Best Crypto Exchanges for Day Trading (Update in June 2024) (2024)

Crypto-day trading is where you buy and sell cryptocurrencies within the same day, hoping to profit from small price movements. If you are looking for the best crypto exchanges for day trading,this article is ideal for you.This article will explore where to day trade crypto and help you choose the right platform and day trading app.

Key Takeaways:

• The best crypto exchanges for day trading are Binance, MEXC, Gate.io, OKX, and Coinbase for their high liquidity and multiple supported coins.
• The best crypto for day trading are Bitcoin, Ethereum, Solana, Cardano, Avalanche, and Dogecoin due to high trading volume, which results in fast order execution and less price slippage.
• Day trading cryptocurrency profit can be taxed as regular capital gains with rates depending on your income, but potentially as high as 37%.

What is Crypto Day Trading?

Crypto-day trading involves buying and selling cryptocurrencies within a single day. People who do this are called day traders. They try to make money from small price changes in the crypto market.

Crypto-day traders often rely on technical analysis and chart patterns to make trading decisions. They use technical indicators, such as moving averages, Relative Strength Index (RSI), and MACD, to identify potential entry and exit points.

There are also different strategies for crypto day trading. One popular strategy is “scalping”. Scalping means making many small trades throughout the day. Each trade makes a small profit, which can add up over time.

Another strategy is “range trading”. This means buying when the price is low and selling when the price is high. Traders look for patterns in the price movements to help them decide when to buy and sell.

Best Crypto Exchanges for Day Trading in 2024: Our Top Picks

In this article, we have reviewed more than 20 popular crypto exchanges and consider factors like fees, security, ease of use, and available cryptocurrencies to find the best crypto day trading platform for your needs. Here is our list of top day trading crypto exchanges:

1. Binance: Best for high-volume and liquidity
2. Gate.io: Best for day trading new coins
3. MEXC: The lowest fees for day trading
4. OKX: Best for user-friendly interface
5. Coinbase: Best licensed crypto exchange for day trading
6. Kraken: Safest crypto day trading platform
7. Crypto.com: Best for DeFi services
8. Pionex: Best for day trading with bots
9. Phemex: Best day trading platform with advanced charting
10. Bybit: Best derivatives day trading platform

Best Crypto Day Trading Platform: Reviewed

1. Binance

• CMC Liquidity Score: 892
• Trading Fees: 0.1% maker/taker for spot trading and 0.02%/0.05% maker-taker in future trading (up to 25% discount for BNB holders)
• Supported Coins: 380+

Binanceis best for day trading due to its high volume of over$10 billion daily. The platform offers over 380 coins to trade, such as BTC, ETH, BNB, and more. It has low fees, a fast trading engine, and lots of liquidity in the market.

The exchange can handle up to 1.4 million orders per second. This means you can trade without any price slippage and instant order matching. It also has many trading features for crypto day traders, like margin trading, futures, options, and leveraged tokens.

The platform is highly secure, with multiple safety methods such as 2FA, anti-phishing codes, withdrawal address whitelisting, andcold wallet storage. Binance is also a top-rated exchange for crypto day trading due to its user-friendly interface and advanced charting tools linked to the TradingView platform.

Pros of Binance

• Extensive liquidity across popular trading pairs like BTC/USDT and ETH/USDT
• Competitive fees, starting at 0.1% maker/taker for spot trading
• 99.9% uptime rate and fast-matching engine
• Highly secure with cold storage and transparent solvency data
• Reliable 24/7 customer support service

Cons of Binance

• Regulatory uncertainty in various jurisdictions
• Advanced day trading features can be daunting for beginners

2. Gate.io

• CMC Liquidity Score: 483
• Trading Fees: 0.1% maker and taker spot fees and 0.02% make and 0.05% taker futures fees
• Available Cryptocurrencies: 1700+

Gate.iois another day trading cryptocurrency exchange with many trading features and services, competitive fees, high trading volume, and advanced charting tools. Similar to MEXC, this exchange is also a great choice for crypto day traders who want to trade many low-cap coins and tokens and use leverage up to 100x.

This platform also lets you set up automatic trading bots to help you buy and sell at the right times. These bots can be used for regular buying (DCA bots), buying low and selling high (Grid bots), or catching dips (Martingale bots). You can trade in spot markets, use margin trading, and futures.

Gate.io is safe and trustworthy. It protects your funds using cold storage, SSL, 2FA, and anti-DDoS. It also has insurance funds to cover any losses from system or hacking. The exchange is best for both beginners and advanced traders.

