Economy
A Comprehensive Guide to Finding the Best Crypto for Day Trading in 2023
Cryptocurrencies have quickly transitioned from a niche investment option to a mainstream trading asset. As they continue to gain traction, there arises a pressing need for suitable platforms to facilitate day trading of these digital currencies. This article from Traders Union experts evaluates some leading platforms, spotlighting their benefits and limitations for potential day traders. Additionally, it outlines the best crypto for day trading.
Is Day Trading Cryptocurrencies legit?
Day trading of cryptocurrencies is sanctioned in numerous nations. Typically, countries that recognize and endorse cryptocurrency trading, such as the USA, Canada, Australia, and the UK, also permit cryptocurrency day trading. In these jurisdictions, individuals can partake in cryptocurrency transactions, including day trading, provided they adhere to the associated regulations and settle any relevant taxes.
Nonetheless, while day trading of cryptocurrencies is lawful, TU experts argue that it’s vital to understand that it carries considerable risks. Such trading can yield substantial profits but can also result in notable losses.
Is Engaging in Crypto Day Trading Advisable?
When pondering the feasibility of day trading cryptocurrencies, one is essentially questioning the potential profitability of such an endeavor. The response is clear: it is indeed possible to profit from day trading in the crypto realm, largely due to its inherent volatility, which seasoned and informed traders can capitalize on. However, as with any trading activity, there’s an inherent risk attached. Thus, potential traders should recognize that profitability is not assured. Success in this arena requires dedication, time investment, and a strategic approach.
To excel in cryptocurrency day trading, Traders Union analysts stress that one needs a blend of adept technical analysis skills, a keen sense of how particular news impacts the market, and a sound judgment. For those committed to mastering the craft, day trading in cryptocurrencies can be lucrative. But as with any investment avenue, it has its distinct set of pros and cons. And it’s essential to be cognizant of the fact that high rewards often come with high risks.
Identifying the Premier Crypto Exchanges for Day Trading
For someone keen on day trading cryptocurrencies, three pivotal factors stand out when selecting an exchange: the type of derivative it supports, the associated trading fees, and the diversity of altcoins on offer.
- Trading Fees
Trading fees can quickly accumulate, especially for day traders who execute numerous transactions within a day. Some exchanges levy a fixed fee per transaction, while others charge a percentage of the trade’s value. Costs associated with software or data access can also impact the trader’s profitability. Additionally, liquidity – the speed and ease with which assets can be bought or sold without significantly affecting their price – remains paramount. Moreover, given the vast amounts they handle, day traders should never compromise on security.
- Supported Derivatives
The right exchange for day trading must support a range of derivatives. These financial instruments derive their value from underlying assets. Day traders often utilize derivatives to speculate on the future movements of these assets. Taking both long and short positions, they can profit regardless of market direction. Hence, exchanges offering diverse derivatives such as futures, options, and swaps, coupled with competitive spreads and minimal fees, are often the most appealing.
- Supported Altcoins
Beyond the dominant players like Bitcoin, there’s a vast realm of altcoins with lower market capitalizations but immense potential. An exchange that supports a broad spectrum of these altcoins offers traders the flexibility to capitalize on emerging trends. Moreover, such exchanges usually offer better liquidity, crucial for quick trade execution without significant price slippage.
Deciphering the Ideal Cryptocurrency for Day Trading
According to experts at TU, liquidity remains the cornerstone of day trading. It defines how seamlessly an asset can be transacted without drastic price shifts. In the crypto sphere, Bitcoin, Ethereum, and some major futures contracts often top the list due to their high liquidity. However, while these might be popular choices, several factors, including volatility, volume, platform availability, team reputation, and media coverage, must guide a trader’s choice.
Conclusion
When assessing the best cryptocurrencies for day trading, Traders Union experts emphasize that one must look for assets with high trading volumes, listings on major exchanges, and solid liquidity. Popular contenders often include Bitcoin, Ethereum, Litecoin, and Ripple. Nevertheless, every trader should undertake comprehensive research and analysis before embarking on their trading journey.
By Modupe Gbadeyanka
A subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Trustees, has affirmed its leadership in delivering customer-centric fiduciary and investment solutions across the region.
The company said this after it was recently recognised as the Most Customer-Focused Trust and Investment Company of the Year for Nigeria at the 2025 West Africa Innovation Awards (WAIA).
The honour bestowed on the trustee for Customer Service Excellence reinforces its reputation for delivering exceptional client experiences, driven by innovation, integrity, and a deep understanding of the evolving financial needs for their clients.
“Being recognised as the most customer-focused trust and investment company of the year is both humbling and inspiring.
