The crypto market is growing more competitive and diverse than ever. From Bitcoin to altcoins, traders can capitalize on price fluctuations, leverage trading strategies, and harness the power of digital currencies. However, the success of your day trading journey depends heavily on your choice of exchange.
This comprehensive guide aims to assist you in finding the best crypto exchanges for day trading in 2023. We’ll delve into the standout platforms that have consistently delivered excellence in features, fees, and leverage options.
6 Best Crypto Exchanges for Day Trading
There are several leading cryptocurrency exchanges for day trading crypto. Here’s a summary of the features in this article.
- MEXC: crypto day trade platform with lowest fees
- OKX: best for comprehensive cryptanalysis
- Gate.io: best for copy trading
- Binance: long-standing trading reputation
- Coinbase: crypto exchange for the U.S
- Crypto.com: best for buying newly listed coins
|Exchange||Best Features||Supported Assets||Trading Fees|
|OKX||Comprehensive design for complex and simple trades||300+ cryptocurrencies||Competitive fees (0% to 0.1% per trade)|
|Gate.io||Copy trading for easier crypto trading||Multiple cryptocurrencies||Maximum trading fee of 0.2%, reduced through VIP tiers|
|MEXC||Leveraged ETFs and staking program||Over 1,100 cryptocurrencies||Competitive fees for makers and takers|
|Binance||High liquidity, multiple trading pairs, and advanced charting tools||Extensive selection of cryptocurrencies||Trading fees ranging from 0.01% to 0.1%|
|Coinbase||Strong reputation and regulatory compliance||Multiple cryptocurrencies||Maker fees around 0.4%, taker fees around 0.6%|
|Crypto.com||Options and futures contracts, early access to new coins||Over 250 cryptocurrencies||Fees from 0.1% to 0.4% with CRO tokens|
MEXC: Crypto Day Trade Platform with Lowest Fees
MEXC Global is an exchange that has garnered attention for its standout features. In this section, we’ll explore what makes MEXC Global a top choice for crypto day traders.
- One of the features that places MEXC Global high on the list of the best crypto exchanges for day trading is the concept of leveraged Exchange Traded Funds (ETFs). These leveraged ETFs aim to provide amplified returns on perpetual futures contracts. This user-friendly approach is especially appealing to investors with a lower risk appetite. You can explore leveraged ETFs with various leverage levels on popular cryptocurrencies like BTC, ETH, DOT, and more.
- Additionally, MEXC offers a rewarding staking program, providing users with an opportunity to earn attractive yields on their digital assets. Users can stake with a minimum stake period of just one day and enjoy competitive estimated APYs. Rewards are distributed daily, and the platform allows users to unstake and redeem their assets after reaching the minimum stake period, offering flexibility.
- For more experienced traders seeking to amplify their trading capabilities, MEXC’s margin trading is the answer. With leverage options of up to 125x on futures contracts, you can tailor your margin trading strategy based on your risk tolerance and objectives.
- As for fees, MEXC offers a fee structure that benefits both makers and takers in both spot and futures trading. Makers and takers can enjoy competitive and, in some cases, zero fees, depending on the type of trading they engage in.
- For supported countries, MEXC does not offer its services to residents of the following countries: North Korea, Cuba, Sudan, Syria, Iran, Crimea, and Mainland China, Indonesia, Singapore, Venezuela, the United States, and Canada.
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OKX: Best for Comprehensive Cryptanalysis
OKX is renowned for its comprehensive design, tailored to accommodate both complex and simple trades. As a day trader, you need a platform that can keep up with your evolving strategies, and OKX delivers just that. Here’s a closer look at what makes OKX exceptional:
- This exchange boasts an extensive array of trading features, making it easier for you to identify and seize the best opportunities. The platform categorizes assets as new, trending, or surging tokens, giving you valuable insights into the market’s hottest prospects. Additionally, you’ll find custom advanced charting tools and technical indicators, all of which are necessary for cryptanalysis.
