Monero Day Trading 2023 – Tutorial and Brokers

Monero (XMR) is an open-source cryptocurrency that aims to distinguish itself from its competitors through privacy and decentralisation. Proponents argue it could be the future of blockchain and the rise in value appears to support that. This page will break down precisely what Monero is, including its history, mining and wallets. The page will then conclude with price predictions and details on how to start day trading with Monero coins.

Top Monero Trading Brokers

#1 - boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

" is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."

- DayTrading Review Team
  • Instruments: Forex, Spot Metals
  • Regulator: NFA, CFTC
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Min. Deposit: $100
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50


  • Top-rated forex and CFD broker
  • VPS hosting for automated strategies
  • Respected and trusted broker overseen by tier-one regulators including the US SEC


  • Investment offering varies between countries
  • $15 monthly inactivity fee
  • No copy trading platform

#2 - Interactive Brokers

Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Traders use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.

"Serious traders seeking a regulated broker with unparalleled access to stock markets should look at IB. Their range of stocks can't be beaten."

- DayTrading Review Team
  • Instruments: CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
  • Regulator: SEC, FCA, IIROC, SFC
  • Platforms: AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Min. Deposit: $0
  • Min. Trade: $100
  • Leverage: 1:50


  • Regulated by some of the world's most reputable bodies including in US
  • Low commissions and tight spreads
  • Diverse payment options and account currencies


  • Accessing products like CFDs is not straightforward compared to competitors
  • The TWS platform falls short in terms of technical charting
  • Due to the pricing structure, this firm can be more expensive for aggressive traders who trade over $100,000 shares a day

#3 - NinjaTrader

NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.

"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."

- DayTrading Review Team
  • Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
  • Regulator: NFA, CFTC
  • Platforms: eSignal
  • Min. Deposit: $50
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50


  • Excellent trading software for active users with bespoke widgets and indicators
  • Widely respected and heavily authorized by the NFA and CFTC
  • Easy account opening that takes a few minutes


  • Withdrawal fee on some funding methods
  • Premium platform tools come with an extra charge
  • Non forex and futures trading requires signing up with partner brokers

#4 - eToro USA

eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.

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

- DayTrading Review Team
  • Instruments: Stocks, Options, ETFs, Crypto
  • Regulator: SEC, FINRA
  • Platforms: Own
  • Min. Deposit: $10
  • Min. Trade: $10


  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
  • A free demo account means new users and prospective traders can try the broker risk-free
  • The online broker offers an intuitive social investment network with straightforward copy trading on cryptos


  • No MetaTrader 4 platform integration
  • Narrower range of instruments than some competitors


OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.

"OANDA is a top-rate broker for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."

- DayTrading Review Team
  • Instruments: Forex, Crypto
  • Regulator: NFA, CFTC
  • Platforms: MT4, TradingView, AutoChartist
  • Min. Deposit: $0
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50


  • Reliable, trustworthy and secure brand with authorization from tier-one regulators
  • Wide selection of instruments including 68 forex pairs
  • Low minimum deposit for beginners


  • Customer support not available on the weekend

Monero Live Price Chart

What is Monero?

Essentially, Monero forms part of a system that enables direct digital exchanges between parties. In this respect, it is similar to Bitcoin (BTC). However, Monero promises totally private transactions.

This sophisticated cryptocurrency runs on:

It’s worth mentioning that while many cryptocurrencies have a maximum supply of coins, Monero boasts an unlimited total supply.


An air of mystery clouds Monero. Having said that, we do know:

September 2014 saw Monero suffer from a flaw in CryptoNote that was exploited. This weakness allowed for the creation of two subchains that would not recognise the validity of transactions. Fortunately, the issue was swiftly remedied by developers.

2016 was a particularly successful year for this cryptocurrency. Market capitalisation jumped along with transaction volume. This is partly thanks to the adoption by the major darknet market AlphaBay.

Another interesting news story has surrounded the alleged interest of North Korea. Using malware, Minero was allegedly mined from a computer and then sent to Kim Il Sung University in Pyongyang.

Technical Makeup

You do not need an in-depth understanding of Monero’s technical architecture to start day trading. However, basic knowledge will allow for more accurate technical analysis and price speculation.

