7 Best Reddit Cryptocurrency Trading Communities We Can’t Live Without
You can find a subreddit for everything—Reddit cryptocurrency trading, bitcoin maxis, DeFi builders, cryptocurrency markets, crypto memes… you name it. Reddit has it all.
And if you’re new to the world of cryptocurrency trading, you may find it discouraging to learn about the trade. There is just too much information online, and weeding out the most relevant technical analysis and fundamentals is challenging.
So, where do you even start? What are the key subreddits to add to your ever-growing portfolio of communities?
The 7 best cryptocurrency trading subreddits you need to join are:
Without covering these bases, you won’t be able to find out about the latest and greatest in crypto. We’ll look at what these subreddits are all about, emphasizing Reddit cryptocurrency trading and why they made the cut.
- 7 best Reddit cryptocurrency trading communities
- Is trading cryptocurrency a good idea?
- Is crypto day trading profitable, according to Reddit?
- How much can crypto day traders make?
- Which cryptocurrency can make you a millionaire?
7 best Reddit cryptocurrency trading communities
Each subreddit listed below serves a different purpose. Some are specific to one cryptocurrency, others are all about altcoin cryptocurrency trading.
Either way, you’ll find an abundance of information within each community. Your favourites will depend on your needs and goals.
Even if you’re not a fan of Bitcoin, there’s no denying it is the largest and most well-known cryptocurrency globally. It’s been mined by millions of individuals and corporations, used as a hedge against inflation by Tesla and MicroStrategy, and it’s even become legal tender in El Salvador.
So naturally, Bitcoin news, discussion, and analysis should be on your radar. And guess what? r/Bitcoin is the largest subreddit (4.6 million members to date!) where this all takes place.
Although there are no flairs, categories include recent news, theoretical discussion, comments, price analysis and memes.
Don’t care much about Bitcoin? Want some exposure to Reddit cryptocurrency trading?
r/CryptoCurrencies may just be for you. Sticking to the motto “Reddit’s best source for uncensored cryptocurrency news, technicals, education, memes and more,” r/CryptoCurrencies is the primary source of chatter for all cryptocurrencies.
It’s definitely a bit more sporadic than other subreddits due to the variety of discussions, but it’s still a reliable resource if you’re just getting into the game.
Trading cryptocurrencies has one of the steepest learning curves and the highest risk-to-reward ratios of any financial trading. Cryptocurrencies are still relatively new, and with the rise of the multi-trillion-dollar cryptocurrency market, it’s no wonder millions of people are rolling the dice and playing the odds.
The chances of winning big are low, but they’re still there. r/CryptoCurrencyTrading is one of the leading Reddit cryptocurrency trading communities, despite its small membership.
It promotes discussion about blue chip trading, though trading discourse generally revolves around up-and-coming altcoins. If you’re a beginner to Reddit cryptocurrency trading, I highly recommend you select the ‘Educational’ flair. This is because it contains a wealth of content about trading fundamentals, strategies, and techniques.
You can think of r/CryptoMarkets as the older brother to r/CryptoCurrencyTrading. Its membership is nothing to scoff at, sitting at over 1.1 million experienced traders and wannabes.
It is the center of Reddit cryptocurrency trading, with categories ranging from technical analysis to fundamentals. In-depth due diligence is a pillar of this community, though always do your own research before making a trading decision based on the information you find in these posts.
With 2.2 million members, r/EthTrader is a behemoth in the Reddit cryptocurrency trading realm.
It’s a staple in cryptocurrency traders’ repertoire due to the sheer influx of information about cryptocurrency trading; Albeit, ETH analysis and fundamentals are of peak interest.
Even if you don’t care much about Reddit cryptocurrency trading, breaking news and thought-provoking discussions are frequent here. It’s one of those subreddits where you can scroll for hours without losing a shed of interest.
If you’re a novice in the crypto sphere, I suggest you start here. r/BitcoinBeginners is a subreddit with over 1.1 million members, and it’s a “there are no stupid questions” community with an instructional agenda, taking bitcoin-newbies under its wing.
Although there are no categories you can explore, the pinned FAQ post is a quick read with helpful information about where to get started if you want to purchase your first satoshis.
Have any questions about bitcoin that you’re too scared to ask on Twitter or other subreddits? Ask here! Trust me, you won’t get flamed.
Are you an r/wallstreetbets degenerate finding your way into Reddit cryptocurrency trading? r/CryptoMoonShots is the r/wallstreetbets crypto-equivalent, focusing solely on shitcoins with the potential to moon.
This subreddit isn’t for the faint-hearted. If you trade any of the cryptocurrencies mentioned here, you’re essentially gambling with losing odds. Only the most wealthy or advanced traders should give any of the promoted altcoins a shot.
Something to note: although there are plenty of “moonshot claims” and shilled projects, the community is built on integrity. Posts must be researched and provide value to degens, as members will be critical of your claims.
Is trading cryptocurrency a good idea?
Trading cryptocurrencies is not a smart idea, especially if you’re inexperienced at securities trading.
Even though we’d love to live in a world where cryptocurrency trading is easy to learn, it’s a profession with high entry barriers and low risk-to-reward ratios. You’re bound to lose money if you don’t know what you’re doing.
But give it a try if you already have a diversified crypto portfolio, with stablecoins and high-market-cap cryptocurrencies in the mix. With the power of the internet, you can always learn how to trade through free courses or YouTube.
And if you want to practice, I’d recommend throwing in only a portion of your disposable income.
Is crypto day trading profitable, according to Reddit?
Reddit is the hub of cryptocurrency trading information. You can find valuable insights into new cryptocurrencies, ICOs, and surging prices.
But you can’t believe everything that you see on Reddit. For the most part, you’ll only see people posting their gains without sharing their losses.
Day trading is one of the riskiest forms of trading, and according to Reddit, you’ll see that it’s profitable. But there’s more to it than meets the eye—you can’t time the markets, nor can you predict the change in the price of a cryptocurrency in the next hour.
Out of the batch of day trades, the most profitable ones are often a product of luck, with a sprinkle of skill from the most experienced traders.
I’m not saying you can’t make money off of day trading. Tools and techniques like algorithmic trading, scalping, and arbitrage can help you make a killing, but it often requires hundreds to thousands of small wins to reap profits.
How much can crypto day traders make?
According to Financial Wolves, the average day trader’s salary is $109,000. Pretty good, right? Keep in mind that these professionals, armed with advanced tools, are skilled in their trade.
If you’re just starting out, remember that you won’t be making anywhere near that kind of cash initially.
Which cryptocurrency can make you a millionaire?
The question that we all ask ourselves: which cryptocurrency will make me a millionaire?
There are no guarantees you’ll ever become a millionaire with crypto, as it’s still a young and volatile market with a knack for tragic bankruptcies and failing ecosystems. For example, look at the Terra saga that shook the crypto world or the Celsius bankruptcy that made us lose faith in crypto lenders.
If there are any crypto-assets that can make you a millionaire, it’s the top 10 in market capitalization. These include cryptocurrencies with an entire network backing them (Ethereum, Cardano, Solana), cryptocurrencies for transactions and swap, (Binance Coin, Ripple), and digital gold (Bitcoin).
Reddit is the cornerstone of cryptocurrency trading and discussion. Despite numerous cryptocurrency subreddits, the best include:
Bear in mind: cryptocurrency trading is risky, and it takes knowledge, practice, and luck to achieve results. Reddit cryptocurrency trading communities can help you learn the foundations; However, you must come in with the mindset that you will lose money on your first trades.