- For more experienced crypto traders, OKX is one of the best crypto exchanges with advanced trading options, including margin trading, futures trading, and options trading. These advanced features allow users to diversify their trading strategies and potentially increase profits. OKX also provides access to perpetual swaps, making it easy to engage in derivative trading.
- OKX goes the extra mile to simplify complex trading strategies with the inclusion of a trading bot. Whether you’re a beginner or an experienced trader, this tool can help streamline your trading activities and enhance your efficiency.
- OKX believes in creating a level playing field for all crypto day traders, irrespective of their capital. With a minimum deposit requirement of just $5, OKX ensures that even small-time investors can access its platform and participate in lucrative trades. This low barrier to entry makes it a welcoming environment for traders of all levels.
- Additionally, OKX offers very low trading fees, ranging from 0% to 0.1% per trade. This fee structure enables users to keep more of their earnings and reinvest them for greater returns.
- When it comes to supported countries, OKX does not offer its services to Hong Kong, Belgium, Cuba, France, Iran, Japan, North Korea, Crimea, Malaysia, Singapore, Syria, the United States of America, Canada, the Netherlands, Ireland, Bangladesh, Bolivia, Donetsk, Luhansk, and Malta.
- OKX offers access to over 300 different cryptocurrencies, providing traders with a wide array of options to diversify their portfolios.
- The platform’s rich set of trading features, including token categorization, cryptanalysis charts, and technical indicators, caters to both novice and experienced traders.
- OKX’s trading fees are competitive, with costs ranging from 0% to 0.1% per trade. This fee structure is budget-friendly for crypto day traders looking to minimize expenses.
- With a minimum deposit requirement of just $5, OKX is accessible to small-time investors.
- OKX is not accessible to residents of multiple countries, including the U.S.
- This exchange has limited options for deposit and withdrawal methods, depending on your location, which could be inconvenient for some users.
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Gate.io: Best for Copy Trading
Gate.io is another of the best cryptocurrency exchanges for day trading. With a daily trading volume exceeding $600 million, it offers an array of attractive features and trading options for day traders. Below, we’ll take a closer look at Gate.io features.
- Spot trading on Gate.io involves buying or selling cryptocurrencies at their current market price. It’s a straightforward method and is similar to trading stocks on a stock market. Spot trading allows traders to profit from market fluctuations.
- Gate.io offers margin trading, allowing crypto day traders to use borrowed funds for trading. While margin trading can be highly profitable, it also carries significant risks due to market volatility. It’s recommended for more experienced traders who understand concepts like forced liquidation, leverage rate, and risk management.
- Gate.io’s copy trading is a quantitative trading strategy that relies on quantitative analysis to determine optimal trading times and strategies. It’s a helpful option for traders who may not have the confidence or expertise to make their own trades.
- The maximum trading fee on Gate.io is 0.2% for both makers and takers. However, you can lower your fees by ascending the VIP trading tiers, which are determined by your 30-day trade volume and the amount of Gate Tokens (GT) you hold.
- For example, the first tier (Tier 0) requires a 30-day trade volume of $60,000 and no GT holdings, resulting in a fee of at least 0.15% for makers and takers. Higher tiers offer even lower fees, with the 17th tier having fees as low as 0.055% for makers and -0.01% to 0.02% for takers.
- Certain countries or regions have laws that do not support Gate.io services. These include Cuba, Pakistan, Crimea, New York (U.S.), Washington (U.S.), Iran, Sudan, Syria, Venezuela, and North Korea.
- Gate.io offers a copy trading feature, which is helpful for those who find crypto trading complicated. This feature allows you to follow the trades executed by experienced traders, making it easier to navigate the crypto markets.
- Gate.io prioritizes security, which is crucial in the cryptocurrency space. The platform employs various security measures to protect users’ assets and information, enhancing overall trust in the exchange.