Pros of Gate.io

• It supports over 1,700 cryptocurrencies and tokens for day trading
• Various advanced trading features like margin trading with up to 10x leverage and grid trading
• Offers earn products, including dual investment and crypto loans
• Web3 services with DeFi wallet and cross-chain swapping
• Mobile app for Android and iOS devices

Cons of Gate.io

• Some new coins may have low liquidity
• The trading interface is not smooth, with some occasional bugs

3. MEXC

• CMC Liquidity Score: 608
• Fees: 0% spot maker fees and 0.1% taker and only 0.01% taker fee for futures
• Available Coins: 2407+

MEXCis the cheapest platform to trade crypto today due to its zero spot maker fees and 0% maker and 0.01% taker futures fees. It is also a popular crypto exchange for listing new altcoins. MEXC offers trading for 2407+ digital assets in different categories, such as DeFi, Gaming, AI, and Metaverse.

MEXC also supports futures trading of USDT-M and Coin-M contracts with leverage up to 200x. Day traders can engage in perpetual and quarterly contracts for various coins. Advanced order types like stop-loss and limit-order and other risk prevention mechanisms are also available.

The exchange offers a dedicated crypto copy trading portal for beginners to copy the day trading strategies of experienced traders. MEXC also supports API integration with third-party platforms, such as Cryptohopper,3Commas, etc. These apps allow you to automate your crypto day trading strategies easily in the spot and future markets.

Pros of MEXC

• Low trading fees with 0% maker fees and 0.1% taker fees for spot trading
• The exchange has good liquidity and trading volume
• A diverse range of cryptocurrencies, including new and trending tokens
• 200x futures leverage trading for day traders

Cons of MEXC

• Customer support can sometimes be slow to respond.
• Limited fiat withdrawal methods

4. OKX

• CMC Liquidity Score: 613
• Trading charges: 0.08% maker and 0.1% taker, up to 0.3% options trading fees
• Available Coins: 331+

OKXis another exchange that offers many crypto trading features to cater to your day trading strategies. Spot trading lets you buy and sell cryptocurrencies directly, while margin trading amplifies your potential returns by leveraging borrowed funds. Futures contracts and perpetual swaps allow you to bet on price movements without actually holding the underlying asset, offering greater flexibility and shorting opportunities.

OKX also provides a sophisticated trading interface with technical indicators, advanced charting tools, and order types. From setting stop-loss and take-profit orders to automating strategies with trading bots, you have the tools to react quickly and capitalize on market opportunities.

It also prioritizes user safety with multi-layered security measures, such as two-factor authentication, cold storage for most user funds, and a bug bounty program.

Pros of OKX

• Leverage up to 100x for popular cryptocurrencies like Bitcoin and Ethereum
• The exchange charges low trading fees, starting at 0.08% for makers and 0.1% for takers
• High liquidity across most trading pairs
• Demo account with a simulated Bitcoin balance to practice day trading
• The interface is designed to be intuitive and user-friendly

Cons of OKX

• Limited fiat channels for direct deposits and withdrawals
• OKX is not accessible to users in the United States

5. Coinbase

• CMC Liquidity Score: 759
• Platform Fees: 0.4% maker and 0.6% taker and up to $25 fees for deposits and withdrawals depending on payment methods
• Supported Assets: 240+

Coinbaseis a US-based crypto exchange for day traders. It is also regulated and compliant with various jurisdictions, making it a safe and legal choice for day trading cryptocurrency. It has different products and services for multiple users, such as Coinbase Advanced, Coinbase Wallet, and Coinbase Prime. It lets users buy and sell over 240 cryptocurrencies with fiat currency. You can also keep your crypto in Coinbase’s cold storage, which is very safe and insured.

Coinbase Advanced is a more advanced day trading platform with lower fees than its basic version, more trading pairs, and more analytical tools. It also supports limit orders and stop-limit orders, which can help control risk in unstable markets.

The platform has the best charting interface that shows live order books, trade history, and market depth across hundreds of tokens.

