The 10 Best Crypto Exchanges for Day Trading 2024

Zac McClure
ByZac McClure, MBAReviewed byAlex MilesUpdated on June 12, 2024 · minute read
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  • Binance is our top pick for the best exchange due to its high volume and liquidity, which are essential for day trading. When choosing an exchange, look for features like low fees, high liquidity, and robust security measures.

  • Crypto day trading involves buying and selling cryptocurrencies within the same day to capitalize on short-term price movements. The right exchange is crucial for providing the necessary tools, liquidity, and security to succeed in this fast-paced, always-on trading environment.

Best exchanges for day trading

Selecting the right platform for day trading is crucial to optimize your trading potential and reduce risks. The best exchanges offer a mix of high liquidity, low fees, strong security, and advanced trading tools.

This guide covers the top exchanges for day trading, detailing their standout features, benefits, drawbacks, and why they excel in the competitive crypto market.

Binance

Best crypto day trading platform for high volume and liquidity

Binance is the largest exchange by trading volume globally, offering extensive liquidity and low fees, which are vital for day traders. Crypto day traders in the US can rely on Binance.us.

-  Pros & Cons

Pros

  • High liquidity for major trading pairs like BTC/USDT and ETH/USDT

  • Low trading fees starting at 0.1% for maker/taker transactions

  • Fast and reliable order execution

  • Comprehensive security measures including cold storage

  • 24/7 customer support

Cons

  • Regulatory challenges in certain regions

  • Advanced features might be complex for beginners

-  Why our experts picked it

Binance’s significant trading volume and liquidity make it perfect for executing large orders swiftly. Its strong security measures provide added confidence for users.

ByBit

Best platform to day trade crypto for high leverage and derivatives

ByBit stands out for offering crypto derivatives and high leverage options, ideal for traders aiming to maximize profits.

-  Pros & Cons

Pros

  • High leverage up to 100x

  • User-friendly interface with advanced features

  • Low fees, sometimes even negative for makers

  • Strong liquidity for derivative products

Cons

  • Not accessible in the US

  • High risk associated with leveraged trading

-  Why our experts picked it

ByBit’s high leverage and robust derivatives market make it ideal for those pursuing high-risk, high-reward trading strategies.

Coinbase

Best platform to day trade crypto for user-friendly interface

Coinbase Advanced is designed for experienced traders, providing a straightforward platform with low fees.

-  Pros & Cons

Pros

  • Intuitive interface suitable for newcomers

  • Lower fees on Coinbase Advanced

  • High liquidity and trusted platform

  • Widely available

Cons

  • Higher fees on the standard platform

  • Limited to spot trading on Coinbase Advanced

-  Why our experts picked it

Coinbase’s solid reputation and ease of use make it an excellent starting point for day traders, particularly in regulated environments.

Crypto.com

Best crypto day trading platform for DeFi integration

Crypto.com offers a wide range of services and seamlessly integrates with DeFi, providing a comprehensive trading experience.

-  Pros & Cons

Pros

  • Low fees for high-volume traders

  • Extensive range of supported cryptocurrencies

  • Strong DeFi integration

Cons

  • Slow customer support

  • Limited advanced trading features

-  Why our experts picked it

Crypto.com’s broad range of services and easy interface means it's a versatile choice for day traders.

Kraken

Best crypto day trading platform for security

Kraken, established in 2011, is one of the most secure exchanges, offering low fees and high liquidity.

-  Pros & Cons

Pros

  • User-friendly for beginners, with advanced tools for seasoned traders

  • Low fees, particularly on Kraken Pro

  • High liquidity and reliable performance

  • Strong security measures

Cons

  • Higher fees for the Instant Buy feature

  • Limited availability in certain regions

-  Why our experts picked it

Kraken’s reliability, low fees, and extensive tools make it a top choice for all trading levels.

KuCoin

Best crypto exchange for day trading for a wide variety of coins

KuCoin provides a vast selection of coins and advanced trading features, catering to diverse trading strategies.

-  Pros & Cons

Pros

  • Wide range of coins and tokens

  • Low trading fees

  • Advanced trading features like futures and margin trading

Cons

  • Can be complex for new users

  • Mixed customer satisfaction ratings

-  Why our experts picked it

KuCoin’s extensive cryptocurrency selection and low fees are ideal for diversifying trading strategies.

MexC

Best crypto day trading platform for low fees

MexC offers very low fees and strong privacy features, appealing to cost-conscious traders.

-  Pros & Cons

Pros

  • Extremely low trading fees

  • No KYC required for trading

  • User-friendly with advanced charting tools

Cons

  • Potential future regulatory scrutiny

  • Limited fiat withdrawal options

-  Why our experts picked it

MexC’s low fees and privacy features make it unique, offering great value for cost-conscious traders.

OKX

Best crypto exchange for day trading for advanced charting

OKX is known for its advanced charting tools and is a great option for non-US traders.

-  Pros & Cons

Pros

  • Comprehensive charting tools

  • Low fees for high-volume traders

  • High liquidity

Cons

  • Not available in the US

  • Limited fiat channels

-  Why our experts picked it

OKX’s integration with TradingView and advanced trading tools make it a strong choice for sophisticated traders.

Phemex

Best crypto exchange for day trading with comprehensive tools

Phemex provides a full range of trading options and excellent customer support, ideal for serious traders.

