Hello, can someone please enlighten me on the process of getting into crypt day trading. I'm used to trade nasdaq stocks and futures, where we have exchanges AND brokers. 1) In crypto, are there any brokers? It seems the exchanges.... are also brokers? So where should I open an account for active intraday trading? 2) Are there account minimums? 3) What about commissions and all that stuff. How are they established. What would you recommend?
Commissions are ridiculous. Coinbase for example 3% of amount purchased. Some shit coins charge like 30-40%. Crazy world.
Coinbase Pro fees are very small. Costs nothing to use Coinbase Pro vs. Coinbase Fees are high if you want to transfer positions from one exchange to another so better to close positions & re-open at another exchange.
binance or you can choose fx broker like Hotforex which is regulated and offers better safety for your funds. FX brokers have higher spreads though and lack order book which can be essential for some trading strategy.
Koros, each Crypto exchange - such as Coinbase Pro, Kucoin or Binance - is its own entity. There is no broker-exchange model, AFAIK, in the crypto world. You trade on an exchange. No brokers involved. I don't think any exchanges have account minimums. The exchanges stand on their own, and are not connected to each other - that is, when you place the order on one exchange that is where it will be executed, it will not and cannot be sent to execute on another exchange. The prices, though, move on all exchanges in tandem because of private arbitrageurs. The trade commissions are significant. 0.2% seems small until you figure that on a $10K trade it is $20. Such commissions would be outrageously high in today's mostly-no-commission stock-trading world.
Thanks for your answers. It starts to be a bit more clear. Upon more research, I figured out that derivatives are a bit more interesting than spot.
Yes there are some offshore FX brokers that also allow crypto CFD trading. Some are commission free and others are based on lot size as per FX. As they are trading in CFDs there is no more an account minmum that you get with FX either.