Theta Day Trading 2024 – Tutorial And Online Brokers
Theta is an Ethereum based cryptocurrency that powers the network behind a decentralised video streaming platform. The intent is to revolutionise terminals such as YouTube through a peer-to-peer delivery system where users relay videos and share their bandwidth in return for Theta fuel tokens. The company has over 2 million users and is growing quickly.
This review explains how to start day trading Theta, from the Validator and Guardian node system to wallets, strategies and price predictions in 2024, 2025, and 2030. We also list the best brokers for trading Theta.
Theta Brokers
#1 - Eightcap
Why We Chose Eightcap
Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: $12 (BTC)
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Regulator: ASIC, FCA, xCySEC, SCB
Pros
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
#2 - eToro
Why We Chose eToro
eToro leads the way in cryptocurrency trading, offering competitive spreads and a fixed 1% commission, plus their own wallet service. The broker offers a vast list of 95+ tokens which is continually being updated. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."
- DayTrading Review Team
- Coins: BTC, ETH, BCH, XRP, DASH, LTC, ETC, API3, CRO, SKL, IMX, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ, DOT, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, FIL, ALGO, ATOM, MANA, APE, LRC, ENJ, BICO, BAT, BNT, OGN, MATIC and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC 1%
- Crypto Lending: No
- Crypto Staking: Yes
- Platforms: eToro Web, CopyTrader, TradingCentral
- Minimum Deposit: $50
- Regulator: FCA, ASIC, CySEC, FSA, FSRA, MFSA
About eToro
eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail accounts lose money.
Pros
- The broker's services are great for beginners, with commission-free stock trading, a low minimum deposit and an unlimited demo
- The web platform and mobile app perform better in user reviews and app rankings than top competitors, including AvaTrade
- eToro has bolstered its investment offering, most recently with new crypto assets, now offering over 90 digital currencies
Cons
- There are limited contact methods aside from the in-platform live chat
- There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
- There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
#3 - Exness
Why We Chose Exness
There is a small range of popular crypto tokens paired with fiat currencies available, with zero swap fees and no commissions in the Standard account. Trading is available via desktop or mobile apps, and deposits via crypto are also available in some countries.
"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
- DayTrading Review Team
- Coins: BTC, LTC, ETH, XRP, BCH, SOL, SNX, UNI, BAT, DOT, XTZ, ADA, BNB, ENJ, FIL, DOGE, COMP, THETA, AAVE, LINK, IOST, CAKE, MATIC, HT, MANA, HBAR, INCH
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: Floating
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Exness Trade App, MT4, MT5, TradingCentral
- Minimum Deposit: $10
- Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS
About Exness
Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
Pros
- Top-tier licensing with the FCA and CySEC and a strong reputation with over 10 years in business
- There's excellent 24/7 multilingual customer support via telephone, email and live chat
- Highly competitive spreads are available from 0.1 pips and low commissions from $3.50 per side
Cons
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- There are no promotional deals or loyalty schemes for high-volume day traders
- Unlike most competitors, Exness doesn't provide its own education section
#4 - Pocket Option
Why We Chose Pocket Option
Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
- DayTrading Review Team
- Coins: BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: N/A
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Web, MT4, MT5
- Minimum Deposit: $50
- Regulator: MISA
About Pocket Option
Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
Pros
- Extremely fast and smooth sign-up process that takes less than 2 minutes
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
Cons
- The MISA is a weak regulator with limited investor protection for retail traders
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
#5 - OKX
Why We Chose OKX
OKX continues to offer a superb selection of 400+ tokens including Bitcoin and Ripple. You can buy and sell tokens or trade cryptos on margin via derivatives, including perpetual swaps, options and futures. OKX stands out for its low fees, extensive range of tokens and speedy crypto transactions.
"OKX is a top pick for crypto traders looking for emerging coins and crypto projects to invest in. Traders can also make use of the broker's copy trading service and automated bots."
