11 Best Crypto Exchanges and Apps of September 2023

PayPal allows users to purchase and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Fees include an estimated 0.5% spread (this may vary depending on market conditions) and a tiered transaction fee that amounts to $2.49 for $200 in Bitcoin. TradeStation Crypto charges 0.3% or lower on crypto trades, and unlike many other brokerages enables users to transfer crypto to a personal wallet. The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Because you’re looking to close your trades within one trading session, you should stick to lower time frames. If you’ve chosen the right crypto, you should still have enough volatility and volume on smaller time frames to make a profit. Depending on how frequently you deposit and withdraw funds, financing fees can accumulate and eat into your day trading capital, so ensure that you are comfortable with them and you plan your cash movements.

What To Look For In A Day Trading Crypto Exchange?

It allows for the customization of the chart layouts and provides access to technical trading indicators. As a day trader, you should be ready to engage with many different digital assets, as that’s the optimal way to make a profit. Cryptocurrencies like Bitcoin, Ethereum, Binance Coin, Fantom, and many others can all be great for cryptocurrency trading. The table below compares the best options for day trading in the cryptocurrency market based on the number of supported assets and fees.

Users can buy or sell crypto in real-time with the aim of securing a profit. A sound understanding of market patterns and a robust day trading strategy are necessary to make the practice profitable. With day trading, you don’t have to wait for a bull run to take advantage of markets.

Binance and Coinbase offer a broad selection but fees can set you back.

However, it also attracts traders with a higher risk appetite, and the growing popularity of crypto day trading is a perfect example. The long straddle is a popular option in crypto trading because of the crypto market’s volatility. A crypto day trader using this strategy is betting on the change of a crypto asset’s price. The day trader earns regardless if the price rises or falls in the long straddle. Some crypto exchanges support advanced trading features like margin accounts and futures trading, although these are less commonly available to U.S.-based users. Others have features like crypto staking or crypto loans that allow you to earn interest on your crypto holdings.

• Therefore, when determining the amount you want to invest, it’s important to consider your own personal financial situation.
• If there is an exodus of Bitcoin miners out of a specific country, for example, the price could tank due to miners dumping coins.
• If you’re a trader who chases crypto volatility, you’ll find that this is a more efficient way to trade.
• It only takes a phone number, email address, and password to create an account.
• Liquidity is affected by factors such as trading volume, usability, and regulation.

Since the positions are smaller with scalping, traders can evaluate the gains or losses at the end of a day instead of long-term investing. Because of the volatility of the markets, traders can reliably earn small profits over time that can amount to considerable gains in the long run. Recognized as the trading strategy with the fastest turnaround, scalpers leverage large amounts of liquidity to seize on small price movements. Range trading capitalizes on sideways – markets (or non-trending markets) by pinpointing stable high and low prices, represented on charts as resistance and support levels. Day traders using range trading techniques identify a period of time to buy a crypto asset when it is oversold (at a low price) and sell when it is overbought (at a higher price) to make profits. A lack of liquidity can be disastrous to the entire crypto market, causing slippage and increasing the risk of a flash crash.

The best crypto exchanges enable you to trade coins and tokens easily while keeping your assets safe and your fees low.

This Singapore-based crypto exchange provides trading services in more than 150 countries. The platform is headquartered in Seychelles, with a growing number of users in Asia, Europe, the Middle East and Africa. While U.S. users can access and use the trading platform, KuCoin is not licensed in the U.S. The platform is packed to the brim with scores of features, like its unique Gemini Earn program for earning interest on crypto holdings and the Gemini Credit Card. Another major plus is Gemini is available in all 50 states, and the company says it has a strong commitment to meeting all U.S. regulatory compliance requirements. While there’s a lot of controversy surrounding day trading due to it oftentimes being talked about as a “get rich quick” practice, it’s not illegal by any stretch of the imagination.

• These crypto CFD derivatives are available to most eToro clients – unless you are from the US, UK, or Hong Kong.
• We chose Cash App as our top pick among Bitcoin-only exchanges as it allows you to seamlessly and securely buy, sell, and store Bitcoin from your smartphone.
• When it comes to trading, you can either take the DIY approach, or you can utilize one of eToro’s two hands-off options.
• Takers, meanwhile, remove liquidity from an exchange by completing orders that are waiting for a trade.

Like many other crypto exchanges, it is mandatory for a user to finish their KYC process before using the platform. If you need to practice your day trading strategies before putting actual money on the line, eToro’s Day smart Trading simulator comes with $100,000 in a virtual trading account. The low trading fees and lack of mandatory KYC also makes it easier for traders who are looking to stay incognito while still being able to earn money.

Load Crypto Charts

While BitMEX’s market share has declined significantly in recent years, it’s still a powerful exchange for advanced traders. 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.

• You will have access a good selection of crypto-asset CFDs – all of which are traded against the US dollar.
• Exchange service commissions range from 0.095% to 0.25%, which is quite competitive in the market.
• With its headquarters in Singapore, BitYard provides simple, quick, and secure bitcoin asset trading services to more than 150 nations.
• Crypto fees aren’t advertised on Cash App and will vary from trade to trade.

The fee structure typically varies depending on the user’s trading volume and can be further reduced if users hold the platform’s native token. If you’re looking for a fast and scalable crypto for day trading, Solana is a terrific option. This coin can handle up to 50,000 transactions per second, which is incredibly fast compared to other blockchains. Additionally, as Solana’s transaction fees are very low, you won’t have to worry about losing money on fees. Volatility means that the asset’s price is constantly changing, and there are a lot of profit opportunities.

