Due to its unique nature, the cryptocurrency market offers up various ways for traders to make investments and generate returns. Day trading is one of those ways; however, if this is something you’re interested in, you’ll need to partner with a reputable and cost-effective broker to do so optimally.
In this guide, we’ll review the Best App for Day Trading CryptoAustralia 2022 – highlighting what options you have to choose from and where you can begin day trading crypto today in a matter of minutes!
Key points on Crypto Day Trading Apps
The best crypto day trading apps Australia are applications that you can download to your smartphone that allow you to day trade in the crypto market.
Certain day trading apps will be offered by brokerages, whilst others will be provided by exchanges.
There are various strategies and coins to consider before you begin day trading.
Our recommended crypto day trading app in Australia is eToro, as you can trade with low fees and from as little as $10 (14 AUD) per position.
Best Apps for Day Trading Crypto Australia Reviewed
Choosing a suitable platform to partner with can make all the difference in your crypto trading journey. Found below are our reviews of the best day trading apps for cryptocurrency on the market right now, covering all of the essential facets that you need to know.
1. eToro – Overall Best App for Day Trading Crypto Australia
Our top pick when it comes to the best crypto day trading apps in Australia is eToro. eToro has an exceptional reputation in Australia and worldwide, boasting over 23 million registered users at the time of writing. In terms of safety, eToro is regulated by ASIC, ensuring that Australia-based traders are offered the highest levels of investor protection.
We recommend eToro so highly due to the platform’s attractive fee structure. When day trading crypto, eToro charges no commissions and instead sets a small spread on each trade. This spread will vary from coin to coin but tends to be pretty tight – for example, the spread on BTC is only 0.75%. This means that if you were to buy 1000 AUD worth of Bitcoin, you’d only have to pay 7.50 AUD in fees!
eToro has one of the best investment apps for day trading, which users can download for free on the App Store or Google Play. Featuring 42 different coins to trade, the eToro app allows you to trade crypto in just a few taps through its user-friendly interface. You can also review the price chart of all cryptos that eToro offers – and can even monitor your portfolio using the tab at the bottom of your screen.
Notably, eToro even offers a free crypto wallet called ‘eToro Money’ for all users to download. This wallet is crucial if you’re day trading crypto, as it will allow you to store your holdings safely and free from the threat of hackers. Featuring an unlosable key and advanced encryption protocols, eToro’s wallet is ideal for traders holding crypto for a wide array of different timeframes.
68% of retail investors lose money trading CFDs at this site.
2. Capital.com – Best Crypto Day Trading App for Leverage
Aside from eToro, another great app to consider is the one offered by Capital.com. Capital.com has one of the best crypto apps on the market, with the platform being regulated by numerous top-tier entities – including ASIC. Furthermore, Capital.com has offices in Melbourne and is licensed to operate in Australia by the AFS.
As Capital.com is primarily a CFD platform, users can trade over 80 different cryptocurrencies and deposit for free in AUD. Notably, Capital.com offers leverage facilities on their cryptocurrency CFDs, allowing users to trade with 1:2 leverage. Buying and selling cryptos is commission-free, with a small spread charged on each trade that is dynamic and varies depending on market conditions.
Finally, Capital.com’s free trading app is ideal for day traders as it features high-speed order management and a low minimum trade size. Users can set extensive price alerts and even utilise advanced technical indicators on the app’s charting interface. Finally, as the app features negative balance protection, you can rest assured your balance will never fall below zero.
68% of retail investors lose money trading CFDs at this site.
3. ByBit – Crypto Day Trading App with Huge Asset Selection
ByBit is one of the fastest-growing exchanges in the crypto world and has over 3 million registered users. Traders can choose from over 80 different cryptos, featuring popular options such as BTC and ETH, along with smaller coins such as EOS and XLM. Notably, ByBit offers various markets to trade, including the spot market and inverse perpetual futures.
In terms of fees, ByBit uses the classic ‘maker and taker’ model, meaning that you’ll have to pay a small fee when buying or selling an asset. Market makers are charged 0.1% per trade, whilst market takers are charged 0.1%. Aside from these fees, ByBit doesn’t charge anything to make a crypto deposit from an external wallet, although deposits in AUD will come with a charge set by the relevant third-party payment provider.
