As a day trader, you enter and exit multiple positions on a daily basis so what you are looking for is a platform that allows you to do it without the hassle of paying exorbitant fees for it. There is no dearth of crypto exchanges out there but finding one that fits the bill for your purpose can be a gruelling task.
By the time you get to the bottom of this page, you will understand your options better in terms of what you get from the exchange when you bring your trading business to them.
The article covers 10 different exchanges that have their pros and cons to give you a holistic view of the offerings out there and answers a few FAQs at the end. After all, it is up to you to make a decision about what interface you use to grow your money.
Best Crypto Day Trading Platform
- Coinbase Pro
For the purpose of spot trading, the maker/taker fee starts at 0.1%/0.1% and can be brought all the way down to 0%/0.02% when you reach the Pro 3 VIP level. If USDC Perpetuals are more your speed, your fees start from 0.01%/0.075% and come down to 0%/0.0525% as a Pro3 VIP.
Bybit offers a trading bot that both new and experienced traders can use to passively follow another trader’s strategy according to their pre-set conditions. Your bots can then complete automatic trades on platforms like TradingView. You can use it to make money off of any of the 100+ currencies available here.
Your trading volume (trailing 30-day) decides what VIP level you are in. If your trades total less than USD 10 million, you are a non-VIP, and USD 10 million – USD 25 million in trades gives you the VIP1 tier. The highest tier is Pro 3 and requires you to trade >= 600 million USD.
The platform has a lack of regulation and does not allow residents of the USA to make money off of it. The number of trading pairs is limited and the trading volume numbers cannot be verified owing to the lack of transparency on the part of the platform.
What makes the platform attractive is the high leverage, the market maker rebate, a mobile app to trade on the go, and an insurance fund to cover risk and mitigate losses.
You need to trade more than 1 million USD in trading volume for the last 30 days to be at the VIP1 user level and pay a maker/taker fee of 0.07%/0.09%. Anything less than that keeps you at VIP0 level and charges you 0.1%/0.1%. The highest level of user trades more than $150 million and more than $180,000 of the last 1 day’s average hourly balance and is charged a fee of 0%/0.04%.
The platform supports 34 cryptocurrencies and 37 for contract trading and they have managed to gamify the trading experience. You need to band together in a team that has a minimum of 10 members and no maximum number of members.
The website details that the platform uses 78% of the fees to pay the awards for the top teams and 40% of the team’s awards go to the captain, 30% to the top 10 team members, and the rest of the 30% is shared between the rest of the team.
With 100x leverage trading, you can make your profits quickly if you have confidence in the trading strategy. The lack of mandatory KYC also makes it easier for traders who are looking to stay incognito while still being able to earn money.
Currently, they do not offer any kind of borrowing and lending services against funds that you have stored in your Phemex wallet but there are plans to introduce the same soon but no timeline has been released.
As a day trading platform, Binance is right up there as is the case with any other lists regarding crypto exchanges. The platform has a low fee of 0.1% per transaction, and it can further be decreased based on your trailing 30-day trading volume (0.02% for maker and 0.04% for taker).
You can get a further discount of 25% just by holding BNB (Binance’s in-house cryptocurrency) in your wallet. Referring friends to Binance can help you earn a further 100 USDT kickback for both the referred friend and yourself. For the privilege of buying, trading, and holding more than 350 cryptocurrencies.
If you are willing to pay the high fees of 3-4% to the platform, you can also add fiat currency via your debit/credit card to your wallet and help facilitate the buying of crypto coins. If you have crypto in a wallet, or on some other exchange, you can simply deposit it here by getting the wallet address from the platform.
Binance also has one of the best charting tools apart from being an exchange. You can perform your technical analysis with advanced charting tools, set different order types, and trade from the same screen.
The new day trader has the option of keeping the Classic platform view which is to help you get acquainted with the platform. If you need the advanced trade types and the charting tools, just switch to the Advanced platform which has all you need.
A few things to consider before deciding is that Binance’s customer support is available 24/7 but you can only contact them via raising a ticket or the live chat.
