Whether you’re a seasoned trader or a total beginner, you need a user-friendly trading platform. This guide dives deep into the best crypto exchanges for day trading, comparing availability, trading, and depositing fees.
With any form of trading, research is your best friend. But in order to succeed, day traders especially require a reliable platform to interpret charts and analyze market trends. Since day trading demands considerable time and effort, a platform that streamlines certain processes can be invaluable. Here’s what to know and where to utilize day trading strategies in 2024.
What is crypto day trading?
Crypto day trading is a strategic approach to cryptocurrency trading. This form of trading implies that trading positions open and close within the same day.
The term “intraday trading” is often used interchangeably with day trading, as it describes the process of initiating and concluding trades within a single day. The objective of day trading is to profit from small, minute changes in the market, which are quite common due to the volatility of cryptocurrencies and changes in market sentiment, as evidenced by the crypto fear and greed index.
With day trading, you don’t have to wait for a bull run to take advantage of markets. Since crypto values are unpredictable, knowledgeable traders can benefit from this volatility. For example, while a 10% increase in value within a single day is unusual for typical stocks or commodities, such drastic jumps are commonplace in crypto. Consequently, day trading can yield substantial short-term gains.
Note that crypto day trading is not solely reliant on speculation. A sound understanding of market patterns and a robust day trading strategy are necessary to make the practice profitable.
Consider this BTC price chart for 2024. While holding long-term might not have been the best strategy, day trading could have been more profitable.
Remember: while day trading can be profitable, you should never begin trading without a comprehensive plan in place. Ensure you understand what you are doing, and never invest money you cannot afford to lose.
10 best crypto exchanges for day trading
1. M2
M2 boasts an advanced trading interface with an order book and special order types, perpetual futures crypto contracts, and OTC and margin trading. Furthermore, traders benefit from a transparent fee structure. Spot fees are fixed at 0.1%, while futures trading fees are 0.02% for maker trades and 0.04% for taker trades.
- Learning resources for beginner traders
- MMX token for withdrawal rebates and boosted rewards
- Multiple options for customer support
- Learn-to-earn
- Limited cryptocurrencies compared to competitors
2. PancakeSwap
Users looking to day trade crypto anonymously today can do so on PancakeSwap. The decentralized exchange (DEX) does not require KYC registration and benefits from a transparent and low fee structure; it takes a flat commission of just 0.25% per trade. The DEX also presents multiple earn opportunities: users can accumulate interest on their crypto assets by staking, lending, or adding them to liquidity pools.
- No KYC
- Easy to use
- Low and transparent fee structure
- Multiple passive earning opportunities
- No mobile app or native crypto wallet
3. YouHodler
YouHodler is one of the best crypto exchanges for day trading because of its features and user-friendly approach to crypto trading. We chose YouHodler because the platform is designed to help traders manage risk while optimizing their potential for high returns, which is particularly crucial in the volatile cryptocurrency market.
One of YouHodler’s most significant features is its Multi HODL tool, a function not available on many cryptocurrency trading platform. The Multi HODL feature allows traders to maintain 80% of their assets in YouHodler Savings Accounts, which are risk-free, and use the remaining 20% for trading experiments. This split offers a safety net for users, allowing them to engage in trading while still having the majority of their assets secured.
Traders using YouHodler’s platform can customize their levels of risk and profit, giving them more control over their trading strategy. This means that traders can experiment with the 20% of their assets allocated for trading until they discover the right balance between risk and reward for their personal trading style.
YouHodler offers additional benefits to the average crypto trader, including no rollover fees and more flexibility. These features make it an attractive option for day traders looking to maximize their profits while minimizing their costs.
YouHodler also allows you to trade at extremely low fees. For instance, if you open and close a trade within 30 mins, you won’t pay a trading fee.
- Supports crypto-fiat currency and crypto-crypto conversions
- High Loan-to-Value (LTV) ratio and weekly compound interest
- Extensively monitored and safe platform
- Offers flexible loan repayment options
- Users are not required to undergo credit checks
- Users can withdraw profit instantly
- Does not offer the highest returns for stablecoins compared to other platforms
- The minimum deposit is $100
- Does not provide higher bitcoin lending returns
4. Binance
As the largest cryptocurrency exchange on the market, Binance is considered one of the best crypto exchanges for day trading. The platform’s high liquidity makes it highly attractive for scalping trades. It also offers advanced trading order types, charting tools, deep order books, and high trade execution speed.
Binance supports both basic crypto swapping and advanced trading mechanisms for speculative traders. It also supports copy trading, allowing users to subscribe and benefit from the best crypto day trading strategies, including algorithmic trading. Traders can trade a variety of pairs on the spot market with margins of up to 10x.
