Best Crypto Exchanges for Daytrading (Top 5 Platforms)

If you have been curious about investing or trading cryptocurrencies at some point in time, the chances are high that you have come across the term day trading within the crypto space. Crypto day trading is essentially a short-term trading strategy, which is specifically based on the process of purchasing and selling cryptocurrency assets within the span of the same day (intraday).

Top 5 Best Crypto Exchanges for Day traders

Before you decide on which cryptocurrency exchange fills your specific needs best, remember to go over the tokens on offer, the utility of the native cryptocurrency token the exchange has, and most importantly, the fees within the exchange as you will constantly be placing buy and sell orders. 

#1 Binance

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Binance is a cryptocurrency exchange known for its wide range of cryptocurrency tokens, which features over 500 tokens, which enables day traders to gain access to as many cryptocurrency tokens as possible when creating their investment strategies. The exchange was originally founded in 2017, and since then, it has grown to be one of the biggest exchanges on the market. Binance charges a set fee of 0.1%, and those who use the Binance Coin (BNB) can get a discount of 25%, which makes it an exceptional exchange for day trading.

#2 DXOne

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DXOne is a cryptocurrency exchange that has plenty of charting tools tailored towards day traders. In fact, it was launched in 2020 and saw a solid level of growth throughout its time on the market. Specifically, while the exchange has a 0.40% taker fee and a 0.40% maker fee, which by itself is on the low side, cryptocurrency day traders can utilize its native cryptocurrency token, the DX1U token, to their advantage. This is due to the fact that the holders of this token can gain access to a 50% discount on the fees mentioned prior, which makes it an excellent option for day trading.

#3 Coinbase Pro

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Coinbase is a cryptocurrency exchange that offers over 100 cryptocurrency assets that can be traded by users. It was originally launched in 2012 and is owned by Coinbase Global. That said, it offers Coinbase Pro, which is a separate option specifically tailored towards traders that offers reduced fees and more options, such as real-time charting tools with moving averages as well as exponential moving averages. Additionally, it also allows traders to view their history, order books, and price charts. Coinbase Pro has a taker fee of 0.50% and a maker fee of 0.50%.

#4 Kraken

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Kraken is a cryptocurrency exchange that has been on the market since 2011, and while its cryptocurrency selection is limited when compared to other exchanges on this list, offering only around 100, it does offer competitive fees, as well as a huge number of deposit methods. Specifically, maker fees start at 0.16% on standard trading pairs and 0.20% on stablecoin and FX pairs. Taker fees, on the other hand, start at 0.26% for standard trading pairs and 0.20% for stablecoin and FX pairs. This makes it a solid option for day traders. 

#5 Bittrex

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Bittrex is a cryptocurrency exchange founded in 2014 with the specific goal of letting users buy, sell and trade different types of cryptocurrencies. It offers over 250 coins that traders can pick from. In terms of the fee structure, it starts at a maker fee of 0.35% and a taker fee of 0.35%, which can be a solid option for day traders.

What is the best exchange for Day trading Crypto?

The best cryptocurrency exchange that you can pick out of all of the options listed here is the DXOne exchange due to the fact that it has exceptional charting tools, a clean user interface, and a 50% reduction in terms of the fees when the DX1U token is utilized. 

How much money can you make Day trading Crypto?

Day trading is a high-risk venture which is made possible only due to the high level of volatility as well as liquidity within the cryptocurrency markets. In cryptocurrency day trading, each trader requires a much higher level of knowledge within each cryptocurrency token and their corresponding blockchain technology in order to find a consistent level of success through the usage of this strategy. The money earned on a daily basis depends on the cryptocurrencies traded, as well as the volatility and swing of the tokens traded.

Summary

Day trading can be an excellent option when it comes to investing in cryptocurrencies due to the fact that you are always analyzing the market, following the latest developments within each cryptocurrency project, and can gain short-term profits, which leads to a high level of excitement. However, it is a risky and highly volatile strategy that you need to be aware of prior to jumping in it.