Best Crypto Exchange for Day Trading

Best Crypto Exchange for Day Trading

Robert McDougall 

January 23, 2023

Cryptocurrency

Welcome to our guide on the best crypto exchanges for day trading. As active traders ourselves, we know the importance of finding a reliable and efficient platform to make quick trades on. 

In this article, we'll share our top picks and personal experiences of the best crypto trading platforms. These are all perfectly suited for day trading, and not so much for beginners looking to buy and hold crypto. Let’s get started.

Top Crypto Exchanges for Day Trading in 2023

  1. Bybit - Best crypto exchange for day trading 
  2. MEXC - Best crypto exchange for day trading in the USA
  3. KuCoin - Best for day trading with free bots
  4. Margex - Best exchange for margin trading
  5. Binance - Day trading exchange with largest daily trade volume

#1. Bybit - Best crypto exchange for day trading

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Bybit is one of the more interesting platforms we looked at when compiling this list. In keeping with the decentralized nature of crypto, Bybit allows users to trade without submitting KYC documents, so you can remain anonymous. This is not only a fantastic option for folks looking to maintain absolute privacy when trading, but it also makes the signup process as straightforward as possible. On our first sign-up, all we had to do was provide our email address, enter a password, and then enter the six-digit pin we received via email. Seconds after that, we were able to make deposits and begin trading. 

Bybit is the best site for day trading because of its reliability: it has 99.99% system functionality, deep liquidity, and rapid trade speed of 100,000 trades per second. This means that you can focus on making the correct trading decisions during the day, and not worry about if the site can handle all the traffic. Bybit has over 10 million customers, so you know they are doing things correctly.

If you are a new trader, you may be confused by all that is on offer. However, if you are looking to day trade, you likely have some experience in crypto trading, so this will not be an issue. Bybit has many markets available such as spot trading, margin trading, and derivatives trading, with more than 280+ coins on offer.

The fees are low at only 0.1% for spot trading, and 0.01/0.06% (maker/taker) for derivatives trading. If you are a large volume frequent trader, you can reduce your fees further based on trading volume over the last 30 days. You may also be interested in Bybit's VIP Program where you can attend VIP events and campaigns, as well as claim up to $30,000 in bonuses if you meet the deposit and trading requirements on Bybit Rewards Hub. Register here to access this offer plus $5 FREE Bitcoin.

Pros and Cons

Pros
  • Receive up to $30,000 bonus + $5 FREE BTC when you sign up with our link
  • Very low trading fees at 0.1% spot and 0.01/0.06% deriviatives
  • Allows anonymous trading with no KYC
  • Over 280+ cryptocurrencies to trade
  • 99.99% system functionality and 100,000 trades per second
Cons
  • No fiat withdrawals supported
  • Not available in the US

Why it’s on our list

The reason why we put Bybit on our list of best crypto exchanges for day trading is its combination of trading reliability and ease of sign-up. 

For instance, super low fees and a minimum deposit of just 1 USD allows expert traders to assess the platform before they make a proper commitment. This also helps new traders test out crypto day trading before they get serious about it as well. 

Plus, Bybit also allows you to open short and long trades with different leverages, on the same contract, at the same time.

#2. MEXC Global - Best day trading exchange in the USA

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MEXC Global is #2 on our list, and the best crypto day trading exchange for US citizens, since Bybit is not available in the US. MEXC has plenty of reasons that make it an excellent exchange for day trading. 

First, there are more than 1,520+ cryptocurrencies available to trade, which is an astounding number, more than any other exchange we have tested. There are also more than 2,110+ trading pairs, which can be traded in various ways, for example spot trading, margin trading, and futures trading. 

We found the fees to be very reasonable, particularly if you like to trade as a market maker. There are 0% fees for makers whether spot trading or futures trading! If you are a market taker, spot trading fees are 0.2% and futures trading fees are 0.06%. You can also take advantage of 10% off fees, plus $30 FREE USDT if you sign up with this link.

Another strong point about MEXC is that it has the highest liquidity of top crypto exchanges. It has more than twice the liquidity compared to Bitget, the nearest competitor, and around 10x the liquidity of crypto giants such as Bybit, Binance, Huobi, and OKX. This means that your large orders are more likely to be filled, which is extremely important when you are day trading, and making profits on small fluctuations in price.

