Best Day Trading Crypto Exchanges: 2024 Guide 

Are you trying to find one of the best crypto exchanges for day trading in 2024? We know that there are lots of options online, which makes it overwhelming for you to choose the best one. 

Day trading cryptocurrencies have become more popular than ever which is why it’s attracting more beginners and seasoned traders. But the key to becoming a successful trader is to find a trading platform that fits your needs.

In 2024 the global user base for digital currencies has reached approximately 562 million people. This means there’s been a 34% increase in cryptocurrency ownership. All this is because of clearer regulations, increased media coverage and the educational resources now available to the public about cryptocurrency​ for free.

Whether you’re new or experienced this guide will surely help you in some way or another. So don’t miss out and let’s dive in.

Best Crypto Exchanges for Day Trading in 2024 

Selecting the right platform is crucial for successful day trading. The top crypto exchanges for day trading offer features that cater to both beginners and experienced traders. These features include high liquidity, low fees, advanced trading tools and strong security measures. 

Below is a list of the best exchanges to consider for your trading activities in 2024.

If you’re a beginner, read our guide on Top Crypto Exchanges for Beginners 2024.

What is the Best Exchange for Day Trading Crypto? 

It’s not about which trading platform is perfect but rather about a few key factors that every trader should consider before jumping to a decision. Let’s take a look at some of these factors:

• Liquidity: It’s important to choose an exchange with high liquidity so you can execute large orders without impacting the market price. Binance and Coinbase Pro are the two biggest day trading crypto platforms with high liquidity.
• Fees: You need to find an exchange with minimum fees because you’ll be making a lot of trades daily. Choose an exchange with minimal trading and withdrawal fees and no hidden costs. 
• User Interface: A good user interface could be a deal breaker for many crypto traders. If it’s not interactive and easy to navigate, nobody would want to use it. Apart from that, it should have advanced charting tools with real-time data so you can make informed trades.
• Security: This is absolutely necessary. You should only consider the trading platforms that have 2FA (Two-Factor authentication). Als look if there’s any cold storage for funds and a history of handling security issues. 
• Asset Variety: You should never limit your choices. The platform you choose should have access to multiple trading pairs. More trading coins means better opportunities for traders.
• Speed and Performance: Lastly look for platforms that have fast execution times and reliable performance. You wouldn’t want to miss out on trading opportunities just because the platform started lagging.

For more insights on how to navigate the crypto world, explore our detailed guides on:

• Comparing Fees: Finding the Low Fee Crypto Exchange
• How to Trade Bitcoin: Tips and Strategies
• Secure Your Crypto 2024: Top Crypto Exchange Security Tips
• How to Trade Crypto Anonymously in 2024: The Ultimate Guide for Beginners
• How to Avoid Crypto Exchange Scams in 2024: The Only Guide You Need
  
  

Features of the Best Crypto Day Trading Platforms 

Here are the specific features that top-day trading crypto platforms offer:

• Advanced Charting Tools: The best crypto day trading platforms provide advanced charting tools. These tools have a variety of indicators and drawing tools that you can use to technically analyze any token. This also helps in analyzing market trends. 
• Variety of Order Types: The best and the biggest exchanges support a wide range of order types for everyone. These include market, limit, stop-loss, and take-profit orders. Traders can use any of these order types to execute their trading strategies. 
• Margin Trading: Many top trading platforms offer margin trading. It allows traders to borrow some funds to increase their trading positions. This helps in making higher profits, but the risk becomes higher, too.
• Real-Time Data: It is important for exchanges to have access to real-time market data. If the price isn’t exactly like the overall market, there is a chance that your trades might go wrong. Top platforms ensure that their data is accurate and have minimal latency.
• Security Features: 2FA, cold storage for funds and encrypted communication are some of the security features that top trading platforms have. These help protect your assets and personal information.
• Mobile Trading: Mobile apps with full functionality enable traders to monitor and execute trades from their phones. You should always have a mobile app installed so you know where the market is moving, even when you’re on the go.
• API Access: Advanced traders often use APIs to automate their trading strategies. Top platforms offer reliable and well-documented API access to their users. If you want to use API, find a platform that offers the best one.

Benefits of Using the Best Exchanges for Day Trading 

Here are the benefits of using top-rated exchanges for day trading:

• Lower Fees: One of the biggest advantages is the lower trading and withdrawal fees. This can significantly increase your profit margins, especially if you’re making multiple trades daily.
• Better Security: Top exchanges invest heavily in security measures such as two-factor authentication (2FA), cold storage for funds, and encrypted communications. This ensures your assets and personal information are well-protected.
• Advanced Trading Features: The best exchanges provide you access to advanced trading tools including charting options, multiple order types and automated trading via APIs. It enhances your ability to analyze the market and execute trading strategies.
• High Liquidity: As explained before, high liquidity means you can quickly buy or sell large amounts of cryptocurrency without significantly affecting the market price. This is important for making successful trades.
• Wide Range of Assets: These exchanges provide access to a broad range of cryptocurrencies and trading pairs. This allows traders to diversify their portfolio and provides more trading opportunities.
• Regulatory Compliance: Top exchanges often comply with strict regulatory laws. It provides an added layer of trust and reliability in the mind of the user. This also reduces the risk of encountering legal issues or platform shutdowns.
• Efficient Customer Support: It’s important for exchanges to have efficient customer service so they can help the traders quickly.

