The Best Crypto Exchange for Day Trading: The 2024 Roundup

With so many cryptocurrency exchanges out there offering just about every coin and token in existence, it can be difficult to pick the right one, especially if you are a beginner. That is why we have done all the necessary research and shortlisted the top picks for the best crypto exchange for day trading you need to consider.

Before we get on to our list of the best exchanges for crypto day trading, let’s take a quick look at what crypto day trading is, as well as what parameters you need to consider when picking a crypto exchange to day trade crypto.

What Is Crypto Day Trading?

Crypto day trading is an approach that involves buying and selling cryptocurrencies within the same day in order to profit from short-term price movements. Day traders capitalize on the high volatility of the crypto market and execute multiple trades throughout the day.

This strategy revolves heavily around technical analysis, which involves studying price charts and patterns to predict future price movements, understanding market dynamics, as well keeping an eye on news and market sentiment. All of that plays a significant role in the decision-making process, much like it does in the case of investing in crypto coins and tokens.

Technically, anyone can become a crypto day trader, but certain skills are essential for success. These include strong analytical skills to interpret market data, in-depth knowledge of cryptocurrency markets, effective risk management practices, and the discipline to stick to a trading strategy.

Also, technical proficiency with trading platforms and a commitment to continuous learning are also crucial. As far as soft skills go, patience and emotional control are crucial tools for avoiding impulsive decisions.

These are the same skills that are needed when looking for crypto to invest in, which you can see in our video here:

Key Factors to Consider When Picking the Best Crypto Exchange for Day Trading

The list of parameters that need to be considered when choosing the best crypto exchange for day trading, but we have narrowed it down to the following ones:

Liquidity

High liquidity means that an exchange has a large volume of trades on a regular basis, which enables traders to execute large orders without significantly affecting the market price. This is really important for crypto day traders, because they need to enter and exit positions quickly in order to capitalize on short-term price movements.

Slippage

Slippage occurs when the actual price at which a trade is done is different from the expected price, which usually happens due to high volatility or low liquidity. That is why day traders are focused on minimizing slippage in order to maximize profitability. For this reason, they tend to pick high liquidity exchanges and use limit orders instead of market orders.

Fees

Frequent trading can result in substantial costs, as the trading fees can accumulate over time. That is why lower fees are one of the major parameters when picking an exchange. In order to get the most of day trading crypto, look for exchanges that offer competitive trading fees and low withdrawal fees. Even small differences in fees can add up to a lot and improve profit, especially for high-frequency traders.

Security

Strong security measures are a must when deciding on the best crypto exchange for day trading, and it’s no different in the case of day trading. Protecting traders’ funds and personal information should be the minimum requirement. Also, measures like two-factor authentication (2FA), which adds an extra layer of protection during login, cold storage to keep the majority of funds offline and safe from hacks, and a good track record of handling user data securely should be considered as well.

Customer Support

Although not as vital as some of the previous parameters, good customer support is still necessary for resolving issues promptly and keeping the trading activities going without interruptions. Efficient support can help with technical problems, account issues, and other inquiries, providing traders with a smoother trading experience and preventing potential losses due to unresolved issues.

Automation Tools

Automation tools, such as trading bots and algorithmic trading software, allow traders to execute trades based on predefined strategies without constant manual input. On top of that, these tools can also increase efficiency, reduce the likelihood of emotional trading, and take advantage of market opportunities around the clock.

Location

Not every crypto exchange functions globally, plus, location can impact trading due to regulatory environments, local currency support, and server proximity. Choosing an exchange within a favorable regulatory environment or one which is closer to the trader’s location can provide faster trade execution speeds, which is critical for day trading.

Availability of Cryptocurrencies

A diverse range of cryptocurrencies allows traders to exploit multiple market opportunities and try out different trading strategies. Major exchanges typically support a large number of cryptocurrencies, from well-known coins like Bitcoin and Ethereum to lesser-known altcoins. Additionally, having access to emerging tokens and newly listed coins can provide early trading opportunities.