ByBit’s app has an easy-to-use design, with clear areas for buying and selling coins. Users can purchase with a credit or debit card, and the app allows push notifications to be set when the price meets a certain level. ByBit’s app handles up to 100,000 transactions per second and boasts no downtime or server overload – which is crucial for day trading. You can even access 24/7 customer support directly within the app, should you need any questions answered.
Over 80 cryptos to trade
Low trading fees
The app can handle up to 100,000 trades per second
Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
4. Coinbase – Best App for Day Trading Crypto with Free Wallet
Another of the best crypto day trading apps Australia is Coinbase. You’ll likely have heard of Coinbase, as this platform is the second-largest crypto exchange in the world, just behind Binance. Due to it being an exchange, Coinbase allows users to fund their trading accounts using cryptocurrencies and FIAT, offering a vast array of coins and trading pairs to invest in. At present, Coinbase has over 8000 total assets that users can trade.
When you day trade crypto, you’ll have to pay a spread plus a commission on each trade. Firstly, Coinbase charges a spread of around 0.5% when you buy or sell cryptocurrency, although this can be higher during periods of volatility. In addition to the spread, traders will have to pay a fee depending on their trade volume and payment method. However, if you use Coinbase Pro, you’ll only have to pay a maker or taker fee of 0.50% for a trading volume less than $10,000 (14,038 AUD).
Coinbase offers two trading apps for users to trade on – the basic Coinbase app or Coinbase Pro. The former is targeted towards casual traders and has basic features which allow you to buy and sell coins in just a few taps. The latter may be better for day traders as it features the maker/taker fee structure and has advanced charting and analysis features to boost your effectiveness. Finally, Coinbase even offer a free crypto wallet for all users, supporting over 8000 assets – including NFTs!
World’s second-largest crypto exchange
Two trading apps to choose from
Free crypto wallet app
Thousands of potential assets to trade
High trading fees
Best Crypto Day Trading Apps Australia Comparison 2022
Avg spread of 0.5% + Flat-fee based on volume and payment method
Advanced order types + Order book access
Huge number of crypto/crypto pairs + Advanced charting features
0% commissions + variable spreads
Negative balance protection + 24/7 support
0% commission + variable spreads
Guaranteed stops + Free demo account
Between 0.16% and 0.26% + Flat fee depending on payment method
Customisable charts + Futures trading options
Flat-fee of 0.6% + 0.45% spread
Free AUD deposits + 1 AUD Minimum orders
What is Crypto Day Trading?
As defined by Business Insider, crypto day trading is a short-term trading strategy based on buying and selling crypto assets on the same day. This is at the other end of the spectrum to ‘buy and hold’ techniques, which involve taking a position in an asset and holding for days, weeks, or months. Day trading the crypto market is possible because the market is inherently volatile – meaning there are regular opportunities to make a return each day.
The price chart will be your best friend when investing with the best crypto day trading apps Australia. Most crypto day traders employ extensive technical analysis to find areas of support and resistance, which can then inform trade ideas. Day traders tend to look for small price movements, getting in and then out within the space of hours or even minutes. Although this strategy is riskier than longer-term strategies, it can offer up scope for greater returns on a more consistent basis.
What are the Best Cryptocurrencies for Day Trading?
Are you looking for the best crypto for day trading? Below are five of the top day trading cryptos and why they suit this strategy.
1. Bitcoin (BTC)
BTC is our pick for the best crypto to day trade, as this coin has the greatest liquidity levels of all the cryptocurrencies. Furthermore, due to Bitcoin’s popularity, it is often the cheapest to trade – for example, eToro’s spread on BTC trading is only 0.75%. Finally, Bitcoin has clear price action, making it easier to conduct technical analysis.
2. Ethereum (ETH)
Ethereum is a blockchain platform designed to host decentralised applications. Much like when trading Bitcoin, Ethereum trading is often relatively low-cost and provides higher returns than BTC for each upwards or downwards move. Furthermore, due to ETH’s rise in popularity, the coin is easily accessible on pretty much all brokerages and crypto exchanges.
