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In recent years, crypto day trading has gained popularity. Day trading in cryptocurrency involves buying and selling coins quickly. Traders aim to profit from small price changes. This strategy requires skill and attention. Many traders seek quick gains from this dynamic market. Day trading offers the potential for short-term profits. Market volatility creates unique opportunities for traders.
In 2024, Binance ranked among the largest exchanges. Its trading volume was much higher than Bybit or OKX. These figures do not include Binance.US, Binance TR, or Binance.KR. The Cayman Islands platform faced investigations from the U.S. SEC. This issue peaked in November 2023. Despite its size, Binance is not the most used exchange in the United States.
This article reviews the top 10 exchanges for day trading. We will discuss their features and benefits. You can use this guide to find the best platform for you.
Table of Contents
What is Crypto Day Trading?
Crypto day trading involves buying and selling cryptocurrencies. Traders open and close positions within the same day. They aim to profit from short-term price changes. This strategy requires quick decision-making and analysis. Traders often use charts to track market trends. Risk management is crucial in day trading. Successful traders stay updated on news and events. They focus on volatility to maximize gains.
How to pick an exchange for crypto day trading?
When choosing the best crypto exchange for day trading, consider these important criteria:
- Fees
Frequent trading can lead to high costs. Day traders need exchanges with low fees. We selected exchanges with average or lower fees. Some offer reduced rates based on your trading volume. - Slippage
Low slippage is crucial for day traders. It ensures that trades execute at expected prices. We only included exchanges with low slippage and high liquidity. This helps your trades go through smoothly. - Automation Tools
Trading can be time-consuming. Many exchanges provide automation tools to simplify trading. Features like bots, limit orders, and stop orders help. These tools make crypto day trading easier and faster. - Cryptocurrencies Available
Not all exchanges list the same cryptocurrencies. Some might include untrustworthy projects. We curated our list with exchanges that offer diverse, reliable cryptocurrencies. This ensures you have good options for trading. - Location
Not every exchange is available everywhere. Some regions, like the US, have strict regulations. Make sure the exchange operates in your country. Check for KYC requirements to deposit and withdraw easily. - Security
Security should always be your top priority. You need an exchange you can trust. Choose one with a strong security track record. This is especially important for day traders handling large amounts.
Overview of Best Crypto Exchange for Day Trading 2024
| Crypto Exchange | Fees | Number of Currencies Available | Availability |
| Binance | From 0.00 to 0.05% | 401 | Worldwide |
| Coinbase | Up to 0.6% | 247 | Over 100 Countries |
| Kraken | From 0.26% to 1.5% | 215 | Over 190 Countries |
| ByBit | From 0.025 to 0.075% | 60+ | Worldwide but not in US |
| KuCoin | From 0.005%-0.1% | 833 | Worldwide |
| Crypto.com | From 0.075% | 250 | Over 100 Countries |
| Phemex | From 0% to 0.06% | 140+ | Available in jurisdictions like the US but with some restrictions |
| OKX | From 0.10% | 350+ | Over 100 countries but not available in US |
| MexC | Up to 0.01% | 180+ | Over 70 Countries |
| Gemini | From 0.0% to 0.40% | 74+ | Over 60 Countries |
1. Binance – Best and Largest Crypto Exchange
Binance is a leading global crypto exchange. It allows users to trade digital currencies easily. Binance offers a variety of cryptocurrencies for trading. It’s known for low fees and strong security.
User Interface
Binance has a user-friendly interface for easy navigation. The platform offers both basic and advanced options. Users can access it on mobile or desktop. Binance also provides dark and light mode settings.
Deposit and Withdrawal Fees
Binance charges competitive fees for deposits and withdrawals. Maker fees range from 0.1% to 0.02%, and taker fees range from 0.1% to 0.04%, based on 30-day trading volume. BNB holders can get fee discounts. There are no fees for crypto deposits. Withdrawal fees vary based on the cryptocurrency. Users can view fees before confirming transactions.
Available Products
Binance offers spot trading, futures, and staking services. You can also access margin trading for higher leverage. Binance provides a variety of DeFi services. The exchange also supports NFT trading and lending.
Why Choose Binance?
Binance offers low fees and a secure platform. It provides many crypto assets for trading. Users can enjoy advanced tools and earning opportunities. Binance supports millions of users worldwide.
2. Coinbase – Best Crypto Exchange for Beginners
Coinbase is a popular and trusted crypto exchange. It allows easy buying, selling, and storing of cryptocurrencies. Coinbase is beginner-friendly and supports multiple payment methods. It’s known for its strong security and reliability.
User Interface
Coinbase offers a clean and simple interface. It’s designed for easy navigation by beginners. The platform is accessible via mobile and desktop. Users can track prices and manage assets easily.
Deposit and Withdrawal Fees
Coinbase charges various fees for deposits and withdrawals. Taker fees range from 0.05% to 0.60%, while maker fees range from 0.00% to 0.04%, depending on your 30-day trading volume. Stable pairs enjoy reduced fees. You can check the full list of trading fees. Bank transfer deposits are usually free. Withdrawal fees depend on the payment method used. Users see the fees before completing transactions.
Available Products
Coinbase offers spot trading, staking, and crypto wallets. It provides a user-friendly learning hub for beginners. Users can also earn crypto by watching educational videos. Coinbase supports NFT trading and a secure wallet service.
Why Choose Coinbase?
Coinbase is known for its simple and secure platform. It offers strong regulatory compliance and insurance coverage. Users trust Coinbase for its reliability and educational tools. It’s great for beginners and experienced traders alike.
3. Kraken – Best Crypto Exchange for Low Fees
Kraken is a well-established crypto exchange known for security. It offers easy trading of various digital assets. Kraken is ideal for both beginners and advanced users. It provides strong tools for managing crypto efficiently.
User Interface
Kraken’s interface is simple and easy to use. It offers clear navigation for all user levels. The platform has both web and mobile versions. Users can switch between basic and advanced trading modes.
Deposit and Withdrawal Fees
Kraken’s deposit and withdrawal fees vary by method. Maker fees range from 0% to 0.16%, while taker fees range from 0.10% to 0.26%, based on 30-day trading volume. Some deposits, like bank transfers, may be free. Withdrawal fees depend on the currency or asset. Users can view all fees before confirming transactions.
Available Products
Kraken supports spot trading, staking, and futures. It offers margin trading for advanced users. You can access over 100 crypto assets. Kraken also provides tools for portfolio tracking and analysis.
Why Choose Kraken?
Kraken offers strong security and low fees. It supports a wide range of cryptocurrencies. Users enjoy advanced trading tools and detailed insights. Kraken is trusted for its regulatory compliance and transparency.
4. ByBit – Best Crypto Exchange for Derivative Trading
ByBit is a fast-growing crypto exchange known for derivatives trading. It offers a smooth experience for both beginners and experts. ByBit is popular for its advanced trading features and security. Users can access it globally and trade with ease.
User Interface
ByBit provides a sleek and user-friendly interface. The platform supports both mobile and desktop access. Users can switch between simple and advanced modes. It also offers charting tools for better trading insights.
Deposit and Withdrawal Fees
ByBit has no fees for crypto deposits. Withdrawal fees depend on the specific asset. Maker fees range from 0.005% to 0.1%, while taker fees range from 0.02% to 0.1%, based on your account level. The platform displays fees before processing transactions. Users benefit from transparent and competitive fees.
Available Products
ByBit offers spot trading, futures, and leverage options. You can also use ByBit’s staking and earning features. The platform supports a variety of cryptocurrencies. ByBit regularly adds new features and products for traders.
Why Choose ByBit?
ByBit is known for its low fees and fast transactions. It provides advanced trading tools and multiple options. The platform is secure and supports a wide range of assets. Users appreciate its reliable customer support and smooth experience.
5. KuCoin – Best Crypto Exchange Used Worldwide
KuCoin is a widely-used global crypto exchange. It supports a broad range of digital assets. KuCoin is known for its low fees and trading features. It provides a smooth experience for both beginners and pros.
User Interface
KuCoin offers a clean and easy-to-navigate interface. It’s available on mobile and desktop platforms. Users can access both simple and advanced trading tools. The dashboard is designed for quick, hassle-free trading.
Deposit and Withdrawal Fees
KuCoin charges zero fees for most crypto deposits. Withdrawal fees vary based on the cryptocurrency. Maker fees range from 0.005% to 0.1%, while taker fees range from 0.025% to 0.1%, depending on 30-day trading volume. KCS holders enjoy fee discounts. Users can view all fees before confirming transactions. The platform offers competitive and transparent fee structures.
Available Products
KuCoin provides spot trading, margin trading, and futures. It also offers staking and lending services. Users can access a wide range of cryptocurrencies. KuCoin frequently introduces new tokens and trading options.
Why Choose KuCoin?
KuCoin offers low fees and diverse crypto assets. It provides advanced tools for both spot and futures trading. The platform is secure and user-friendly. KuCoin also supports a growing community and helpful features.
6. Crypto.com – Best Crypto Exchange with Mobile App
Crypto.com is a popular cryptocurrency exchange platform. It offers a wide range of digital currencies. The platform is designed for beginners and experienced traders. Crypto.com is known for its user-friendly features and security.
User Interface
Crypto.com provides a clean and intuitive interface. Users can easily navigate through the platform. It is accessible on both mobile and desktop. The layout is designed for quick and efficient trading.
Deposit and Withdrawal Fees
Crypto.com has competitive fees for deposits and withdrawals. Maker fees range from 0% to 0.07%, while taker fees range from 0.0485% to 0.728%. Crypto.com provides significant discounts for CRO holders. Most crypto deposits are free of charge. Withdrawal fees vary by cryptocurrency. Users can view all fees before confirming transactions.
Available Products
Crypto.com offers spot trading, futures, and staking. Users can also access DeFi services and a crypto wallet. The platform supports a wide variety of cryptocurrencies. It frequently adds new features and products for users.
Why Choose Crypto.com?
Crypto.com provides low fees and a secure platform. It offers a broad selection of cryptocurrencies to trade. Users enjoy advanced trading tools and educational resources. The platform is trusted for its reliability and innovation.
7. Phemex – Best for both Beginners and Experienced Traders
Phemex is a fast-growing cryptocurrency exchange platform. It offers a seamless trading experience for all users. The platform is designed for both beginners and experienced traders. Phemex is known for its speed and security features.
User Interface
Phemex features a clean and intuitive interface. Users can easily navigate through its various tools. The platform is accessible on mobile and desktop devices. It offers customizable charting tools for effective trading.
Deposit and Withdrawal Fees
Phemex has competitive fees for deposits and withdrawals. Maker fees range from 0% to 0.1%, while taker fees range from 0.1% to 0.04%, depending on the account tier. Most crypto deposits are free of charge. Withdrawal fees vary based on the cryptocurrency. Users can review all fees before completing transactions.
Available Products
Phemex provides spot trading, derivatives, and contracts. Users can access a wide range of cryptocurrencies. The platform also offers staking options for users. Phemex frequently adds new features and products to enhance trading.
Why Choose Phemex?
Phemex offers low fees and fast transaction speeds. It provides advanced trading tools and resources. The platform is secure and easy to use. Users appreciate its responsive customer support and innovative features.
8. OKX – Best Crypto Exchange for Volatility
OKX is a leading cryptocurrency exchange platform. It offers a variety of digital assets for trading. The platform is suitable for beginners and experienced traders. OKX is known for its advanced features and security measures.
User Interface
OKX provides a user-friendly and modern interface. Users can easily navigate through different sections. The platform is accessible on mobile and desktop. It offers customizable tools for efficient trading.
Deposit and Withdrawal Fees
OKX has competitive fees for deposits and withdrawals. Maker fees range from 0.005% to 0.080%, while taker fees range from 0.020% to 0.1%, based on 30-day trading volume. OKB holders can enjoy discounted rates. Many crypto deposits are free of charge. Withdrawal fees vary depending on the cryptocurrency. Users can see all fees before confirming transactions.
Available Products
OKX offers spot trading, futures, and margin trading. Users can also access options and DeFi services. The platform supports a wide range of cryptocurrencies. OKX frequently adds new features and trading pairs.
Why Choose OKX?
OKX provides low fees and high liquidity. It offers advanced trading tools and resources. The platform is secure and user-friendly. Users appreciate its extensive support and educational materials.
9. MexC – Best Crypto Exchange for Versatility
MexC is a versatile cryptocurrency exchange platform. It offers a wide range of digital assets. The platform is suitable for beginners and experienced traders. MexC is known for its user-friendly features and security.
User Interface
MexC features a clean and intuitive interface. Users can navigate easily through various sections. The platform is available on both mobile and desktop. It provides useful tools for efficient trading.
Deposit and Withdrawal Fees
MexC has competitive fees for deposits and withdrawals. Makers incur 0% fees, while takers are charged between 0% and 0.1%, based on the account level. VIP members enjoy zero fees for spot trading. Many crypto deposits are free of charge. Withdrawal fees vary by cryptocurrency. Users can view all fees before completing transactions.
Available Products
MexC offers spot trading, futures, and margin trading. Users can access a broad selection of cryptocurrencies. The platform also provides DeFi and staking options. MexC regularly updates its offerings to enhance trading.
Why Choose MexC?
MexC provides low fees and fast transactions. It offers advanced trading tools and resources. The platform is secure and easy to use. Users appreciate its responsive customer support and innovative features.
10. Gemini – Best Crypto Exchange for Security
Gemini is a secure cryptocurrency exchange platform. It is designed for both new and experienced traders. The platform prioritizes user security and regulatory compliance. Gemini offers a simple and efficient trading experience.
User Interface
Gemini features a clean and user-friendly interface. Users can easily navigate through the platform. It is available on mobile and desktop devices. The layout is designed for quick and effective trading.
Deposit and Withdrawal Fees
Gemini has competitive fees for deposits and withdrawals. Web order fees depend on the order amount. Each trade costs a minimum of $0.99. However, fees can reach up to 1.49% of the order value. Many deposits are free of charge. Withdrawal fees vary based on the cryptocurrency. Users can see all fees before finalizing transactions.
Available Products
Gemini offers spot trading and cryptocurrency earning programs. Users can access a variety of digital assets. The platform also supports staking options for select cryptocurrencies. Gemini regularly updates its offerings for enhanced trading.
Why Choose Gemini?
Gemini provides strong security measures and low fees. It offers a user-friendly platform for trading. The exchange is regulated and compliant with laws. Users appreciate its reliable customer support and educational resources.
How is Cryptocurrency Day Trading Taxed?
Cryptocurrency day trading is taxed based on how profits are classified. Here are the main points to understand:
- Capital Gains Tax
Profits from day trading are usually considered capital gains. If you sell a cryptocurrency for more than you paid, you owe taxes on the profit. - Short-Term vs. Long-Term Gains
Day trading typically results in short-term capital gains. These apply to assets held for one year or less. Short-term gains are taxed at your regular income tax rate. - Taxable Events
Selling or trading cryptocurrency triggers a taxable event. This includes exchanging one crypto for another. Simply holding cryptocurrency does not incur taxes. - Reporting Requirements
You must report all trades on your tax return. Keep detailed records of your transactions, including dates, amounts, and prices. This information helps calculate your total gains or losses. - Losses Can Offset Gains
If you incur losses, you can use them to offset gains. This helps reduce your overall tax burden. You may also carry forward unused losses to future tax years. - State Taxes
In addition to federal taxes, some states impose their own taxes on crypto gains. Check your state’s tax laws to understand your obligations. - Consult a Tax Professional
Tax laws vary by country and can change frequently. It’s wise to consult a tax professional for specific advice on your situation. They can help you navigate the complexities of crypto taxation.
Read also: Top 5 Crypto Whale Tracker Tools to Monitor Market Movements in Real-Time
Conclusion
Choosing the best crypto exchange for day trading is essential for success. Look for low fees, high liquidity, and a variety of cryptocurrencies. Strong security measures also matter. You can improve your trading experience and increase your chances of profit by selecting an exchange that meets your requirements. Crypto day trading can be done with confidence if you have the right tools and strategies.
Frequently Asked Questions (FAQs)
Disclaimer: This article is for informational purposes only. It does not constitute financial advice. Please conduct your own research before trading cryptocurrencies.