Key Features to Look for in a Crypto Exchange 

As a trader, you need to find the best possible crypto exchange for day trading if you really want to succeed. We’ve gathered a few key features which you can consider to make the best choice. Let’s see what these are.

Liquidity and Trading Volume 

It’s essential to choose a trading platform with high liquidity and trading volume. If the liquidity is high, you can easily trade quickly without worrying much about the price falling. If you’re doing high-volume trading, liquidity will help you make a quick profit by minimizing slippage. This way, you can make timely and profitable trades.

Fee Structure and Costs 

The fee structure of an exchange can have a huge impact on the profitability of your trades. You should know about the different types of crypto fees.

• Maker/Taker Fees: These are fees charged for adding liquidity (maker) or removing liquidity (taker) from the exchange. It means when you buy or sell your assets. It’s better to find an exchange with low fees, especially when you trade frequently.
• Withdrawal Fees: This fee is charged when you transfer your funds to another exchange or wallet. Lower withdrawal fees are a good thing as they will save you a significant portion of your profits. 

Spot Trading Fees 

Spot trading fees and crypto exchange costs are charged when you buy or sell your crypto assets. Here are examples from top exchanges:

• Binance: 0.1% trading fee with a 25% discount if paid with BNB.
• Coinbase Pro: 0.5% trading fee.
• Kraken: 0.16% maker fee and 0.26% taker fee.

Futures Trading Fees 

Futures trading fees and leveraged trading costs are important for traders who use leverage to make more profit. These fees include the cost of opening a leveraged position and the cost of maintaining it.

• Binance Futures: 0.02% maker fee and 0.04% taker fee.
• Bybit: 0.075% taker fee and -0.025% maker rebate (you get paid for adding liquidity).

Security Measures 

It’s important for crypto trading platforms to provide the best possible security features. Some essential features to look out for are:

• Two-Factor Authentication (2FA): It adds an extra layer of security to your account.
• Cold Storage: It keeps the majority of funds offline so they’re safe from hackers.
• Regulatory Compliance: Lastly your chosen exchange should adhere to legal standards so you know that your assets are safe.

User Interface and Experience 

It’s vital to have a user-friendly crypto trading interface if you want the best trading experience. A good interface means it’s intuitive and responsive. It should also have advanced charting tools, real-time data, and easy order placement. A well-designed platform enhances the user experience in trading.

Range of Cryptocurrencies Supported 

Lastly, it’s crucial for a trading platform to have a wide range of supported cryptocurrencies. It allows traders like yourself to diversify their trading strategies and find more opportunities. The top exchanges have a variety of trading pairs so everyone can have equal opportunities to make significant profits. 

Strategies for Successful Day Trading 

As you already know, day trading is all about buying and selling assets quickly to make quick profits. And by the end of the day these small profits will pile up to become a significant amount. However, you need to be vigilant and quick to make profitable trades. 

You can follow some of our tricks to become a successful trader. Read ahead.

Using Technical Analysis in Day Trading 

Technical analysis is the main method day traders use to make successful trades. It is all about looking at the charts and using technical indicators to make an educated guess. Technical analysis basically tells you where the market can move. According to that, you can place a buy or sell order.

The charts are of two types usually: candlestick charts and line charts. Most traders prefer candlesticks because they’re easy to analyze. The technical indicators are also embedded in these charts so traders can easily use them.

The main indicators that traders mostly use are:

• Moving averages (MACD): It shows the average price over a certain period, so you can see the general trend. 
• RSI, or Relative Strength Index: Tells you if something is too expensive or too cheap right now. 
• Bollinger Bands: Shows you the highest and lowest prices over time. 

Using Leverage in Day Trading 

Leverage trading is another effective day trading strategy. In this, the trader borrows a significant amount from the exchange and makes trades with that. 

For example: You have $100 but you borrow $900 more so now you have $1000 with which you can make trades and earn 9 times more than you would have with $100 only. However there’s a significant risk as well. If you lose, your loss will be 9 times more as well. This can be very exciting but also extremely risky. 

Risks and Rewards of Leverage 

The risk and reward ratio in leverage trading is fairly significant. Taking a leveraged position can increase your profit ratio if the market moves in your favor. However if the market went against your technical analysis it will also increase your loss ratio. 

So it is important to make your risk automatically by using stop-loss orders. These orders will sell your position as soon as the market starts to move the other way. This way you have a better chance of making huge profits while keeping the losses to a minimum. 

Effective Day Trading Strategies 

There are many different effective day trading strategies that you can adopt. Two of these major crypto trading methods include scalp and swing trading. Let’s take a look at both of these ahead.

Scalp Trading 

Scalp trading is a short-term trading strategy. If you want to use this strategy you’ll have to be in front of your computer almost the entire day and find trading opportunities. 