3. Tether (USDT)
Tether is anchored to the USD price – meaning that it should stay at (or as close to) $1 as possible. However, due to many factors, USDT can sometimes stray from the $1 mark, which provides ample opportunity to day trade it. For example, if USDT rose to $1.01, you can short it and generate a return of 1% once it returns to its base level!
4. Ripple (XRP)
Although XRP is a little more volatile than some other options on this list, it’s ideal for risk-seeking day traders. This cryptocurrency regularly moves 3-5% in a matter of hours, meaning you stand to make great returns if you can time the market. Furthermore, XRP tends to have clear support and resistance levels, which help improve trading effectiveness.
5. Binance Coin (BNB)
Finally, Binance Coin is also an excellent option for day traders, as the coin is backed by the reputable nature of its native platform – Binance. Much like XRP, BNB’s chart displays clear support and resistance levels, and if you drop down to the 15min chart, you can see that BNB has many small price movements throughout the day that can be capitalised on. Finally, due to its liquidity, there doesn’t tend to be any huge spikes in price, which could trigger your stop loss.
Crypto Day Trading Strategies
Researching your crypto day trading strategy can make all the difference in the markets. Let’s discuss three of the best strategies to employ and how they can improve your trading effectiveness.
This strategy involves small trade windows, often lasting minutes or even seconds! Scalpers take advantage of small price movements and aim to make small returns on each trade. Although returns are small, scalpers tend to make numerous trades per day, equating to solid gains across the entire week.
2. Trade Breakouts
Breakouts occur when price ‘breaks out’ of the range it has been trading in. This range will be the area between solid support and resistance levels, where the price tends to trade sideways. By keeping an eye on any break of these levels (along with indicators such as the RSI), you can place orders above or below the breaking point and generate quick returns.
3. eToro Copy Trading
Finally, you could even use eToro’s innovative ‘CopyTrader’ feature, which allows you to automatically copy the trades placed by other eToro users – with no fees! This passive investment process will enable you to generate returns automatically, with no need for research or analysis. Right now, some of the top traders to copy include BenjaminMackie and lashers, who have made 1,183.98% and 890.71% over the last 12 months, respectively!
What to Consider Before Day Trading Crypto
Before you take the plunge and begin day trading crypto, there are certain things you must keep in mind. Found below is a quick overview of the main areas to consider:
Risk Tolerance: As day trading is considered riskier than other strategies, it probably isn’t the best tactic for risk-averse traders. It’s wise to assess your risk tolerance level before deciding whether to day trade.
Investment Goals: Day trading can be ideal if you’re looking to generate market-beating returns – although these returns can only be achieved if you are skilful. Review your investment goals and decide whether day trading is the correct strategy to help you meet them.
Market News: Due to day trading’s short-term nature, news events can cause volatility which may affect your position. Ensure you’re aware of these events and trading appropriately.
Safety: Opting for a day trading platform with high security is essential. Look for platforms such as eToro, which is regulated in Australia by ASIC.
Available Time to Research: Day trading requires research and analysis, which may be tricky if you don’t have the time during the day. Consider how much time you can spare – or you could utilise crypto day trading signals (more on this in the next section).
Crypto Day Trading Signals
Crypto day trading signals are trade ideas researched by experienced and knowledgeable traders, which are then passed on to other traders. These signals usually come in the form of a buy or sell trade idea, featuring the appropriate entry point, along with stop loss and take profit levels. Although crypto day trading signals tend to require a subscription to a third-party provider, they are ideal for beginners or traders who do not have the necessary time to research the market for trade opportunities.
The best day trading signals providers will send the signals directly to your phone via email, text, or Telegram message – ensuring you can act on them immediately. In terms of providers, our top two recommendations would be Learn2Trade and CryptoSignals.org:
Learn2Trade – Free telegram group with three signals per week and an 82% success rate; VIP telegram group with 3-5 signals every day and an 82% success rate.
CryptoSignals.org – Free telegram group with over 24,000 members and three signals per week; VIP telegram group with 2-3 signals every day and an 82% success rate.
