Bitcoin and cryptocurrencies are a highly volatile asset class that can see wild price swings within a 24-hour period. Given the volatile nature of the market, lower time frame traders can capitalize on these small price movements to make potential profits. Combined with leverage markets, it is quite possible to make significant gains (and losses) as a day trader. Therefore, it is essential for day traders to find the right platform with the desired crypto pairs, markets, low fees and liquidity to maximize trading opportunities. This article will give our list of the best exchanges for day trading in the cryptocurrency market.
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Best Day Trading Crypto Exchanges: 2022 Reviews
One of the most well-known and reputable trading platforms in the world, Binance is a behemoth in the cryptocurrency industry that has become the number 1 destination for day traders. Binance is the biggest exchange in terms of trading volume and liquidity across its spot and derivatives markets according to Coinmarketcap. This is one of the major reasons Binance is an attractive marketplace for short-term trading to profit on price movements. They even have a $50 welcome bonus for new users that create an account with a referral code.
Binance has more than 1,664 trading pairs across 391 supported coins that can be bought and sold on the exchange. The abundance of markets combined with deep liquidity separates Binance from its competitors. Moreover, Binance Futures which supports the derivatives market supports 198 trading pairs and has a staggering 40 billion in trading volume at the time of writing, nearly double its closest competitor.
In addition to the deep liquidity across its order book that results in low spreads and slippage, Binance is well-suited for day trading due to the small trading fees. On the spot exchange, day traders can convert between digital currencies with a maximum fee of 0.1% per transaction. For serious day traders with high monthly trading volume, the fees can be reduced to as low as 0.0200% / 0.0400% for makers and takers respectively. For example, a day trader with a 30-day volume exceeding 5 million and 100 BNB tokens can reduce the fee to 0.08% / 0.1%. For most, the 0.1% transaction fee is very competitive in the spot market which makes Binance one of the best cryptocurrency exchanges.
In terms of the fees on Binance Futures for margin and futures trading, the fees start at 0.02% / 0.04% using USDT as the base currency, or -0.01% / 0.023% with BUSD. Regular day traders that use the BUSD trading pairs will receive a 0.01% fee rebate for providing liquidity which is a great feature.
The other aspect of Binance that makes it a top choice for day traders is the advanced trading and charting terminal. Equipped with Tradingview charts and a powerful matching engine, day traders can look for trading opportunities on the smaller timeframes and overlay multiple charting indicators, tools and technical patterns. Moreover, the order entry window features a range of order types such as limit, market and stop-limit. There are risk management orders such as one-cancel-the-other that are commonly not found on competing exchanges.
In short, Binance is an excellent exchange for day traders due to the competitive fees, deep liquidity and its sophisticated trading terminal. The mobile app is also excellent for placing and monitoring short-term trades while on the move. As for improvements, the exchange offering for the US market is limited. Binance.US does offer a spot exchange but is limited in the number of coins and does not have margin trading. To find out more, read our Binance review that assesses its features, fees and limitations.
Coinbase is a reputable and stable trading platform to get started in the world of cryptocurrencies. While day trading should be reserved for experienced and professional traders, Coinbase provides an entry-level platform that is suited for beginners with its simple user experience and mobile app. Its availability in over 100 countries worldwide makes it a great option for anyone to create an account to learn how to day trade the crypto markets.
Headquartered in San Fransisco, California, Coinbase is one of the best crypto exchanges in the US that can be used for day trading. Onboarding with the exchange is particularly easy with a variety of payment methods for different fiat currencies such as USD, GBP, EUR and AUD. Funds can be allocated to a trading account using a credit and debit card but the fees are quite expensive at 3.99% for most regions.
When it comes to the selection of crypto-assets to trade, Coinbase supports 250+ cryptocurrencies that can be traded against several fiat currencies on its premium platform Coinbase Pro. The availability of crypto pairs to select for day trading are quite limited compared to other exchanges in this list. However, Coinbase has deep liquidity on its major pairs such as BTC/USD and ETH/USD and is second only to Binance. The charting and trading exchange is purpose-built for stability and performance - exactly what day traders require when filling orders on the lower time frames.
Compared to Binance, the user interface on Coinbase is very simple. Even the advanced platform Coinbase Pro matches Binance on most features but is streamlined in its design with fewer complexities. Experienced traders will be able to take advantage of the order which also shows the market spread on each trading pair which is a great feature. On this point, the crypto trading spreads are slightly elevated when compared to Binance, particularly on the lesser-known altcoin pairs. Therefore, day trading the altcoin pairs can result in higher spreads using Coinbase compared to Binance for example.
