Top 6 Best Crypto Exchanges for Day Trading in 2023

The crypto market is growing more competitive and diverse than ever. From Bitcoin to altcoins, traders can capitalize on price fluctuations, leverage trading strategies, and harness the power of digital currencies. However, the success of your day trading journey depends heavily on your choice of exchange.

This comprehensive guide aims to assist you in finding the best app for day trading crypto. We’ll delve into the standout platforms that have consistently delivered excellence in features, fees, and leverage options. 

By the end of this article, you’ll thoroughly understand the best crypto exchanges for day trading in 2023. Dissect each exchange’s features, pros, and cons, and get the insights you need to make the most of your trading adventures.

What is Crypto Day Trading?

Crypto day trading involves buying and selling cryptocurrencies within a single trading day. Day traders open and close positions within the same day to profit from short-term price fluctuations and take advantage of intraday market movements.

The 6 Best Crypto Exchanges for Day Trading

6. ZenGo: Best for Cutting-Edge Security Features

In the ever-evolving cryptocurrency world, ZenGo emerges as a standout player, delivering a combination of security, user-friendliness, and innovative features that cater to novice and experienced cryptocurrency enthusiasts.

Features

Let’s look at what makes ZenGo an exceptional choice for day traders.

• ZenGo places a relentless focus on security without compromising ease of use. 
• It uses the keyless technology feature to protect crypto assets. Keyless technology guarantees access to your assets whenever needed. This is vital for executing timely trades, especially during a security breach.
• ZenGo also uses face-scanning technology. This additional layer of authentication reinforces the protection of your account, ensuring that only you can access your cryptocurrency holdings.
• There are over 75 cryptocurrencies for day traders to explore on ZenGo.
• Transactions on this exchange attract a maker-taker fee of 0.1%, and additional network fees apply.
• ZenGo supports a variety of crypto deposit methods. It allows users to deposit through bank transfers, credit and debit cards, Apple Pay, Google Pay, SEPA (E.U.), and SWIFT.
• The deposit and withdrawal limits vary depending on the deposit method. For bank transfers, the deposit and withdrawal limits are:
  • Standard users: €10,000 per day.
  • Premium users: €50,000 per day.
  • VIP users: €100,000 per day.
• For credit cards, the deposit and withdrawal limits are:
  • Standard users: €500 per day.
  • Premium users: €1,000 per day.
  • VIP users: €2,000 per day.

Pros

• ZenGo employs innovative keyless technology, ensuring the utmost security for users’ crypto assets.
• There’s an extra layer of security with face-scanning technology, ensuring that only authorized individuals can access their accounts.
• Users can earn up to 8% APY on their crypto savings, allowing their holdings to generate passive income.

Cons

• ZenGo primarily supports cryptocurrency transfers as the deposit method. Users looking for traditional fiat currency deposit options may need to use other platforms to convert their fiat to crypto before transferring to ZenGo.
• As a centralized exchange, Zengo retains custody of users’ funds and executes trades on their behalf.

5. Phemex: Best for Intuitive Use Design

When it comes to crypto day trading, Phemex is a premier exchange. It stands out for many features, including spot trading, margin trading with up to 100x leverage, perpetual contracts, copy trading, and Phemex Earn, where traders can earn interest on cryptocurrencies.

Features

Phemex equips crypto day traders with a suite of powerful trading features. Here are other features that make Phemex a go-to choice for traders engaging in altcoin day trading.

• The trading site has an intuitive user design: Its user-friendly interface allows traders to seamlessly switch between markets or trading pairs, even during an active trading session.

• Speed is of the essence in day trading, and Phemex excels in this department by offering lightning-fast trade execution. Such rapid execution is particularly advantageous for traders using scalping strategies on altcoins, where price fluctuations are frequent and fast.
• Phemex offers advanced charting capabilities, real-time market data, and a wide array of complex order types. This allows traders to implement their strategies effectively.
• Traders can find at least 140 coins. Its supported token list covers most of the popular coins and stablecoins, including:
  • Bitcoin
  • Ethereum
  • Avalanche
  • Cardano
  • USDC
  • USDT
  • DAI
  • BUSD
  • Theta Fuel (TFUEL), the native token of the Theta Network, a decentralized video streaming platform.
• Phemex’s trading fees for makers and takers stand at 0.01% and 0.06%. However, Phemex releases fee revisions every eight hours.
• There are no deposit fees on Phemex. Conveniently, the platforms also supports multiple deposit methods, including:
  • Over-the-Counter (OTC)
  • bank transfers
  • Payments through debit or credit cards. 

Alternatively, users can buy cryptocurrencies using third-party payment providers—Phemex partners with renowned third-party services such as Advcash, Simplex, and Coinify.

