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11 Best Crypto Exchanges for Day Trading in 2024

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It can be hard to choose the best crypto exchange for day trading. That’s why we’ve prepared a list of 11 top crypto exchanges for day trading to make things easier for you:

A list of the best crypto exchanges for day trading

  • Kraken
  • ByBit
  • Coinbase
  • Bitstamp
  • Crypto.com
  • KuCoin
  • OKX
  • Binance
  • Pionex
  • Bitsgap
  • Phemex

What is crypto day trading?

Crypto day trading is a type of crypto trading in which you buy and sell cryptocurrencies within a day to profit from short-term price changes. Traders actively make multiple trades to capitalize on the dynamic crypto market fluctuations.

How does crypto day trading work?

Crypto day traders use technical analysis to predict future price movements by studying historical price and volume data. They also consider news and events for trading decisions.

Once they spot a potential trade, day traders place a buy or a sell order.

If the trade succeeds, day traders sell the cryptocurrency at a higher price or buy it back at a lower price, making a profit from the price difference.

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11 top crypto exchanges for day trading in 2024

#1: Kraken

Kraken logo

Kraken is a US-based cryptocurrency exchange founded in 2011. It became one of the earliest bitcoin exchanges listed on Bloomberg Terminal. By mid-2022, its valuation stood at US$10.8 billion.

Kraken, known for its versatility, offers various cryptocurrencies and derivatives trading, ensuring top-notch security, low trading fees, and high liquidity.

Why choose Kraken?

Kraken is a great pick for cryptocurrency investors and traders, offering low fees and a wide variety of coins for new and experienced users.

Pros:

  • Up to 10%+ APR in rewards annually.
  • Real-time and reference rate indices.
  • Funding options with low processing times.
  • Global 24/7 support.
  • Wide range of trading pairs.

Cons:

  • Complex interface for beginners.
  • Limited customer support for day traders.
  • Occasional technical glitches and downtime

Key Features:

  • Trading fees: 0.0-00.25% maker fee and 0.1-0.4% taker fee. Depends on the 30-day volume.
  • Supported currencies: 6 fiat currencies and 241 cryptocurrencies.
  • CoinMarketCap liquidity score: 93/100.
  • Tradable assets: Fiat currencies, cryptocurrencies, ERC20 tokens, lisk tokens, stealth tokens, NFTs.
  • Advanced trading tools: Advanced order types, margin trading, leveraged tokens, trading bots, technical indicators, charting tools, and market data.
  • Security: High. Safety measures include advanced cold storage and hot wallet solutions, 2FA, regular Proof of Reserves audit, precise API key permission control, SSL encryption, ISO/IEC 27001:2013, and SOC 2, Type 1 certifications.
  • Deposit insurance/protection: The account and digital assets are not insured for losses or protected by the FDIC, SIPC, or any comparable organization worldwide.
  • Licensing and regulation: a Special Purpose Depository Institution (SPDI) banking license and is regulated by the Wyoming Division of Banking.

#2: ByBit

Bybit logo

Bybit is a crypto exchange established in March 2018. It provides a professional platform with a fast matching engine, excellent customer service, and multilingual community support. According to CoinMarketCap, Bybit serves over 10 million users and institutions.

Why choose ByBit?

Bybit, a well-regarded crypto exchange, outperforms its competitors with several advantages. If you seek a secure and feature-rich platform for trading cryptocurrencies, Bybit is an excellent choice.

Pros:

  • One of the most liquid cryptocurrency exchanges in the world.
  • Competitive trading fees.
  • A wide range of trading pairs.
  • A user-friendly interface.
  • A secure platform that employs multiple security measures.

Cons:

  • Offers high leverage levels.
  • It can be complex to use.
  • A steep learning curve for users who are new to crypto trading.

