Did you know that the global crypto market cap is expected to reach $5,190.62 million by 2026?
Cryptocurrencies are becoming more popular every day thanks to people like Elon Musk. As it grows popular, people are trying to gather as much blockchain trading information as they can to turn crypto day trading into a full-time job.
Finding crypto trading platforms isn’t difficult. However, many people struggle with understanding crypto trading regulations. Fortunately, we can give you all the crypto trading advice you need to find success with bitcoin and other major cryptocurrencies.
Read on to learn more about crypto trading platforms, regulations, and more.
The Pattern Day Trader Rule Doesn’t Apply to Crypto
When it comes to day trading, new investors often get stopped after making just a few day trades thanks to the Pattern Day Trader rule.
A pattern day trader is defined by the government as someone that makes more than 4 day trades within 5 days with less than $25,000 in their account. As a beginner, this can be discouraging because day trading is one of the best ways to earn an income.
However, the best part about crypto trading is that this rule doesn’t apply. As soon as you make an account and deposit funds, you can day trade crypto as often as you like. If you’ve already been blocked from day trading on a platform, the block won’t affect your ability to day trade cryptocurrencies.
You Can Buy Crypto on Stock Trading Platforms
Another problem that beginners face is finding a suitable trading platform. However, some of the best crypto trading platforms are actually stock trading platforms.
For example, Robinhood is a common trading platform that beginners flock to when they want to learn how to trade. Robinhood happens to offer several cryptocurrencies, such as bitcoin and dogecoin.
Buying crypto on a stock trading platform can be more beneficial than going to a platform designed solely for crypto. Not only is it much easier to manage your portfolio, but you can also make quick crypto trades after selling shares and vice-versa.
Crypto Isn’t Regulated by Many Governments
While some governments are trying to regulate crypto, you won’t find many crypto trading regulations. Cryptocurrencies aren’t tied to nations, so it’s difficult for a government to say what can be done with crypto.
Turkey has recently banned cryptocurrencies from being used for transactions, but people can still buy and sell them. This essentially means they can purchase crypto, sell it, then withdraw the money and use it.
We can expect to see more attempts from international governments to regulate crypto, but it’s open-game for now. Click for more information about how the US is trying to regulate crypto.
You Must Stay Informed When Day Trading Crypto
Crypto is one of the riskiest things to invest in because it doesn’t have anything physical that reinforces its value. Because it’s entirely virtual and still doesn’t have a place in society, its value is based on speculation. This is bad for investors because their bitcoins can significantly drop in value as soon as bad news is released.
However, keeping up with the news will help you avoid losses as much as possible. If you follow people that post crypto-related content, you can get all the important info you need within seconds.
For example, you can follow a YouTube channel that talks about crypto and turn notifications on. Whenever something important is announced, you’ll get notified on your phone. From there, you can choose to buy, sell, or hold based on the news.
The crypto market never closes because crypto doesn’t work like stocks. Because of this, setting up live notifications for blockchain trading information is crucial. If you’re a day trader, you won’t have to worry as much about this because you’ll only hold a cryptocurrency for a few minutes.
The top crypto trading platforms also come with notification settings. This lets you avoid relying on outside sources for your blockchain trading information. We just encourage that you follow various sources to have more accurate info.
You Can Use Cash to Buy Bitcoin on PayPal
PayPal isn’t the best crypto trading platform, but it does allow users to buy, sell, and hold crypto. PayPal announced in 2020 that users would be able to purchase crypto, but the only options available for now are bitcoin, bitcoin cash, litecoin, and ethereum.
While you don’t have many options, PayPal is one of the best ways to buy crypto with cash.
If you want crypto trading advice, we recommend you buy bitcoin on PayPal because it’s much more convenient. Those that regularly use PayPal to receive or send money will never have to wait for deposits to clear before they can buy bitcoin.
Providing that money is in your account, you can immediately purchase bitcoins and do whatever you’d like with them.
Your bitcoins can also be used at vendors that accept them as a payment method, making PayPal a stronger payment system than many others.
Start Looking for Crypto Trading Platforms Today
After reading this article, you now know about the few crypto trading regulations and other important info. All you must do now is research a cryptocurrency that interests you so you can find out how it reacts to the news and other catalysts.
If you want to turn day trading into a full-time job, we encourage you to look into crypto trading platforms as soon as possible. However, keep in mind that you can use your favorite stock trading platform if you regularly day trade stocks.
For more crypto trading advice, check out our other articles!