Binance has an extensive range of products such as staking, margin trading, saving accounts with interest, NFT marketplace, Launchpad, mining pools, swap mining, liquidity mining, crypto loans, dual investment trading, and many others. This gives day traders the tools they need to succeed and diversify their investments.
Users can deposit fiat or buy crypto directly with fiat using various methods, including credit/debit cards and bank transfers. Binance US allows traders to trade directly against the USD.
Binance also features a peer-to-peer trading platform, an OTC trading platform, Binance Smart Chain for building DApps, and APIs for institutional traders to customize their trading.
- Binance offers a competitive transaction fee structure
- Supports a wide range of cryptocurrencies
- Offers features like staking, savings, and more, allowing users to earn passive income.
- Binance caters to institutional investors with specific products tailored to their needs.
- Does not accept credit card deposits.
- Not available in every U.S. state.
- No customer support by phone
5. Bybit
Bybit is widely recognized as one of the best platforms for crypto day trading. We chose Bybit because it offers a wide variety of order types, including limit orders, market orders, stop limit orders, and trailing stop orders. This diverse selection provides day traders with more options for managing their positions than many other exchanges.
Bybit provides low fees across all markets, coupled with high liquidity levels. This ensures efficient and quick trade execution with minimal associated costs, which is crucial for the rapid transactions often involved in day trading. Additionally, Bybit stands out as a platform for experienced day traders seeking opportunities beyond basic buy/sell orders. It’s one of the leading derivatives exchanges designed for those who want to trade with leverage using futures contracts. Futures contracts are agreements to buy or sell an asset at a specific future date and price, allowing traders to speculate on the price of an asset without owning it, hence profiting from both rising and falling prices.
Bybit sets itself apart by focusing on perpetual futures contracts, similar to traditional futures contracts but without an expiry date. This feature allows traders to hold their positions indefinitely. Notably, Bybit offers leverage of up to 100x on these perpetual contracts.
- Bybit charges low commissions on trades, which makes it good for scalping trades in day trading
- Low minimum deposit requirement
- No deposit fees
- Bybit provides a demo account for traders to practice and get accustomed to the platform before risking real money
- The platform may be complex for beginner traders to navigate due to its focus on more advanced features.
- Only BTC accepted
- Self-regulated
- Only cryptocurrency payment methods
6. eToro
eToro stands as one of the best platforms for crypto day trading due to its ease of use. It offers an intuitive interface suitable for both beginners and experienced traders, accessible via web browsers and also available as an app. As a result, we chose eToro for its social trading features, which is useful for novice and pro traders.
eToro has integrated essential functions such as one-click trading, TipRanks research, and a professional-grade technical analysis tool. It also offers unique features like the ‘Smart Portfolio’, which provides ready-made investment strategies for day traders, and the opportunity to become a ‘Popular Investor’ to earn extra income by allowing others to copy their trades.
Moreover, eToro has a popular copy trading feature. This enables traders to copy the trades of other, more experienced traders on the platform.
The platform also provides a free demo account, allowing traders to explore the platform and its services without risking real money. This makes it an excellent platform for those wishing to try out the tools and services before making a real investment.
- eToro has a solid track record and is a regulated trading platform.
- It excels in social copy trading and cryptocurrency trading
- The platform is highly user-friendly and easy to use
- It provides a wide range of market options as a multi-asset broker
- The range of traditional research materials and tools offered by eToro is limited
- eToro does not support automated trading strategies.
- The platform's mandatory stop-loss and take-profit requirements may limit some trading strategies.
- Access to Trading Central research and tools is restricted to eToro Club members.
Disclaimer
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. BeInNews Academy is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
7. AvaTrade
AvaTrade offers an extensive range of markets that includes cryptocurrency trading through CFDs. It’s important to note that this enables traders to speculate on the price movements of cryptocurrencies without actually owning the underlying asset, which can be advantageous in terms of convenience and flexibility.
AvaTrade has also distinguished itself with a suite of proprietary mobile platforms, including AvaTradeGO and AvaOptions, as well as the full MetaTrader suite. This wide selection ensures traders have the ability to stay connected and manage their trades efficiently, which is crucial for the fast-paced environment of crypto day trading.
AvaTrade also prioritizes ease of use, which is vital for traders of all experience levels. Features like the AvaProtect tool offer traders volatility protection by allowing them to hedge their position with a forex option partially, adding an extra layer of security in the often unpredictable crypto market.
Day traders on AvaTrade can rely on 93 indicators available in the AvaTradeGo app. This is important for day traders who rely heavily on technical analysis to make quick, informed trading decisions.
In addition, AvaTrade offers an impressive selection of copy trading platforms, which enables users to leverage the strategies of more experienced traders.
8. Kraken
We chose Kraken primarily because of its proprietary Kraken Terminal product. It is based on Kraken’s premium trading terminal, Cryptowatch, which offers a professional charting and trading interface replete with features like real-time customizable charts, indicator panels, a watchlist displaying selected financial markets, and more. Its premium terminal, Cryptowatch, provides real-time crypto market data across 25 exchanges, including charting and investing services.