Key features:

  • Trading fees: 0.00-0.10% maker fee and 0.015-0.10% taker fee. Depends on the user tier.
  • Supported currencies: 15 fiat currencies and 1190+ coins.
  • CoinMarketCap liquidity score: 91/100
  • Tradable assets: Cryptocurrencies, perpetual contracts, futures contracts, options, tokenized stocks, and NFTs.
  • Advanced trading tools: Advanced order types, margin trading, leveraged tokens, trading bots, technical indicators, advanced charting tools, market data, API.
  • Security: Google 2FA, YubiKey Authentication, cold storage, multi-signature wallets, insurance, IP whitelisting, regular security audits, bug bounty program.
  • Deposit insurance/protection: Deposit insurance protection up to 100 million USDT.
  • Licensing and regulation: Registered as a US Money Services Business and holds licenses globally, including Japan (CAESP), Canada (MSB), and the UK (VASP). It’s also registered in Italy (DASP), Lithuania (VASP), and Bybit Spain, S.L. is a VASP registered with the Bank of Spain.

#3: Coinbase

Coinbase logo

Coinbase is an American company that runs the largest crypto exchange in the United States. The company’s stock gained significant traction, surging by 391% in 2023. This makes it one of the top crypto stocks to monitor.

Why choose Coinbase?

Coinbase is a trusted crypto exchange with a user-friendly interface, diverse cryptocurrencies, advanced tools, and opportunities to earn free crypto. Emphasizing regulatory compliance ensures a smooth crypto trading experience with robust security and various features.

Pros:

  • Top-notch security; over 98% of client funds are stored in cold storage.
  • Available to traders in over 100+ countries.
  • Registered with the Financial Crimes Enforcement Network in the United States.
  • Impressive educational content.

Cons:

  • Actual fees are disclosed only before completing a transaction
  • Limited trading pairs
  • May not be the best choice for experienced traders.
  • A 25% commission on yields for staking.

Key Features:

  • Trading fees: 0.00-0.40% maker fee and 0.05-0.60% taker fee. Depends on the spending tier.
  • Supported currencies: 3 fiat currencies and 248 cryptocurrencies
  • CoinMarketCap liquidity score: 85/100
  • Tradable assets: Fiat currencies, cryptocurrencies, NFTs, tokens, stablecoins, and every ERC-20, DeFi tokens, security tokens, utility tokens, derivatives trading, and leveraged tokens.
  • Advanced trading tools: Interactive charts, advanced order types, margin trading, real-time market data, leveraged tokens, and trading bots.
  • Security: Secure and multifaceted risk management programs, state-of-the-art encryption, auto-enrolled 2A with security key support, password protection, and multi-approval withdrawals.
  • Deposit insurance/protection: Custodial accounts are set up to provide FDIC insurance up to the current limit of $250,000 per depositor.
  • Licensing and regulation: Coinbase holds Money Services Business (MSB) or Virtual Asset Service Provider (VASP) licenses in various countries, including the US, Japan, Canada, the UK, Italy, Lithuania, Spain, Poland, and Sweden.

📚Related: How to Withdraw from Coinbase.

#4: Bitstamp

Bitstamp

Bitstamp is a European crypto exchange founded in 2011. It is the world’s longest-running and among the most reputable cryptocurrency exchanges globally. The platform enables crypto day trading among fiat currency and various cryptocurrencies.

Why choose Bitstamp?

Bitstamp is a dependable choice for experienced traders and those seeking a reliable and diverse crypto platform. It is known for its strong reputation, top-notch security, and a wide range of cryptocurrencies.

Pros:

  • A strong track record of security and reliability.
  • Competitive fees.
  • Various advanced trading tools.

Cons:

  • Limited customer support.
  • Not as many crypto trading pairs as in some other exchanges.

Key Features:

  • Trading fees: 0.00-0.3% maker fee and 0.006-0.4% taker fee. Depends on the spending tier.
  • Supported currencies: 3 fiat currencies and 80 cryptocurrencies.
  • CoinMarketCap liquidity score: 82/100
  • Tradable assets: Fiat currencies, cryptocurrencies, futures, options, CFDs.
  • Advanced trading tools: Advanced order types, margin trading, leveraged tokens, technical indicators, advanced charting tools, API.
  • Security: Cold storage, multi-signature wallets, 2FA, regular security audits, bug bounty program, user verification, deposit insurance, and fiduciary responsibility.
  • Deposit insurance/protection: Deposit insurance up to 250,000 EUR,
  • Licensing and regulation: Bitstamp holds regulatory licenses in various countries, including the United Kingdom (FCA), Luxembourg (CSSF), the United States (FinCEN), Japan (FSA), Malta (MFSA), Australia (AUSTRAC), Belgium (FSMA), Italy (OAM), Spain (CNMV), Poland, and Sweden.