Coinbase does not stack up so well compared to other day trading exchanges due to its trading fee. Aside from payment costs, day traders can expect to pay a fee of 0.05% to 0.6% for makers and 0% to 0.4% for makers. Depending on the pricing tier, the fees on Coinbase Exchange and Coinbase Pro are reasonable for higher amounts. However, the baseline fees up to $10,000 are quite expensive. In short, Coinbase does not offer the lowest fees for day traders and are cheaper alternatives that can be used. For a more complete assessment, read our latest review on Coinbase.
Bybit is a world-class derivatives platform that has expanded to include a spot exchange to speculate between cryptocurrency assets. In a short period of time, the crypto exchange has surged in popularity with more than 3 million users worldwide. In fact, Bybit is one of the most traded derivatives exchanges with over 8 billion traded in the last 24 hours at the time of writing putting it as the 3rd largest leverage platform. Even its spot exchange has become a popular environment to buy, trade and sell Bitcoin and other cryptocurrencies providing an all-in-one solution for day trading.
The derivatives market on Bybit is exceptional for day traders with over 100 trading pairs to choose from. Moreover, Bybit is one of the best crypto margin exchanges due to its variety of markets to hedge a portfolio against volatility. The derivatives products offered are one of the largest selections and include USDT perpetual, inverse perpetual, inverse future, USDC perpetual, USDC options and leveraged tokens.
The fees on Bybit for spot trading start at 0.1% and decrease with higher trading volumes for the month which is similar to Binance. For perpetual and futures trading, the transaction fees are 0.01% and 0.06% for makers and takers. In comparison to similar exchanges, the fees are very competitive and offer good value for money for high-frequency crypto traders.
As for the user experience, Bybit has an advanced, modern and intuitive trading terminal that extends to its mobile app for Android and iOS devices. The availability of trading tools, indicators and chart patterns that can be overlaid will suit a wide variety of day trading strategies.
The order types that can be used include a 'limit order', 'market order' and 'conditional order' that offers good flexibility and control using price-based triggers. There is also the option to control the duration of each order using triggers such as Good Until Cancelled, Immediate Or Cancel and Kill Or Fill.
In particular, the advanced ordering system allows day traders to set up take-profit and stop-loss orders in one click from the order confirmation window with multiple order types and time in force. This is a great feature that is not available on Binance Futures for example. Moreover, there are multiple-chart modes to view different charts on the same screen and light & dark modes - small features that can make a big difference for day traders.
In terms of performance, Bybit's 99.99% system availability is a significant advantage over other exchanges mentioned herein. Having a stable and reliable day trading platform in all market conditions is crucial for traders that can place large pending orders on small timeframes. This means there is minimal chance of system overloads.
Overall, there are no significant limitations with Bybit or short-term traders with access to world-class trading tools and features. The crypto exchange has an easy-to-use platform for spot and leverage day trading with low fees and excellent liquidity. In addition, the charting platform on desktop and app is superior when compared to rival exchanges. For a deeper assessment of its features and fees, read our detailed Bybit review.
FTX is a cutting-edge trading platform for high-frequency traders. Owned by Sam Bankman-Fried, the CEO and co-founder of Alameda Research, FTX is a well-balanced and innovative marketplace that caters to retail and professional traders alike. Ranked 6th in the world for trading volume on its derivatives platform, FTX processes over 6 billion in transaction volume per day at the time of writing. Combined with its seamless mobile app, FTX offers several advantages and benefits for crypto day traders that we will outline in this section.
FTX initially started as a derivatives exchange for the crypto markets but has become a well-balanced exchange for serious crypto day traders with an abundance of features that can complement a day trader's activities. On its derivatives exchange, there are currently 43 coins that can be traded with USD and USDT settlements available. Professional day traders can also take advantage of the wide selection of markets to get the most out of daily price movements. These include:
- Spot exchange. Buy and sell 325 cryptocurrencies that follow the underlining price without margin or collateral.
- Futures market. Trade futures on BTC, ETH, EOS, XRP, and USDT. Each coin has three futures contracts: a contract that expires in the current quarter, a contract that expires next quarter and a perpetual future.
- Leveraged tokens. Tokens that can be bought and sold with up to 3X leverage and without any margin requirements.
- Volatility index. Futures contracts represent the absolute value of the amount the price of a coin moves over a day, week, month or quarter.
- Options. Contracts that give the holder the right but not the obligation to buy or sell at a future strike price. This market gives day traders the ability to hedge their open positions against price volatility.
For existing crypto holders, getting started with FTX is straightforward with a wide range of deposit methods for traders on the platform to fund an account. These include cryptocurrency, stablecoins or fiat currency. Day traders can opt to transfer stablecoins to FTX such as USD, USDC, TUSD, PAX, BUSD and HUSD which will be credited to the user's wallet using a 1:1 ratio. Alternatively, FTX supports 10 fiat currencies that can be deposited using a wire transfer.
