The Best Crypto Exchange for Day Trading 2023

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Kraken is another trading platform that offers extensive options when it comes to day trading, namely 50x leverage on their futures market and over 50 cryptocurrencies on offer. While their fees (0.2% maker/taker) might not be ideal when trading in lower volume, this quickly changes once you reach certain higher thresholds and they may drop down to 0% and 0.1% taker and maker respectively.

They also offer OTC trading, indices, staking, and margin trading, while their liquidity is very competitive “with spreads as tight as 1 pip (point in percentage)”. 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 platform accepts deposits in EUR, USD, JPY, CAD, GBP, and CHF. Deposits from SEPA (Single Euro Payments Area) incur no fees.

On their website, you can also find cryptowatch, which allows you to keep track of your whole portfolio and analyze the data using well-arranged visualizations. You can download the app on your desktop as well as your mobile phone (both on Android and iOS).

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Another platform ideal for Bitcoin day trading due to its very intuitive user interface is Bittrex. But, beyond that, Bittrex also offers hundreds of other cryptocurrencies if you’d like to diversify your trades.

In terms of security, its sophisticated encryption and two-factor authentication are certainly a plus, but they also adhere to the KYC and AML regulations since they’re based out of the US. The exchange is also available globally, so you shouldn’t have any problems accessing it no matter where you’re from.

Bittrex charges a 0.25% flat fee on all trades, which might be a turnoff for many day traders, but given the volatility of the market and the sheer volume of currencies on offer, this shouldn’t be too much of a big deal. Do note that you’d have to make at least 0.5% profits on each trade to break even due to the fees.

Their withdrawal limits cap out at 100 BTC per day once an account is verified as required by the guidelines, while basic accounts with two-factor authentication enabled can withdraw only 3 BTC daily.

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An exchange that claims to offer the highest market liquidity of any crypto exchange out there should surely be on a top day trading exchanges list, and we don’t disagree. Bitmex rose to popularity due to the platform allowing almost anonymous trade, but that changed after being heavily scrutinized for allowing US-based traders on the platform. At the time of writing, they’ve begun to implement an extensive user verification program based on KYC procedures.

The cryptocurrency exchange was founded in 2014 and currently operates out of the Seychelles, while the coins on offer include BTC, ETH, LTC, XRP, TRON, EOS, BCH, XMR, ADA, and more. Their fees depend on the cryptocurrency you’re trading.

The most attractive characteristic of this exchange is that they allow for up to 100x leverage sums on some of the available trades, making Bitmex a fantastic option for professional day traders.

Another aspect in which Bitmex differs from other exchanges on this list is that they almost exclusively deal in derivatives, such as margin trading or futures. For more info on the available trading options, check out their overview. It should also be noted that the platform conducts all trades in Bitcoin, even if you’re buying or selling altcoin contracts.

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The following recommendation is to be taken with a grain of salt since Bitfinex has a rather troubled past including hacks, run-ins with the government, and various scandals, but the platform has always managed to come out on top.

For instance, the funds from the 2016 hack have since been recompensated and the exchange sits in the top five, factoring in their web traffic, average liquidity, and trading volume, making it a good option for day traders as well. So, in short, if you keep your crypto assets in a private wallet, you’d have nothing to worry about; that is, if you’re still skeptical. Although, it’s important to note that they’ve ramped up security efforts, keeping 99.5% of all the funds in cold wallets offline.

In concrete terms, though, the starting fees associated with trading sit at 0.1% and 0.2% maker and taker respectively, while those same numbers can go even lower with higher volumes of trading. At the time of writing, they’ve included over 100 coins you can trade with and the accepted fiat currencies are USD, EUR, JPY, and GBP.

The elaborate API of Bitfinex allows users to fully customize their trading experience, which is a massive plus for anyone looking to seriously trade cryptocurrency and a cherry on top of an already good platform, landing it a spot on our list (its history notwithstanding).

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eToro is one of the few exchanges that started as an online trading platform before the dawn of cryptocurrency, or rather Bitcoin. Founded in 2007 with the singular goal to make trading accessible to everyone without being tied down by extraneous financial institutions, eToro rose to prominence as one of the most reliable exchanges.

