Best Crypto Exchanges for Day Trading 2023 – Which Broker is Best?

Day trading is an advanced process that is used to profit from short-term price movement. In the US, it is possible to day trade cryptocurrencies which involves placing multiple trades throughout the day and holding them for a short period. Due to the fast pace of day trading and market volatility, day traders must use a platform that provides a range of tools for analysis, excellent customer support, an efficient interface, and low fees.

In this guide, we review the 10 best crypto exchanges for day trading in the market right now based on the above criteria. Our team has spent time testing each platform using a demo account to understand what each exchange has to offer. It is important to understand that the best platform for you will largely depend on your trading experience, strategy and goals. You should consider these before deciding on an exchange.

Never the less, our review is a good starting point for your research into the best platforms for day trading cryptocurrencies.

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Our Review of The Best Crypto Exchanges for Day Trading

There are hundreds of crypto platforms and Bitcoin exchanges that allow you to buy, sell, and trade digital assets online. However, not all of them are suitable for day trading. Day traders should focus on exchanges that offer technical analysis tools, live market data, low fees and a mobile app for trading on the go.

Taking all of the above into account – below you will find reviews of the best day trading platforms in the market right now.

1. eToro – Day trade 25 crypto assets; access copy trading to automate the trading process

eToro is heavily regulated. Not only does this include a fully-fledged license with the FCA, ASIC, and CySEC – but eToro is also authorized by and registered with FINRA.

This means that traders in the US and around the world can use eToro in a safe and secure manner. In terms of what you can trade, eToro allows you to buy and sell 25 popular cryptocurrencies. This is inclusive of Bitcoin, EOS, BCH, Ethereum, Solana, XRP, Cardano, Binance Coin, etc. Additionally – depending on your location, you might also be able to trade crypto derivatives.

This includes fiat-to-crypto pairs that contain the US dollar, euro, British pound, yen, and more. You can also trade crypto-to-crypto pairs – such as BTC/XRP and ETH/BTC. These crypto CFD derivatives are available to most eToro clients – unless you are from the US, UK, or Hong Kong. Nevertheless, when it comes to fees, eToro charges a flat 1% fee for crypto trades.

There are no fees to register and USD-denominated payment methods are free. Otherwise, you will pay a small FX conversion charge of just 0.5%. eToro also stands out because it offers passive investment tools in its user interface.

This includes a CryptoPortfolio – which is a diversified basket of digital currencies at various weights. This is managed by the team at eToro – so you don’t need to worry about rebalancing the portfolio yourself.

Alternatively, you might also consider buying and selling cryptocurrencies via the copy trading tool. As the name implies, you will be copying the trades of a skilled and proven crypto investor that uses eToro. You only need to meet a $500 minimum to benefit from this. If you trade on a do-it-yourself basis – the minimum crypto trade size is $25. You can get started with an eToro trading account in minutes – and deposit methods include debit/credit cards, bank transfers, and e-wallets like Paypal.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

2. Coinbase – A beginner-friendly day trading crypto platform; supports more than 200 crypto tokens; users can access staking, lending and NFTs

Coinbase is the largest cryptocurrency broker in terms of client accounts – with more than 35 million people now using the site. In fact, Coinbase has grown so quickly since its launch in 2012 that it is now a public stock listed on the NASDAQ.

The platform is suitable for day trading because it is user-friendly and available to use on mobile. This makes it possible for users to easily place and manage trades on the go, which is ideal for day traders who need to monitor their trades throughout the day.

As well as the basic exchange app, the provider offers Coinbase Pro – which offers more advanced features for day trading. Here, fees are lower and you will have access to more trading pairs. Coinbase Pro also provides a more extensive range of analysis tools and features which can be used to implement advanced strategies.

Your money is at risk.

3. Kraken – Access over 200 cryptocurrencies on desktop or mobile through an easy-to-use trading interface

Kraken is a popular centralized exchange that was launched in 2011. The platform was one of the first crypto exchanges to be launched on Bloomberg and has maintained a good reputation amongst users over the years.