#5: Crypto.com

Crypto.com logo

Crypto.com, based in Singapore, has around 100 million customers as of May 2024. The crypto exchange also has its token called Cronos.

Why choose Crypto.com?

Crypto.com is a reliable option for users looking for a versatile platform with multiple features and competitive rates.

Pros:

  • High security.
  • A wide range of products and features.
  • Available in over 80 countries and has a large user base.

Cons:

  • A reputation for customer service issues.
  • Less transparent fee structure.
  • A comparatively limited selection of cryptocurrencies.

Key Features:

  • Trading fees: 0.00-0.075% maker fee and 0.05-0.075% taker fee. Depends on the trading tier.
  • Supported currencies: 8 fiat currencies and 350+ cryptocurrencies.
  • CoinMarketCap liquidity score: 81/100
  • Tradable assets: Cryptocurrencies, NFTs, DeFi tokens, stablecoins, futures, and options.
  • Advanced trading tools: Grid trading bot, DCA bot, OCO orders, trailing stop-limit orders, bracket orders, advanced order types, market data, API access, margin trading, and extensive advanced trade history.
  • Security: Regulated custodian bank accounts, cold and hot solutions, hardware security modules, and multi-factor authentication, which includes password, biometric, email, phone, and authenticator verification.
  • Deposit insurance/protection: Insured up to $250,000.
  • Licensing and regulation: Crypto.com holds regulatory licenses in various countries, including Singapore (MAS), the UK (FCA), Dubai (VARA), France (AMF and ACPR), Italy (OAM), Australia (AUSTRAC), and registration approval in the Netherlands from DNB. Committed to AML/CFT compliance.

📚Related: How to Withdraw from Crypto.com.

#6: KuCoin

KuCoin

KuCoin is a crypto exchange established in 2017 and situated in Seychelles. It has a claimed user base exceeding 30 million globally.

Why choose KuCoin?

KuCoin is a noteworthy option for experienced and ambitious traders. It offers a comprehensive platform with competitive fees, advanced trading tools, and a diverse range of cryptocurrencies.

Pros:

  • A huge number of cryptocurrencies.
  • Low fees.
  • A wide list of advanced trading features.

Cons:

  • Does not support fiat currency pairs.
  • Some user reviews suggest the platform is not genuine or even a scam.
  • Security concerns.

Key Features:

  • Trading fees: -0.005-0.10% maker fee and 0.025-0.10% taker fee. Depends on the trading tier.
  • Supported currencies: Over 50+ fiat currencies and 700+ cryptocurrencies
  • CoinMarketCap liquidity score: 80/100
  • Tradable assets: Cryptocurrencies, NFTs, DeFi tokens, stablecoins, futures, and options.
  • Advanced trading tools: Trading bot, margin trading, trailing stop-limit orders, OCO orders, bracket orders, advanced order types, API, market data, advanced trade history, TradingView integration, and trading signals.
  • Security: Independent and separate cold, warm, and hot wallets, advanced private key management, 24/7 wallet address monitoring, suspicious behaviour alerts, big data-driven risk management, multi-layer user authentication, and advanced encryption algorithms.
  • Deposit insurance/protection: The custodial funds will be backed with insurance arranged by Lockton.
  • Licensing and regulation: KuCoin operates in a regulatory grey area, claiming its headquarters are in Seychelles. The platform lacks clear licensing from major financial regulatory bodies.

📚Related: How To Withdraw Money From KuCoin to Bank

#7: OKX

okx

Established in 2017 by Star Xu, OKX stands as a global cryptocurrency spot and derivatives exchange. OKX is the second-largest crypto exchange platform by trading volume, catering to over 50 million users worldwide.

Why choose OKX?

OKX is a great option for experienced traders. It offers a wide range of features, competitive fees, and high liquidity.