In terms of the trading fees, FTX uses a tiered structure for both spot and futures markets. Like Binance and Bybit, the trading fees will reduce with higher monthly trading volumes. The starting fee for a monthly volume under 2 million is 0.02% for makers and 0.07% for takers. While the fees are competitive, it is slightly more expensive the Bybit for leverage trading. However, when it comes to the spot market the fees on FTX offer better value for money compared with Bybit.
|Trading Volume (30-day)||Trading Fees (Maker / Taker)|
|0 - 2 million||0.02% / 0.07%|
|2 - 5 million||0.015% / 0.06%|
|5 - 10 million||0.01% / 0.055%|
|10 - 25 million||0.01% / 0.055%|
|25 - 50 million||0.005% / 0.05%|
Broadly speaking, FTX is geared for serious day traders with its massive list of markets, trading pairs and coins to exchange on the spot market. When it comes to finding a trading pair with deep liquidity, FTX is a go-to destination with its advanced trading platform. However, for day traders in the U.S, there are limitations on the FTX.US website that day traders should be aware of. For example, while FTX.US has a licensed derivatives platform, the supported trading pairs are limited to Bitcoin and Ethereum contracts, which may not provide enough flexibility and trading opportunities for 24/7 traders. For more information read our review on FTX's features and fees.
Touted as the "People's Exchange", KuCoin has developed a reputation as a trustworthy and safe trading platform in recent years. With over 8 billion in accumulated trading volume and 600+ coins available to buy, trade and sell, KuCoin is an excellent platform for day trading in the cryptocurrency space. Moreover, the exchange lists exotic coins and tokens that are not offered on other crypto exchanges which can present excellent opportunities for day traders and long-term investors alike.
Like most global cryptocurrency exchanges, KuCoin offers a wide range of products and services tailored to the industry. These include a spot exchange, futures markets, margin trading, swap crypto with zero fees, staking rewards, borrowing and lending services to earn interest on crypto assets. The offering of features brings appeal to KuCoin for day traders that have the flexibility to invest idle funds into other products to maximize their earning potential.
At the time of writing, KuCoin is the 5th largest exchange that comprises mostly altcoin trading pairs on the spot market. The top cryptocurrencies that are being bought and sold on KuCoin currently are Terra, ApeCoin and Dogecoin. Often referred to as the best altcoin exchange, traders are spoilt for choice with access to deep liquidity on emerging and popular altcoins other than Bitcoin and Ethereum. This makes KuCoin one of the best platforms for day traders with an eye on the altcoin markets.
When it comes to fees, KuCoin has a similar fee model to Binance with a maximum spot and futures fee of 0.1%. The trading can be reduced by holding the platform's native KCS token offers a 20% discount on the maker and taker fees. The fees are competitive in the market for trading between assets often.
In short, KuCoin is a great exchange to day trade altcoins with an impressive selection of coins and pairs. Conversely, the trading volumes for its derivatives market are still developing and are better alternatives such as Binance Futures, FTX and Bybit. Moreover, KuCoin is currently not supported in the U.S which is a major disadvantage. For more information read our full review on KuCoin.
Kraken is an advanced cryptocurrency trading platform that is licensed within the United States that is ideal for US-based day traders. With over 9 million customers worldwide and supported in 190 countries, Kraken is a serious contender when it comes to finding the best exchange for crypto day traders. Moreover, Kraken supports margin trading for qualified traders and crypto-staking to earn passive rewards, which gives it an edge compared to other US-based platforms.
Related: Best crypto exchanges for staking.
The crypto exchange supports more than 100 digital assets which can be bought and sold on a beginner-friendly platform or advanced trading terminal. Similar to Coinbase, a wallet can be funded with a minimal amount of fiat currency as little as $10. Focussed on simplicity, Kraken presents itself as a suitable option for individuals that are new to trading, while providing a sophisticated platform for frequent traders.
One of the perks of trading with Kraken is the accessibility to deep liquidity and stable pricing. While the trading volumes are not as high compared to the other international exchanges mentioned in this comparison list, Kraken would be second only to Coinbase for US trading volumes on its spot market. Kraken supports 151 cryptocurrencies that can be bought, traded and sold against over 500 markets which makes it one of the cheaper Coinbase alternatives that are also ideal for day traders located in the USA.
To emphasize this point, the trading fees on Kraken are lower compared to Coinbase and Coinbase Pro. The starting fees on Kraken are 0.16% and 0.26% for makers and takers, compared to 0.6% and 0.4% on Coinbase Pro. Therefore, frequent crypto traders are better off starting with Kraken compared to Coinbase to save money on transaction fees.
While Kraken does offer a margin trading service to international users, there is a limitation for users within the USA. There are certain eligibility requirements that need to be met which may rule out many retail day traders. Aside from this, Kraken provides a great option for day trading cryptocurrencies for individuals in the USA and abroad. With its competitive fees and reliable trading platform, Kraken completes our list of the top day trading crypto exchanges. For more information read our full review on Kraken.
Best Crypto Day Trading Platforms Compared
The table below compares the best options for day trading in the cryptocurrency market based on the number of supported assets and trading fees. For a detailed assessment of each crypto exchange, click on the links to read the individual reviews.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|81||0.06% / 0.01% (leverage), 0.1% (spot)|
|Deposit bonus up to $3,000||Visit Bybit||Bybit Review|
|319||0.02% / 0.07%|
|5% off trading fees||Visit FTX||FTX Review|
|Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
|195||0.16% / 0.26%|
|None available at this time||Visit Kraken||Kraken Review|
What Is Cryptocurrency Day Trading?
Crypto day trading usually involves speculating on the lower timeframes with larger position sizes with the aim to profit on short-term price changes throughout the day. The average trade duration can be a matter of a few seconds for crypto scalpers, to several minutes or even hours for a trade to unfold in the desired direction. The opposite is true for swing traders and long-term position traders or investors that can hold positions open for days, weeks or months. Given the fast pace of the strategy, day trading crypto carries a high degree of risk and is not suited for beginners or inexperienced traders.
What To Look For In A Day Trading Exchange?
For individuals that are adapting a cryptocurrency trading strategy to the intra-day charts, or is an experience day trader already in the traditional markets, finding a suitable crypto platform is imperative. There are several considerations to take on board which we have assessed in this article - but include:
- Markets and trading pairs. Day traders must be actively in positions to make potential profits each day. Therefore, the selected crypto exchange for day trading should support a wide range of markets, coins and trading pairs to maximize the number of opportunities. This can include a combination of spot and derivatives markets or a wide range of altcoins for instance.
- Volume and liquidity. Day trading usually involves higher putting up higher amounts of capital on a trade or margin for a leveraged position. In these instances, finding an exchange with deep liquidity is important to reduce the amount of slippage to fill an order at the desired price. The liquidity in the order book can vary from exchange to exchange, so using a resource like Coinmarketcap is helpful to find an exchange with the highest trading volume for a particular trading pair.
- Trading fees. Given the large number of trades that can be executed on a given day, it is crucial to use an exchange with the lowest trading fees. Excessive fees can eat into the potential profits each day and lead to a lower profit and loss at the end of the trading month. Several crypto exchanges offer fee discounts for staking the native platform token, increasing the monthly trading volume or simply using limit orders that provide liquidity to the exchange.
- Stable trading platform. During periods of high volatility and trading volumes, some exchanges are known for experiencing technical difficulties and downtime. This can cause anxiety for day traders with open positions. Therefore, finding an exchange that is available near 100% and advises of future planned maintenance periods is very important.
- Risk-management orders. While volatility can be a day trader's best friend, sudden price movements can also cause significant losses especially when trading crypto with leverage. As such, using an exchange that supports a number of risk management orders such as stop-limit, one-cancels-the-other is advantageous. On derivatives platforms, drag-and-drop charting on exchanges such as Bybit to set a take-profit and stop-loss order should be sought after.
- Responsive mobile app. Sometimes it is not feasible to monitor active positions all the time, therefore using an exchange with a mobile app that is supported on a wide range of devices is useful. At the minimum, the trading app should be supported on iOS and Android devices. Moreover, the functionality such as basic navigation, depositing crypto, placing orders and monitoring open positions should be seamless, intuitive and responsive.
Frequently Asked Questions
Coinbase offers an advanced crypto trading platform with competitive fees and excellent liquidity making it possible for day traders. However, there are better alternatives with lower fees and high leverage to maximize short-term price movements.
The cryptocurrency market is open 24/7 and does not close on weekends or public holidays. Traders using an exchange can monitor the live prices and place orders at any time. Crypto is one of the most liquid markets in the world and is advantageous for day traders for this reason.
How We Picked These Exchanges
The methodology used in this comparison article involved a comprehensive review process. This included creating a verified account, depositing funds, placing trades and withdrawing funds with each provider to gain a complete understanding of the overall user experience.
We then evaluate, score and rate each exchange based on our specific in-house assessment criteria and assign an overall star rating out of 5 points. For more information on the categories examined when comparing the best day trading platforms, read our exchange review methodology process.
Day trading in the crypto market can be very lucrative and equally frustrating which can result in potential losses. Finding the right crypto exchange for day trading is an important step with so many options out there. Moreover, with several considerations to take into account, the reviewed exchanges above are world-class for providing an advanced trading platform, a great range of supported markets and coins, and most importantly - competitive fees and deep liquidity to maximize each trade's profit potential.