Pros of Coinbase

• It provides interactive charts powered by TradingView, featuring indicators like EMA, MACD, RSI, and Bollinger Bands.
• One of the largest cryptocurrency exchanges in the world, handling billions of dollars in transactions daily with good liquidity across markets
• Robust security with features like 2FA, biometric verification for mobile users, and FDIC insurance on USD balances up to $250,000
• Comprehensive API support that supports all advanced trading features
• Easy deposits and withdrawals using a bank account

Cons of Coinbase

• High trading fees compared to other day trading exchanges likeBinance and MEXC
• Limited futures trading market with up to 10x leverage

6. Kraken

• CMC Liquidity Score: 740
• Trading Fees: 0.25% maker and 0.4% taker fees
• Supported crypto asset: 200+

Krakenis another US-registered day trading platform where you can buy and sell 200+ cryptocurrencies. It is registered as a Money Services Business (MSB) with FinCEN, which makes the exchange secure for crypto traders.

The exchange offers more than just basic buy and sell orders. You can set stop-loss and take-profit orders to automate your trading strategy. This is helpful for day trading, where quick decisions are critical. Kraken also offers a variety of tools. You can see real-time prices for different cryptocurrencies and advanced charts showing how their prices have changed over time. This can help you spot trends and decide when to buy or sell.

Another important thing about Kraken is that it’s easy to use. The app is designed to be simple, so even if you’re new to trading, you can easily figure out how to buy and sell cryptocurrencies.

Pros of Kraken

• Highly secure with various security measures like 2FA and encryption protocols
• Margin and futures trading for experienced traders
• OTC trading feature for institutional traders
• Instant fiat-to-crypto conversion
• Kraken NFT marketplace for digital art lovers

Cons of Kraken

• Altcoin selection is relatively limited compared to some other cryptocurrency exchanges
• Higher trading fees, which can be as high as 3% per trade

7. Crypto.com

• CMC Liquidity Score: 633
• Trading Fees: 0.075% maker/taker fees and 0.017% futures maker and 0.034% futures taker fee
• Supported crypto asset: 350+

TheCrypto.comexchange offers many features for day traders, like a wide variety of cryptocurrencies, a deep order book, and different order types for more control. Over 350 different crypto assets are supported, providing traders with a wide range of choices. You can also make deposits and withdrawals in fiat currencies like AUD, CAD, EUR, GBP, USD, and BRL.

The exchange supports all popular day trading features like the derivatives market with 20x leverage and margin trading with 3x leverage. The platform also includes an NFT marketplace, allowing you to buy and sell NFTs. There is also a Crypto.com Pay feature, which lets you use crypto to pay for goods and services. Additionally, Crypto.com offers a crypto card that you can use like a regular debit card but with crypto.

Crypto.com has a native token called Cronos (CRO), which is used for platform governance. Holding and using CRO can earn you rewards and benefits, such as lower trading fees. Other features include Earn, where you can earn interest on your crypto holdings, and Supercharger, where you can stake CRO to earn other cryptocurrencies.

Pros of Crypto.com

• Buy BTC, ETH, and other crypto easily via bank transfer
• Grow your portfolio automatically with recurring buys daily, weekly, or monthly
• Trade with 20+ fiat currencies and support Apple Pay and Google Pay
• Regulated and licensed in many countries, including Dubai and France
• 350+ supported cryptocurrencies and over 100 million users worldwide

Cons of Crypto.com

• No desktop or web support for the Crypto.com app
• Lower futures trading leverage (up to 20x only)

8. Pionex

• CMC Liquidity Score: 606
• Trading Fees: 0.05% maker/taker fees and 0.1% fees for leveraged tokens
• Supported crypto asset: 379+

Pionexis a cryptocurrency exchange known for its built-intrading bots. These bots are designed to automate buying and selling cryptocurrencies according to pre-set strategies, potentially appealing to day traders. The exchange currently supports 16 free trading bots. Some popular bots include the Grid Trading Bot, which buys low and sells high within a set price range, and the DCA Bot, which helps in averaging out investments over time.

While bots can automate trades, Pionex also offers features like futures trading, leveraged tokens, and demo trading. The trading fees on Pionex are also very low, with a 0.05% fee for both makers and takers in spot trading. For leveraged tokens, the fee is slightly higher at 0.1% for both makers and takers.

Regarding payment methods, Pionex accepts credit cards, crypto deposits, and withdrawals, providing users with flexibility in funding their accounts and withdrawing their earnings.