As a customer from the USA, you will have access to close to 60 currencies on and you can trade these on binance.us. If you are outside the USA and the UK, you have the option to choose from a wider range of currencies, options, and futures that can be traded with leverage.
eToro will charge you a flat 1% fee on any trade that you make for crypto. This is high when compared to the others on the list. But then the platform makes up for it with the lack of commissions. It also has 60+ currencies including the obvious suspects of Bitcoin and Ethereum.
The firm is regulated by the FCA, ASIC, and CySEC, is registered with FINRA, and has one of the largest user bases. This is mostly down to the fact that getting started takes minutes and you get access to a lot of crypto coins apart from other asset classes like stocks.
Their copy trading feature allows you to enter and exit trades based on the experienced eToro trader that you choose to ‘copy trade’. 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.
While deposits are free, a $5 withdrawal fee is charged for a minimum withdrawal of $30. Platinum, Platinum+, and Diamond club members though are exempt from this fee. If you don’t log in for more than 12 months, you are charged $10/month but no open positions of yours are closed to cover this.
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.
One con of the platform is that it does not have the tools to perform technical analysis which will be a problem for advanced traders or new traders looking to learn the tools of the trade.
#6. Coinbase Pro
Coinbase has more than 35 million people using the website and uses the maker-taker model to calculate the fees for all trades on its website. As a market maker, you can expect to pay between 0.00%-0.40% depending on your monthly trading volume. A taker on the other hand pays between 0.05%-0.60% again depending on how much you trade in a trailing 30-day period.
Being one of the top crypto exchanges makes sense as traders have access to more than 150 cryptos in various trading pairs and you can use it to earn money with your trading skills.
This fee and the tier that goes with it are recalculated every hour to get you the best rates possible in terms of commission. If you move fiat to or from the platform via the ACH network, no charges are applied to the transaction. To get money onto Coinbase you pay a $10 fee for a wire transfer, €0.15 for SEPA, and none for a Swift transfer.
To withdraw the same into your bank account, a wire transfer charges you $25, SEPA charges you €0.15, and the SWIFT network charges you £1. Ever since it started in 2012, Coinbase has grown in leaps and bounds and is today listed on the NASDAQ exchange even with the multiple regulatory loops to jump through which come with being a crypto exchange.
The mobile app has been made specifically keeping day traders in mind, and enables them to enter and exit positions when they are away from their workstations. 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.
Swyftx allows you to day trade more than 300 cryptocurrencies with a fee of 0.6%, no trading limits, and spreads as low as 0.41%. For the deposit and withdrawal of crypto, standard network mining fees apply and Swyftx does not charge any additional fee over it.
You are allowed up to $100,000 of fiat deposits and withdrawals and there is no fee on AUD deposits and withdrawals. They use TradingView charts to make sure that their asset fluctuation can be tracked and traders can make decisions about the best time to buy and sell.
With the verification process being very swift, it makes it easy for any trader to get started. Even the mobile application is easy to use and makes it so that you don’t have to be in front of your workstation to be able to enter and exit your positions. The ability to buy and sell 320 digital currencies does not hurt.
One of the major cons of using Swyftx is that it charges some amount of foreign exchange fees on cash deposits and withdrawals. This devalues your money and you would not want to repeat the process too many times.
Swyftx gives its users the option of adding cryptocurrencies to your Self Managed Super Funds (SMSFs) which is a type of retirement savings fund that is taxed at a rate of 15% and long-term gains are taxed at an effective rate of 10%. Finally, any income generated from assets in a retirement pension is not taxed at all.
The futures trading fee on Poloniex is fixed at 0.01%/0.075% and is charged in a maker/taker fashion. There is no deposit fee charged by the platform and the withdrawal fee charged is enough to cover the transaction fee that the blockchain charges to have your transaction go through.
The exchange has more than 500 spot cryptocurrency pairs for your trading pleasure.
For spot trading, your maker/taker fee is calculated based on your 30-day trading volume, and your wallet’s $TRX balance. When you keep less than $50,000 in trading volume and a TRX balance of less than $49, you pay 0.1450%/0.1550% for regular trading and 0.1015%/0.1085% for TRX trading. If you get to the Poloniex Plus Gold tier, you can look forward to paying 0.0000% / 0.0400% for spot trading and 0.0000% / 0.0280% for TRX trading.