- Some users have reported inefficiencies in Gate.io’s customer support, which can be frustrating when dealing with issues or inquiries.
- The exchange has a complex user interface that is challenging to navigate, especially for newcomers.
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Binance: Day Trade Exchange with Long-standing Trading Reputation
Binance, one of the most prominent names in the cryptocurrency world, has solidified its reputation as the best day trading platform thanks to a combination of key factors.
With the exchange’s commitment to innovation, accessibility, and security, Binance has consistently delivered an exceptional trading experience for novice and experienced day traders.
Below is a breakdown of the features that make Binance one of the top crypto exchanges for day trading.
- Binance’s liquidity is a significant advantage for day traders. High liquidity means plenty of buyers and sellers are in the market at any given time. For crypto day traders, this translates to swift and efficient order execution. Higher liquidity often also translates to lower trading costs and relatively higher profit margins, which day traders aim for.
- Binance distinguishes itself by offering advanced charting tools and order types, catering to traders who rely on technical analysis. The platform’s customizable indicators and rich features empower traders to perform in-depth analyses and execute their strategies precisely.
- Another of Binance’s standout features is its extensive cryptocurrency selection. This exchange hosts at least 600 cryptocurrencies. However, platforms like Binance.US may offer a slightly more limited offering, typically around 57 trading pairs.
- Binance users can deposit funds on the exchange free of charge. However, a 3.5% charge may apply when using debit or credit cards.
- Although credit and debit card deposit fees are high, Binance more than compensates for them with a relatively low trading fee. Typically, Binance’s trading fees range from 0.10% (makers’ fee) to 0.01% (takers’ fee).
- There are also impressive discounts for traders with a 30-day transaction volume of more than $1 million. Additionally, users who hold an allocation of Binance Coins (BNB) can enjoy even lower trading fees, adding to the platform’s cost-effectiveness.
- Binance traders can use various deposit methods, such as
- bank transfer (ACH)
- wire transfer
- credit and debit card
- The deposit limits for fiat currencies vary depending on the payment method and the trader’s location. For example, the maximum daily deposit limit for bank transfers is $7.5 million in the U.S. and $5,000 in most other countries.
- For withdrawals, limits vary depending on the user’s account level and location. For example, the maximum daily withdrawal limit for a Basic account is 2 BTC, and the maximum daily withdrawal limit for a VIP 3 account is 100 BTC.
- Binance offers a comprehensive charting platform with customizable indicators, ideal for crypto day traders who rely on technical analysis.
- With hundreds of supported trading pairs, including small-cap and privacy coins, Binance provides ample options for traders to diversify their portfolios.
- Binance accommodates fiat currency deposits, enhancing accessibility for users around the world.
- Binance has a strong reputation for security, assuring users that their funds are well-protected.
- Binance primarily relies on a ticket system for customer support, which may not provide the immediacy some users prefer.
- Users should be aware of fees of up to 3.5% associated with debit/credit card deposits.
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Coinbase: Day Trading Crypto Exchange for The U.S
Coinbase is a top-tier choice for crypto day traders seeking a reliable and feature-rich platform.
Its reputation and popularity stem from many factors that collectively enhance the overall trading experience. Let’s discuss these factors.
Coinbase is undoubtedly one of the most prominent and trusted names in the cryptocurrency industry. Here are some of the platform’s key features.
- Coinbase prioritizes safety. As a regulated exchange, it adheres to stringent compliance standards, cold storage, and various safeguards to protect assets and user data.
- A long-standing presence in the industry and its reputation for reliability contribute to Coinbase’s appeal.
- The fee structure on Coinbase is more costly compared to platforms like Binance. For maker orders, the fees are typically around 0.4%. For taker orders, the fees are about 0.6%.
- Coinbase offers a diverse range of deposit and withdrawal methods, including:
- Bank transfers
- Credit and debit cards
- Apple Pay
- Google Pay
- Coinbase’s high liquidity ensures efficient order execution.