Pros:

  • A wide range of cryptocurrencies and pairs.
  • Various advanced trading tools
  • Low fees

Cons:

  • Not as well-regulated as some other exchanges
  • Less user friendly

Key Features:

  • Trading fees: 0.00-0.14%% maker fee and 0.03-0.23% taker fee. Depends on the trading tier.
  • Supported currencies: 80+ fiat currencies and over 300 cryptocurrencies.
  • CoinMarketCap liquidity score: 78/100
  • Tradable assets: Fiat money, cryptocurrencies, futures, options, margin trading, staking and yield farming.
  • Advanced trading tools: OCO orders, bracket orders, trailing stop-limit orders, advanced order types, API, margin trading, and detailed trade history.
  • Security: Online/offline storage systems, multisig protection, multiple backups, asset risk reserve fund, private keys encryption, semi-offline multi-signature mechanism, hardware security modules, bug bounty program, DDoS protection.
  • Deposit insurance/protection: Not insured.
  • Licensing and regulation: OKX holds regulatory licenses in various countries, including  Malta (MFSA), Dubai (VARA), Australia (ASIC), and Netherlands (DNB).

#8: Binance

Binance is a well-known and one of the best crypto exchanges designed for experienced investors. It offers a wide range of cryptocurrencies and boasts low trading fees, making it popular among traders. Binance.US is the US version of the exchange, available to many US residents, though not all.

Why choose Binance?

Binance is a great option for day traders seeking a low-cost, highly liquid exchange with global accessibility and various trading features. Also, it can be used as a fiat-to-crypto exchange.

Pros:

  • Low fees.
  • High liquidity.
  • Various advanced crypto trading features.
  • User-friendly interface.

Cons:

  • Not regulated in all jurisdictions.
  • Various features can be overwhelming for beginners.
  • Binance.US does not allow users to execute transactions in US dollars.

Key Features:

  • Trading fees: 0.009-0.10% maker fee and 0.018-0.10% taker fee. Depends on the account level.
  • Supported currencies: 30 fiat currencies and over 350 cryptocurrencies.
  • CoinMarketCap liquidity score: 95/100
  • Tradable assets: cryptocurrencies, tokens, options, NFTs, stablecoins, DeFi tokens, stocks, and commodities.
  • Advanced trading tools: advanced order types, margin trading, leveraged tokens, trading bots, technical indicators, advanced charting tools, and market data feeds.
  • Security: Two-step verification, biometric fingerprint logins, and use of AES-256 encryption for securing digital wallets.
  • Deposit insurance/protection: FDIC-insured USD balances and insurance in case Coinbase is breached.
  • Licensing and regulation: Granted licenses in Japan, France, Italy, Lithuania, Spain, Poland, Sweden, Kazakhstan, Abu Dhabi Global Market, Bahrain, and Dubai World Trade Center.

📚Related: From Crypto to Cash: How to Withdraw from Binance

#9: Pionex

pionex

Established in 2019, Pionex is a crypto exchange with a global user base exceeding 100,000. The platform handles a monthly trading volume surpassing $5 billion.

Why choose Pionex?

Pionex is a great platform for trading cryptocurrency, offering a budget-friendly and user-friendly experience. It’s ideal for beginners starting their cryptocurrency journey. However, the platform also provides advanced tools.

Pros:

  • Social trading features.
  • Low trading fee for makes and takers.

Cons:

  • You can only withdraw cryptocurrency.
  • Limited customer support.

Key Features:

  • Trading fees: 0.01-0.10% maker fee and 0.05-0.10% taker fee.
  • Supported currencies: 28 fiat currencies and 379 coins.
  • CoinMarketCap liquidity score: 76/100
  • Tradable assets: Fiat money, cryptocurrencies, futures, options, and margin trading.
  • Advanced trading tools: Grid trading bot, hedge trading bot, margin trading bot, signal trading bot, advanced grid trading bot, trailing grid trading bot, position scaling bot, and DCA bot.
  • Security: Multi-signature cold storage, hardware security modules (HSMs), regular security audits, vulnerability bounty program, two-factor authentication (2FA), email verification, and phishing prevention.
  • Deposit insurance/protection: Not insured.
  • Licensing and regulation: Pionex is a cryptocurrency exchange that is registered and regulated in Singapore.

