It’s possible to make $100 a day on Binance trading cryptocurrency. If you are just starting crypto day trading, here is everything you should know about making money day trading.
If you’re looking for How to make $100 a day on Binance then I must say that you can really achieve this with this Binance exchange.
Binance exchange is a cryptocurrency trading platform based out of Hong Kong. It was founded by Changpeng Zhao (CZ) who is also known as CZ Binance. CZ is a Chinese entrepreneur who is best known for his work at OKCoin where he worked as the Chief Executive Officer between 2014-2015. He left the company after disagreements with its management team over how to improve the business. In 2017, he started working on the Binance exchange.
The Binance exchange is one of the largest exchanges in terms of market capitalization and it is really easy to make $100 a day on Binance. As of now, it is ranked number 1 among all cryptocurrency exchanges in terms of 24-hour volume.
Binance exchange offers many different cryptocurrencies for trade including Bitcoin, Ethereum, Litecoin, Ripple, EOS, Stellar Lumens, Tron, Monero, Dash, Zcash, IOTA, Augur REP, OmiseGO, Qtum, Golem, VeChain, Cardano, NEM, Dogecoin, Lisk, Bytecoin, Factom, Stratis, Digibyte, Aeternity, MaidSafeCoin, Decred, Ark, Siacoin, BitTorrent Token, Golem, and many others.
It supports fiat currency deposits and withdrawals using credit cards or bank transfers. You can use any major credit card to deposit funds into your account. However, if you want to withdraw money, you need to have enough funds in your account before you make the withdrawal request. If not, then you will get a message saying that your withdrawal request exceeds the maximum amount allowed.
You can use the Binance exchange to buy cryptocurrencies with fiat currency or sell them for fiat currency and easily make $100 a day on Binance. To do this, you first need to create an account on the Binance exchange. After you create your account, you need to fund it with some cryptocurrency. You can either purchase these cryptocurrencies directly from other users or you can fund your account with a credit card. Once you have funded your account, you can start buying cryptocurrencies or selling them.
There are two ways to buy cryptocurrencies on the Binance exchange and make $100 a day on Binance.
- First, you can go to the “Exchange” tab on the homepage and click on the “Buy” button.
- Second, you can go to the “Market” tab and select the coins you wish to buy. Then, you can enter the amount of cryptocurrency you would like to buy and press “buy”.
To sell cryptocurrencies, you can follow the same steps as above. Click on the “Sell” button on the “Exchange” page. Select the coin you wish to sell and enter the amount you would like to sell. Press “sell” and wait until the transaction completes.
Binance exchange charges a small fee for each transaction. The fees depend on the type of transaction you perform. There is no charge for depositing funds into your account. But, there is a 0.1% fee for withdrawing funds from your account.
If you are looking for a place to store your cryptocurrencies safely, then the Binance exchange is the right option for you. It provides 2-factor authentication for security purposes. You can also set up alerts for your transactions.
The best way to make $100 a day on cryptocurrency is to invest around $1000 and track a 10% rise on one pair. This is a realistic approach compared to investing $200 and tracking a 50% rise on the pair. This is because, when it comes to crypto investment, the trick is to always put in a substantial amount of money and increase your chances of making a profit from it.
But, before you make $100 a day, you need to know how to day trade. Day trading works for people who are willing to dedicate their time and money. For starters, you need to have time and the right software to analyse data – so that you can make the right decisions.
A cryptocurrency, broadly defined, is virtual or digital money that takes the form of tokens or “coins.” Though some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible.
The “crypto” in cryptocurrencies refers to complicated cryptography that allows for creating and processing digital currencies and their transactions across decentralised systems.
Making $100 a day might not happen on the first day but with proper skills and experience, you can reach your target.
Day trading is buying and selling trades on the same day. If you want to day trade you need to dedicate some time to learn the skill. The best day traders spend enough time analysing the trades to make a profit.
Some tips to help you with day trading:
Mathematical analysis is important for day traders. It helps you to study the trends and predict the outcomes of specific trades. If maths is not your forte don’t be worried. You can still learn the basics like reading charts and patterns.
Stay Updated on the Market Trends
It is important to always know what happens in the crypto market. You can do this by reading the news and following blogs. Social media is also a good place to get news but you need to do that from reliable sources.
Staying updated on what is happening in the market will help you to make the right decision. Market analysis from news sources is as important as technical analysis. Staying up to date with the news can also help you to know the other coins available in the market.
Managing risk is an important aspect when investing in crypto. When you manage risk you will trade for a long time without losing hope.
The first step is to invest only in what you can lose. Avoid investing a lot of money as a beginner. You have to go through the learning curve so making gradual progress is the way to go.
Like any other form of investment, you need to diversify. We have different types of crypto coins so do not put your money in just one coin.
Look at the coins performing well and try to diversify your investment. It is one of the best ways to manage risk. If one coin is performing badly you will be able to make money with other coins.
