8 Best Crypto Exchanges For Day Trading in 2024 [Low Fees] | CoinCodex (2024)

The immense volatility of the cryptocurrency market is viewed as a negative by many. However, it also attracts traders with a higher risk appetite, and the growing popularity of crypto day trading is a perfect example.

In this article, we will show you the 7 best crypto exchanges for day trading, focusing on the most important aspects such as low fees, liquidity and features for advanced traders.

What to look for in a crypto exchange for day trading?

Day trading is an approach to trading that involves making frequent trades and holding positions for a short period of time in an attempt to profit from quick fluctuations in price. Very often, day traders use technical analysis to inform their trading decisions. Day trading is often done in the stock and forex markets, although it’s also quite popular among cryptocurrency traders.

If you want to start crypto day trading but aren’t sure which exchange to use, here are the most important factors to consider:

• Low fees: Since day trading involves making a large number of trades, it’s crucial that the exchange you’re using has low trading fees.
• Strong liquidity: If you’re trading on an exchange with strong liquidity, your orders will be executed quickly and with minimal slippage. This is extremely important for day trading, where efficiency is a top priority.
• Automation: A good crypto exchange for day trading will provide automation tools such as a good variety of order types and the ability to use trading bots.
• Available cryptocurrencies: A good crypto day trading exchange will list a large number of cryptocurrencies, which will make it easier for you to take advantage of any opportunity that arises in the crypto market.
• Derivatives and available leverage: Futures contracts and leveraged trading can unlock new trading strategies that are more difficult to execute in spot markets.

The best crypto exchanges for day trading

Without further ado, let’s get started with our list of the best crypto exchanges for day trading in 2024.

• Binance — The best crypto exchange for day traders
• Bybit — A fully-featured crypto trading platform
• Bitfinex — A crypto exchange catering to advanced traders
• OKX — One of the best exchanges for crypto day traders
• KuCoin — An exchange for altcoin traders
• BitMEX — A pioneer in the crypto derivatives market
• GMX — The best decentralized exchange for day traders
• Crypto.com – Fully-featured crypto trading platform with low fees

Please note that this comparison only includes base maker and taker fees for spot trading without considering any potential discounts or promotions.

1. Binance -The best crypto exchange for day traders

Binance is the top choice for cryptocurrency day traders thanks to its extremely strong liquidity, a large number of listed cryptocurrencies, as well as an extensive selection of cryptocurrency derivatives (futures and options).

Binance offers very competitive spot trading fees — the base fee for both makers and takers is set at 0.1%. You can get a 25% of discount on fees if you choose to pay them with the BNB token, and you can also decrease your fees further if you generate a lot of trading volume. In certain trading pairs, Binance charges zero fees for makers, although this is a promotional fee schedule that might not apply anymore by the time you read this article.

Binance lists well over 350 cryptocurrencies, which means that you should be able to trade practically any relevant cryptocurrency when the right opportunity arises in the market. In terms of derivatives, Binance provides stablecoin-settled and crypto-settled futures, as well as options. Traders on Binance Futures can access large amounts of leverage, up to 125x in some cases.

Trade crypto on Binance

2. Bybit -A fully-featured crypto trading platform

Bybit is a popular cryptocurrency exchange that’s a solid option for crypto day traders. While Bybit started as a futures trading platform, it has expanded its offering since and now has practically all of the features one would expect from a top-tier cryptocurrency exchange.

Bybit’s base spot trading fees are the same as what’s charged by Binance — 0.1% for both makers and takers. Fiat-denominated trading pairs have a higher fee rate, with a 0.2% fee for takers and a 0.15% for makers. Like with most other exchanges, traders with higher volume enjoy lower fees on Bybit as well.

The exchange lists a very large selection of cryptocurrencies, with more than 310 coins available for trading. In terms of derivatives, Bybit lists stablecoin and crypto-settled futures, as well as USDC-settled options.

One aspect of Bybit that’s worth highlighting is the exchange’s copy trading feature, which allows users to automatically copy the moves made by more experienced traders. Bybit also features a demo trading mode, which you can use to test your day trading strategies risk-free.

Trade crypto on Bybit

3. Bitfinex -A crypto exchange catering to advanced traders

Bitfinex is a cryptocurrency that was founded in 2012 and is one of the most popular choices among advanced traders. The exchange offers both spot and derivatives trading, and features advanced order types. On Bitfinex, traders can easily create multiple limit orders at once across a specified price range, which can really simplify the process of day trading.

Bitfinex trading fees start at 0.1% for makers and 0.2% for takers, but decrease substantially for traders with high volume. Holders of the exchange’s LEO token receive further discounts on trading fees.

Traders on Bitfinex can customize the interface to fit their specific needs. This is a great option to have for day trading, where efficiency and eliminating distractions is highly important. Highly advanced traders on Bitfinex can also benefit from Bitfinex Honey, a solution that allows traders to create and execute algorithmic orders.

Overall, Bitfinex has one of the most impressive offerings in the crypto industry for traders who require advanced features and customizability. However, less demanding traders likely won’t get as much value out of the exchange’s unique features.

Trade crypto on Bitfinex

4. OKX - One of the best exchanges for crypto day traders

OKX is another good option for crypto day traders, and it can serve as an alternative to Binance because these two exchanges are quite similar in what they offer. Just like Binance, OKX lists a wide variety of cryptocurrencies, with more than 330 different coins available at the moment.