If you are learning how to trade crypto, we suggest you look at our free crypto trading course for beginners. It is a 9 lesson course where you can quickly learn how to trade by conducting technical analysis and looking for chart patterns. There are many screenshots of our MEXC trading account, so you can easily follow along if you sign up to MEXC. You will become a pro crypto trader in no time!

Pros & Cons

Pros
  • Over 1,520+ cryptocurrencies available
  • Very low trading fees at 0.0/0.2% spot and 0.0/0.06% futures
  • Available in most countries, including the USA
  • Extremely high liquidity
  • Supports most deposit methods like credit/debit card, bank transfer, cryptocurrency
Cons
  • Fiat withdrawals are not supported

Why it’s on our list 

The reason we put MEXC Global on our list is because of how thorough it is. If you’re looking for a no-hassle crypto day trading platform with low fees, a huge range of coins, and plenty of trading features, MEXC is a solid consideration. 

With high liquidity, you will find your orders executing quickly, and with so many coins available, you will always find a market that you can profit from while day trading.

#3. KuCoin - Best for day trading with free bots

KuCoin is an all-rounder crypto platform that’s a solid choice for day traders, and here’s why. For starters, the site is reliable and intuitive. We did not experience any issues while signing up, depositing, trading, or withdrawing. The trading UI is a lot more beginner-friendly than the other options on our list, because it is very well organized, yet still packs in all the features you expect from a day trading exchange.

KuCoin offers over 700 cryptocurrencies for trading, which is a wide range compared to many crypto exchanges. There are also various markets, such as spot trading, margin trading and derivatives trading. Fees are only 0.02/0.06% for futures trading, and 0.1% for spot trading, which can be reduced by 20% if you pay fees using KCS (KuCoin's native token). 

One thing that makes KuCoin popular with its millions of users is the free trading bots included on the platform. If you are interested in day trading, you will know how important it is to be constantly watching the graphs. However, there are going to be times when you are busy, or simply asleep, and you won't be able to keep your eye on price charts. That's where KuCoin's bots come in to play. You can set parameters for the bots to trade whenever certain criteria are met, so that you won't miss out on any profitable trades. It is an excellent additional tool that a day trader can utilize to maximize profits.

Pros & Cons

Pros
  • Over 700+ cryptocurrencies available to trade
  • Low trading fees at 0.1% spot and 0.02/0.06% futures
  • Available in 200+ countries, including the USA
  • Free crypto trading bots included so you can automate your trading
  • Easy to use interface
Cons
  • Customer service is not the best

Why it’s on our list

The reason KuCoin secured a spot on our list of best crypto exchanges for day trading is an amalgamation of several different factors. 

The most obvious of these include intuitive feature-rich trading UI, 700+ cryptocurrencies, and low trading fees. In addition, you have access to free trading bots, as well as the option to earn interest on your crypto when you stake or lend crypto on the platform.

#4. Margex - Best for margin trading

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Margex is one of the most trustworthy day trading crypto exchanges. With a Trustpilot score of 4.5/5 stars, we wanted to investigate why it was rated so highly. From our research, we discovered that Margex holds 100% of assets in offline cold storage, which is higher than other exchanges that typically only store 95-97% offline. Additionally, Margex has real-time monitoring and alerts in place, as well as an access segregation system to prevent fraud by employees. Finally, Margex has an intelligent system for detecting suspicious trading activity and preventing price manipulation, which is not found on other day trading exchanges.

Before we go any further, note that this exchange specializes in margin trading, which offers a high-risk and high-reward style of day trading. There is a spot trading feature in development, but at the time of writing margin trading is the only trading option available. We do not recommend margin trading for any new traders, as it is very risky and you can easily lose your entire investment amount. With that out of the way, how was our experience with the platform? 

We found that Margex has high leverage on their crypto trading pairs (up to 100x) and the fees are low — 0.019% for Makers and 0.060% for Takers — perfect for day trading. The one major downside of Margex is the limited cryptocurrencies on offer, with only 13 available. While some day traders will want to diversify and trade more markets, for others, they won't mind trading only the most popular and liquid coins.

