buterin believes Ethereum to be “all-in on,” in order to do this.

Users will be able to produce and distribute ERC-20 and ERC-721 tokens on a vast scale thanks to this technology. It was previously difficult to construct a new meta-system in Gods Unchained because of the limitations of Immutable X, according to Chris Clay, the game director of the project. Users and developers alike will benefit from Immutable X’s efforts in this way.

As one of the first layer-two solutions to make use of zk-rollups and only concentrate on NFTs, Immutable X has an upper hand. The zk-rollups project is now at the forefront of Ethereum development because of the rising relevance of zk-rollups. To become the “NFT blockchain” of choice, Immutable X has to meet its claim of transaction speeds of more than 9,000 tps.

From the year to date IMX price chart (above), Immutable X may have found a bottom currently trading in a sideways consolidation range. It may be one of the best cryptos to swing trade with more upside potential than downside, from its current low price point.

Trade IMX Now

Your capital is at risk

11. Flux (FLUX)

Flux is the next generation of decentralized, scalable cloud infrastructures. Multiple servers may be used simultaneously to build, administer, and launch your applications. Web 3.0, Dapps, and more are all here.

Cloud computing and blockchain services are available in the Flux Ecosystem, which provides an AWS-like development environment for decentralized applications.

FLUX is a native GPU mineable Proof of Work currency that provides incentives for holders and DAO governance on-chain, as well as bad actor protection through hardware stake requirements.

Computational network with more than 10k nodes distributed throughout the world, delivering more than 75,000 vCores of CPU power, 228.19+ Terabytes of RAM, and 5.11+ Petra of storage capacity. To date, this is the world’s biggest decentralized Web3 computing network. Once the Flux collateral and hardware requirements are met, anybody may start their own Flux Node in any part of the world.

Raspberry Pi, Home PCs, Servers, and Virtual Private Servers (VPS) can all run Flux Nodes. By hosting certain DApps on their nodes, Flux node operators are paid with Flux, but they may also earn other cryptocurrencies.

12. Verasity (VRA)

Verasity (VRA), a new video-sharing platform launched on May 18th, 2018, aims to provide an equitable system for artists to profit from their work and for advertisers to get the most out of their ad expenditure.

Pro-gaming streaming site esportfightclub.com offers esports events such as PUBG Mobile — which is Verasity’s main use case according to their whitepaper — and its proof-of-value (PoV) protocol all help them reach this goal. Verasity owns and controls the website, which serves as a hub for all of Verasity’s offerings. The platforms reward users for viewing, subscribing, and winning in virtual reality (VRA).

In addition to Verasity.TV, another product of Verasity collects content from publishers on a variety of platforms, including but not limited to: JWPlayer, Brightcove, VideoJS, Kaltura, FlowPlayer, iVideoSmart, and others. Currently, advertising platforms like Google and Facebook aren’t attracting as much money from advertisers since they’re not certain that people are really looking at the content. It is possible to identify and remove fraud in real time using Verasity’s proof-of-view protocol layer technology.

With over 200 touch points, it can tell the difference between real people and bots. The company’s proof-of-view and data storage technologies will be extended to non-fungible tokens in the future (NFTs). With Verasity’s on-chain verification, NFTs will gain in value as their ownership claims are further authenticated.

13. Metahero (HERO)

An ultra-realistic 3D technology is used to make virtual avatars and virtual items for usage in social media, gaming, fashion, art, and medical. As of June 2021, Metahero has a $10 million startup investment and aims to accelerate bitcoin adoption by creating a parallel digital realm. With the help of Metahero, real-world things may be transformed into usable avatars for use in the metaverse via a process known as “metscanning.” Metahero will become a bridge between the digital and real worlds because of the unique notion.

Artists, businesses, and gamers all benefit from Metahero’s technology. Another is via the token HERO, which has a wide range of real-world corporate use cases spanning social media, as well as the arts. The groundbreaking metascanning technology that Metahero is pioneering is equipped with some of the strongest graphic rendering capabilities ever seen.

More than 100,000 individuals will be able to use Metahero’s 3D scanners each year thanks to the company’s plans to establish 12 Metahero 3D chambers worldwide. Metahero’s initial use case is the 3D lifelike avatars created by metascanning. A variety of artists, celebrities, and influencers will be enlisted to promote Metahero’s metascanner in order to raise awareness of the initiative. Metascanning may also be used by game firms to produce the greatest possible metaverse gaming experience.

Metahero can also seamlessly integrate museums into the metaverse. The collections of these institutions may be digitized by scanning and storing them. Metahero will become more critical in an increasingly distant world since the experience will mimic daily life.

14. OpenDAO (SOS)

In order to honor, preserve, and promote the non-fungible token (NFT) sector and those who work in it, the OpenDAO project has created the $SOS token. All NFT inventors, collectors, and merchants should be thanked for bringing this new sector to the fore. To participate in the $SOS token airdrop, you must have purchased, sold, or exchanged an NFT on OpenSea. At the time of this writing, almost 241,000 $SOS coins had been released.

