If you’re in search of the best crypto exchanges for day trading, you’re in luck. We’ve conducted thorough research on your behalf. Day trading in the cryptocurrency market involves the practice of buying and selling digital currencies within a single day, with the aim of capitalizing on minor price fluctuations. In this guide, we will delve into the options available for crypto day trading and assist you in selecting the ideal platform and application for your needs.
Summary Points:
- For those interested in crypto day trading, consider utilizing MEXC, Bybit, Coinbase, Binance, or PrimeXBT due to their excellent liquidity and wide range of supported cryptocurrencies.
- Engaging in day trading with cryptocurrencies can yield substantial rewards if you possess the requisite skills, effective strategies, and adept risk management. Nevertheless, it is important to note that it also comes with considerable challenges and risks.
- Optimal cryptocurrencies for day trading encompass Bitcoin, Ethereum, Solana, Cardano, Avalanche, as well as other coins characterized by robust trading volumes and heightened price volatility.
What Is Crypto Day Trading?
Crypto day trading encompasses various trading tactics focused on purchasing, selling, and exchanging cryptocurrencies over brief intervals within the day, with the goal of capitalizing on transient price fluctuations in the market.
A significant number of individuals who engage in day trading consider it their primary source of income, deviating from the conventional 9-to-5 employment model. While anyone can embark on a journey as a crypto day trader, achieving success in this field demands analytical acumen, a solid grasp of trading patterns and strategies, and the capability to diligently track market developments.
How To Pick An Exchange For Crypto Day Trading?
Numerous factors come into play when determining the most suitable cryptocurrency exchange for day trading. These are the criteria we evaluated when compiling our list of the finest crypto exchanges for day traders:
Transaction Fees
Given the frequent trading undertaken in day trading, transaction costs can accumulate rapidly. Day traders require an exchange featuring low fees. Our selection includes exchanges with fees that are either average or below average, along with those offering reduced rates based on trading volume.
Slippage
Minimal slippage is essential for all crypto investors, but it holds particular significance for day traders aiming to capitalize on short-term market fluctuations. We’ve exclusively chosen crypto exchanges with low slippage and robust liquidity to ensure that your trades execute precisely as intended.
Automation Tools
Day trading often demands a substantial time commitment, prompting many crypto exchanges to provide automation tools that facilitate the execution of trading strategies. Our chosen crypto exchanges offer a comprehensive range of automation tools, including bots, limit and stop orders, and leverage options, simplifying the day trading process and reducing the time required.
Cryptocurrency Selection
Not every exchange offers the same selection of cryptocurrencies, and some may list projects of questionable reputation. Our curated list includes exchanges offering a diverse array of cryptocurrencies while actively engaging in due diligence to weed out unreliable projects.
Geographic Availability
Not all crypto exchanges operate on a global scale, with certain jurisdictions, notably the United States, presenting regulatory challenges. It is imperative to ensure that your chosen exchange is available for use in your home country, adheres to necessary KYC verification procedures, and facilitates easy deposits and withdrawals.
Security
Security should always be a paramount concern when selecting a cryptocurrency exchange, and this holds true for day traders as well. You require an exchange with a proven track record of security that instills trust and confidence.
What Are The Best Crypto Exchanges For Day Trading In 2024?
| Exchange | Fees | Trading pairs | Country |
| Binance | Tiered maker/taker fees based on 30 day trading volume | 1300+ | 1300+ |
| Coinbase | Tiered maker/taker fees based on 30 day trading volume | 500+ | Global with exclusions |
| Phemex | Tiered maker/taker fees based on 30 day trading volume | 200+ | Global with some states excluded |
| Kraken | Tiered maker/taker fees based on 30 day trading volume | 600+ | Global with exclusions |
| MEXC | 0% – 0.1% depending on maker/taker for MEXC VIPs | 2100+ | Global with exclusions including the US & Canada |
| OKX | Tiered maker/taker fees based on 30 day trading volume | 500+ | Global with exclusions including the US & Canada |
| KuCoin | Tiered maker/taker fees based on 30 day trading volume | 1300+ | Global with restrictions for unverified users |
| Bybit | Tiered maker/taker fees based on account level | 200+ | Global with exclusions including the US |
| Crypto.com | Tiered maker/taker fees based on 30 day trading volume | 500+ | Global with exclusions including NY |
| Pionex | 0.05% – 0.1% depending on maker/taker for VIPs | 300+ | Global with restrictions for US users |
| PrimeXBT | 0.05% | 20+ | Globally |
| GMX | 0.1% | 7+ | Globally |
| Gate.io | 0.2% | 1700+ | Over 184 countries |
Binance
Binance, the world’s largest cryptocurrency exchange, offers competitive fees, minimal slippage, and an extensive selection of over a thousand cryptocurrency trading pairs for day traders. Its user-friendly interface and diverse product offerings make it an excellent choice for both newcomers to day trading and seasoned crypto day traders. Here’s a quick overview of its key features:
Spot Trading Fees: Binance charges trading fees ranging from 0.1% to 0.02% for makers and 0.1% to 0.04% for takers, depending on their 30-day trading volume. Discounts are available for holders of Binance Coin (BNB). You can find a detailed breakdown of trading fees on the platform.