- DayTrading Review Team
- Coins: BTC, XCH, ETH, OKB, OKT, LTC, DOT, ADA, DOGE, XRP, USDT, ICP, BCH, LINK, XLM, ETC, MATIC, THETA, UNI, TRX, EOS, FIL, XMR, NEO, USDC, AAVE, SHIB, LUNA, KSM, BSC, ATOM, IOTA, ALGO, XTZ, CRO, MKR, BTT, CEL, LEO, WBTC and many more
- Crypto Mining: Yes
- Auto Market Maker: No
- Crypto Spread: Variable
- Crypto Lending: Yes
- Crypto Staking: No
- Platforms: AlgoTrader
- Minimum Deposit: 10 USDT
- Regulator: VARA
About OKX
OKX is a respected cryptocurrency firm, established in 2017, that offers a large suite of products, from mining pools to NFTs. Traders can access over 400 crypto tokens via OTC trading and derivatives. With an excellent web platform, developer tools and dynamic charts, OKX is a popular choice for technical traders.
Pros
- Active traders can expect competitive maker and taker fees, from 0.02% and 0.05%, respectively
- You can access a wide range of trading products, including futures, options and perpetual swaps via a mobile app or desktop platform
- There's an impressive range of blockchain products, including DeFi services, NFTs and games, alongside 400+ established and emerging coins
Cons
- The firm offers limited regulatory oversight, though this is common among crypto brokers
- The broker's platform and features may be complex for novices
- The quality of customer support was inconsistent based on testing
History
Theta was launched by Mitch Liu and Jieyi Long in 2018 following a $20 million private token sale. The project is to build a decentralised video streaming platform powered by a global network of computers that rewards users with tokens.
The company has seen a rapid increase in interest from investors which helped to add over 1,000% to its price in 2020. Theta advisors include Steve Chen, co-founder of YouTube and Justin Kahn, co-founder of Twitch. Twitch now allows its users to earn tokens for sharing their bandwidth.
Another strategic partner of the project is Samsung. The Theta platform will be included on all new Galaxy phones, which could lead to another increase in price.
How Does Theta Work?
The blockchain is an ERC20 compliant decentralised video streaming network. This means the Theta token can easily be utilised on any Ethereum based wallet.
There are two cryptocurrencies native to the Theta network:
- Theta token – The token is used to stake as a Validator or Guardian node, to produce blocks, and to take part in the protocol’s governance. There is a limited supply – there will only ever be 1 billion tokens in circulation.
- TFUEL – TFUEL is the main utility token on the Theta network. Individuals are incentivised to share their bandwidth to earn TFUEL. Users can then use TFUEL to unlock premium content, send donations to streamers, or send virtual gifts.
The end-to-end infrastructure intends to resolve many of the problems inherent to the highly centralised video streaming industry such as buffering, low-quality and the lack of reach across the world. Theta allows its global network to monetise their spare bandwidth and computing power by relaying videos.
The network is powered by three groups, known as nodes:
- Validator – Validator nodes are companies that stake the token for the ability to carry out transactions and build blocks on the network. Current validator nodes include Samsung and Google.
- Guardian – Guardian nodes ensure the accuracy of transaction blocks proposed by validator nodes. To become a guardian node, you need to stake at least 1,000 Theta. You will also need to have at least 1 TFUEL in your wallet staking app to pay the transaction fee.
- Edge – Edge nodes are users who are rewarded with TFUEL for sharing their bandwidth and relaying video streams.
Theta Trading Chart
How To Buy Theta
There are two ways to buy the crypto:
- Crypto exchanges – Some exchanges allow users to buy Theta tokens in exchange for GBP, USD or other fiat currencies. For this, you will need a personal crypto wallet. Several exchanges offer online wallets but these are often the target of crypto hackers, so if your strategy is to hold Theta for an extended period, your best option is to go for a hardware wallet. These wallets store your crypto offline in cold storage which makes it harder to access for hackers. Theta also offer its own software wallet, which now supports Ledger and Trezor devices, and is available to download for free via PC. As we have seen with Bitcoin, Ethereum and other altcoins such as Filecoin and Cardano, investors in Theta may benefit if the project grows over the next 5 years.
- Online brokers – Brokers allow users to interact with Theta using speculative financial instruments such as CFDs. This allows traders to generate profits without owning the asset by taking long or short positions and using leverage to maximise returns. This is a shorter-term strategy versus holding but the volatility of the crypto market allows traders to make daily gains.