In 2017, the platform added to its existing cryptocurrency offering and expanded the exchange with Ethereum, XRP, Litecoin, as well as other notable currencies. eToro has 16 coins on offer at generally high liquidity, making it a great choice for day trading.

The feature that sets eToro apart from the rest is that they offer users the option to copy the strategies of other successful traders. It goes without saying, though, that these traders have to give their consent to being copied first and may also receive certain commissions for agreeing to that. What’s more, the platform offers users to start off with a $100,000 demo account where they can give their strategies a shot before committing to more serious trading.

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This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Coinbase is yet another US-based crypto exchange that offers high liquidity and is one of the most popular platforms. The available currencies on Coinbase include all the popular ones such as Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), but also less known ones such as 0x (ZRX), Tezos (XTZ), and Stellar (XLM). All in all, there are over 50 coins on offer.

The platform is also available internationally, in 103 countries to be exact, but not all of their services are supported everywhere. Additionally, if you want the whole nine yards in terms of features, you might need to upgrade to Coinbase PRO.

If you do opt for Coinbase PRO, you’ll have access to additional resources that will allow you to tailor the exchange’s interface to your preferences, while also reaping the benefits of a very user-friendly mobile app, available for both Android and iOS.

Coinbase boasts that they keep “over 98% of cryptocurrency” in offline cold-storage wallets, while the rest are allegedly protected by “industry-leading online security”. All in all, Coinbase has never been hacked, at least not at the expense of its users, so we’ll give them the benefit of the doubt.

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If there’s an “old reliable” out there among cryptocurrency exchanges, that would have to be Bitstamp. Founded way back in 2011, the platform didn’t come into its own until 2016 when it relocated to Luxembourg and became the first nationally licensed crypto exchange.

We give it its “reliable” qualifier due to their “unmatched order execution”, as they’d put it, facilitated by a Nasdaq-sourced engine. Their security measures, consisting of cold storage for over 98% of all assets, paired with their 24/7 global customer care service, are yet another point reinforcing the aforementioned title.

In terms of actual trading though, what Bitstamp offers is, simply put, not for casuals and even less so for casual day traders. Their starting trader fees start at 0.50%, which is double the industry average, while their API and provided interface is aimed towards people who know their stuff. The trading fees may decrease all the way down to 0% at (absurdly) huge trading volumes.

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OKEx is yet another cryptocurrency exchange that has some of the lowest rates on the cryptocurrency market (0.1% and 0.15% maker and taker fees), making it a great option for day traders. Although, these come with a caveat – the user either has to be VIP or has to hold a certain amount of OKB, a utility token issued by the platform.

Other than that upside, OKEx also has decent levels of average liquidity, sitting in the top 20 according to CoinMarketCap. Currently, they have more than 200 cryptocurrencies on offer and over 500 pairs. Apart from spot trading, the platform also has options trading, futures trading, and coin-margined perpetual swaps on offer. Among other things, the variety in derivatives has attracted over 20 million traders from over 200 countries.

The exchange also has 24/7 customer support as well as a very decent trading app that you can get on your PC or on your phone (on Android and iOS), allowing you to trade on the go. Oftentimes, they will also offer exclusive rewards for newbies and rewards of up to $10 worth of BTC.

The only “black spot” on their resume is the legal conundrums they’ve been in after quite literally being forced to relocate multiple times and then there was this time when they’d frozen withdrawals for five weeks, but they’ve taken the necessary measures to avoid a repeat.

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PrimeXBT is one of the less acclaimed crypto exchanges due to it being relatively new, but it presents a good alternative nonetheless. They are one of the better-established CFD and futures brokers out there and have decent liquidity levels as they’re backed by over 12 external liquidity providers.

Even though PrimeXBT opened up to traders in 2019, they’ve since brought up their average trading volume up to $545,000,000, which is nothing to scoff at. They currently offer over 50 trading assets, while the leverage they offer on certain pairs is as high as 1,000x. Their trading fees on most pairs sit at about 0.05%, which is incredibly low, while the overnight fees can go higher, but that shouldn’t concern you if you’re interested in day trading.

The crucial point with most of the newer platforms out there is always security, and PrimeXBT’s efforts don’t disappoint by any measure. Their resume is also pristine when it comes to hacks or scams as there have been none, at least so far, so we can’t fault them in this aspect.

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