#10: Bitsgap

bitsgap

Bitsgap, founded by Max Kalmykov, is an automated cryptocurrency trading bot platform. The platform entered the cryptocurrency trading markets in 2018, providing a 7-day free trial, including a demo account and smart trade features for global crypto traders and users.

Why choose Bitsgap?

Bitsgap is great for experienced traders. It offers various advanced trading features, and the pricing is great if you constantly use the platform.

Pros:

  • A wide range of cryptocurrencies.
  • User-friendly interface and mobile app.

Cons:

  • Not a standalone exchange.
  • Some advanced features require technical knowledge and are difficult to understand.

Key Features:

  • Trading fees: There are no regular trading fees, only monthly plans. Free plan, basic plan for €20-25 per month, advanced plan for €47-59 per month, PRO plan for €103-129 per month.
  • Supported currencies: 20 fiat currencies and over 1000 cryptocurrencies.
  • CoinMarketCap liquidity score: 75/100
  • Tradable assets: Cryptocurrencies, pairs, contracts, index tokens.
  • Advanced trading tools: Trading bots, smart trading bots, grid trading, DCA bot, algorithmic trading, market scanner, real-time trading alerts.
  • Security: Encrypted API keys, 2048-bit standard protocols, a secure network protected by a firewall, 2FA, Hardware Security Keys/FIDO2.
  • Deposit insurance/protection: Not insured.
  • Licensing and regulation: Bitsgap is not registered or regulated by any financial regulator.

#11: Phemex

Phemex

Phemex is a centralized exchange founded by Jack Tao, a senior executive from Morgan Stanley. The exchange is based in Singapore.

Established to bring professionalism and trust to the crypto ecosystem, Phemex has been a significant player in the market since its founding.

Why choose Phemex?

Phemex is a great platform for experienced and beginning day traders looking for various trading tools, competitive prices, and a user-friendly interface.

Pros:

  • P2P trading option.
  • Simple one-click buy/sell function.
  • A wide range of fiat currencies.
  • High security.

Cons:

  • Not regulated.
  • Not available in all jurisdictions.
  • Can be overwhelming for beginners.

Key Features:

  • Trading fees: 0.00-0.1% maker fee and 0.03-0.1% taker fee, depending on the user level and trading volume.
  • Supported currencies: 7 fiat currencies and over 230+ cryptocurrencies.
  • CoinMarketCap liquidity score: 74/100
  • Tradable assets: cryptocurrencies, NFTs, and various pairs and contracts.
  • Advanced trading tools: Grid trading, hedge trading, position scaling bot, DCA bot, trailing grid trading bot, arbitrage trading, margin trading, futures trading, spot trading, copy trading, and options trading.
  • Security: Hierarchical Deterministic Cold Wallet System, multi-signature cold wallet, Amazon Web Service (AWS) Cloud, several firewalls, 2FA, double-entry bookkeeping system, and a unique recovery system.
  • Deposit insurance/protection: Not insured.
  • Licensing and regulation: Phemex is not registered or regulated by any financial regulator.

Comparison between top-rated crypto exchanges for day trading

Platform Available currencies Maker Fee Taker Fee Evaluated Security
Kraken 240+ 0.0-00.25% 0.1-0.4% High
ByBit 1190+ 0.00-0.10% 0.015-0.10% High
Coinbase 240+ 0.00-0.40% 0.05-0.60% High
Bitstamp 80+ 0.00-0.3% 0.006-0.4% High
Crypto.com 350+ 0.00-0.075% 0.05-0.075% Medium
KuCoin 700+ -0.005-0.10% 0.025-0.10% Mixed
OKX 300+ -0.01-0.09% 0.03-0.18% Good
Binance 350+ 0.009-0.10% 0.018-0.10% High
Pionex 370+ 0.01-0.10% 0.05-0.10% Medium
Bitsgap 1000+ There are no regular trading fees, only monthly plans No regular trading fees Medium
Phemex 230+ 0.00-0.1% 0.03-0.1% High

Note:

  • All information provided is dated 7 May 2024 and may have been updated since. Please check each platform’s official website for the latest information.