The crypto exchange offers over 200 cryptocurrencies for investing or trading. One of the stand out features of the platform is that Kraken is easy to use, even for newer traders. The exchange offers a clear interface with simple navigation. Users can search through available currencies, view price charts and exchange cryptos through the platform.

There are 3 main reasons that Kraken is suitable for day trading in the US. Firstly, Kraken offers 24/7 support which means that it is possible to contact the team at anytime during the day. This is ideal for day traders who may have trades open around the clock.

Furthermore, Kraken offers a fixed-fee structure which makes it easy to calculate the cost of each trade. Fees start at 0.9% for stable coins and 1.5% for other crypto assets.

Lastly, Kraken provides users with a range of tools for technical analysis. Traders can access advanced price charts at pro.kraken.com which come with a selection of indicators and analysis features. Price charts are also available through the mobile app which makes it possible to conduct analysis on the go. This is appealing to day traders who often use technical analysis as part of their strategy.

Your money is at risk.

4. Libertex – Trade cryptos with low spreads; compatible with MT4 for advanced technical analysis; trade with leverage up to 30x

So far, the platforms that we have reviewed charge commissions when trading cryptos. The alternative to this is spreads, which represent the difference between the buy and ask price of an asset.

Spreads are sometimes favored by day traders because they are easier to manage when trading in high volumes. Libertex is a popular trading platform that is known for its low spreads and commissions, with the likes of Zcash/USD and XRP/USD costing just 1% per slide.

In fact, some digital currencies – such as Dogecoin, can be traded commission-free.

Not only is Libertex great for low fees and tight spreads – but the CFD trading platform offers heaps of markets. This includes a wide selection of crypto-to-fiat and crypto-cross pairs. All of the crypto day trading markets supported by Libertex can be traded with leverage.

Limits and eligibility will depend on your country of residence. All crypto pairs on Libertex can also be short-sold. You can trade on Libertex by meeting a minimum deposit of just $10.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

5. Pionex – An automated crypto trading platform that provides 12 different day trading bots; suitable for beginners and advanced traders

Investors can automate their trading with Pionex by using trading robots. Users have access to 12 different trading bots, which are offered free of charge. As a result, you can reduce the time spent regularly monitoring the market by investing in bots since your strategy will be automated.

Among the trading platform’s bots, the DCA bot stands out as an option meant for traders who want to execute purchase orders in fixed periods. With adjustable intervals of 10 minutes, 1 hour, 1 week, or 1 month, it makes it a versatile choice for every user.

Possibly one of the greatest advantages of Pionex is its accessibility. The robot is user-friendly and easy to navigate. Their app has the same features as its desktop counterpart. In addition, the platform’s simplicity makes it convenient for beginners or investors with little free time because it lets them quickly configure the platform and gain access to real-time market data and prices.

Moreover, you can take comfort in knowing that Pionex holds the MSB (Money Services Business) license that the Financial Crimes Enforcement Network has previously granted. As a body under the control of the US government, this organization is focused on research into online transactions to prevent frequent inconveniences such as fraud or possible money laundering.

Your capital is at risk.

6. Binance – A popular crypto exchange built on blockchain technology; advanced security and transparency; access staking and crypto interest

If there is a particular cryptocurrency that you have in mind – the chances are that you will find it at Binance. This hugely popular cryptocurrency exchange is home to billions of dollars worth of volume each and every day.

You’ll find hundreds of pairs on the platform – including plenty of small-cap coins and privacy coins like Monero, Vechain, etc. This includes a huge number of ERC-20 tokens. It’s also a good place to buy popular community coins like Safemoon. Depending on where you live, you might be able to deposit funds with your debit/credit card.

Binance offers low trading fees of 0.10% – 0.50% for crypto trading – and even less if you hold an allocation of Binance Coins (BNB). Binance is also a great option if you like to perform technical analysis – as you’ll find an abundance of advanced charting tools and order types.

Your money is at risk.

7. Robinhood – Trade cryptos on a commission-free basis; access to 24/7 crypto trading; available as a mobile app for on-the-go trading

Robinhood supports fractional cryptos trading which makes it an appealing platform for day traders. In fact, Robinhood allows you to buy Bitcoin with a minimum of just 0.00001 BTC. At current prices, this means you can invest from just $0.54. On top of Bitcoin, you can also buy Dogecoin, XRP, Litecoin, Ethereum, Bitcoin SV, Ethereum Classic, and Bitcoin Cash.