You need to keep an eye on small price movements that can potentially be profitable. You need intense focus and quick decision-making to be successful using this strategy.

Swing Trading 

Now the second strategy is the Swing trading. In this the traders hold the position for several days until there’s significant profit. This strategy is less intense and you don’t need to be in front of your computer all day long. 

You can simply take a trade during a portion of the day and let it play out for the next few days. And whenever you see an opportunity to cash out, do it and move onto the next trade.

Tools and Resources for Day Traders 

If you want to become a successful day trader you need to have the right day trading tools and resources. The things you need for this include:

• Charting software: It is like a detailed map that shows where the market is heading. By using this software you can analyze patterns and trends and take a trade according to them.
• Real-time news feeds: You should have access to new feeds and blogs that share information about the crypto market in real-time. It will help you stay informed about the market conditions and quickly react to news that could potentially lead to profitable trades. 
• Educational platforms: Lastly, you need resources to learn everything you could about trading and how to use the technical indicators properly. You can use YouTube, take webinars or join a crypto trading group where they teach everything in real-time.

Conclusion 

If you’ve made it this far you must know how to trade effectively now. You can use our strategies and key tips to make the right choice and start trading with as little as $10. 

If you’re a beginner in crypto trading, you should understand the key features so you can choose the best crypto exchange for day trading. And by following the simple strategies above you can start making profit in no time. Just remember to manage your risk to reward ratio and don’t get greedy or else you might lose everything you’ve made so far.

Summary of Top Exchanges 

It’s important to consider all the essential factors like liquidity, fees, security, user interface and variety of supported cryptocurrencies if you really want to choose one of the best day trading crypto exchanges. 

As we’ve already discussed all the aspects in detail above let’s just summarize the main features of every exchange mentioned in the beginning.

• Binance: Known for high liquidity, low fees and a wide variety of supported cryptocurrencies.
• Coinbase Pro: Offers strong security, regulatory compliance and an intuitive user interface.
• Kraken: Provides robust security, low fees and a range of advanced trading features.
• KuCoin: Known for competitive fees and an extensive list of tradable assets.
• Bitfinex: Features high liquidity and a comprehensive set of trading tools.
• Gemini: Emphasizes security, regulatory compliance and a user-friendly interface.
• Bybit: Popular for derivatives trading with high liquidity, low fees and advanced features.
• OKX: Offers a wide range of trading options with robust security and competitive fees.
• HTX: Provides a secure trading environment with competitive fees and advanced features.
• Bitstamp: Known for reliability, strong security and a user-friendly interface.
• eToro: Combines traditional investing with cryptocurrency trading and a social trading platform.
• Crypto.com: Known for its comprehensive ecosystem, competitive fees and strong security.
• Poloniex: Offers a variety of trading options with competitive fees.
• MEXC: Known for high liquidity, competitive fees and extensive tradable assets.

Final Tips for Day Traders 

So to wrap things up, here are some final day trading tips and crypto trading advice:

• Stay Informed: Always keep up with the latest news and market trends. Use real-time news feeds and educational resources to stay ahead.
• Manage Risks: Use stop-loss orders and never risk more than you can afford to lose. This is especially true when you’re using leverage.
• Start Small: You should always start with a smaller amount if you’re new to trading. Understand the market in the start, make some trades and then move towards spending more and more money.
• Use Technical Analysis: This is absolutely necessary. You need to learn everything you could about how to use crypto trading indicators so you can make informed decisions.
• Keep Emotions in Check: Lastly you should avoid making impulsive trades based on emotions. Build a strategy and stick to it no matter what.

Frequently Asked Questions 

Which crypto is best for daily trading? 

If you’re into daily trading choose Bitcoin and Ethereum. They are ideal for daily trading due to their high liquidity and trading volume. Because of these features they are less volatile and easier to trade. BTC and ETH are both supported by every crypto exchange you can find in the market.

What is the most profitable crypto day trading strategy? 

The two of the most profitable crypto day trading strategies are scalping and swing trading. In scalping the trader makes multiple small trades and makes small but quick profits. While swing trading is all about holding a position for a few days and exit as soon as you’re satisfied with the profits. You need careful analysis and timing to execute both strategies.

How do you choose the proper exchange for day trading? 

To choose the best crypto day trading platform, look for high liquidity, low fees, strong security, an intuitive user interface and a wide range of supported cryptocurrencies. If the exchange has all of these qualities it means it’s the best one for you. Some of the top crypto exchanges for day trading include Binance, Coinbase Pro and Kraken.

What is the best time to trade cryptocurrency? 

The best time to trade cryptocurrency is during peak market hours. These hours are usually when the US and European markets overlap. This time period usually has the highest liquidity and trading volume which makes it easier for anyone to enter and exit trades quickly and at profitable prices.

How do I minimize risks in day trading crypto? 

If you want to minimize risks, the best way is to use stop-loss orders, diversify your portfolio and keep an eye on what’s happening in the market. And one more important thing. Don’t invest more than you can afford to lose. The crypto market is very volatile so it’s important that you don’t use your kitchen money to make any trades based on emotions.