- The platform offers an intuitive interface suitable for traders of all experience levels.
- Regulatory compliance and robust security measures instill confidence in users.
- Withdrawal fees, especially for bank transfers and credit cards, can be relatively high, ranging from 1% to 3.5%.
- Customer support response times may be slower during peak periods.
Relates: Coinbase Pro Review: Is This the Right Exchange for You?
Crypto.com: Best for Buying Newly Listed Coins
Crypto.com is a global crypto powerhouse. It’s one of the best exchanges for crypto day traders with a keen eye for undiscovered altcoins and a platform where investors can craft a truly diversified crypto asset portfolio.
Innovation and unique trading features make Crypto.com a leading crypto day trading platform. Let’s analyze what this platform offers its users.
- The exchange has impressive options and futures contracts. These are essential for day traders looking to execute sophisticated strategies and effectively manage risk in the crypto market.
- With leverage of up to 10x, Crypto.com provides traders with a powerful tool to amplify their positions about a particular cryptocurrency’s performance.
- Crypto.com frequently offers users early access to newly listed coins at discounts of up to 50%. This feature caters to traders seeking opportunities in promising projects from their inception.
- Clients on Crypto.Com gain access to an extensive selection of over 250 diverse cryptocurrencies. Furthermore, traders and investors can stake in certain assets
- A trading fee of 0.4% per trade for users who do not have CRO tokens in their portfolio. If a user’s trading volume exceeds $25,000 monthly, the fee reduces significantly to as low as 0.1% for takers. However, traders must maintain a minimum balance of 5,000 CRO within their Crypto.com wallets to get this benefit.
- Crypto.com facilitates cost-effective trading with free deposits from all supported cryptocurrencies. The supported deposit methods include:
- Bank transfer (ACH)
- Wire transfer
- SEPA transfer (E.U.)
- Faster Payments (U.K.)
- PayNow (Singapore)
- NPP (Australia)
- Instant deposit via ACH (U.S.)
- There are minimum deposit amounts on Crypto.com, but the amount depends on the method you choose. For instance, ACH within the United States has a deposit limit of at least $20, but for wire transfers, the minimum is $5,000.
- Minimum withdrawal amounts for cryptocurrencies are coin-dependent and vary based on your choice of cryptocurrency for transfer. For instance, a minimum of 0.0005 BTC is required to initiate a BTC withdrawal, while for Ethereum, the minimum withdrawal amount is set at 0.016 ETH.
- The exchange provides unique features such as options, futures contracts, and daily interest earnings through staking.
- Crypto.com offers leverage of up to 10x, allowing traders to amplify their positions and potentially enhance their profits when they have high confidence in a specific cryptocurrency’s performance.
- Frequent opportunities to purchase newly-listed coins at discounts of up to 50% can be advantageous for traders looking for early investment opportunities.
- Some of Crypto.com’s advanced features, such as options and futures trading, may be challenging for beginners to grasp. Novice users should approach these features cautiously and consider gaining experience with more straightforward trading first.
What is Crypto Day Trading?
Crypto day trading involves buying and selling cryptocurrencies within a single trading day. Day traders open and close positions within the same day to profit from short-term price fluctuations, analyze market trends, and take advantage of intraday price movements.
How Much Money Do I Need to Start Crypto Day Trading?
The amount of money you need to start crypto day trading can vary. It depends on factors such as the trading platform’s minimum deposit requirements, your risk tolerance, and the size of trades you want to execute. A good rule of thumb is to start with a small amount of money, such as $100 or $200. This will allow you to learn the ropes and develop your trading skills without risking too much money.
How to Pick an Exchange for Crypto Day Trading
When choosing a cryptocurrency exchange for day trading, consider the following factors:
- Liquidity: A liquid market makes it easier to enter and exit trades at desired prices.
- Security: Ensure the exchange has robust security measures to protect your funds.
- Fees: Pay attention to trading fees, withdrawal fees, and any other charges associated with the platform.