How to choose the best cryptocurrency exchange for day trading

With such a wide variety of platforms available, finding the best crypto exchange for day trading can be a challenge. However, several aspects can help you choose the best crypto day trading platform to suit your needs.

📚Related: What Is a Crypto Exchange?

Type of platform

There are two main types of cryptocurrency exchanges: centralized and decentralized.

Centralized exchanges (CEXs)

Centralized exchanges are owned and operated by a single company, and they hold your funds in custody. Therefore, they resemble traditional stock exchanges.

According to research, users favour centralized exchanges (CEXes) because of their positive overall user experience, ease of learning, and low transaction fees.

Interestingly, centralized exchanges (CEXes) dominate decentralized cryptocurrency markets. This paradox has the potential to compromise the decentralization of cryptocurrencies.

Decentralized exchanges (DEXs)

On the other hand, decentralized exchanges are not owned or operated by any single company.

These platforms use smart contracts for trading and don’t hold your funds. It enhances security but may make them more challenging to use.

Scientists say users are mainly concerned about high gas/transaction fees on decentralized exchanges (DEXes). They hesitate to “pay for decentralization” and prefer DEXes only when fees are lowered.

Liquidity

A liquid exchange facilitates the easy way of buying and selling cryptocurrencies with minimal slippage. It helps day traders take advantage of short-term price changes and profit from market volatility.

Here are the key indicators of good liquidity to look for in a cryptocurrency exchange:

  • High trading volumes
  • Order depth
  • A higher market share
  • A diverse range of trading pairs
  • Liquidity tiers
  • Available real-time liquidity indicators

Trading fees and commissions

Maker and taker fees are the most popular way for exchanges to charge for day trading.

Traders placing limit orders on the exchange incur maker fees, while those executing market orders face taker fees. Maker fees are usually lower than taker fees, encouraging liquidity provision.

Usually, the maker fee ranges between 0.03% and 0.50%, and the taker fee is between 0.05% and 0.60%. However, on some platforms, you can even make a trade for free.

Slippage

When trading cryptocurrencies, slippage is a common risk. It happens when the actual transaction price differs from the expected price when buying or selling.

There are a few reasons for slippage:

  • Rapid fluctuation of the cryptocurrency market
  • Shallow order book
  • Market orders are more likely to slip than limit orders

Tools

Consider what tools and features you need depending on your experience level. Various exchanges offer different sets of tools. Some have rich collections of advanced ones.

Here is a list of the most popular basic tools:

  • Advanced charting tools: Enable you to see how the price of cryptocurrencies changes over time.
  • Technical indicators: Mathematical formulas used to analyze how cryptocurrency prices move.
  • Order types: Day traders use market, limit, orders, and stop-limit orders to execute their trades.
  • OCO (One Cancels the Other) orders: This lets you place two orders simultaneously, with one order automatically canceling the other upon execution.

Here are some of the most common tools for advanced traders:

  • Grid trading: A strategy where buy and sell orders are placed at set price intervals.
  • Hedge trading: This involves taking offsetting positions to reduce or eliminate risk. Hedge trading bots automate this strategy to help protect against potential losses.
  • A position scaling bot: It adds more capital to a position incrementally as the price moves in the desired direction, aiming to increase profit potential in a trending market.
  • DCA bots: They automate dollar-cost averaging, an investment strategy that involves investing a fixed amount at regular intervals regardless of the market price.
  • Trailing grid trading bots: They adjust buy and sell order grids as the price moves, capturing profits and limiting losses in the desired direction.
  • Arbitrage trading: The tool exploits price discrepancies between various markets to profit from short-term inefficiencies.
  • Margin trading: This tool involves borrowing money from an exchange to amplify potential profits or losses.
  • Futures trading: It entails buying or selling contracts obligating the buyer or seller to trade a specific asset at a predetermined price on a future date.
  • Spot trading: You use it for buying or selling at the current market price, suitable for profiting from short-term price fluctuations.
  • Copy trading: It involves following the trades of other traders, with copy trading bots automating this strategy.
  • Options trading: It gives the buyer the right to buy or sell an asset at a predetermined price on a future date. Traders use it for hedging, speculation, or generating income from premiums.