The exchange offers an intuitive user experience on both the web app and the mobile application and the registration of a new user is as simple as using your email address and coming up with a strong password. Poloniex also has its own decentralized exchange called Poloni Dex and its own Poloniex Launch Base as IEO launchpads.
Their customer service is available 24 hours, 7 days a week, and according to reviews of the same on TrustPilot, it is very reliable. 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.
Gate.io has a VIP16 tier for spot trading that needs you to have a 30-day trading volume of $3 billion to avail of the maker/taker fee of 0.055% / 0.065%. The lowest tier has GT debit fees of 0.15% / 0.15% and VIP rates of 0.2% / 0.2%.
In the case of futures trading, the VIP16 level pays a maker fee of 0% and a taker fee of 0.02% whereas the lowest tier pays 0.015% / 0.05% (maker/taker)
The platform has over 180 currencies in nearly 400 markets and you can trade crypto with leverage and a margin of 10x. There are also new IEOs available on the exchange and this enables its users to get in on the ground floor of a lot of new projects that could explode in value in the future.
Gate.io is unregulated and does not have a transparent team so it makes the whole process a little suspicious. Their user interface requires a lot of work and currently is very untidy. We would not recommend it to any beginner.
For every trade, you only have to pay the nominal fee of 0.4% per slide. Just like Binance, this fee will reduce as the trading volume increases. For instance, $50,000 worth of trading in 30 days will reduce the fees to 0.15% per slide. Also, you get access to 250+ currencies at true cost.
With access to up to 10x leverage on your trades and perpetual futures, you can exercise your trading strategies on the platform and be able to withdraw your profits from the ATM using the firm’s own debit card.
The Crypto.com debit card is a good option if you already are in the ecosystem and have $CRO staked with the platform. With the card, you don’t pay any yearly fees and can earn up to 5% cashback in $CRO with all your spending.
The exchange also has advanced tools and charting features that will aid your day trading journey, Crypto.com is one of the more famous ones out there.
As a retail trader on the exchange, you will be considered a market taker and will pay commissions accordingly. Conversely, if you are a market maker and provide these exchanges with liquidity, they give you a better commission rate.
Since its inception in 2016, Crypto.com has become popular with traders both new and experienced as it gives you access to large and mid-cap projects that have trading volume. You can also buy and hold CRO tokens which is the native token for the platform.
One of the most important things as a day trader is the liquidity that is provided on the platform which enables the day traders to enter and exit positions based on the price action. Making the on-ramp for fiat capital easier for traders helps the overall experience. You can use a Debit/Credit card or bank transfers for this purpose.
– Can you be a day trader with crypto?
Yes, you can be a day trader with crypto but you need to be disciplined, have a definite strategy, and educate yourself about the risks involved. You must have seen the stories of people who lose all their money while day trading and it is definitely possible that you might be one of them.
Forbes estimates that only 10% of traders will be successful so you need to make the effort to be a part of this small percentage.
– Is day trading worth it in crypto?
Yes, it is worth it if you have the right plan and the skills to enforce that plan. Just like stocks, and foreign exchange, you will only make money if your speculation is correct. You have to devise your own strategies and backtest to make sure that they work in the way you want them to.
Once you have these things dialled in, you can use paper trading platforms to rein in your instincts and help you make better decisions. You also need to understand how to manage leverage and risk management.
In my opinion, Binance stands out as it has the lowest fees and the biggest market but eToro is the better option for our USA and UK readers and is good with its commission-free markets for cryptocurrencies including stocks, and commodities.
They are also regulated by financial bodies that are trusted by a large part of the population and will alleviate your concerns about your money being safe with the exchange. We recommend the below exchanges listed below.
Just keep in mind that 67% of retail investors, will lose money when trading CFDs or Futures. Day trading in the crypto world tends to happen in spot positions owing to daily volatility and lack of a Demat account where you have to wait and take possession of the purchased assets. Keep this in mind when you decide to take the jump into the world of cryptocurrency day trading.
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