- User Interface: A user-friendly interface can enhance your trading experience, especially for quick decision-making.
- Available Cryptocurrencies: Choose an exchange that offers a variety of cryptocurrencies for trading.
What Time of the Day is Most Ideal for Crypto Day Trading?
The best time for crypto day trading is mostly during overlapping sessions of major financial markets, including:
- US: 9:30 AM to 4:00 PM Eastern Time (ET)
- Europe: 8:00 AM to 5:00 PM Central European Time (CET)
- Asia: 1:00 PM to 10:00 PM Japan Standard Time (JST)
These periods have increased trading activity and liquidity in the crypto market, providing a favorable environment for potentially profitable trades.
How Much Can a Day Trader Make?
Earnings for day traders can vary significantly. Successful day traders may generate substantial profits, while others may incur losses. The amount a day trader can make depends on factors like their skill level, risk management, market conditions, and the amount of capital they have invested.
What Is The Best Crypto to Day Trade?
When it comes to choosing a cryptocurrency to day trade, you need to choose the one that has high liquidity with enough volatility and high trading volume. High liquidity makes it easier to buy and sell without affecting too much on the price. With that being said, Bitcoin, Ethereum, ADA, BNB, ATOM, FIL, SOL, … would fit the spot.
Choosing the best crypto exchanges to day trade is important, and in 2023, several crypto day trading platforms will stand out for their unique features and offerings. For day traders seeking the most cost-effective option, Binance stands out as the go-to choice for low trading fees and high liquidity. Meanwhile, OKX offers a comprehensive design catering to both complex and simple trades, making it an excellent platform for traders of all levels.
Additionally, Crypto.com provides unique opportunities with options and futures contracts and early access to newly listed coins, while MEXC stands out for its leveraged ETFs and staking program. Coinbase is a trusted platform known for its strong reputation and regulatory compliance, offering a diverse range of cryptocurrencies. Gate.io excels in copy trading, which can be valuable for those looking for a more straightforward crypto trading experience.
Ultimately, the best crypto exchange for day trading in 2023 depends on your specific trading preferences, risk tolerance, and desired features. Each of these exchanges has its strengths, and by carefully considering your needs, you can make an informed choice and make crypto day trading profitable.
What is the best platform to day trade crypto on?
Selecting the best platform for day trading crypto depends on your specific needs, experience level, and preferences. Each platform has its own strengths, and the choice ultimately depends on what features are most important to you. OKX provides a rich set of trading features and technical indicators.
MEXC features a competitive fee structure and a launchpad for early access to Initial Exchange Offerings (IEOs). Crypto.com provides exclusive opportunities to purchase newly-listed coins at up to 50% discounts. Coinbase has remarkable security features and high liquidity, while Binance has exceptional liquidity and advanced trading tools.
What is the cheapest platform to day trade crypto on?
Binance offers the lowest trading fees, ranging from 0.01% to 0.1%, making it the most cost-effective option for day trading. OKX follows closely with a fee of 0.1% per trade. The third most affordable exchange is Crypto.com with fees ranging from 0.1% to 0.4% for traders who use CRO tokens.
Which is the best place to day trade crypto?
Selecting the best crypto exchange for day trading depends on your specific requirements, your experience level, and your personal preferences. Each platform has its own unique strengths. OKX, for instance, has a comprehensive set of trading features and advanced technical indicators. MEXC stands out for its competitive fee structure and the added advantage of a launchpad offering early access to Initial Exchange Offerings (IEOs).
On the other hand, Crypto.com presents exclusive opportunities for acquiring newly listed coins at substantial discounts, while Coinbase boasts top-notch security and high liquidity. Binance is celebrated for its exceptional liquidity and provides traders with advanced tools. Your choice should be guided by your trading objectives, experience, and the particular features that align with your trading needs.
What options do I have on where to day trade crypto?
The best exchanges to day trade crypto are: