Want to maximize your profits while day trading cryptocurrency? In this guide, we’ll walk through some of the best crypto exchanges for trading based on factors like fees, liquidity, user interface and more!
Quick look: Best Exchanges for Day Trading Binance Kraken ByBit Coinbase KuCoin MexC Bitsgap Pionex Phemex Crypto.com Binance
Binance is the world’s largest exchange by volume! The platform offers low trading fees and advanced transactions— including margin and spot trading!
CoinMarketCap Liquidity Score: 844 User interface: Binance’s user interface has been called difficult to use. The platform is more suited for advanced investors! Fees: Binance has low fees — ranging from 0.00 - 0.05%! Availability: Binance is not available in the US and Canada! While American investors can use Binance.US, it is more limited in terms of features. Kraken
Originally founded in 2011, Kraken is one of America’s oldest cryptocurrency exchanges! The platform is a great choice for traders looking for low fees and high liquidity!
CoinMarketCap Liquidity Score: 748 User interface: Kraken is relatively easy to use for new investors. Kraken Pro has advanced charting tools and asset details for experienced investors! Fees: Kraken’s fees vary based on the service you are using. The ‘Instant Buy’ feature charges a flat fee of 1.5%. However, traders on Kraken Pro only pay fees up to 0.26%! Availability: Kraken is available in the United States, Canada, and other countries! ByBit
ByBit is famous for being one of the world’s best crypto derivative exchanges! ByBit offers crypto derivatives and allows you to trade crypto with up to 100x leverage!
CoinMarketCap Liquidity Score: 651 User interface: ByBit is considered easy to use. However, the platform has plenty of features for advanced traders! Fees: Fees range from -0.025 to 0.075%! Availability: ByBit is not available in the US. Coinbase Advanced
Coinbase Advanced is a free platform directed towards experienced crypto traders. While the platform doesn’t offer margin and derivatives trades, Coinbase Advanced offers low fees for traders on a trusted platform!
CoinMarketCap Liquidity Score: 788 User experience: Coinbase is considered one of the most user-friendly platforms. As a result, Coinbase Advanced is a great place to start for users new to day trading. Fees: While fees on the standard Coinbase platform can be relatively high, Coinbase Advanced has reduced fees — up to 0.6%. Availability: Coinbase is available in the US, Canada, and many more countries around the world! KuCoin
KuCoin is a cryptocurrency exchange famous for offering hundreds of different coins and tokens. In addition, the exchange offers advanced features like futures and margin trading!
CoinMarketCap Liquidity Score: 591 User experience: KuCoin can be difficult to navigate for new users. In addition, KuCoin has low customer satisfaction ratings on platforms like Trustpilot. Fees: KuCoin offers low fees — ranging from 0.005%-0.1%. Availability: As of 2023, KuCoin is no longer available in the US. MexC
MexC is a great choice for users looking for low fees and privacy. In addition to offering spot and margin trading, MexC does not require users to submit Know Your Customer (KYC) information.
CoinMarketCap Liquidity Score: 516 User experience: MexC offers a great user experience — the platform is easy to use with advanced charting tools available for day traders! Fees: MexC offers low fees — with trading fees typically going up to 0.01%. Availability: Currently, MexC is available in many countries — including the US and Canada. However, it’s possible that MexC may face scrutiny from regulators in the future due to its KYC policies. OKX
OKX is a great option for non-US investors! The platform integrates with TradingView — allowing you to use advanced charting to inform your trading decisions!
CoinMarketCap Liquidity Score: 620 Fees: 0.10% fees, with lower fees available for larger volumes. User experience: OKX has an easy to use interface, with charting tools available for experienced traders! Availability: OKX is not available in the United States. Pionex
While Pionex may not be the most well-known exchange on this list, it’s a great option for traders looking for automated trading! Pionex offers trading bots that can make trades on your behalf! Recently, the platform even introduced PionexGPT — an AI solution designed to help you test and hone your trading strategies.
CoinMarketCap Liquidity Score: 587 Fees: 0.05% fees, with lower fees available for for VIP users User experience: Pionex is easy to use! Pionex trading bots do not require any programming knowledge. Availability: Pionex is available in the US and Canada. Phemex
Phemex is a full-service cryptocurrency exchange for traders. The platform features advanced charting tools, margin trading, quality customer support, and fast transaction speeds!
CoinMarketCap Liquidity Score: 498 Fees: 0.06% fees. Premium users get 0% fees on spot trades! User experience: Phemex is considered very easy to use! Chat and email support is also available for users. Availability: Pionex is available in jurisdictions like the US with some restrictions on leveraged and margin trading. Crypto.com
Crypto.com is a well-known exchange — famous in the US for having the naming rights to the Los Angeles Lakers’ arena! While the platform doesn’t offer margin and derivative trades, the platform has relatively low fees.
CoinMarketCap Liquidity Score: 649 Fees: Crypto.com offers fees of 0.075% for traders with a monthly volume lower than $250,000. User experience: While Crypto.com has an easy-to-use interface, the platform has low ratings on platforms like Trustpilot due to slow customer support. Availability: Crypto.com is available in more than 100 countries — including the US and Canada! What is day trading?
Day trading refers to buying and selling cryptocurrency and other assets on the same day with the goal of making a profit! Unlike traditional investing, day traders pay close attention to short-term price swings and often are not concerned about the long-term prospects of the assets they buy and sell.
Why does liquidity matter for day trading?
The more liquid your cryptocurrency exchange, the faster your buy and sell orders will be fulfilled. Liquidity is important for fast-paced day trading!
How to pick an exchange for crypto day trading?
Not sure how to pick a cryptocurrency exchange for day trading? Let’s look at a few different categories that are important to look at.
Ideally, you should choose an exchange with a smooth user experience! You’ll want to choose an exchange that’s easy to use, but still supports advanced charting tools for your day trading needs.
In the wake of the FTX and
Celsius bankruptcies, it’s important to choose a platform that’s trusted in the crypto community! Fees
If you’re trading cryptocurrency regularly, fees can take a significant portion of your profits!
How is crypto day trading taxed? Cryptocurrency is subject to tax in the United States and most other countries.
Profits from crypto day trading are subject to
capital gains tax. To accurately report your crypto taxes, you should keep records of your crypto transactions or use crypto tax software like CoinLedger.