Bitcoin Trading 2024 – Tutorial and Platforms

Bitcoin trading has seen a huge surge. With plenty of volatility and price movements, it’s an ideal day trading market with huge trading volume per day. This page will help you learn bitcoin trading, outline bitcoin strategies and tips, plus highlight why a day trader looking for profit should delve into the BTC world. Use the list below to compare the best bitcoin exchanges 2024 and learn how to trade bitcoin.

Bitcoin Platforms

Click a broker for details
  1. 1
    eToro USA
    Invest $100 and get $10
    https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

    Ratings
    4.3 / 5
    3 / 5
    3.9 / 5
    3.4 / 5
    4 / 5
    3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5

    $10
    $10
    SEC, FINRA
    Stocks, Options, ETFs, Crypto
    eToro Trading Platform & CopyTrader
    ACH Transfer, Debit Card, PayPal, Wire Transfer
    USD
  2. 2
    NinjaTrader

    Ratings
    4.3 / 5
    2.8 / 5
    2.9 / 5
    4.3 / 5
    4.5 / 5
    4 / 5
    4 / 5
    3.5 / 5
    3 / 5
    3.2 / 5

    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Options, Commodities, Futures, Crypto
    NinjaTrader Desktop, Web & Mobile, eSignal
    ACH Transfer, Debit Card, Wire Transfer
    USD
  3. 3
    OANDA US
    CFDs are not available to residents in the United States.

    Ratings
    4.5 / 5
    3.5 / 5
    2.8 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.3 / 5
    3.8 / 5
    4.7 / 5
    3.7 / 5

    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)
    OANDA Trade, MT4, TradingView, AutoChartist
    Wire Transfer, Visa, Mastercard, Debit Card, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD
  4. 4
    Uphold
    Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.

    Ratings
    3 / 5
    0 / 5
    4.3 / 5
    3.8 / 5
    4.5 / 5
    2.3 / 5
    0 / 5
    0 / 5
    4.6 / 5
    4.4 / 5

    $0
    $1
    Cryptos
    Desktop Platform, Mobile App
    Wire Transfer, ACH Transfer, Bitcoin Payments, Debit Card, Credit Card, Mastercard, Visa, Ethereum Payments
    USD, EUR, GBP
  5. 5
    IG
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
  6. 6
    IQCent
    20% to 200% Deposit Bonus

    Ratings
    2.5 / 5
    3.3 / 5
    2.4 / 5
    4.3 / 5
    3.8 / 5
    2.5 / 5
    3 / 5
    2 / 5
    4.3 / 5
    4.1 / 5

    $250
    $0.01
    1:500
    IFMRRC
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    Online Platform, TradingView
    Credit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, Mastercard
    USD, EUR
  7. 7
    DNA Markets

    Ratings
    3 / 5
    4 / 5
    4 / 5
    3.9 / 5
    3.5 / 5
    3.6 / 5
    1.8 / 5
    1.6 / 5
    4.8 / 5
    4.4 / 5

    $100
    0.01 Lots
    1:500
    ASIC
    CFDs, Forex, Indices, Commodities, Stocks, Crypto
    MT4, MT5
    Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, Mastercard
    USD, EUR, GBP, CAD, AUD, NZD, SGD
  8. 8
    Coinexx
    100% Deposit Welcome Bonus

    0.001 BTC
    0.01 Lots
    1:500
    Forex, Commodities, Indices, Cryptocurrencies
    MT4, MT5
    Bitcoin Payments, Ethereum Payments
    USD
  9. 9
    Pionex

    $0
    0.1 USDT
    FinCEN
    Cryptos
    Own
    Bitcoin Payments
  10. 10
    RedMars

    Ratings
    2.8 / 5
    3.3 / 5
    2.5 / 5
    2.8 / 5
    2 / 5
    1 / 5
    0.5 / 5
    0.5 / 5
    4.7 / 5
    4.6 / 5

    €250
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    CySEC
    CFDs, Forex, Stocks, Indices, Commodities, Cryptos
    MT5
    Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, Visa
    USD, EUR