Be Patient and Consistent
Patience and consistency will go a long way in trading. It is advisable to stay patient when trading because you are likely to have some good and bad days. Staying consistent is also important as it will help you to learn fast.
As a beginner, you will need to learn trends and analytics. And therefore, trading every day will help you to learn.
How much do Day Traders Make?
While there’s no straight answer as to how much a day trader makes, due to varying factors like experience and money invested, day traders make good money. Research shows that the average day trader salary is around $109,000 per year.
On the other hand, the highest-earning day traders make up to $180,000 per year while the lowest-earning traders make $63,000 per year. This is data based on traders in the United States.
The best thing is that it allows you to start trading at as low as $400.
Best Way to make money in with Cryptocurrency
It is possible to make good money in crypto. However, you need to know the strategies to help you make money. Here are some of the best ways to make money:
Buy and Wait to Sell at a Profit
Buying for speculative purposes is one of the most common ways to make money on crypto. With this strategy, you need to have some liquid cash with you. You will have to wait for some time before you get your money back.
Sometimes the prices might go down instead of going up so you still need to put this into consideration. Buying crypto for speculation is ideal for beginners because during this time they get an opportunity to learn.
It is possible to earn dividends by owning crypto. There are coins out there termed as digital assets. Owning these coins gives you dividends just like it happens with stock.
However, it is important to do research to determine which coins are doing well before putting your money. Doing enough research will help you to get good dividends from the coins. Some of the coins that you can invest in include COSS, CEFF, NEO, and KUCOIN.
Day trading is a common way to earn money from crypto. Using this trading method you will need to dedicate some time and money. Most of the day traders do it as a full-time job because it involves doing research and analysis.
It is possible to make money through trading and even make it your full-time job. Day traders make good money when they become good at it.
Staking crypto is a way to earn money by holding crypto in a particular network. With this method of crypto investment, you make money when your coins are in your digital wallet.
Staking might not earn you a lot of money but it is still a good way to earn money. This is the least common way to make money with crypto.
How to Take Profits in Crypto
The whole point of trading crypto is to make a profit. A time will come when you need to cash out or take profits. When it comes to taking profit you might need to invest the profit back or get the equivalent of cash.
Here is how to take profit in crypto without selling;
Peer to Peer Lending
Peer-to-peer lending (P2P) is a good way to take profits in crypto. With this method, you loan your crypto and you will get an assured return of at least 20%.
Peer-to-peer lending is popular with Ethereum coins and you will have to use smart contracts to help with trading. This is a good way to take profits from crypto without selling it.
Since cryptocurrency is global, it allows trading in different currencies. In this method of taking profits, you will have to look for another site that trades crypto, let’s say bitcoin, in a different currency.
If they are offering a better rate with your bitcoin, then you can take your profits there. This is a good way to earn money and take advantage of your profits.
Taking Profits vs Holding
Taking profits vs holding is always a debate. The truth is that it depends on your situation.
If you are a new trader, you need to practice a lot. It is advisable to hold your crypto instead of taking the profits. Holding the profits will help you to learn how to trade and learn from the market trends.
When to Take Profits in Crypto
You can take profits in crypto at 50%. This is a good place to set your profit because it allows you to grow your profit and diversify your risk.
The truth is that every trader has a preference depending on the amount of risk that they are willing to take.
Some of the Best Cryptocurrencies to Collect for Profit
Before collecting any crypto coins you need to do enough research about it. You need to check the coins that are performing well and also make sure that you can make a profit from them. Here are some of the best coins to collect if you want to make a profit;
- Ethereum (ETH)
- Tether (USDT)
- U.S. Dollar Coin (USDC)
- Binance Coin (BNB)
- XRP (XRP)
- Binance USD (BUSD)
New coins are coming up every day so you need to be on the lookout. Reading news and doing some research will help you to make the right choice.
What is Spot Trading in Crypto?
Spot trading is buying and selling crypto in real-time. Using this method you sell or buy crypto on the live market based on the indicated current price. With this method of trading, you hope to sell the coins in a future time at a profit.
You need to be a seasoned trader to use this method because it involves some level of risk. Spot trading might be intimidating for some people because you might not have a lot of time to plan when buying or selling your coins.
Does Pattern Day Trading Apply to Crypto?
Yes, pattern trading applies to crypto because it is a form of security. Pattern day trading applies to all retail investors preventing them from risking too much, trading in so many trades within a short period.
The best thing with crypto trading is that you do not have to worry about the trading limits. It is possible to trade as much as you want because crypto is not regulated by FINRA or the SEC like other forms of securities like stock.
Now you have known how to make $100 a day on Binance, you can now start with trading crypto on Binance. Remember that risk management is an essential component of trading.
With proper risk controls, you can reduce losses and prevent yourself from losing your entire trading capital. If risks can be controlled, you can increase the chance of making money in the market. Without a proper risk management plan, you could lose all significant profits in just one or two bad trades.