Crypto Exchange Fees

If you want to find the exchange with the lowest fees overall, you’ll want to research trading fees, transaction fees and any additional fees for every individual exchange. Then, do your own calculations to determine which exchange actually has the lowest fees. If you’re an advanced crypto trader, you may want to make sure your preferred exchange offers the trading types—like limit orders, which can prevent slippage by setting a hard price—and margin you want. Remember trade types involving the latter are still evolving in the U.S., so different exchanges’ offerings may vary over time. For each ranking, the sum of weighted values across all or some of these key factors was calculated to award each brokerage or exchange its overall rank.

• You can also participate in crypto staking and grow your holding over time.
• That said, if you don’t want to use your exchange’s built-in wallet (if applicable), you’ll need to set up an external crypto wallet to store your assets securely.
• The exchange offers both spot and derivatives trading, and features advanced order types.

Finally, Delta.Exchange provides top-tier security measures to protect user funds. Although you do not need KYC to deposit fiat or crypto to the exchange, you will want to have it done before making any withdrawals from there. The exchange, though, has had bad experiences with being hacked twice in the past and according to them, the recovery was successfully completed, and the bugs that allowed it to happen have been patched up. When you keep less than $50,000 in volume and a TRX balance of less than $49, you pay 0.2%/0.2% for regular trading and 0.145%/0.155% for TRX trading. If you are worried about whether the platform is reliable even after the fact that they are a publicly traded company, they hold an e-money license from the FCA (Financial Conduct Authority) in the UK. This feature does not come with any additional fees other than the 1% flat fee mentioned above that is charged for entering a trade, and a further 1% when you exit the position.

Is day trading illegal?

BYDFi is the clear winner and best crypto exchange for day trading in our comprehensive review. Given the volatile nature of the market, lower time frame crypto traders can capitalize on small price movements to make potential profits. Combined with leverage markets, it is quite possible to make significant gains (and losses) as a crypto day trader. Therefore, it is essential for day traders to find the right platform with the desired crypto pairs, markets, low fees, and liquidity to maximize trading opportunities.

• BYDFi is ranked number one in our best crypto day trading exchange list and gets a 4.9/5 rating thanks to a multitude of advantages for individuals involved in day trading cryptocurrencies.
• The exchange also says that all online funds in its custodial wallets are generated by the company itself to fund user withdrawals, meaning customer crypto assets are safe offline.
• We never had any problem at all when entering in the trading pair USDT/BTC which is the most liquid trading-pair on the exchange.
• In summary, Delta.Exchange is a comprehensive platform for day traders who wish to delve into futures markets.
• Users can take advantage of the expert platform, immediate order execution, affordable costs, and helpful 24/7 assistance.

To use this strategy, a trader must have accounts on different day trading platforms that have significant differences. In the crypto market, the disparity in prices across different platforms is not uncommon since they are unregulated. Like scalping, arbitrage tends to bring in small gains, therefore, requiring traders to make large orders for significant profits.

NerdWallet’s Best Crypto Exchanges and Apps of September 2023

There’s no one “best crypto day trading platform” — just one that works for you. We recommend looking for centralized exchanges with high liquidity and trading volume, a user-friendly interface, and low trading fees. Crypto exchanges are typically less regulated than their traditional counterparts. Recent market and industry developments are less of a factor in crypto day trading strategies than in long-term investment. That’s because day traders make a profit off price fluctuations, not necessarily bullish or bearish trends. MEXC is equally as competitive as Binance, ByBit, and KuCoin when it comes to day trading fees.

• Coinbase was founded in 2012 to enable people to seamlessly buy, sell, and store Bitcoin.
• Its Cryptopedia section provides deep knowledge about cryptocurrencies and the technology behind them.
• It’s also one of the few exchanges operating in all 50 US states — and the only exchange on this list that does.
• While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process.

The downside is that, unlike a crypto wallet, exchange users do not normally directly own the coins and tokens they hold on exchanges – if the company collapses, they risk losing their investments. Ultimately, the best market to day trade crypto depends on the trader’s strategy, preference, and the specific market conditions at a given time. Cryptocurrency markets operate globally and are open 24/7, providing day trading opportunities regardless of geographical location.

The Best Crypto Exchange for Day Trading 2023

The term “intraday trading” is often used interchangeably with day trading, as it describes the process of initiating and concluding trades within a single day. 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. Although Forex.com is best known for its currency trading department of more than 80+ pairs – this popular broker is also home to cryptocurrencies.

• If you’re looking for a wider range of crypto-specific trading tools and account features, a cryptocurrency exchange may be the best option.
• Since price fluctuations take place by the second, HFT traders have the power to take advantage of any movements and act within seconds.
• If you’re new to cryptocurrency, or if you just need to convert fiat currency into crypto, you’ll likely be using a centralized exchange.
• A big crypto asset like this is also more likely to be listed on various crypto day trading platforms, which allows traders to use advanced trading strategies like arbitrage.
• Crypto trading bots can streamline the process of looking at price movements, exchange fees, and opportunities to make short-term profits on trades.
• You can use Futures contracts to take advantage of crypto asset volatility by longing or shorting coins, or you could use the Grid Trading bot to automate your trades.

When you trade bitcoin, Cash App uses the mid-price and adds a spread fee. Founded in 2017, BitMart is a global cryptocurrency exchange that’s available in over 180 countries. It allows users to buy, sell, and store over 1,500 – digital currencies and tokens. Gemini’s main platform and active trader platform use different fee structures. The primary platform charges fixed amounts for smaller trades and a very high 1.49% on trades above $200.