As a disclaimer, please note that fractional investing isn’t available on all supported crypto assets – so be sure to check this yourself.

Nevertheless, Robinhood accounts can be opened online or via the mobile trading app (iOS and Android). You will also have access to stock trading markets, as well as options and ETFs. In terms of payments, you’ll need to do a bank transfer via wire or ACH. There is no minimum deposit at Robinhood which again – is ideal for small investments.

Your capital is at risk.

8. Interactive Brokers – Day trade crypto futures with tight spreads and low commissions; no minimum deposit requirement

Interactive Brokers has a great reputation in the global investment and trading industry. This broker offers thousands of markets – from stocks and mutual funds to forex and IPOs.

Interactive Brokers is also a great option if you are interested in crypto derivatives. This is because the broker gives you direct access to Bitcoin futures that are listed on the CME (Electronic Globex). This means that you can go long or short on Bitcoin, as well as trade on margin.

There is no minimum deposit at Interactive Brokers – albeit, you will need to transfer funds from your bank account as debit/credit cards nor e-wallets are supported. When it comes to fees, Interactive Brokers offers two pricing structures. This includes a fixed rate and tiered rate – with the latter being more preferable for large-scale traders.

Your capital is at risk.

What is Crypto Day Trading?

Day trading is a trading strategy that involves opening and closing trades within the same day. The strategy is used by traders to profit from small price movements that happen over the course of a day.

When you day trade crypto – you are speculating on the short-term value of a digital currency like Bitcoin or Ripple. In a similar nature to forex, day traders often trade currency pairs. For example, if you wanted to trade the value of Ethereum against the US dollar – this would be displayed as ETH/USD.

In this instance, you would be trading a crypto-to-fiat pair. This is because one half of the pair is a crypto asset and the other is a fiat currency.  You then have crypto-to-crypto pairs, which will consist of two digital currencies. This might, for example,  include ETH/XRP – which means you are trading Ethereum against Ripple.

When you trade crypto pairs, you do not own the underlying asset. This means that it is possible to close orders quickly and for a lower cost than traditional crypto trading.

Irrespective of which crypto pair you are day trading – the overarching objective is to speculate on whether the exchange rate will rise or fall. If you speculate correctly, you will make a profit.

As you can see from the above, you placed a sell order on BTC/USD as you were speculating on the pair going down in value. However, if you thought eh pair would rise in value, you would have placed a buy order.

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.

What is the Best Crypto for Day Trading?

There are thousands of cryptocurrencies that can be traded online and even more in the way of pairs. However, make no mistake about it – Bitcoin is by far the best crypto for day trading. In fact, we should go one step further and say that the pair BTC/USD is the best market to concentrate on – especially if you are a day trading newbie.

This is because:

• Trading Volume: The pair BTC/USD attracts by far the most trading volume. This means that you will never struggle to find liquidity.
• Volatility: Although it is true that all crypto pairs are volatile – BTC/USD is less parabolic than other markets.
• Spreads: As BTC/USD benefits from the most volume and liquidity, you will find that spreads on this pair are typically the most competitive.

Note: At some cryptocurrency trading platforms – BTC/USD is replaced by BTC/USDT. For those unaware, USDT (Tether) is a digital coin that is pegged to the US dollar. This means that 1 USDT will always amount to 1 USD. As such, this pair plays the exact same role as BTC/USD.

With that being said, BTC/USD isn’t the only pair that is popular with crypto day traders. Other commonly traded markets include ETH/BTC, ETH/USD, and XRP/USD. Ultimately, you can trade any pair of your choosing as long as you are prepared to put the legwork in – i.e. perform technical analysis.

Popular Crypto Day Trading Strategies

Let’s be clear – if you have little to no experience of technical analysis and chart reading, you are going to find it very difficult to make consistent gains when day trading crypto.

After all, by day trading, you will be looking to enter a position and then close it a few minutes or hours later. In order to make sensible and risk-averse decisions, you will need to understand how to deploy indicators and drawing tools.