If you wish to use Margex, sign up using our exclusive link, to claim $100 bonus, + 15% of your first deposit amount as a bonus. 

Pros & Cons

Pros
  • Margin trade with up to 100x leverage
  • Low trading fees at 0.019/0.060% (maker/taker)
  • Responsive and friendly customer support
  • No ID or KYC required to use the exchange
Cons
  • Limited number of 13 cryptocurrencies to trade
  • Only margin trading available - no spot trading

Why it’s on our list

Margex is on our list primarily because of the security it offers day traders, and the 100x leverage for margin trading. The systems they have in place to protect day traders (such as preventing price manipulation) is unlike any other day trading exchange, and gives users peace of mind. Margin trading is not for everyone, but for experienced traders who make calculated decisions, you can quickly multiply your profits.

Other than that, the overall convenience and straightforward reliability of Margex are other reasons we placed it in our list. We especially liked the trading UI with its easy-to-use layout and wealth of customization options.

#5. Binance - Day trading exchange with largest daily trading volume

Binance is a household name in the world of crypto day trading and for good reason. It is the largest crypto exchange in terms of trading volume, with over $38 billion traded per day. 

It offers a wide range of 600 cryptocurrencies to trade, with low fees of 0.1%, which can be reduced by 25% if you pay fees using BNB (Binance's own coin). Besides spot trading, you can access margin trading, as well as derivatives, so you are bound to find a market that you can profit from while day trading. 

What we found most intriguing about Binance is that it puts active effort into helping new traders get up to speed. Instead of having just one trading UI that will either be too basic for expert traders or too complex for newcomers, Binance offers two separate interfaces that cater to different needs. The default, standard interface includes everything that seasoned traders need to make successful trades, such as charting tools, indicators, and more. On the other hand, you can easily switch to the 'Lite' version which cuts down on what is available so as not to confuse new traders.

One thing to keep in mind with Binance is that the customer support is non-existent, and while we didn’t personally experience any issues during our testing, we are well aware of the increasing number of unresolved issues faced by hundreds of users each day. This is reflected in Binance’s low 2-star rating on Trustpilot. If you are confident in your abilities, and do not anticipate requiring customer support assistance, then this may not bother you too much.

Pros & Cons 

Pros
  • Separate trading interfaces for professionals and novices
  • Low trading fees of 0.1%, which can be reduced by 25% if you pay using BNB
  • More than 600+ coins available
  • Largest crypto exchange based on daily trading volume
Cons
  • Customer support is poor on Binance
  • Global site is not available in the US; there is a sister site Binance.US which has limited features and coins

Why it’s on our list

We put Binance on this list because of its size, high security, and low fees. Sure, its large size doesn't automatically make it a good choice, but from our experience with the platform, it is an excellent exchange. From both before and during this review, we have had a positive experience with no setbacks. 

The beginner-friendly 'Lite' trading interface is another excellent reason to place Binance on this list. While there are plenty of good crypto day trading platforms for experienced traders, there is not much that caters specifically for newcomers. Binance is one of the few that puts extra effort into making crypto trading accessible for as many people as possible.

Conclusion

Bybit, MEXC Global, KuCoin, Margex, and Binance are all excellent crypto exchanges for day trading, and you can decide which one is right one for you by looking at their individual strong points. 

For example, if you’re interested in trading altcoins that not many people have access to, MEXC Global’s 1,520+ assets are a good choice for you. On the other hand, if you prioritize safe margin trading, Margex’s high reliability is what you need to succeed. 

Whatever platform you choose, we recommend doing proper research on how to day trade before investing your hard-earned money. You may also find our FREE crypto trading course helpful. Happy trading!

Frequently Asked Questions

Is crypto day trading safe?

Just like any form of crypto trading, there is a certain risk involved in the process. However, you can minimze that risk with experience and knowledge to gain more profits.

What's the difference between long-term crypto investment and day trading?

Long-term investment involves buying cryptocurrency and hoping its price goes up in the future while day trading is all about utilizing market volatility to make short-term profits.

How do you decide which cryptocurrency to day trade?

When deciding which cryptocurrency to trade, you should consider factors like liquidity and trade volume. Also, look for certain chart patterns and candlestick patterns to identify potential trades. You can learn all about this in our free crypto trading course for beginners.


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