7 Best Crypto Exchanges For Day Trading 2023

It allows for the customization of the chart layouts and provides access to technical trading indicators. As a day trader, you should be ready to engage with many different digital assets, as that’s the optimal way to make a profit. Cryptocurrencies immediate edge like Bitcoin, Ethereum, Binance Coin, Fantom, and many others can all be great for cryptocurrency trading. The table below compares the best options for day trading in the cryptocurrency market based on the number of supported assets and fees.

The downside is that, unlike a crypto wallet, exchange users do not normally directly own the coins and tokens they hold on exchanges – if the company collapses, they risk losing their investments. Ultimately, the best market to day trade crypto depends on the trader’s strategy, preference, and the specific market conditions at a given time. Cryptocurrency markets operate globally and are open 24/7, providing day trading opportunities regardless of geographical location.

Volume

Since the positions are smaller with scalping, traders can evaluate the gains or losses at the end of a day instead of long-term investing. Because of the volatility of the markets, traders can reliably earn small profits over time that can amount to considerable gains in the long run. Recognized as the trading strategy with the fastest turnaround, scalpers leverage large amounts of liquidity to seize on small price movements. Range trading capitalizes on sideways markets (or non-trending markets) by pinpointing stable high and low prices, represented on charts as resistance and support levels. Day traders using range trading techniques identify a period of time to buy a crypto asset when it is oversold (at a low price) and sell when it is overbought (at a higher price) to make profits. A lack of liquidity can be disastrous to the entire crypto market, causing slippage and increasing the risk of a flash crash.

However, it also attracts traders with a higher risk appetite, and the growing popularity of crypto day trading is a perfect example. The long straddle is a popular option in crypto trading because of the crypto market’s volatility. A crypto day trader using this strategy is betting on the change of a crypto asset’s price. The day trader earns regardless if the price rises or falls in the long straddle. Some crypto exchanges support advanced trading features like margin accounts and futures trading, although these are less commonly available to U.S.-based users. Others have features like crypto staking or crypto loans that allow you to earn interest on your crypto holdings.

Interactive Brokers – Best Day Trading Bitcoin Futures Platform

PayPal allows users to purchase and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Fees include an estimated 0.5% spread (this may vary depending on market conditions) and a tiered transaction fee that amounts to $2.49 for $200 in Bitcoin. TradeStation Crypto charges 0.3% or lower on crypto trades, and unlike many other brokerages enables users to transfer crypto to a personal wallet. The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

• In short, KuCoin is a great exchange for day trading altcoins with an impressive selection of coins and pairs.
• Crypto.com uses multifactor authentication — including password, biometric, email, phone and authenticator verification — for all crypto transactions.
• You can trade more than 193 digital assets and cryptos with as little as $2, low enough for anyone to try crypto trading without making significant financial commitments.
• For most, the 0.1% transaction fee is very competitive in the spot market which makes Binance one of the best day trading cryptocurrency exchanges.

This Singapore-based crypto exchange provides trading services in more than 150 countries. The platform is headquartered in Seychelles, with a growing number of users in Asia, Europe, the Middle East and Africa. While U.S. users can access and use the trading platform, KuCoin is not licensed in the U.S. The platform is packed to the brim with scores of features, like its unique Gemini Earn program for earning interest on crypto holdings and the Gemini Credit Card. Another major plus is Gemini is available in all 50 states, and the company says it has a strong commitment to meeting all U.S. regulatory compliance requirements. While there’s a lot of controversy surrounding day trading due to it oftentimes being talked about as a “get rich quick” practice, it’s not illegal by any stretch of the imagination.

Forex.com – Best Crypto App for Crypto Day Trading

Offering a solid range of coins with low fees, Kraken is well-suited for beginners. This exchange makes it easy to buy and sell with the Kraken Instant Buy platform. More advanced users can take advantage of lower fees with Kraken Pro, which charges a 0.16% maker fee and a 0.26% take fees for trades of $50,000 or less. If you’re interested in buying cryptocurrency, you need to open an account with a crypto exchange. There are around 500 examples to choose from, and Forbes Advisor combed through the leading players to determine the best crypto exchanges for both new and experienced investors.

• This initial screening helped us narrow down the selection to a set of exchanges that met our criteria.
• As a risk management tool, stop losses work effectively helping you mitigate any major loss that could lead to further ruin.
• One of the perks of trading with Kraken is the accessibility to deep liquidity and stable pricing.
• In fact, the crypto market is one of the most popular arenas for day trading due to its 24/7 availability, high volatility, and potential for significant price swings.
• This is a great feature that is not available on Binance Futures for example.

Finally, Delta.Exchange provides top-tier security measures to protect user funds. Although you do not need KYC to deposit fiat or crypto to the exchange, you will want to have it done before making any withdrawals from there. The exchange, though, has had bad experiences with being hacked twice in the past and according to them, the recovery was successfully completed, and the bugs that allowed it to happen have been patched up. When you keep less than $50,000 in volume and a TRX – balance of less than $49, you pay 0.2%/0.2% for regular trading and 0.145%/0.155% for TRX trading. If you are worried about whether the platform is reliable even after the fact that they are a publicly traded company, they hold an e-money license from the FCA (Financial Conduct Authority) in the UK. This feature does not come with any additional fees other than the 1% flat fee mentioned above that is charged for entering a trade, and a further 1% when you exit the position.

Cryptocurrency Exchange Reviews

Like many other crypto exchanges, it is mandatory for a user to finish their KYC process before using the platform. If you need to practice your day trading strategies before putting actual money on the line, eToro’s Day Trading simulator comes with $100,000 in a virtual trading account. The low trading fees and lack of mandatory KYC also makes it easier for traders who are looking to stay incognito while still being able to earn money.