On OKX, you can trade spot markets, perpetual swaps, futures and options. This suite of trading products will suffice for most crypto day traders, although the exchange also offers some additional products such as copy trading and simplified crypto options.

The fees on OKX are very competitive. Maker fees start at 0.08%, while taker fees start at 0.1%. Trading fees can be reduced even further based on the user’s trading volume and OKB token holdings.

An interesting feature of OKX that’s worth highlighting is the exchange’s trading bot marketplace, which allows users to “follow” traded bots created by others. The creator of the trading bot is compensated with a portion of the profits generated by the bot. Of course, users can also publish their own trading bots to the marketplace.

Trade crypto on OKX

5. KuCoin -An exchange for altcoin traders

KuCoin is a cryptocurrency exchange that’s best known for its extensive range of listed cryptocurrencies. It boasts a selection of over 650 different crypto assets available for trading, which makes it an ideal choice for day traders who want to trade low market cap altcoins.

In terms of trading options, KuCoin offers spot markets, margintrading, futures and leveraged tokens. The exchange’s trading API can be used to deploy automated trading strategies, with the exchange even offering exclusive perks for API users.

KuCoin has a similar fee structure to Binance. Maker and taker fees both start at 0.1%, and are reduced based on the user’s trading volume and KCS token holdings. However, you have to keep in mind that KuCoin divides the coins listed on its platform into 3 classes (A, B and C).

Coins marked as Class A have the lowest trading fees, while the fees are higher for trading Class B and Class C coins. Generally speaking, Class A coins are established projects with a significant market cap, while Class B and Class C coins are usually low market cap projects.

Trade crypto on KuCoin

6. BitMEX -A pioneer in the crypto derivatives market

BitMEX is a cryptocurrency exchange that was a pioneer in the cryptocurrency derivatives space, and dominated the crypto futures sector with its Bitcoin perpetual futures contracts. While BitMEX’s market share has declined significantly in recent years, it’s still a powerful exchange for advanced traders.

Notably, BitMEX now also offers spot trading, but the exchange’s biggest strength is still its crypto derivatives platform where you can access perpetual swaps and futures contracts. BitMEX offers futures contracts margined in BTC, USDT and ETH.

BitMEX has recently released their BMEX token, which functions similarly to other exchange tokens. BMEX stakers can receive discounts on both taker and maker fees, and large stakers can even be eligible for rebates on maker fees.

Trade crypto on BitMEX

7. GMX - The best decentralized exchange for day traders

Let’s be frank — decentralized exchanges currently aren’t efficient enough to suit the needs of very serious day traders. However, advances in blockchain scalability are happening constantly, and decentralized exchanges are slowly becoming more and more competitive with their centralized counterparts.

One of the most interesting DEXes for crypto day traders is GMX, a decentralized crypto derivatives exchange that offers up to 50x leverage. The exchange can be accessed on both the Arbitrum and Avalanche blockchain platforms, which offer relatively low transaction fees.

The best thing about GMX is that you get to trade from your own wallet and stay in control of your cryptocurrency at all times — there’s no need to trust a third-party to custody coins on your behalf. However, the big downside of GMX is that the protocol can only be used to trade a very limited selection of cryptocurrencies.

Trade crypto on GMX

8. Crypto.com – Fully-featured crypto trading platform with low fees

Crypto.com is a major player in the cryptocurrency industry that provides a diverse range of services including a trading platform, an NFT marketplace, derivatives trading, and a feature for earning passive income on crypto known as Crypto.com Earn.

The exchange has a highly competitive fee structure, with spot trading fees starting at just 0.075% for both maker and taker orders. Users can reduce their trading fees further by generating substantial trading volume or locking up CRO tokens.

Beyond its low fees, Crypto.com is also a good exchange for day trading because it offers margin trading and derivatives trading in addition to spot trading. This unlocks functionality required by advanced traders, such as the ability to short crypto assets and access leverage. The exchange also has a customizable trading interface, as users can change between different interface layouts and choose which widgets they want to display.

Trade crypto on Crypto.com

The bottom line

Hopefully, our breakdown of the best crypto exchanges for day trading has helped you find a trading platform that will allow you to thrive as a day trader. The cryptocurrency industry has evolved significantly in recent years, and it isn’t too difficult to find exchanges with the low fees and advanced features required by day traders.

If you want to learn about which cryptocurrencies are the most suitable for day trading, make sure to check out our article exploring the best crypto to day trade.

FAQs

What is the cheapest platform for day trading crypto?

The cheapest platform for day trading crypto is OKX, based on its basic spot trading fee tier. On OKX,Maker fees start at 0.08%, while taker fees start at 0.1%.

Which is the best exchange for day trading crypto?

The best exchange for day trading crypto overall is Binance. It has the strongest liquidity, low fees, as well as a large selection of listed cryptocurrencies.

Is crypto day trading profitable?

Crypto day trading can be profitable. However, the markets are extremely competitive andmost day traders lose money over the long term.

Can I use Coinbase for day trading?

Coinbase can be used for day trading, but it's not the best exchange for day traders due to its high fees.

Is Binance good for day trading?

Yes, Binance is arguably the best crypto exchange for day trading.