Pros of Pionex

• Pionex’s interface is straightforward, making it a good fit for beginners.
• A variety of automated trading bots can execute predefined trading strategies
• Low trading fees for spot trades, making it a cost-effective platform
• Mobile app for both Android and iOS devices, allowing you to manage your trades on the go
• 379+ supported coins and tokens

Cons of Pionex

• Lower liquidity compared to some popular exchanges like Binance and Coinbase.
• It does not offer some advanced trading features like lending and margin trading

9. Phemex

• CMC Liquidity Score: 496
• Trading Fees: 0.1% maker/taker spot fees and 0.018%/0.055% fees for contract trading
• Supported Digital Assets: 329+

Phemexis another good platform for day trading cryptocurrencies. This trading platform lists over 329 spot cryptocurrencies, making it a good choice for traders looking for variety. The platform also has its own token, the Phemex Token (PT). A key advantage for day trading is Phemex’s high leverage, reaching up to 100x on certain futures contracts.

Similar to other exchanges, it also provides advanced charting tools with various technical indicators to analyze market trends and identify potential day trading opportunities.

Phemex supports several fiat currencies, including USD, EUR, GBP, CHF, JPY, and CAD. You can deposit and withdraw funds using various methods. To buy crypto, you can use debit or credit cards, Apple Pay, Google Pay, or wire transfers through third-party services.

Pros of Phemex

• Instantly buy crypto through P2P or bank transfer using your local fiat
• Launchpool staking with APYs as high as 436.81%
• Staking services available for crypto holders
• Copy trading for beginners
• Fast trading engine with instant order matching

Cons of Phemex

• Direct bank withdrawals are not available
• Not available to residents in countries like the US and Canada

10. Bybit

• CMC Liquidity Score: 597
• Trading Fees: 0.1% maker/taker spot fees and 0.02%/0.055% fees for futures trading
• Supported Digital Assets: 1200+

Bybitis another top crypto platform for day traders that offers high leverage and advanced trading features. It is also one of thetop futures crypto exchanges. It supports multiple trading products, including perpetual contracts, inverse perpetual, futures with quarterly expiry times, and options. It offers up to 100x leverage for perpetual contracts and futures and up to 10x for margin trading.

Bybit’s trading system is super fast and can execute up to 100,000 transactions every second. It also has a dual-price mechanism. This helps crypto traders avoid market manipulation and liquidation.

The platform has a strong security system that protects user assets and data. It stores the majority of cryptocurrencies in cold storage, which is offline and inaccessible to hackers.

Pros of Bybit

• A robust and reliable trading platform designed for the smooth execution of trades
• The user interface is intuitive and easy to navigate.
• Bybit Web3 wallet for easy DeFi access
• 60+ fiat currencies supported in the P2P crypto exchange
• Launchpool for investing in new crypto projects

Cons of Bybit

• Bybit’s abundance of features and functionalities may be overwhelming for new users.

Best Crypto Day Trading Platform: Comparison

How to Pick an Exchange for Crypto Day Trading?

The trading platform acts as the foundation for your day trading activity, influencing factors like security, efficiency, and your potential for success. You must find one that fits your style and keeps your funds safe. Let’s break down some key factors to consider:

Security Features

Start with security features. A good day trading platform should keep your funds and data safe. Two-factor authentication is a priority. This means you need to verify your identity twice. Also, check if the platform uses encryption to keep your information private. Some platforms have insurance for your funds. This is good to have in case the platform gets hacked.

Plus, you can also check these advanced security measures:

• Withdrawal address whitelisting
• Anti-phishing code
• Passkeys
• Cold storage of user assets
• Strict KYC measures

User Interface

The user interface (UI) is your primary window into the platform. It should be intuitive, user-friendly, and designed to facilitate efficient trading execution. The trading functionalities should be easy to find and utilize.

The platform should also operate reliably and execute trades fast. Latencies or downtime can hinder day trading success, where swift action is often crucial.

Fees

Trading fees directly impact profitability. Analyze the platform’s fee structure to ensure it aligns with your trading volume and strategy.

Generally, the trading platforms charge the maker/taker fees for executing buy and sell orders. Platforms also offer commission tiers with lower fees for higher 30-day trading volumes. As discussed above, MEXC is the best example of low-fee day trading.

If you plan on using margin for leveraged trading, you must compare the platform’s margin rates, which determine the interest charged on borrowed funds. Plus, be wary of any additional charges, such as withdrawal fees or spread fees.

Number of Supported Coins

The number of supported coins is an important factor to consider. Different platforms support different coins. If you want to trade a variety of coins, choose a platform that supports many coins. This gives you more trading options.

Popular coins like Bitcoin and Ethereum are supported by most platforms. But if you want to trade low-cap altcoins or new projects, MEXC, Gate.io, and Bybit are recommended day trading options.

Customer Support

Even the most sophisticated platforms can encounter technical issues. Responsive and knowledgeable customer support is essential to ensure timely resolution of any problems that may arise.