-  Pros & Cons

Pros

  • Advanced trading tools

  • High leverage available

  • Strong customer support

Cons

  • Not available in all regions

  • Limited fiat withdrawal options

-  Why our experts picked it

Phemex’s extensive trading features and robust support infrastructure make it a top choice for dedicated day traders.

Pionex

Best crypto exchange for day trading with automated trades

Pionex is known for its built-in trading bots, making it ideal for automated trading strategies.

-  Pros & Cons

Pros

  • Integrated trading bots

  • Low fees

  • Easy to use

Cons

  • Lower liquidity compared to larger exchanges

  • Limited advanced trading features

-  Why our experts picked it

Pionex’s automated trading capabilities are perfect for traders who want to leverage technology to enhance their strategies.

What is day trading?

Day trading involves purchasing and selling crypto within a single day to profit from short-term price movements. Traders focus on small price fluctuations and typically do not hold positions overnight.

Successful day trading requires a deep understanding of technical analysis, market trends, and effective trading strategies, as well as a thorough understanding of the tax consequences of crypto activity.

Schedule a FREE crypto tax consultation

Why does liquidity matter for day trading?

For any crypto day trader, liquidity is as crucial as the current price of a given asset. Liquidity impacts whether you can trade crypto without significantly affecting its market price. Imagine you hold a large position in a cryptocurrency. It may seem valuable on paper, but selling it can be challenging if the market lacks liquidity.

For instance, holding a significant amount of a lesser-traded cryptocurrency might mean that selling it quickly could take days or even weeks without causing a noticeable price drop. If other traders notice a large sell-off, they may start short-selling, further driving down the price. Consequently, what seemed like a $25,000 position could realistically only net you $22,000 after the market reacts to your sale.

In contrast, trading a cryptocurrency with high liquidity means there's a substantial number of buyers and sellers at any given time. This high liquidity ensures that you can sell your position quickly and with minimal impact on the market price. For example, in a liquid market, a large sell order might only lower the average selling price slightly, from $25 to $24.50.

Ultimately, liquidity allows day traders to swiftly and efficiently enter and exit positions without causing significant market fluctuations. It ensures that trades can be executed at desired prices, maintaining stability and minimizing losses due to market impact.

How to choose an exchange for crypto day trading

When selecting an exchange for crypto day trading, consider the following factors:

  • User interface: Look for an intuitive and user-friendly platform with advanced charting tools.

  • Reputation: Choose a platform with a strong reputation and reliability within the crypto community.

  • Fees: Opt for exchanges with low trading fees to maximize your profits.

  • Security: Ensure the exchange has robust security measures to protect your assets.

How is crypto day trading taxed?

In the US and many other countries, profits from crypto day trading are subject to capital gains tax. Short-term gains from assets held for under a year are generally subject to higher tax rates than long-term gains. Whether you day trade professionally or as a hobbyist can also impact your tax bill.

Keeping accurate records or using crypto tax software like ours at TokenTax can help ensure compliance with tax regulations. When in doubt, contact a crypto tax professional for clarity and to develop a crypto tax plan suitable to your circumstances.

Learn more about tax rates for cryptocurrency in our crypto tax guide.

Best crypto exchanges for day trading FAQs

Here are answers to frequently asked questions about the best crypto exchange for day trading and the best platform to day trade crypto.

Is crypto good for day trading?

Yes, cryptocurrencies' high volatility presents opportunities for significant profits, though it also involves higher risks. The 24/7 market allows for flexibility in trading, enabling traders to react to market movements at any time. However, such notable volatility can lead to major losses if not managed correctly.

Is Crypto day trading profitable?

Profitable crypto day trading requires a comprehensive understanding of market trends, technical analysis, and effective risk management. While there are opportunities for profit, the market's high volatility means that traders must be prepared for potential losses as well.

How much money do I need to start crypto day trading?

No specific amount is required to start crypto day trading; it’s advisable to begin with an amount you can afford to lose. Many exchanges allow for small initial investments, but having more capital can enable you to make more substantial trades and potentially earn higher profits. It’s wise to start with a small amount to familiarize yourself with the market.

Is Coinbase good for day trading?

Yes, Coinbase is a well-regarded and user-friendly platform that offers high liquidity and robust security features. While its fees can be higher compared to some other exchanges, its advanced trading tools and reliable reputation make it suitable for day traders, especially beginners.

Is crypto suitable for day trading?

Yes, due to its high volatility and continuous market activity, crypto is well-suited for day trading. This provides ample opportunities to enter and exit positions throughout the day. However, the same factors that make it suitable also increase the risk, making it critical for crypto day traders to have a serious understanding of the market and a solid strategy.

What time of day is best for crypto trading?

Crypto markets operate around the clock, but trading volume often peaks during traditional market hours in the US. Increased activity during these times can result in higher liquidity and more trading opportunities. Nevertheless, significant news or events can create trading opportunities outside these hours.

What's the most popular crypto day trading strategy?

Popular strategies include scalping, arbitrage, and range trading. Scalping focuses on making numerous small profits on minor price changes, arbitrage exploits price differences across exchanges, and range trading involves buying at low points and selling at high points within a specific range. Each strategy requires a different set of tools and market understanding.

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Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Alex Miles
Reviewed byAlex MilesCo-Founder at TokenTax
Prior to TokenTax, Alex worked as a Product Designer at Dropbox and before that Readmill (acquired by Dropbox). He holds a BS in Digital Information Design - Interactive Media from Winthrop University.

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