Here is a summary of why we recommend these brokers:

  1. eToro USA - eToro US offers 24 tradeable cryptoassets, with just a 1% buying/selling fee added to the spread. Additionally, there are 80 different coins available through the broker’s proprietary wallet service. You can also practice your crypto strategies easily by switching between live and demo mode. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
  2. NinjaTrader - You can get exposure to micro Bitcoin futures through the CME Group’s centralized exchange, which is highly regulated by the US CFTC. Micro contracts allow you to trade a fractional size of one Bitcoin, giving you more risk control and order flexibility.
  3. OANDA US - Cryptocurrency trading is offered via Paxos, a separate entity from Oanda. You can speculate on the world’s biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Through the broker’s partnership with Paxos, clients can spot trade cryptocurrencies on the itBit exchange through the OANDA native platform.
  4. Uphold - You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.
  5. IG - IG's modest selection of 11 crypto CFDs trails top crypto brokers like Vantage which offers 40+ tokens. That said, it stands out with its crypto index, which tracks the value of the top 10 digital currencies by market cap and provides a holistic way to speculate on the value of the crypto market.
  6. IQCent - IQCent offers 17 crypto pairs through its proprietary terminal, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is capped at 1:10, whilst binary options payouts vary by token but remain competitive. OTC assets, for example, pay out up to 95%.
  7. DNA Markets - You can trade a strong range of 120+ cryptos 24/7, surpassing alternatives like Vantage with its 40+ tokens. That said, the spread from 170 on Bitcoin is significantly higher than the cheapest crypto brokers.
  8. Coinexx - Trade CFDs on BTC, ETH, LTC and XRP with 1:5 leverage, market execution and 0.01 micro lot trading. However, we weren't impressed with the narrow choice of cryptos with no emerging, smaller-cap tokens available.
  9. Pionex - Make spot, future and leveraged trades on 120 cryptocurrencies via Pionex's proprietary platform with built-in trading bots and highly customizable automated trading options. On the negative side, the range of tokens is narrower than many alternatives.
  10. RedMars - RedMars offers 13 crypto CFDs, including the popular BTC/USD, ETH/USD, and LTC/USD. However, there's no option to buy the underlying cryptocurrency. As a comparison, eToro allows the underlying purchase of 44 cryptocurrencies with copy trading on digital currencies also supported.

eToro USA

"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."

Rebecca Holden, Reviewer

eToro USA Quick Facts

Bonus OfferInvest $100 and get $10
CoinsBTC, ETH, BCH, DASH, LTC, ETC, MIOTA, XLM, EOS, NEO, ZEC, XTZ, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, ALGO, MANA, ENJ, BAT, MATIC, FLR, SHIBxM
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadBTC 0.75%
Crypto LendingNo
Crypto StakingNo
PlatformseToro Trading Platform & CopyTrader
Minimum Deposit$10
RegulatorSEC, FINRA
Account CurrenciesUSD

Pros

  • The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
  • The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors

Cons

  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
  • There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
  • There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos

NinjaTrader

"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."

Tobias Robinson, Reviewer

NinjaTrader Quick Facts

CoinsBTC
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadFloating
Crypto LendingNo
Crypto StakingNo
PlatformsNinjaTrader Desktop, Web & Mobile, eSignal
Minimum Deposit$0
RegulatorNFA, CFTC
Account CurrenciesUSD

Pros

  • You can get thousands of add-ons and applications from developers in 150+ countries
  • NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
  • NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC

Cons

  • Non forex and futures trading requires signing up with partner brokers
  • There is a withdrawal fee on some funding methods
  • The premium platform tools come with an extra charge

OANDA US

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."

