Day Trade Crypto is represented by its name; day trade means trading like buying and selling on the same day. But here our discussion starts with day trade crypto means buying leading currency and selling it on the same day to earn a profit. Keep in mind that sometimes it could be quite risky due to the fluctuating nature of the currency. Day trade crypto is also called short-term trading.
As the value of crypto increases day by day, hour by hour, and even sec by sec the same as most of the time it decreases with the same loop. Day trading depends on the hypothesis and prediction about the fluctuation. A strong prediction can lead you to a boom but on the other hand time, most investors have to bear the loss and the prediction goes worst in case the actual value goes against the predicted value.
How to Start Day Trade Crypto
Day trade crypto is a strategy to earn a profit on a single move, you can start it today and can earn a profit on the same day. But you have to be aware of the fluctuating value of crypto moment by moment, which is important because random decisions can lead you and your assets to risks. Here are a few steps to start day trade crypto:
1. Beware of all Trends in the Market
An investor can be anyone, but a successful investor is not everyone. Profit through investment sounds simple but in actuality, it’s not an easy task, it requires decision-making, research, current market trends, reliable strategies, as well as you must have a better know-how about what ins and outs of the market.
After that, you could be able to start day trading crypto but still, you are not in the safe zone 100%, as we cannot say surely about the fluctuating nature of crypto but yes, we can just predict, so there will always be a life of risk from investment to profit.
2. Open an Account in the Best Crypto Exchanger
The next step is to open an account on a suitable crypto exchanger, why do we need an exchanger? It is a platform from which you can start trading. Like Binance; firstly, you have to install an application from the Google Play Store (Android) or App Store (iOS) and then create an account.
Binance is great option due to its user-friendly interface, low fees, 25% trading fee discount, identification, authentication process, and tax statement portals. Here I'm going to guide you on how to register on Binance:
Step 1: Installation Process on Laptop Devices
To install the laptop application, visit the website click here and download the application:
Once it is completely downloaded, open the .exe file for the installation and hit the “allow” button for the installation, select language, and hit the “Ok” button:
Browse the location and click the “Install” button for the installation:
Once the installation is done click the button “Finish” to finish:
Step 2: Registration Process on Binance
Select the sign-up method and go ahead, here I will recommend you sign up with email/phone. Just click on it, and hit the button “Register Now” for the registration:
Hit the button “Signup with Phone or email” You have two options for the registration email or phone no. You can use one of these:
Enter your email and password to create the account, you can use a phone number instead:
Solve the puzzles for the security verification:
Enter the verification code that was received in the given email:
Step 3: Verification Process on Binance
Verify your account by using government-issued documents like a passport, driving license, and CNIC to achieve high-level security.
Step 4: Login on Binance
Enter the username for identification and password for authentication and hit the “Login” button.
Note: One thing you should keep in mind is that most of the applications are not allowed in many countries due to the shattered nature of crypto, in some countries crypto trading is illegal and crypto applications are banned. In this case, you can go for another alternative.
Step 3: Deposit for the Investment
It needs just a few clicks, and your submission will be done, but the important thing is you must have strong decision plans and recovery plans. You must beware of what should be your next step as it could be risk or profit. At the start, you just have to deposit a very small amount, most of the crypto starts from $5 to $10 but still, I would suggest going with strong strategies and backup plans.
For the initial level buyers, I will propose, starting with the minimal fee to experience the things as well as calculate the risks. Here I'm going to manually guide you step-by-step through to shop for Bitcoin Crypto:
Step 1: Open the Trust Wallet utility and click on the “Dapp” icon at the lowest of the display, then inside the next view there can be a “search bar” displayed. Enter your preferred app in the seek bar like “PancakeSwap”. PancakeSwap is an exchanger, it helps in shopping for and selling BEP-20 tokens and its swapping fee could be very low.
Step 2: When you click the “PancakeSwap”, the following view will appear. Here you can see the button “Join” on the top proper of the display screen, simply click on it. In the next view, all the wallets will appear that you need to connect, considering one of them like “Trust Wallet”.
Step 3: Click the “Trust Wallet” button, afterward, it will connect to the “PancakeSwap”. After building a connection it’s time to exchange the balance from the wallet to PancakeSwap.
Before performing this step, you have to select a currency like BTC, ETH, or SafeMoon. You will have to select one currency after the selection and enter the desired amount you want to purchase. Like;
- FROM Wallet [Enter amount from wallet] // For Instance 20$
- To [Any Currency] [Enter amount of SafeMoon Crypto you want to purchase] // For instance 102038000
Step 4: Confirm the swap/exchange.
Pros & Cons
Each investment comes with pros and cons, here are a few pros and cons of day trade crypto.
- There is the possibility to trade from anywhere and can hold multiple positions at once.
- Positions are not held overnight, so that’s why no funding is applied over the night.
- They have the opportunity to work independently.
- Minimal chances to become rich overnight, as you need multiple resources of investment to become the richest one.
- Weak predictions about fluctuating values can lead you to a loss
- Very time-consuming and consistent to explore the market.
Day trade crypto is trading digital currency in one day like you invest in any currency and earn a profit on the same day. It is also called a short-term investment as its duration is very short, but it can be quite risky when you don’t have an idea about the market. To make it successful you have to plan properly by applying a reliable strategy.