The above-mentioned features are intended to reward OpenSea users and draw attention to the NFT sector as a whole. As a bonus, compensating individuals who have been scammed means that the $SOS token will be more widely distributed, which helps others who have lost money as a result of such instances.

The OpenDAO’s $SOS token may be claimed by connecting a Web3 wallet to the project’s website. The more money a person spends on OpenSea and the more transactions they make, the more rewards they will get.

When it comes to OpenDAO, there are still many unsolved questions As an example, there is no mention of 9x9x9eth or the reason for the project’s first airdrop of that many tokens. Even though the market does not intend to build up a support mechanism to reimburse scam victims, the majority of participants agree that OpenSea needs one.

The OpenDAO price chart has been bearish for the past year but may be close to bottoming out – and trading in a sideways range can also be profitable for scalpers. Scalping is one approach used by day trader to profit from low-timeframe, short term fluctuations in price volatility.

15. StormX (STMX)

As one of the first global cryptocurrency-based solutions, StormX was launched in 2015. StormX, a mobile software and browser plugin, intends to provide consumers with cryptocurrency payback on most online transactions. In partnership with corporations such as Samsung, Nike, and Lego. StormX’s native token, STMX, may also be staked to increase rewards.

Blockfolio, the Litecoin Foundation, and Kyber Network have already invested in the business. StormX has made a name for itself as a pioneer in the cryptocurrency payback market. In addition to giving payback of up to 87.5 percent on certain transactions, the organization has gained the attention of customers.

StormX is the first crypto cashback solution that enables customers to receive incentives and cashback for their transactions made using fiat currency. To put it another way, StormX is effectively introducing crypto into the financial system by smoothly integrating its blockchain technology into regular purchases.

By allowing users to stake native tokens and execute daily activities in addition to earning cashback, StormX is appealing to crypto enthusiasts who want to increase their profits by staking their tokens. Users of the STMX token may receive interest on their investments via locking staking contracts. Customers may simply accumulate cashback benefits using StormX’s cashback program, which includes more than 750 online retailers. In addition, some online stores provide crypto cashback of up to 87.5%, which is an unparalleled figure for standard reward schemes. A total of $30 million has been invested in StormX, making it a household brand in the sector.

What Are Day Trading Coins

Day trading coins are all about the low market caps and high daily trading volumes. Another phrase for this type of investing is called margin trading. In this case, the cryptocurrencies to look for aren’t those which have been out for a long time and have built massive markets around themselves in order to project themselves towards a reputable far future.

Those kinds of coins are meant to be invested in and held in the long term, as short term price fluctuations with high-cap coins are so small that they can be irrelevant compared to those of coins which have recently hit the market. Small cap altcoins are a lot more prone to high price fluctuations with average trades and transactions.

To give you a more vague idea, if a coin has a market cap worth $1,000,000 and someone invests in $100,000 worth of  that token, its price will be impacted by 10%, whereas if the coin has a market cap of $100,000,000, that $100,000 dollar investment would only move the price up by 0.1%. This shows how low cap coins have a much higher chance of going up faster in price, than those which have been growing and fermenting in the market for quite a long time.

Best exchange for Day Trading – eToro

Cryptocurrency and stock markets may be traded around the clock at eToro. In 2014, this popular trading platform became one of the first online trading firms to provide support for Bitcoin (BTC) trading, after first launching as a forex and stocks trading platform. A short time later, we saw the debut of Ethereum and Ripple (XRP).

In 2007, Ronen Assia, David Ring, and Yoni Assia established eToro in Tel Aviv. The company’s CEO, Assia, has remained in her position to this day.

It used to be known as RetailFX before becoming eToro and expanding its offerings to include commodities, indices, and stocks. A social trading feature that enabled participants to copy successful traders made it the world’s biggest social trading network when it was launched in 2010.

Bitcoin functionality was added to eToro in 2014, enabling users to trade CFDs on the most popular digital currency in the world (to non-U.S. users). XRP (XRP), Bitcoin (BTC), and Ethereum (ETH) have since been added to the list of digital assets (BTC). Since then, eToroX and its Bitcoin wallet have been introduced to the market, which now supports 120+ other cryptos.

Having listed over 70 cryptos to day trade, eToro is working hard to make a name for itself in the crowded cryptocurrency exchange industry of today.

Visit eToro

Your capital is at risk.

How to Invest in Day Trading coins

To trade cryptocurrencies on eToro, you may use one of two methods:

With CFDs, you may speculate on the price movements of crypto assets without having to own any of them yourself. It is possible to benefit from a change in an asset’s price without actually owning the underlying asset using CFD instruments, while purchasing the underlying asset means that you get to hold your token anonymously under the care of a separate platform, without the need to store your token such as an E-wallet.

Compare the two approaches to see how they differ.

An investment in the asset itself

The only method to get your hands on the underlying asset is to trade conventional money (USD) for crypto asset tokens like Bitcoin, XRP, or Litecoin.

When you buy a crypto asset via eToro, eToro purchases it on your behalf and registers it in your name.

Increasing the value of your crypto asset will increase your net worth. You’ll lose money if the price of gold falls, for example.