Rebecca Holden, Reviewer

OANDA US Quick Facts

CoinsBTC, ETH, LTC, BCH, PAXG, LINK, UNI, AAVE
Crypto MiningNo
Auto Market MakerNo
Crypto Spread$100
Crypto LendingNo
Crypto StakingNo
PlatformsOANDA Trade, MT4, TradingView, AutoChartist
Minimum Deposit$0
RegulatorNFA, CFTC
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD

Pros

  • The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
  • Day traders can enjoy fast and reliable order execution
  • Beginners can get started easily with $0 minimum initial deposit

Cons

  • There's only a small range of payment methods available, with no e-wallets supported
  • The range of day trading markets is limited to forex and cryptos only
  • It's a shame that customer support is not available on weekends

Uphold

"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."

Rebecca Holden, Reviewer

Uphold Quick Facts

CoinsBTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadUp to 1.5%
Crypto LendingNo
Crypto StakingYes
PlatformsDesktop Platform, Mobile App
Minimum Deposit$0
Account CurrenciesUSD, EUR, GBP

Pros

  • The proprietary app is extremely easy to use with a slick design and navigation
  • Two-step authentication bolsters user security
  • Crypto staking is available on 30+ tokens with above-average rates up to 16%

Cons

  • The charting analysis features on the platform trail specialist exchanges
  • Customer service is slow based on tests, with limited contact options
  • Uphold operates with limited regulatory oversight

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

CoinsBTC, BCH, LTC, ETH, ADA, DOT, DOGE, LINK, UNI, XLM
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadVariable
Crypto LendingNo
Crypto StakingNo
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust

Cons

  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors

IQCent

"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "

Rebecca Holden, Reviewer

IQCent Quick Facts

Bonus Offer20% to 200% Deposit Bonus
CoinsBTC, ETH, LTC, ETC, DOGE, MATIC, QNT, SOL, XRP, USDT, XMR, BNB
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadVariable
Crypto LendingNo
Crypto StakingNo
PlatformsOnline Platform, TradingView
Minimum Deposit$250
RegulatorIFMRRC
Account CurrenciesUSD, EUR

Pros

  • Keen traders can take part in trading contests with cash prizes
  • The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies
  • The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%

Cons

  • The market analysis is very basic with limited technical summaries and insights from analysts
  • The broker is not overseen by a respected regulator, though this is common among binary options firms
  • IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month

DNA Markets

"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "

Jemma Grist, Reviewer

DNA Markets Quick Facts

CoinsBTC, ETH, LTC, XRP, 1INCH, AAVE, ADA, AGIX, ALCX, ALGO, ALPHA, APE, APT, ARB, ASTR, ATOM, AUDIO, AVAX, AXS, BADGER, BAND, BAT, BCH, BLUR, BNB, BNT, BTTC, CAKE, CELO, CFX, CHR, CHZ, CLV, COMP, CREAM, CRV, DENT, DODO, DOGE, DOT and many more
Crypto MiningNo
Auto Market MakerNo
Crypto Spread$28 (Bitcoin)
Crypto LendingNo
Crypto StakingNo
PlatformsMT4, MT5
Minimum Deposit$100
RegulatorASIC
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • You can access low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
  • DNA Markets offers top-rate platforms and charting tools for day traders with access to MT4 and MT5
  • Convenient account funding is available with 7 base currencies, a $100 deposit and a wide range of payment methods

Cons

  • Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
  • Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
  • Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution

Coinexx

"Traders seeking highly leveraged CFDs with a broker that uses crypto as a base account currency will find a good match in Coinexx. The ECN model also offer tight spreads from 0 pips. On the downside, traders should note the weak regulatory oversight."

Tobias Robinson, Reviewer

Coinexx Quick Facts

Bonus Offer100% Deposit Welcome Bonus
CoinsBTC, ETH, LTC, XRP
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadFrom 0.0 pips
Crypto LendingNo
Crypto StakingNo
PlatformsMT4, MT5
Minimum Deposit0.001 BTC
Account CurrenciesUSD

Pros

  • ECN execution model with tight spreads from 0 pips
  • Demo account available to prospective traders
  • Very high leverage up to 1:500

Cons

  • No fiat account funding options - crypto only
  • No copy trading service for aspiring investors
  • No regulatory oversight reduces safety

Pionex

"Pionex is an excellent option for crypto traders with an interest in cutting-edge AI like ChatGPT and automated trading."

William Berg, Reviewer

Pionex Quick Facts

CoinsBTC, LTC, ETH, BUSD, EOS, BTT, TRX, NFT, DOGE, XRP, HT, ALICE, FIL, DOT, JST, AXS, UNI, AAVE, WIN, SUN, CAKE, LINK, BAKE, BCH, ETC, SNX, TFUEL, ADA, PUNDIX, ICP, MDX, FLOW, DODO, MFT, BSV, MATIC, CSPR, SHIB, ATOM, SUSHI and many more
Crypto MiningNo
Auto Market MakerNo
Crypto SpreadMarket
Crypto LendingNo
Crypto StakingNo
PlatformsOwn
Minimum Deposit$0
RegulatorFinCEN

Pros

  • Excellent and innovative liquidity engines aggregated from Binance and Huobi
  • Low trading fees compared with other major exchanges at 0.05% maker and taker
  • 12 free integrated trading bots with no coding or programming requirements

Cons

  • Weak regulatory oversight raises safety concerns
  • Withdrawal fees and limits may apply
  • Does not accept fiat deposits

RedMars

"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."

Christian Harris, Reviewer

RedMars Quick Facts

CoinsBTC, ETH, LTC, XRP, XLM, DOT, ZEC, XMR, QTM, NEO, EOS, BCH, DSH
Crypto MiningNo
Auto Market MakerNo
Crypto Spread65
Crypto LendingNo
Crypto StakingNo
PlatformsMT5
Minimum Deposit€250
RegulatorCySEC
Account CurrenciesUSD, EUR

Pros

  • The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
  • RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading
  • Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests

Cons

  • With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
  • While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
  • The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.

What Is Bitcoin?

Bitcoin is part of the emerging cryptocurrency market. Whilst cash is made of paper, bitcoins are basically clumps of data. Scrapping the bank or governmental middle man that act as an intermediary for your money, cryptocurrencies enable the transfer of money directly between individuals, utilising secure blockchain technology.

The blockchain is a secure ledger of transactions. Digital coins can be mined by processing complex mathematical algorithms.

The blockchain network records each transaction, securing the entire process – but crucially – speeding it up. Charges are made per transaction.

Bitcoin was the first cryptocurrency to utilise the technology, and subsequent growing pains have led to ‘forks’ in the process. This resulted in the introduction of Bitcoin Cash. Other currencies then tried to improve the process, both in terms of speed, but also, costs and energy requirements. Ripple, Ethereum and Litecoin all claim to be superior to Bitcoin.

The vast wealth of bitcoins are held in the hands of a few, so bitcoin is bought in fractions as low as one-hundredth of a million, which equates to just less than one-tenth of a cent currently.

This means anyone can dabble and explains the boom in bitcoin trading volume per day.

The current cryptocurrency market is estimated to be worth around $1.7 trillion, down from almost $3 trillion at the top. The market cap of bitcoin is $900 billion. This makes day trading bitcoin an appealing proposition.

Bitcoin makes up half of the cryptocurrency market and Roger Ver, Bitcoins CEO, believes ‘it’s the dawn of a better, more free world’. Whilst that remains to be seen, it does have certain attributes that make it tempting for those looking to make money day trading bitcoin.

Why Day Trade Bitcoin?


Bitcoin Wallet

To actually own bitcoin (rather than speculate on the price), you need a digital wallet to store your cryptocurrency. There are a whole range of wallet providers out there, but we like Coinbase. It offers higher levels of security than most and is backed by large, regulated brokers.

 


What You’ll Need To Start Trading

So you want to make money day trading bitcoin? Now you understand why to trade and what you’re trading, but here’s a bit more detail on the how – it’s a “Trading Bitcoin For Beginners” step by step guide:

How To Trade Bitcoin Step 1 – Find out the price

One of the first things you’ll need to know is what the price is. To do that you’ll need to head over to an index or exchange to see the latest traded value. You can also use orders – open orders or limit orders – to enter the market at the point you want to.