Deposit and Withdrawal Fees: The fees for fiat currency deposits and withdrawals depend on the chosen method. Binance imposes no fees for cryptocurrency deposits, while withdrawal fees vary depending on the specific cryptocurrency being withdrawn. Detailed information on deposit and withdrawal fees is accessible on the platform.
Variety of Products: Binance offers a wide range of trading options, including spot trading, margin trading, and derivatives trading, which includes leveraged tokens. Additionally, the platform provides earning opportunities through various products such as auto-invest, liquidity farming, mining, DeFi staking, dual investments, and Ethereum (ETH) staking.
Automation Tools: Binance offers free trading robots designed to simplify your trading experience. These bots include spot grid, futures grid, rebalancing bots, and spot Dollar-Cost Averaging (DCA) tools.
Global Availability: Binance is accessible to users worldwide, though residents of the United States are directed to Binance US, which offers a more limited product range due to regulatory restrictions.
Coinbase
Coinbase is a cost-free platform designed for experienced cryptocurrency traders. Despite its absence of margin and derivatives trading options, Coinbase provides a reliable platform with cost-effective fee structures!
CoinMarketCap Liquidity Score: 788
User-Friendly Interface: Coinbase is renowned for its exceptionally user-friendly interface. Consequently, Coinbase Advanced serves as an excellent starting point for individuals new to day trading.
Fee Structure: Although fees can be relatively high on the standard Coinbase platform, Coinbase Advanced offers reduced fees, which can be as low as 0.6%.
Global Accessibility: Coinbase is accessible in the United States, Canada, and numerous other countries across the globe!
Phemex
Phemex is a centralized cryptocurrency exchange with substantial trading volumes and a global user base, boasting high liquidity across multiple markets. For novice cryptocurrency day traders seeking to gain proficiency in trading, Phemex distinguishes itself by offering a simulated trading environment where investors can practice their trading strategies without utilizing real capital. Here’s a summary of its key features:
Spot Trading Fees: Phemex charges makers between 0% and 0.1%, while takers pay fees ranging from 0.1% to 0.04%, contingent on their account level. You can find a comprehensive breakdown of trading fees on the platform.
Deposit and Withdrawal Fees: Phemex imposes no deposit fees, and withdrawal fees vary according to the chosen withdrawal method.
Variety of Products: Phemex provides a diverse range of trading options, encompassing spot trading, margin trading, and derivatives trading. Additionally, the platform offers earning opportunities through savings products and prediction markets.
Automation Tools: Phemex has formed partnerships with NapBots, Stacked, and Goose-AX to deliver automated trading bots to its users.
Global Accessibility: Phemex is accessible to users worldwide, though it may have limited product offerings in certain U.S. states due to regulatory constraints.
Kraken
Established in 2011, Kraken stands as one of the United States’ longest-standing cryptocurrency exchanges. It’s an excellent option for traders seeking cost-effective fees and robust market liquidity.
CoinMarketCap Liquidity Score: 748
User-Friendly Interface: Kraken offers user-friendly navigation, making it accessible to newcomers. For seasoned investors, Kraken Pro provides advanced charting tools and comprehensive asset information.
Fee Structure: Kraken’s fee structure varies depending on the specific service utilized. The ‘Instant Buy’ feature entails a fixed fee of 1.5%. However, users of Kraken Pro encounter fees that are capped at 0.26%.
Global Accessibility: Kraken is accessible in the United States, Canada, and several other countries worldwide!
MEXC
MexC is an excellent option for individuals seeking cost-effective transactions and enhanced privacy. Alongside its spot and margin trading services, MexC distinguishes itself by not mandating Know Your Customer (KYC) information from users.
CoinMarketCap Liquidity Score: 516
User-Friendly Interface: MexC provides an outstanding user experience, characterized by user-friendliness and the availability of advanced charting tools tailored to the needs of day traders.
Fee Structure: MexC boasts low fees, typically ranging up to 0.01% for trading.