Available cryptocurrencies

It is not always about the amount, and sometimes less is more. When looking for the best crypto exchange for day trading, consider the currencies and assets you want to trade. Look for platforms that offer those assets.

Regulations

Ensure that your preferred exchange is compliant with the cryptocurrency regulations in your country.

Regulators are closely examining the cryptocurrency industry. While some regions impose strict rules, others have more lenient or no regulations.

However, exchanges that violate regulations may face legal issues and financial penalties.

Therefore, choosing a platform with all the necessary licences and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations may save you from loss or other troubles.

Security

Crypto exchange security measures like 2FA, encryption, and cold storage are the most basic. Multiple exchanges use them.

However, if you are looking for advanced security, seek out a platform that uses some of these measures:

  • 2048-bit encryption is a very secure way to protect data in transit between the user’s computer and the exchange server.
  • Several firewalls can help to protect the exchange’s network from various attacks.
  • A risk control system monitors trading activity for suspicious patterns and can automatically freeze accounts if it detects potential fraud.
  • A double-entry bookkeeping system ensures that all transactions are recorded twice, once on the debit side and once on the credit side. This helps to prevent errors and fraud.
  • Unique recovery system: A unique recovery system allows users to recover their accounts if they lose their passwords or private keys.
  • Hardware Security Modules (HSMs) are secure devices for storing cryptographic keys. They make crypto exchanges less prone to hacking.
  • Regular security audits are vital for identifying and fixing vulnerabilities. Reputable exchanges should undergo regular independent security audits.
  • The vulnerability bounty program rewards individuals for finding and reporting security issues. It encourages security researchers to disclose vulnerabilities before potential exploitation by hackers.

Overall, there is no perfect platform. Therefore, you need to decide where you are willing to compromise.

Learn more about How to Choose Crypto On and Off-Ramp Platform

Related: Top Fiat to Crypto Exchanges

Crypto swaps vs. exchanges for day trading

Crypto swaps and exchanges are platforms for buying, selling, and trading cryptocurrencies. Despite their similar functions, these platforms are not the same.

Crypto swaps are decentralized platforms. They offer crypto trading through smart contracts. It makes crypto swaps efficient and less prone to errors than crypto exchanges. However, they may support fewer cryptocurrencies and require more technical expertise.

Crypto exchanges are centralized platforms. These platforms let you trade cryptocurrencies directly with other users. Usually, crypto exchanges offer more cryptocurrencies, order types, and trading tools.

Yet, crypto exchanges face increased regulatory oversight. This can cause slower transaction speeds and higher fees.

 

Tips for successful day trading on crypto exchanges

Risk management

Risk management is the method traders use to identify, assess, and reduce risks in their crypto market investment decisions. A few risk management strategies exist:

  • Set stop-loss orders to automatically sell a cryptocurrency if it falls below a certain price. This helps limit potential losses and prevents emotions from influencing trading decisions.
  • Spread your investments across various cryptocurrencies to reduce the impact of losses on your overall portfolio. This helps mitigate the risk of any single cryptocurrency experiencing significant price fluctuations.
  • Prioritize trades that offer a favourable risk-adjusted return (RAR). This metric measures the potential reward relative to the associated risk.
  • Practice patience, stick to your trading plan, and avoid chasing losses. Day trading requires emotional discipline to avoid impulsive decisions driven by fear or greed.
  • Stay up-to-date with market trends, news, and strategies. Continuous learning helps you adapt to changing market conditions and make informed trading decisions.
  • Try demo trading before risking real money. It allows you to gain experience without the financial consequences of real-world trades.
  • Seek guidance from experienced traders or financial advisors who can provide valuable insights and support. Their expertise can help you refine your trading strategies and make better decisions.

Technical analysis tools

Technical analysis tools help examine past price data and recognize patterns that could suggest future price movements. This helps to make informed and thoughtful decisions.