Step 2 – Pick an exchange

One of the biggest decisions you’ll have to make is which exchange or brokerage to deposit funds with. Day trading bitcoin on Bitmex or Coinbase has become particularly popular in recent years. However, there are other choices too, including:

Away from the direct exchanges, there are also firms that will allow you to trade the underlying asset of Bitcoin, without actually owning it. It can for example, be traded within a forex pair against the US dollar. Other exchanges, such as IQ Option, will also allow you to speculate on bitcoin via CFDs or spread bets. Our list of top Bitcoin brokers will show which firms offer one-click trading of BTC.

It’s also worth considering brokers that accept Bitcoin payments. These firms offer the seamless management and funding of BTC trading portfolios by reducing transfer charges and processing efforts.

Step 3 – Capital

Before you can make money day trading bitcoin you’ll need some capital to start with. The internet is packed full of warnings about losing all your money so let’s keep this brief.

Whilst you find your feet, using a small amount is advisable. It’s also worth highlighting that you should never trade more than you’re willing to lose. Be strict and regimented with what you can and can’t afford to lose, and you’ll never need to worry about losing out to the cryptocurrency market.

Useful tip – If you’re using credit cards, you may get charged up to 3.99%, so keep an eye out for credit cards that offer 3% cash back so you can negate part of the cost.

Step 4 – Bitcoin strategies

Rodger Federer doesn’t step onto the tennis court without a clear strategy for how to beat his opponent, and you shouldn’t start day trading Bitcoin without one either. Some people seek the assistance of a Bitcoin day trading bot; others rely on their technical analysis and judgement.

Nearly all Bitcoin day trading tutorials will suggest you utilise price charts and have an effective money management strategy. This will help you keep losses at a minimum and profits high.

Reading the charts

Whilst you will find an abundance of line and bar charts, don’t make them your bread and butter. Candlestick charts offer you the most information in the smallest amount of space. From them you can learn several essential bits of information:

When using your chart ensure you have the right timeframe settings. For day trading bitcoins you want charts that are between 1-30 minutes.

If you want to make money day trading bitcoin you’ll need to get familiar with candlesticks and their indicators (see example below). It isn’t uncommon for bitcoin to fall into a repetitive trend for months on end. If three of the last four candlesticks have been red, then there’s a good chance it’s going to carry on heading that way, unless the RSI suggests it’s been seriously oversold.

On Balance Volume IndicatorDay trading bitcoin OBV indicator

Whether you were day trading bitcoin in 2015, or day trading it now in 2024, consider using the on balance volume (OBV) indicator. It utilises an intelligent combination of price and volume activity to tell you what is the total money flowing in and out of the market currently.

How do you apply it to Bitcoin? If bitcoin trading is on the rise whilst the OBV trading is heading south, then you know people are selling into this rally, however a move to the upside would not be sustainable. The same logic can be applied in reverse.

News

Another one of our top tips – It is imperative you utilise multiple news sources. Bitcoin value is extremely reliant on public perception, so news events can trigger spikes. Some of the most useful and user friendly news sources out there are:

When it comes to useful bitcoin day trading tips, many suggest that if there is zero negative news about bitcoin and cryptocurrencies in general, then it could well be the right time to sell. On the flip side, if there’s positive news then it could be time to buy.

Use this is a broad guide for day trading bitcoin and you’ll avoid some pitfalls and utilise some opportunities, hopefully making for a substantial bitcoin day trading profit.

Risks

Trading bitcoin for beginners introduces numerous risks – traders must be aware of them before putting money on the line. Learning bitcoin trading can involve expensive mistakes, so this list of risks with hopefully offer new traders some tips to avoid the pitfalls:

Last Words

The cryptocurrency market and bitcoin, in particular, are an exciting market for the aspiring day trader. Whilst there is understandable uncertainty, fortune favours the brave, and with these day trading bitcoin tips at your disposal, there’s serious potential profit to be made. Demo Accounts offer a risk free way to learn how to trade Bitcoin.