An advanced charting interface, trade history view, and trading on multiple exchanges via one terminal, including on mobile, are among its free features. Additionally, premium features include 24/7 alerts and integrations with platforms like Google Sheets and Zapier.
The breadth of coins available for trading is another advantage. Popular cryptos such as Bitcoin, Ethereum, and Ripple are all available, along with a selection of crypto futures and indices. The beginner-friendly interface of the Kraken App is another big advantage. Meanwhile, with Kraken Pro, you get a professional trading experience with advanced features.
Kraken’s regulation and licensing add a layer of security and credibility. This secure environment is further enhanced as client funds are held directly by users in their bank accounts at Kraken partners, which are heavily regulated.
- Supports over 220 different cryptocurrencies
- User-friendly interface that simplifies trading
- Offers high liquidity exchange
- Fee structure tends to be higher for users not utilizing Kraken Pro
9. BingX
BingX solidifies its standing as one of the best platforms for cryptocurrency day trading with its host of versatile and user-friendly features that cater to both seasoned and novice traders.
For instance, copy-trading, one of its standout features, empowers users to replicate the trading strategies of successful traders. BingX also provides an exhaustive Beginner’s Guide to further assist newcomers in getting used to crypto trading and the platform itself. Another innovative feature that BingX brings to the table is BingX Verify. This service helps users ascertain the authenticity of domain names, Telegram IDs, or email addresses, thereby adding an additional layer of security against potential scams.
BingX’s inclusive approach to new traders is complemented by its compliance with regulatory authorities in Australia, the United States, and Canada.
- Multiple payment methods
- Variety of crypto assets
- Diverse trading options (spot, futures, and perpetual contracts)
- Available on a mobile app
- Professional trading interface
- Copy trading
- Extensive educational resources offered by BingX Academy
- Premium customer support
- High transaction fees
- Lack of certain investment options (staking)
10. OKX
OKX is a top choice for crypto day trading due to its extensive educational resources, which cater to both beginners and professionals. The platform supports DeFi projects through liquidity mining. Additionally, it offers a unique loyalty program that rewards users with fractional Bitcoin for completing learning missions.
U.S. investors face access limitations but can use OKCoin, a sister exchange with simpler services. OKX prioritizes security with a multi-layered hot wallet system and advanced risk-management and big data reduction systems. This robust security framework ensures the protection of users’ private keys. TAll these features make OKX a reliable and diverse platform for crypto trading.
- It accepts of a wide range of fiat currencies
- Offers comprehensive educational materials
- The platform provides a wide range of services and features
- High staking APYs
- Offers hundreds of trading pairs
- User-friendly Buy/Sell dashboard
- Provides speedy responses via online chat
- Limited Availability (restricted in the U.S.)
- Complex fee structure
Crypto exchanges comparison
| Exchanges | Availability | Supported assets | Deposit fees | Trading fees |
|---|---|---|---|---|
| M2 | 150+ countries | BTC, ETH, & 50+ | 0 | 0.1% |
| PancakeSwap | Global (some restrictions) | BTC + 50 | 0 | 0.25% |
| YouHodler | E.U. & 150+ | BTC & 54+ | 0 | 1% |
| Binance | U.K., E.U. & 150+ | BTC & 380+ | 0 | 0.1% |
| Bybit | U.K., E.U. & 100+ | BTC & 380+ | 0 | 0.1% |
| eToro | U.S. only | BTC & 50+ | 0 | 1% |
| AvaTrade | U.K., E.U. & 190+ | BTC & 18+ | 0 | From 0.15% |
| Kraken | U.S., U.K., E.U. & 150+ | BTC & 229+ | 0 | 0.16% maker / 0.26% taker |
| BingX | U.K., E.U. & 70+ | BTC & 500+ | 0 | 0.10% |
| OKX | U.K., E.U. & 100+ | BTC & 340+ | 0 | 0.08% maker / 0.10% taker |
Choose the best day trading exchange for you
Given the diversity of features across crypto day trading exchanges, it is important to consider individual trading goals, risk tolerance, and technical proficiency when choosing a platform.
From leverage options to copy trading, fee structure, and customer support, these day trading platforms offer varied services that cater to different trading styles. Whether it’s the extensive educational resources of OKX, the ease of use of BingX, the privacy of PancakeSwap, all of the platforms listed in this guide are equipped with features designed to facilitate profitable day trading.
Frequently asked questions
What is the best crypto trading platform for day trading?
Is crypto day trading profitable?
Can I day trade on Coinbase?
Can I do daily trading on Binance?
What factors should you consider when choosing an exchange for crypto day trading?
What are the benefits of using a crypto exchange with high liquidity for day trading?
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