Here are a few popular technical analysis tools for day traders:

  • Moving averages
  • Bollinger Bands
  • Candlesticks
  • Relative Strength Index (RSI)
  • Volume

Crypto day trading strategies

There are many various crypto day trading strategies. Here are the main trading strategies you can employ.

Breakout trading

The Breakout trading strategy focuses on profiting from sharp price movements when a cryptocurrency breaks out of a range or resistance level.

Day traders using this strategy monitor charts for breakout patterns and enter positions in the breakout direction to profit from the subsequent movement.

Range trading

This trading strategy involves identifying assets that have broken out of a price range or have fallen out of a price range. Also, using chart indicators, the strategy helps to recognize when an asset is overbought or oversold. It allows traders to buy or sell at the ideal time.

Scalping

Scalping is a high-frequency crypto day trading strategy. Day traders use technical indicators to capture small price movements through frequent orders. It demands quick reactions, precise execution, and a high-risk tolerance.

Trend following

This crypto day trading strategy involves riding existing price trends’ momentum. Day traders using this approach use indicators like moving averages, MACD, and RSI to identify trends.

After identifying a trend, traders enter positions in its direction to capture profits as the price moves favourably.

High-frequency trading

This strategy involves making multiple trades quickly to profit from small price movements. High-frequency trading (HFT) uses powerful technology to execute orders rapidly, capitalizing on slight price differences.

However, high-frequency trading is unsuitable for individual day traders due to the need for significant capital and infrastructure.

📚Related: How To Invest in Crypto Safely

Methodology: How we chose the top crypto exchanges for day trading

We analyzed overviews from independent platforms and various user reviews to assess the crypto exchanges listed for day trading. We considered features, pros and cons, security, trading fees, compliance, and deposit insurance.

We prioritized crypto exchanges with a high CoinMarketCap liquidity score (70 and above), lower trading fees, more features, and strong security. We also evaluated the platform’s ease of use and noted our findings in the reviews.

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Conclusion

Once again, here are the best crypto day trading exchanges:

  • Kraken: For cryptocurrency investors and traders looking for low fees and various coins.
  • ByBit: Platform for traders seeking high liquidity, competitive fees, and security.
  • Coinbase: The largest US cryptocurrency exchange. It is trusted for its user-friendly interface, diverse cryptocurrencies, and regulatory compliance.
  • Bitstamp: The platform is known for its strong reputation, competitive fees, and a wide range of cryptocurrencies.
  • Crypto.com: A reliable option with high security and a wide range of products.
  • KuCoin: One of the largest selections of crypto assets.
  • OKX: A global exchange, great for experienced traders, with a wide range of cryptocurrencies, advanced tools, and competitive fees.
  • Binance: Designed for experienced investors. It offers a wide range of cryptocurrencies with low trading fees, making it popular among traders globally.
  • Pionex: A budget-friendly and user-friendly experience.
  • Bitsgap: The perfect choice for those interested in investing in rarer cryptocurrencies.
  • Phemex: A centralized exchange with various trading tools, competitive prices, and a user-friendly interface.

FAQs

Which crypto is best for daily trading?

The best crypto for daily trading depends on crypto day trading strategies, currency’s liquidity, volatility, and trading volume.

Even though there are many aspects, some currencies are considered more suitable for day trading than others.

Here are the top three cryptocurrencies for daily trading:

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Ripple (XRP)

Which crypto exchange has the lowest fees?

As for now, the Phemex crypto exchange has the lowest fees: 0.00-0.01% maker fee and 0.03-0.06 taker fee. Besides the maker and taker fees, consider exchange rates. 

Read more to find out How to Calculate the Exchange Rate.

Is crypto day trading risky?

Crypto day trading can be a risky proposition. High market volatility demands informed and disciplined traders to make crypto day trading profitable.

Day trading entails frequent trades and careful planning. Traders must be aware of common mistakes, choose a suitable strategy, and opt for a reputable exchange with high liquidity, a user-friendly interface, and low fees.

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Živilė Šarkauskaitė

Živilė is a writer with a diverse background, having worked with tech start-ups and pioneering brands across various industries. Her profound interest in progress and innovation drives her to the field of Fintech, a realm that sparks her curiosity and inspires her to share insights with others.

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Disclaimer

Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.

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