Monero has a ‘view key’ and a ‘spend key’. The view key can be shared for optional transparency. However, the system is engineered for straightforward processing via mobile devices. It is impossible to accurately calculate a wallet balance without a spend key.


The CryptoNight proof-of-work hash algorithm is the foundation Monero is built on. It promises important algorithmic nuances in terms of blockchain obfuscation. Usually, public ledger cryptocurrencies allow for addresses with questionable activity to be refused by others. However, Monero obscures details about the sender, recipient and amount of each transaction.

It does this in several ways. Firstly, it replaces the unit of the currency with another unit. The ring signatures then blend the spender’s address with a number of others. This makes it extremely challenging to identify links between transactions. Also, stealth addresses are created, which makes identifying address destinations practically impossible for all but the sender and receiver. Lastly, a ‘ring confidential transactions’ process obscures the transaction value.

Monero Uses

Before you get bogged down in current prices and exchange rates to USD and Euro, it’s important you are aware how Monero is being used.

Some have capitalised on the cryptocurrency’s privacy capabilities to avoid the law. The egalitarian mining process ensures you can distribute mining efforts, exploring avenues of both legitimate online publishers and illicit hackers. The latter has been quietly embedding code into both websites and apps.

Unfortunately, this has meant popular uses for the Monero cryptocurrency include:

Both AlphaBay and Oasis are dark web marketplaces that have utilised the anonymity of Monero. While it remains outside of capital control, some in the world may want to hold back.


There are a number of benefits to this new cryptocurrency. However, is this all enough to make Monroe a good investment?


Before you make your mind up, you should also consider the following:

How to Buy Monero

There aren’t too many exchanges where you can buy Monero. For example, Coinbase is not an option, despite it being the most popular digital currency exchange.

Fortunately, there are still a number of cryptocurrency exchanges and websites you can turn to:

It is worth checking reviews, price quotes and transaction fees before you make a purchase. Some of these websites will also provide prices live, latest news, long-term outlooks, as well as guidance on spotting potential opportunities.

Alternatively, you could find an individual who will sell you these altcoins directly.

Momentum is growing on forums as technical questions are being answered. As a result, more investors are starting to buy Monero. This should mean there will be less difficulty buying these cryptocurrency coins in the future.

Client Software & Wallets

A user will require client software, also known as a wallet, to connect with the Monero network. Fortunately, the Monero Project has created the necessary implementation. The primary software daemon is called Monerod. This will read the blockchain and claim your transactions. Monero-wallet-cli will manage your account, wallet address and process new transactions. Lastly, Money GUI enables you to connect with the previously mentioned components via a graphical interface.

It is also worth noting third-party implementations of Monero clients exist. For example, Monerujo facilitates Monero use on Android. Online web wallets will allow you to network through the browser via a third party website. In addition, light wallets and keeping your coins on Ledger Nano S are popular options.

Overall, there are hardware, desktop, mobile, and offline paper wallets to choose from. On top of that, users will have an increasing choice as developers continue to deliver updates.


Monero coin mining (XMR) allows for users to benefit from reward blocks by joining mining pools. Alternatively, you can start solo mining. No specific hardware or software, including application-specific integrated circuits, are required. This means Mac, Windows and Android mining is all available.

In fact, the following consumer grade hardware should all be up to the task:

Having said that, mining rigs will encounter difficulties, regardless of whether your GPU, CPU or cloud mining. All will require a considerable amount of costly electricity.

So before you join a team, decide whether you want to be a web browser miner or USB miner. You can then find free, detailed mining guides online that even come with XMR mining calculators.

A useful tip is to search by benchmarks when trying to find the right system.

What’s Next for Monero?

According to stats and price charts, the Monero cryptocurrency is experiencing considerable growth and may even be undervalued. This is perhaps unsurprising when you consider the anonymity prevents those you pay, such as a landlord, having access to your overall financial picture.

Even Litecoin founder, Charlie Lee has expressed an interested in working with this cryptocurrency. It also boasts the fastest block generation speed, one minute, of all CryptoNotes. However, scalability and profit calculators remain ambiguous at best, particularly if the cryptocurrency remains primarily in illicit markets.

For further crypto guidance, you can also see our cryptocurrency page.