In this technique, you have full control over your crypto assets. Since the tokens belong to you, you may do with them what you choose. This means that you may store your tokens in a wallet, transfer them to pals, or make transactions with them in any of these ways.

A $1,000 Bitcoin purchase enables you to make purchases from Bitcoin-accepting businesses.

When you buy an underlying asset on the exchange, you may use the eToro Wallet to store your crypto assets. Many different cryptographic protocols may be supported by this digital wallet, making it easy to use. The eToro Wallet allows you to store your crypto assets, transfer and receive them from other wallets, and convert them between them.

Cryptocurrency trading using CFDs

When you use a CFD, you are essentially betting on the asset’s future price movement without really owning it. Even if the price of bitcoin rises $1,000, you won’t really possess any BTC tokens if you buy $1,000 worth of Bitcoin CFDs.

With CFDs, it’s possible to may earn money on both sides of the market. As a consequence, you may take advantage of both price rises and falls.

You should purchase a CFD contract if you believe the price of a crypto asset will rise (also known as “going long”). However, if you believe the price of a crypto asset will fall, you should sell a CFD contract rather than purchase one (this is known as “going short”).

Second, you may use leverage with CFDs to enhance your exposure. Using x2 leverage, you can effectively manage $1,000 with just $500. A rise in earnings is therefore feasible (but also the potential for higher losses).

Because you don’t really own any crypto tokens when you trade CFDs, it’s a disadvantage. If you want to put them in your wallet, you won’t be able to do so. See our full guide to CFD trading for beginners.

Why Should You Day Trade Crypto

Day trading cryptocurrencies is ideal for those who have a lot of free time on their hands and want to earn some money in the short term. Day trading is by far the most lucrative way to invest in crypto and see the difference in your wallet quickly. However, it’s not as easy as purchasing a token and holding it in your wallet for a couple years and selling it when you feel like you’ve earnt enough from its price fluctuation.

Instead, you need to keep an eye on the tokens’ progress all the time and make sure you have the availability of trading in and out on the go. If done right, day trading can take the place of an actual job and earn people enough money to be able to get by without any other source of income. This does not mean however that the tactic of day-to-day trading does not carry any risks.

Best Place to Day Trade crypto in June 2023

Risks of Day Trading Cryptocurrencies

One of the biggest day-trading risks you will need to carry is the risk of not being able to be there for your crypto at the right time. The crypto market never sleeps and low cap coins fluctuate so hard that there could be a crucial minute that you might miss out on simply by taking a short break or even being asleep at night and that one minute could be the decider on whether this coin is going to make you the next crypto millionaire or if you’re going to lose every penny you invested in it.

It’s also highly suggested to have proper market knowledge before investing, and to know the story behind every cryptocurrency you invest in. This is crucial to avoid crypto scams like rugpulls and honeypots, which are very common in the low market cap token day-trading market, and can end up turning your investment, no matter how large, into a big fat zero. See our guide to the best cryptos to buy now.

How Much you Should Invest in Day Trading Coins

Amounts to day-trade mostly depend on how much you have at your disposal. Since it’s a lot more risky than long-term stable investments, it’s not suggested to invest large amounts straight off the bat. You should always start with tiny insignificant trades to make sure everything with the coin is all right, then once you feel confident enough in the token, it’s your choice on whether or not you want to buy more of it. You need to keep in mind that day trading coins are the most volatile coins out there, and the more you invest per coin, the larger the impact on your investment will be.

If you’re on a limited budget, you need to be very careful as to find multiple reputable projects to spread your investments throughout, so that you grow your portfolio with a smaller chance of losing it all if one coin decides to fail. Other than that, if you have the time and knowledge to day trade crypto, rest assured that at some point or another, you’re going to be impressed by how much money can be made through it. We’ve also written a guide to crypto signals providers which offer advice on managing risk, including how much to invest for an optimal R:R (risk to reward ratio).

Conclusion

Day trading is high risk but also provides a higher return on investment (ROI) than passively holding crypto assets – which also entails risk as many crypto projects have prolonged corrections and lose value over time after their initial bull cycle.

For that reason, our list of the best cryptocurrencies to day trade included new crypto projects that haven’t yet experienced a bull run – starting with Wall Street Memes, which is still on presale, and not yet available to trade on exchanges but expected to perform well at ICO.

FAQs on Day Trading Crypto

Is it possible to be prosecuted for the simple act of trading cryptocurrency on a daily basis?

Because cryptocurrencies aren't regulated by FINRA or the SEC like stocks and options, you don't have to be concerned about day trading restrictions.

How much money do you need to day trade cryptocurrency?

The pattern day trader will not be allowed to day trade until the account reaches the $25,000 minimum equity requirement if the balance falls below that amount. In order to trade on margin, day traders must have at least $25,000 in their accounts.

Is there a minimum amount of time before you may sell cryptocurrency?

When selling or trading virtual money that you kept for less than a year, you may have a short-term capital gain or loss. There is a long-term capital gain or loss when you hold virtual money for more than a year before selling it.