Now, let’s check out our list, so you can make an informed decision on the best crypto exchange for day trading:

1. Binance

For the majority of day traders, Binance is the best option due to its high liquidity, low fees, and extensive range of trading tools. The largest crypto exchange platform supports a huge number of top cryptocurrencies for day trading, over 500 of them, and is available in more than 180 countries. It’s also packed with advanced features like spot trading, futures, margin trading, and a variety of order types.

On top of that, Binance offers an intuitive interface, which makes it suitable for beginner day traders, and robust security measures, such as two-factor authentication and cold storage for funds. With low fees, particularly when using the BNB token, Binance is a great option for cost-effective trading.

Here are the fees at a glance:

• Trading Fees: The standard fee for spot trading is 0.1% per trade. Using Binance Coin (BNB) for fee payments reduces this to 0.075%. For futures trading, maker fees are 0.02%, and taker fees are 0.04%. Discounts apply when using BNB.
• Withdrawal Fees: Vary depending on the cryptocurrency. For example, Bitcoin withdrawals typically incur a fee of 0.0005 BTC.
• Deposit Fees: Generally, there are no fees for cryptocurrency deposits. However, fiat deposit fees vary depending on the method and currency.

2. Coinbase Advanced

When considering the best crypto exchange for day trading, Coinbase Advanced should be at the top of the list. It represents an upgraded trading platform by Coinbase, designed for more experienced traders. It offers several benefits, including charting tools, lower fees compared to the standard Coinbase platform, and a long list of supported cryptocurrencies.

Integration with TradingView provides customizable charts and various technical indicators. The platform also provides two-factor authentication (2FA), device whitelisting, and cold storage. One major advantage is the extensive selection of over 550 market pairs.

Being as a NASDAQ-listed company, Coinbase Advanced provides regulatory compliance and reliability?. However, trading commissions start at 0.6% per trade, higher than many competitors, impacting profitability, especially for frequent traders. Debit and credit card payments also incur a high fee of 3.99%, making deposits less cost-effective?.

The following fees apply:

• Trading Fees: Maker fees range from 0.00% to 0.40%, depending on the 30-day trading volume, and taker fees range from 0.05% to 0.60%.
• Withdrawal Fees: Ranging from free to $25
• Deposit Fees: Generally free for bank transfers, but vary for other methods.

3. Kraken

Kraken is a popular choice for day traders due to its robust security features, selection of cryptocurrencies, and advanced trading tools. Kraken’s advanced trading tools, including margin trading and futures, cater to both novice and experienced traders, and enable them to get the most out of market opportunities.

One major advantage of Kraken is its strong security protocols, which include two-factor authentication, cold storage for the majority of funds, and regular security audits. This makes it one of the most secure exchanges in the industry. However, some users have reported that the interface can be less intuitive compared to other platforms, and that customer support response times can be slow.

Fee structure:

• Trading Fees: Maker fees range from 0.00% to 0.16% depending on the 30-day trading volume. Taker fees range from 0.10% to 0.26%.
• Deposit Fees: Vary depending on the method and currency.
• Withdrawal Fees: Vary depending on the cryptocurrency.

4. KuCoin

KuCoin is a strong contender for the best crypto exchange for day trading because it also offers a wide range of supported cryptocurrencies, advanced trading features, and fees which are among the lowest on the market. The platform supports over 700 cryptocurrencies and 1,200 trading pairs, which should allow more experienced traders to diversify their portfolios.

The platform charges a base fee of 0.1% for both makers and takers, which can be reduced by 20% when using KuCoin’s native token, KCS. This makes it cost-effective for frequent traders. In addition to that, KuCoin comes with advanced trading tools such as margin trading, futures, and trading bots, which help traders optimize their strategies and manage risk.

The platform can be less intuitive compared to others, and customer support response times may vary, but overall, it’s a great choice for day traders.

Fees:

• Trading Fees: Maker fees: 0.00% – 0.10% depending on the 30-day trading volume and VIP level. Taker fees: 0.00% – 0.10% depending on the 30-day trading volume and VIP level.
• Deposit Fees: Generally free.
• Withdrawal Fees: Vary depending on the cryptocurrency.