• Opening an account on a cryptocurrency exchange works in a similar way to signing up for an online brokerage account.
• A cryptocurrency exchange is like an online brokerage for cryptocurrencies, tokens (virtual assets created through existing blockchains), and other digital assets.
• 67% of retail investor accounts lose money when trading CFDs with this provider.
• PrimeXBT is one of the less acclaimed crypto exchanges due to it being relatively new, but it presents a good alternative nonetheless.
• The SEC and crypto exchanges have clashed several times in recent years, with some exchanges facing investigations by the financial agency.

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. Your level of experience is another factor that will determine whether your day trades are profitable. Investors with a good understanding of the crypto market and the workings of the cryptocurrencies they bet on can be more successful. As with any investment, it’s important to consider the cost of buying, selling and trading cryptocurrency — high fees can erode returns over time.

SoFi Active Investing Crypto

There’s no one “best crypto day trading platform” — just one that works for you. We recommend looking for centralized exchanges with high liquidity and trading volume, a user-friendly interface, and low trading fees. Crypto exchanges are typically less regulated than their traditional counterparts. Recent market – and industry developments are less of a factor in crypto day trading strategies than in long-term investment. That’s because day traders make a profit off price fluctuations, not necessarily bullish or bearish trends. MEXC is equally as competitive as Binance, ByBit, and KuCoin when it comes to day trading fees.

• There are several techniques used by traders to make short-term gains in the market.
• Incorporated in the Cayman Islands, BitMart has established itself as a leading trading venue for small and mid-cap cryptocurrencies.
• All of the crypto day trading markets supported by Libertex can be traded with leverage.
• If you want to maximize your profit, consider researching and making use of a wide variety of financial instruments.
• Since the positions are smaller with scalping, traders can evaluate the gains or losses at the end of a day instead of long-term investing.

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. Crucially, crypto day trading is a short-term strategy that will see you hold onto a position for a few hours. On the other hand, if you were to hold onto a cryptocurrency position for days or weeks – this would be a swing trading strategy. Although Forex.com is best known for its currency trading department of more than 80+ pairs – this popular broker is also home to cryptocurrencies.

Exchanges Vs Wallets

Users can buy or sell crypto in real-time with the aim of securing a profit. A sound understanding of market patterns and a robust day trading strategy are necessary to make the practice profitable. With day trading, you don’t have to wait for a bull run to take advantage of markets.

Because you’re looking to close your trades within one trading session, you should stick to lower time frames. If you’ve chosen the right crypto, you should still have enough volatility and volume on smaller time frames to make a profit. Depending on how frequently you deposit and withdraw funds, financing fees can accumulate and eat into your day trading capital, so ensure that you are comfortable with them and you plan your cash movements.

Binance

The data controller for personal information gathered in connection with the supply of Binance services is Binance Services Holdings Limited. It is hailing from South Bank House, 6th Floor, Barrow Street, 4 Dublin, Ireland. The minimum purchase amount is $10, but on other platforms, you may buy for one dollar. A separate exchange called Binance.US was founded by Binance and other investors. It is made to comply with all applicable US laws and is registered with the Financial Crimes Enforcement Network of the United States. Users can take advantage of the expert platform, immediate order execution, affordable costs, and helpful 24/7 assistance.

• When Bybit integrates with the MetaTrader 4 foreign exchange platform, it intends to include quarterly futures contracts and subaccounts.
• If you like the convenience of a centralized exchange, you can reduce your risk by transferring crypto to a separate, off-exchange hot or cold wallet.
• This means it may take longer for you to find someone looking to buy what you’re selling and, if liquidity is low, you may have to accept concessions on price to buy or sell a low-volume crypto quickly.
• However, having the right skill set in analyzing trends and mastery of several trading strategies is what will set you apart as a cryptocurrency day trader.
• For instance, crypto exchange platforms have different cryptocurrencies available.

To use this strategy, a trader must have accounts on different day trading platforms that have significant differences. In the crypto market, the disparity in prices across different platforms is not uncommon since they are unregulated. Like scalping, arbitrage tends to bring in small gains, therefore, requiring traders to make large orders for significant profits.

Can You Trade Crypto 24 Hours A Day?

The fee structure typically varies depending on the user’s trading volume and can be further reduced if users hold the platform’s native token. If you’re looking for a fast and scalable crypto for day trading, Solana is a terrific option. This coin can handle up to 50,000 transactions per second, which is incredibly fast compared to other blockchains. Additionally, as Solana’s transaction fees are very low, you won’t have to worry about losing money on fees. Volatility means that the asset’s price is constantly changing, and there are a lot of profit opportunities.

• Once that is completed you can now gain access to your account, fund it and begin trading.
• Their fiat deposit options make for a seamless experience as Kraken claims that your deposited funds will be available in less than 24 hours.
• The sign-up process is relatively simple and it only takes around a few minutes to complete the sign-up process.
• It offers a range of advanced trading tools, including real-time market data, customizable charts with technical indicators, and a variety of order types such as limit orders, market orders, and stop orders.
• Gemini also encourages users to utilize two-factor authentication to secure their accounts and provides the option to review and approve devices used to log onto the trading account.

If you want to find the exchange with the lowest fees overall, you’ll want to research trading fees, transaction fees and any additional fees for every individual exchange. Then, do your own calculations to determine which exchange actually has the lowest fees. If you’re an advanced crypto trader, you may want to make sure your preferred exchange offers the trading types—like limit orders, which can prevent slippage by setting a hard price—and margin you want. Remember trade types involving the latter are still evolving in the U.S., so different exchanges’ offerings may vary over time. For each ranking, the sum of weighted values across all or some of these key factors was calculated to award each brokerage or exchange its overall rank.