The platform should offer various ways to reach customer support, such as email ticketing systems and live chat options. Plus, a comprehensive knowledge base with tutorials, FAQs, and troubleshooting guides can help you to resolve minor issues independently.

Advanced Charting Tools

Day traders generally rely on technical analysis to identify trading opportunities. Therefore, you must check the platform’s charting functionalities.

The best option is to integrate the exchanges’ UI with TradingView charts. The ability to draw trendlines, support and resistance levels, and other technical annotations on charts enhances your day trading profitability.

How is Crypto Day Trading Taxed?

Taxes on crypto day trading depend on where you live, but most places follow similar rules. In the US, the Internal Revenue Service (IRS) considers crypto like property. This means every time you buy and sell crypto, it counts for taxes.

Any profits you make from day trading crypto are called capital gains. These gains can be short-term or long-term.

• Short-Term Gains: If you sell crypto within one year of buying it, your profit is a short-term gain. These gains are taxed at your regular income tax rate, which can be between 10% and 37%, depending on how much money you make overall.
• Long-Term Gains: If you hold onto your crypto for over a year before selling, your profit is a long-term gain. Depending on your income, these gains are taxed at lower rates, up to 20%.

You can actually reduce your crypto taxes by using capital losses. Imagine you lose money on some crypto sales. These losses can be used to “offset” your capital gains, lowering your overall tax bill. You can use up to$3,000of losses in the US to offset gains. Any leftover losses can be used to lower your taxes in future years.

Conclusion

In conclusion, finding the best crypto exchange for day trading in 2024 involves considering various factors like fees, security, and available features.Binancestands out with itshigh volume and liquidity, making it ideal for frequent trades.MEXC offers zero fees for spot trading, which isgreatfor cost-conscious traders. Gate.io is another strong choice, especially for those interested in trading a wide range of new altcoins with advanced tools.

Each of the above-listed exchanges has its pros and cons and you can start crypto day trading on the platform that suits yourcrypto tradingneeds.

Disclaimer: Day trading profits are not guaranteed, and you can lose your entire investment. Therefore, Before jumping in, educate yourself on technical analysis, risk management, and trading psychology.

FAQs

What is the best platform to day trade crypto on?

Binance is the best platform for day trading crypto because it has competitive trading fees or low fees for BNB holders, making frequent trades more cost-effective. The exchange has the best trading volume in the world.

It also offersa wide range oforder types, including trailing stops, stop-loss orders, and take-profit orders. This flexibility allows you to execute complex day trades with precision. The exchange also supports advanced charting tools to analyze the market.

What is the most profitable crypto day trading strategy?

The most profitable crypto day trading strategy depends on market conditions and the trader’s skills.Many traders use a method called “scalping”. Scalpinginvolves making many small trades throughout the day. Some traders use “technical analysis tools” to guide their trades. Common indicators include moving averages, Relative Strength Index (RSI), and MACD.

News-based trading is another strategy.Crypto prices often react to news. Positive news can cause prices to rise, while negative news can cause them to fall.

Is day trading crypto legal?

Day trading crypto is legal in most countries. However, the rules vary by location.In the United States, for example,day trading cryptois legal. The government does not have specific laws against it. However, traders must follow general trading rules and regulations. They must alsopay taxes on their profits.

In Europe, day trading crypto is also legal. The European Union has regulations to protect traders and prevent fraud. Each country in the EU may have its own rules, so traders should check the laws in their country.

In some countries, such as China, crypto tradingis heavily restricted.The government has banned exchanges and initial coin offerings (ICOs). This makesday trading crypto difficult or impossible.

Is Coinbase good for day trading?

Yes, Coinbase isgoodfor day trading cryptocurrencies. The exchange has a lot of liquidity and volume, which areimportantfor day traders. It is also very secure, with Money Transmitter Licenses in the US.However, fees may bea littlehigher compared to other exchanges, but mostof the lower-fee exchanges are not available in the US.So, we recommend Coinbase for the US day traders.

Can you day trade on Coinbase?

Yes, you can use the Coinbase Advanced platform for your day trading. It supports 240+ coins and 500+ trading pairs, advanced trading tools, and futures trading with up to 10x leverage. The exchangeis also licensedin various countries, including the US, Canada, and the UK.

Can I buy and sell crypto same day?

Yes, you can buy and sell crypto same day. That’s the core concept of day trading. You can buy crypto on an exchange, and if the price goes up, you can sell it later that same day to lock in profits.