Global Accessibility: Presently, MexC is accessible in numerous countries, including the United States and Canada. Nonetheless, it’s worth noting that MexC may potentially face regulatory scrutiny in the future due to its KYC policies.
OKX
OKX proves to be an excellent choice for investors outside of the United States. The platform seamlessly integrates with TradingView, enabling the utilization of advanced charting tools to guide your trading strategies.
CoinMarketCap Liquidity Score: 620
Fee Structure: OKX enforces a fee of 0.10%, with the potential for reduced fees on larger trading volumes.
User-Friendly Interface: OKX boasts a user-friendly interface, while also catering to the needs of experienced traders by providing access to comprehensive charting tools.
Global Availability: It’s important to note that OKX is not accessible to users within the United States.
KuCoin
KuCoin has gained recognition in the cryptocurrency exchange sphere for its extensive selection of numerous coins and tokens. Furthermore, the platform extends its offerings to encompass advanced features such as futures and margin trading.
CoinMarketCap Liquidity Score: 591
User-Friendly Interface: KuCoin’s interface may pose challenges for newcomers, and it is worth noting that the platform has received relatively low customer satisfaction ratings on platforms like Trustpilot.
Fee Structure: KuCoin maintains a fee structure with cost-effective rates, spanning from 0.005% to 0.1%.
Global Accessibility: As of 2023, it’s important to be aware that KuCoin is no longer accessible to users within the United States.
Bybit
ByBit has earned a prominent reputation as one of the premier cryptocurrency derivative exchanges globally. ByBit specializes in crypto derivatives trading, offering the capability to engage in crypto trading with leverage of up to 100x.
CoinMarketCap Liquidity Score: 651
User-Friendly Interface: ByBit is renowned for its user-friendly interface, yet it also provides a wealth of advanced features catering to experienced traders.
Fee Structure: ByBit’s fee structure encompasses rates ranging from -0.025% to 0.075%.
Global Accessibility: Please note that ByBit is not accessible to users located within the United States.
Crypto.com
Crypto.com is a renowned exchange that has gained recognition in the United States, particularly for securing naming rights to the Los Angeles Lakers’ arena. Despite not featuring margin and derivative trading options, the platform stands out for its relatively modest fee structure.
CoinMarketCap Liquidity Score: 649
Fee Structure: Crypto.com imposes fees of 0.075% for traders with a monthly volume below $250,000.
User-Friendly Interface: While Crypto.com offers an easily navigable interface, it’s important to note that the platform has received unfavorable ratings on platforms like Trustpilot, primarily due to delays in customer support.
Global Accessibility: Crypto.com enjoys widespread availability, spanning over 100 countries, including the United States and Canada.
Pionex
Although Pionex might not be as widely recognized as other exchanges on this list, it presents an excellent choice for traders interested in automated trading. Pionex offers the convenience of trading bots that can execute trades on your behalf. Notably, the platform has recently introduced PionexGPT, an AI-powered solution aimed at assisting you in testing and refining your trading strategies.
CoinMarketCap Liquidity Score: 587
Fee Structure: Pionex maintains a fee structure with a rate of 0.05%, and reduced fees are accessible to VIP users.
User-Friendly Interface: Pionex boasts a user-friendly interface, and the trading bots offered by the platform do not necessitate any programming expertise.
Global Accessibility: Pionex is accessible to users in the United States and Canada.
PrimeXBT
Fee Structure: The platform levies a 0.05% maker-taker fee for spot traders, while futures traders may encounter fees of up to 0.02%.
Global Accessibility: The platform is accessible to users worldwide.
GMX
GMX stands as a decentralized perpetual exchange tailored for day trading, offering derivatives contracts that do not have predetermined expiry dates. In contrast to centralized exchanges (CEXes), GMX functions without the involvement of intermediaries. Every trade on GMX is executed through smart contracts, effectively eliminating the potential for unfair practices or market manipulation.
Gate.io
Gate.io is a cryptocurrency exchange renowned for its extensive array of features and services, offering competitive and cost-effective fees, robust trading volumes, swift transaction execution, and intelligent trading tools. It represents an excellent option for cryptocurrency day traders seeking to engage in trading numerous low-market-cap coins and tokens, harness leverage, and access additional advantages and discounts through its native token, GT.
Conclusion
Selecting the best crypto exchanges for day trading is a crucial decision, and various crypto day trading platforms excel due to their distinctive attributes and services. For those prioritizing cost-effectiveness, the MEXC exchange emerges as the preferred option, known for its competitive fees and substantial liquidity. On the other hand, Bybit distinguishes itself by providing a comprehensive user interface designed to cater to the needs of both novice and seasoned traders.