Some of the most popular brokers trading Theta are:
- Binance – Trading with BTC, USDT, BUSD, BNB, ETH and EUR
- Gate.io – Trading with USDT
- Bithumb – Trading with KRW
- Kucoin – Trading with USDT
Note, Theta is not yet supported by Coinbase, Kraken or eToro.
Price Predictions
Theta is one of the leading cryptocurrency projects with a market cap of over $11 billion. It’s looking to revolutionise the extremely lucrative video streaming industry and has powerful partners such as Lionsgate, Sony, Google and Samsung. This puts Theta in a much better position than similar projects such as LivePeer.
Theta reached a low of $0.40 in April 2020 before quickly appreciating and its live price has reached close to $9. The overall value of the crypto may increase over the next 5 years as the project is launched on Samsung phones and other devices. Furthermore, the volatility of the coin also makes it an attractive option for day traders.
Trading Tips
If you are interested in trading Theta, here are some important tips to keep in mind:
- Timing – If you are a day trader interested in making short-term investments, the point at which you enter the market can significantly affect your bottom line. The crypto market is extremely volatile and can fluctuate massively in a brief period. Keep up to date with the latest crypto fuel news to stay abreast of developments. For long-term investors, the point at which you enter the market is less important. You stand to make profit if the project grows in popularity.
- Charges – Currently, Theta is only available on a limited number of platforms. This will likely increase in the coming years. Be sure to compare each broker’s charges and make a careful decision based on your trading strategy. However, do not compromise on the quality of service. Reliable platforms and adequate customer service are principal qualities of a good broker.
- Security – Choose a reputable broker with adequate security services. Crypto assets are not always covered by financial compensation schemes so it’s best to find a broker that offers its own insurance policy that reimburses users for any security breaches. Measures such as two-factor authentication (2FA) and Know Your Customer (KYC) are also important to protect users from fraud and money laundering. If you are a long-term investor, make sure to move your tokens to a private wallet. Hardware wallets are the safest option to protect your cryptocurrency.
- Leverage – Day traders can take advantage of Theta’s volatility by trading derivatives and using leverage to maximise profits. However, it is important to implement the correct risk management strategies as using leverage can also multiply losses.
Final Word On Trading Theta
The Theta blockchain is an up-and-coming decentralised video delivery network and cryptocurrency with a market cap of over $11 billion. With huge investors such as Google and Samsung on its side, the crypto may be a profitable option for long-term investors. The volatility of the token’s price can also be exploited by day traders looking to make short-term profits. Having tokens in your wallet also has rewards: Theta does weekly airdrops, releasing TFUEL, discounts and other freebies which can be claimed by official users and token holders on Binance, UPbit, Bithumb, Gate.io, DigiFinex, or Huobi.
FAQ
Is Theta A Good Investment?
Theta is looking to revolutionise the video streaming industry and is backed by powerful investors like Google, Samsung and Sony. Users stake tokens to create blocks on the network and earn TFUEL as a reward for sharing bandwidth. Its market cap is currently over $11 billion and its value may increase as the network is added to Samsung phones and other platforms.
Where Can I Buy Theta?
Theta is available on Binance and Gate.io. You can buy the crypto using USD, GBP, PKR, AUD, NGR among other fiat currencies and cryptos. The token is not available on popular platforms such as Coinbase, Kraken or eToro.
What Is A Guardian Node?
The Theta network is powered by three groups, known as nodes. Validator nodes are companies such as Google and Samsung that stake the token to carry out transactions and build blocks on the Theta network. Guardian Nodes ensure the accuracy of transaction blocks proposed by validator nodes. To become a guardian node, you will need to stake at least 1,000 Theta. Edge nodes are users who are rewarded with TFUEL for sharing their bandwidth and relaying video streams.
Can I Make Money Trading Theta?
Theta’s value on the cryptocurrency market is extremely volatile in the short term which arguably makes it an ideal candidate for day traders looking to profit from erratic price swings.
Where Can I Read More About Theta?
There are many sources for up-to-date information on Theta including Coingecko and Coinmarketcap.com. There are also large communities of day traders on Reddit which regularly exchange tips and tricks.