How to Get Started with a Crypto Day Trading App Australia
If you’re looking to start day trading right now, then look no further! By following the four quick steps below, you’ll be all set to begin trading with eToro – the best app for day trading crypto.
Step 1 – Download the eToro App
Head to the App Store or Google Play and search for ‘eToro’. Once the app appears, tap ‘Download’ and move on to the next step.
Step 2 – Sign Up for a Trading Account
Open the app and opt to create a new account. You’ll have to provide a valid email address and choose a username and a password. Following this, you’ll have to verify your identity, which involves entering some personal details for the KYC checks and then uploading proof of ID (passport or driver’s license) and proof of address (bank statement or utility bill).
Step 3 – Make a Deposit
New eToro users must deposit at least $50 (70.28 AUD) before they can begin trading. Deposits in AUD will attract a conversion fee of 0.5%, and Australia-based users can fund their accounts using credit/debit cards, bank transfers, or various e-wallets such as PayPal and POLi.
Step 4 – Day Trade Crypto
Search for your chosen crypto using the search bar or the list of cryptos on the trading dashboard and tap ‘Trade’. In the order box that appears, enter your desired position size (minimum of $50) and choose a stop loss and take profit level. Once everything is correct, tap ‘Open Trade’.
Day Trading Crypto Tips
Finally, now that you understand what the best crypto day trading apps Australia are, found below are five top tips to keep in mind when crypto day trading:
Try a Crypto Day Trading Course – Numerous educational content providers offer day trading courses designed to improve the success of beginner traders. By utilising these courses, you can significantly speed up your trading learning journey.
Join a Day Trading Crypto Reddit Group – Reddit groups are a great way to get trade ideas and learn about the markets for free. However, be sure to do your own research on top of what you learn in the group.
Use the Best App for Day Trading Crypto – By using one of the best crypto day trading apps Australia, such as eToro, you’ll be able to trade cost-effectively and benefit from helpful features such as price alerts and in-depth charting options.
Conduct Extensive Technical Analysis – Use technical analysis to find support and resistance areas that can provide trade opportunities. You may also wish to employ things such as EMAs and Bollinger Bands.
Optimise your Risk/Reward Ratio – Ideally, you’ll want to look for a risk/reward ratio of at least 1:2. However, never trade more than you can afford to lose and always stick to your plan!
Best App for Day Trading Crypto Australia – Conclusion
To summarise, this guide has covered everything you need to know about the best crypto day trading apps Australia, touching on their features and highlighting how to choose between them. By reviewing the list we presented earlier, you’ll have all the information you need to start day trading optimally today.
If you’d like to start trading right away, we’d recommend using eToro. eToro is our pick for the best app for day trading crypto and will allow you to trade with tight spreads and from as little as $10 (14 AUD)!
68% of retail investor accounts lose money when trading CFDs with this provider.
Frequently Asked Questions on Crypto Day Trading Apps
What is day trading crypto?
Day trading crypto is where you open a buy or sell position in a specific digital currency and close it out within the same day. Although this strategy is risky, it can result in higher returns if done effectively.
Is crypto day trading worth it?
Crypto day trading can be ideal for investors with high risk tolerance and who are experienced in the market. Day traders often make more significant returns than long-term traders and on a more consistent basis.
How do I day trade crypto?
You can day trade crypto by downloading a crypto app (such as eToro) and placing a trade. The key is to look for short-term positions, such as those that last a few hours or even minutes.
What apps can I use for crypto day trading?
The best crypto day trading apps Australia that we noted earlier are ideal for day trading. These apps will allow you to buy and sell cryptos in just a few taps and offer price alerts to monitor your positions.
Which is the best app for day trading crypto?
Our testing and analysis have pointed out that eToro is the best app for day trading crypto. This is because the app offers tight spreads and push notification price alerts, which are crucial for day trading.
Connor is a Scottish financial expert, specialising in wealth management and equity investing. Based in Glasgow, Connor writes full-time for a wide selection of financial websites, whilst also providing startup consulting to small businesses. Holding a Bachelor’s degree in Finance, and a Master’s degree in Investment Fund Management, Connor has extensive knowledge in the investing space, and has also written two theses on mutual funds and the UK market.