“This award reflects the strong relationships we have built with our clients and our commitment to not only meet expectations but to consistently exceed them through innovative and ethical service delivery,” the chief executive-designate of the organisation, Ms Emi Agaba-Oloja, stated at the award ceremony held in Lagos.
“What sets Stanbic IBTC Trustees apart is our willingness to embrace innovation in a traditionally conservative industry.
“As we work on digital onboarding to bespoke trust solutions, we strive to simplify complex processes and deliver insights that empower our clients.
“Our goal is to make trusteeship more responsive, inclusive, and accessible to Nigerians. A sincere thank you to our clients, partners and the incredible team that continue to drive our success,” she added.
The West Africa Innovation Awards, now in their 14th year, is a leading regional platform that is attended by a wide range of government stakeholders, brand experts, and corporate leaders in West Africa.
As the field of wealth management and trust services undergoes constant transformation, Stanbic IBTC Trustees says it remains at the forefront, redefining standards and demonstrating a commitment to empathy and innovation, stressing that the award reinvigorates a drive to empower clients and protect legacies for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange increased by 0.27 per cent week-on-week in Week 16 of the 2025 trading year.
Data indicated that the bourse’s market capitalisation rose by N5.15 billion in the four-day trading week to N1.924 trillion from the N1.919 trillion it ended in the previous week and the NASD Unlisted Securities Index (NSI) went up by 8.81 points to 3,286.38 points from the 3,277.57 points recorded in the previous trading week.
The alternative stock exchange opened for business for four days as it closed shop on Friday to celebrate Good Friday, observed by Christians across the globe,
The value of trades in the week was down by 99.4 per cent to N29.35 million from the N4.79 billion recorded in Week 15, and the volume of transactions declined by 99.2 per cent to 1.33 million units from the 171.4 million units in the previous week.
The most active security by value was Central Securities Clearing System (CSCS) Plc with N15.2 million, FrieslandCampina Wamco Nigeria Plc recorded N6.3 million, 11 Plc traded N2.2 million, Nipco Plc posted N1.3 million, and Afriland Properties Plc reported N0.616 million.
Also, CSCS Plc was the most traded instrument by volume with 0.731 million units, FrieslandCampina Wamco Nigeria Plc transacted 0.227 million units, Geo-Fluids Plc recorded 0.218 million, Paintcom Investment Plc traded 0.055 million units, and Afriland Properties Plc exchanged 0.035 million units.
Last week, there were five price gainers led by Newrest Asl Plc, which appreciated by 9.9 per cent to N37.97 per share versus N34.52 per share, UBN Property Plc gained 9.6 per cent to end at N2.17 per unit versus N1.98 per unit, FrieslandCampina Wamco Nigeria Plc rose by 5.9 per cent to N37.64 per share from N35.55 per share, Mass Telecom Innovation Plc improved by 2.5 per cent to 41 Kobo per unit from 40 Kobo per unit, and 11 Plc surged by 1.9 per cent to N245.50 per share from N241.00 per share.
On the flip side, Geo-Fluids Plc slipped by 10.00 per cent to N1.80 per unit from N2.00 per unit, and CSCS Plc depreciated by 2.6 per cent to N22.10 per share from N22.70 per share.
By Adedapo Adesanya
Celebrities, including musicians and influencers, have been warned by the Securities and Exchange Commission (SEC) against promoting unregistered investment schemes following the recent collapse of Crypto Bridge Exchange (CBEX).
In a statement made available to the press on Sunday, the commission stated that those who promote such schemes risk legal consequences.
The warning comes following the enactment of the Investments and Securities Act 2025, signed into law by President Bola Tinubu.
Explicitly defining Ponzi schemes, the new law empowers the SEC to impose a minimum fine of N20 million and a jail term of 10 years on promoters of such schemes.
SEC’s Director-General, Mr Emomotimi Agama, who spoke on the provisions of the new law, said the regulator was collaborating with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other law enforcement agencies to investigate and prosecute violators.
“The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment.
“We are therefore using this medium to warn such persons to desist from promoting unregistered entities,” Mr Agama stated.
He added that following the collapse of CBEX, a digital investment platform that allegedly defrauded Nigerians over billions, the SEC has intensified its crackdown on Ponzi operators.
“We will shut down their operations and the promoters will be made to face the full weight of the law,” he said.
Business Post reports that celebrities and influencers are often major promoters of these schemes and in the past many of them have put Nigerians at losses. One such prominent case was Racksterli, founded by Mr Michael Chidiebere Oti known as Black Gold and was promoted by top Nigerian musicians and actors which promised high return of up to 40 -50 per cent monthly.
However, the platform collapsed in 2021, leaving many investors without their capital or promised returns.
At that time, affected individuals called for the arrest of these celebrities for their roles in endorsing the Ponzi scheme.
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