Nevertheless, below you will find a couple of crypto day trading strategies that are used by some traders.

Copy Trading

Copy Trading is one solution for those that wish to day trade crypto but have no understanding of how to perform technical analysis. This particular feature is available at regulated crypto trading platform eToro.

In its most basic form, you will be copying an experienced crypto trader like-for-like. This will be at an amount propitiate to what you decide to invest (minimum $200)

For example:

• Let’s say that you invest $2,000 into a crypto trader at eToro
• The trader risks 5% on a BTC/USD buy order – meaning they think the pair will rise
• You mirror this trade and your stake amounts to $100 (5% of $2,000 investment)
• The day trader closes the position a few hours later a profit of 4%
• On your stake of $100 – you made a profit of $4

The amount process will be repeated every time your chosen crypto day trader enters a new position. As such, you can day trade digital currencies in a passive manner.

Crypto Signals for Day Trading

One of the crypto day trading strategies that is popular with inexperienced cryptocurrency investors is signals.

Signals provide informed suggestions about potential trading opportunities. These crypto signals are sent by an experienced trader that has performed technical analysis on behalf of its members. In return, you will usually pay a monthly fee.

For example, the crypto trading signal might tell you to go short on ETH/USD. The signal will inform you at what price you should place the trade, as well as what stop-loss and take-profit orders to deploy. All in all, signals can be a great way to trade the crypto markets in a semi-passive manner – as all you need to do is place the suggested orders at your chosen platform.

Day Trading Robots

Some traders will also consider deploying a crypto day trading robot. This is usually done through MT4 or a similar charting tools via software.

The software file will have a list of pre-defined conditions built in which the robot will follow religiously. This will be in conjunction with technical indicators and other charting tools.

The main benefit of using a crypto trading robot is that you can trade passively 24 hours per day. After all, the robot doesn’t suffer from fatigue and in many cases – it can scans thousands of markets simultaneously. On the flip side, robots can be riskier than Copy Trading or signals, as you are allowing the software file to access your capital.

How to Use a Trading Platform to Day Trade Crypto

Ready to start day trading crypto online? If so, we are now going to show you how to use a crypto trading platform. For our tutorial – we have opted for regulated broker eToro – which provides copy trading and social trading features for day trading.

Step 1: Open an Account and Upload ID

Visit the eToro website and open an account. You will need to provide some personal information alongside your contact details.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Step 2: Confirm Identity

All account holders need to be verified as per KYC (Know Your Customer) rules. The process is quick and easy at eToro as you simply need to upload a copy of your government-issued ID for authentication.   

Step 3: Deposit Funds

You can now deposit funds. eToro supports debit/credit cards, e-wallets (including Paypal), and bank transfers. Deposits are free for US traders. All other nationalities will pay a small FX fee of 0.5%. This is because the eToro platform is denominated in US dollars.

Step 4: Search for a Crypto Trading Market

To view what crypto assets eToro supports – click on the ‘Trade Markets’ button, followed by ‘Crypto’. Alternatively, you can search for the cryptocurrency you wish to trade. eToro offers 25 different cryptocurrencies.

Step 5: Place a Crypto Day Trade

You will now need to set up a day trading order. First, select from a buy or sell order and enter your stake in US dollars. The minimum stake is $10 at eToro. Next, enter a stop-loss and take-profit order price. If you want to enter the trade at a specific price – opt for a limit order.

To complete your commission-free day trade at eToro – click on the ‘Set Order’ button.

Conclusion

The crypto day trading scene is now a multi-billion-dollar industry. As such, there are hundreds of online platforms, exchanges, and brokers that offer cryptocurrency trading markets.

After research several available options, we found eToro to be the best day trading platform for crypto. This is because the broker offers social trading, a simple fee structure and real-time market data which are all useful when implementing day trading strategies. The main drawback of eToro is that it does not offer advanced charting tools such as MT4. Therefore, some traders may prefer to investigate alternatives including Coinbase, Kraken and Libertex.

Before investing any money into a trading platform, use the demo account to test key features and strategies. The best platforms should provide a demo account for free.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

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