5. Bybit

Bybit is known for its high liquidity and fast execution speeds, both of which are vital parameters for crypto day trading. Bybit supports a variety of trading options, including spot trading, perpetual contracts, and futures trading with up to 100x leverage. One major advantage of Bybit is its user-friendly interface, which features advanced charting tools and multiple order types such as limit, market, and stop-loss orders.

This makes it suitable for both novice and experienced traders. Bybit also offers a responsive mobile app, enabling traders to monitor and execute trades on the go. In terms of security, Bybit has two-factor authentication (2FA) and cold storage.

The platform is not available in certain regions, including the United States, which limits access for a lot of potential traders. Also, Bybit does not support fiat withdrawals, which can be inconvenient for those who prefer direct bank transfers.

Fees:

• Trading Fees: Maker sees are 0.025% (rebate), and taker fees are 0.075%.
• Deposit Fees: Generally free.
• Withdrawal Fees: Vary depending on the cryptocurrency.

6. MEXC

MEXC is a standout option for crypto day trading due to extremely low trading fees and support for over 2,100 trading pairs. MEXC’s trading fees are highly competitive, with makers paying 0% and takers paying 0% to 0.1%, depending on account level. This makes it an attractive choice for frequent traders.

MEXC also features advanced features like the copy trading option, allowing users to mimic the strategies of top-performing traders. However, it does not support fiat withdrawals, which may turn away some traders. Another issue is that MEXC is not available in the US and Canada, restricting access for traders in these regions.

Fees:

• Trading Fees: Maker fees are 0%, taker fees range from 0% to 0.1% depending on account level.
• Deposit Fees: Generally free.
• Withdrawal Fees: Vary depending on the cryptocurrency.

7. OKX

OKX definitely belongs in the conversation for the best crypto exchange for day trading top altcoins. Apart from supporting spot trading, futures, options, and margin trading, OKX also integrates with TradingView, so that traders can make use of charting and technical analysis.

The platform supports buying and selling cryptocurrencies directly, and futures contracts and perpetual swaps allow betting on price movements without holding the underlying asset, which offers flexibility and shorting opportunities.

The interface is user-friendly interface caters to both beginners and seasoned traders, and OKX is on par with its competitors in terms of security, offering two-factor authentication and cold storage. However, it is not available in the United States, which may be a limiting factor for some users.

Fees:

• Trading Fees: 0.08% maker and 0.1% taker fees for spot trading. For futures trading, maker fees are as low as 0.02% and taker fees are as low as 0.05%.
• Deposit Fees: Generally free.
• Withdrawal Fees: Vary depending on the cryptocurrency.

8. Crypto.com

Crypto.com is among the most popular platforms for day trading, particularly known for its user-friendly interface and extensive range of services. The platform supports spot trading, margin trading, and OTC trading. It also comes with advanced trading features like customizable bots, including DCA, grid, and TWAP bots, which help automate strategies and enhance trading efficiency.

A key advantage of Crypto.com is its security measures, including two-factor authentication and cold storage. However, it does have higher fees for takers compared to some competitors, and while it’s available globally, users in New York state cannot use the platform.

Fees:

• Trading Fees: Spot trading fees range from 0% to 0.07% for makers and 0.0485% to 0.728% for takers.
• Deposit Fees: Generally free; bank processing fees may apply.
• Withdrawal Fees: Vary depending on the payment method.

9. Gate.io

Gate.io stands as one of the best exchanges for day trading crypto due to its high liquidity, low fees, and wide range of supported cryptocurrencies. This includes support fpr over 1,700 trading pairs. Gate.io also enables traders to try their hand at margin trading, futures, and spot trading.

The platform ensures robust security with features like two-factor authentication, cold storage, and anti-DDoS protection. However, its interface can be complex for beginners, and some users have reported slower customer support response times.

Fees:

• Trading Fees: 0.2% maker and taker fees.
• Deposit Fees: Generally free.
• Withdrawal Fees: Vary depending on the cryptocurrency.

Final Word

As you can see, there is no shortage of opportunities and options when it comes to crypto day trading. However, there is such as thing as too much choice, which makes choosing the best crypto exchange for day trading a more complex task.

We hope that our list will help you make a more informed decision, so that you can make the most of your trading activities. Good luck!