For this exchange, deposit and withdrawal limits vary based on the digital asset, the type of trade involved, and the account level. For spot trading, the withdrawal limits are:

• Standard and Premium Trial users: 2 BTC per day.
• Premium users: 10 BTC per day.
• VIP users: No limit

On the other hand, contract trading withdrawal limits are:

• Standard and Premium Trial users: 0.2 BTC per day.
• Premium users: 1 BTC per day.
• VIP users: No limit.

Pros

• The Phemex exchange is renowned for its simple, intuitive, and highly effective user interface.
• Phemex boasts an ultra-fast trading engine, facilitating quick and efficient order execution with minimal price slippage.
• This exchange has advanced charting features, giving day traders quick and reliable ways to predict the market.
• The platform offers margin trading. This allows day traders with small capital to get more resources and potentially enhance their profits.

Cons

• Phemex is a centralized crypto exchange. This means it retains custody of users’ funds and executes trades on their behalf. While this offers convenience, it introduces counterparty risk. Traders must trust Phemex’s security protocols and fair trade execution.

Related: Top 15 Best Cryptos to Day Trade in 2023 [Fully Explained] 

4. Crypto.com: Best for Buying Newly Listed Coins

Crypto.com is a global crypto powerhouse. It’s the best exchange for day traders with a keen eye for undiscovered altcoins and a platform where investors can craft a truly diversified crypto portfolio.

Features

Innovation and unique trading features make Crypto.com one of the best crypto day trading platforms. Let’s analyze what this platform offers its users.

• The exchange has impressive options and futures contracts. These are essential for day traders looking to execute sophisticated strategies and effectively manage risk in the crypto market.
• With leverage of up to 10x, Crypto.com provides traders with a powerful tool to amplify their positions about a particular cryptocurrency’s performance. 
• Crypto.com frequently offers users early access to newly listed coins at discounts of up to 50%. This feature caters to traders seeking opportunities in promising projects from their inception.
• Clients on Crypto.Com gain access to an extensive selection of over 250 diverse cryptocurrencies. Furthermore, traders and investors can stake in certain assets
• A trading fee of 0.4% per trade for users who do not have CRO tokens in their portfolio. If a trader’s monthly trading volume exceeds $25,000, the fee reduces significantly to as low as 0.1% for takers. However, traders must maintain a minimum balance of 5,000 CRO within their Crypto.com wallets to get this benefit.
• Crypto.com facilitates cost-effective trading with free deposits from all supported cryptocurrencies. The supported deposit methods include:
  • Bank transfer (ACH)
  • Wire transfer
  • SEPA transfer (E.U.)
  • Faster Payments (U.K.)
  • PayNow (Singapore)
  • NPP (Australia)
  • Instant deposit via ACH (U.S.)
• There are minimum deposit amounts on Crypto.com, but the amount depends on the method you choose. For instance, ACH within the United States has a deposit limit of at least $20, but for wire transfers, the minimum is $5,000.
• Minimum withdrawal amounts for cryptocurrencies are coin-dependent and vary based on your choice of cryptocurrency for transfer. For instance, a minimum of 0.0005 BTC is required to initiate a BTC withdrawal, while for Ethereum, the minimum withdrawal amount is set at 0.016 ETH.

Pros

• The exchange provides unique features such as options, futures contracts, and daily interest earnings through staking.
• Crypto.com offers leverage of up to 10x, allowing traders to amplify their positions and potentially enhance their profits when they have high confidence in a specific cryptocurrency’s performance.
• Frequent opportunities to purchase newly-listed coins at discounts of up to 50% can be advantageous for traders looking for early investment opportunities.

Cons

• Some of Crypto.com’s advanced features, such as options and futures trading, may be challenging for beginners to grasp. Novice users should approach these features cautiously and consider gaining experience with more straightforward trading first.

3. Pionex: Best for Trading Bots

Pionex is a cryptocurrency exchange that has garnered attention in the day trading space due to its competitive features and capabilities. As a day trading platform, Pionex offers traders a dynamic environment for rapid cryptocurrency trading activities.

Features

Let’s analyze this exchange’s day trading features and offerings.

• With access to 12 different trading bots offered free of charge, Pionex allows traders to reduce the time spent on constant market monitoring. 
• Among the suite of trading bots Pionex offers, the DCA (Dollar-Cost Averaging) bot is the most versatile. This bot allows users to customize their purchase intervals, with options ranging from 10 minutes to 1 month, making it a suitable tool for day trading.

• Additionally, Pionex provides users with an added layer of confidence through its regulatory compliance. The exchange holds the MSB (Money Services Business) license granted by the Financial Crimes Enforcement Network. 
• Pionex offers a diverse selection of more than 379 cryptocurrencies, featuring well-known options such as:
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Terra (LUNA)
  • Avalanche (AVAX)
  • Solana (SOL)
  • Cardano (ADA)
  • XRP (XRP)
  • USDT
  • BUSD
  • USDC
• A flat fee of 0.05% for makers and takers applies on all spot market transactions. Additionally, Pionex charges a 0.1% fee for leveraged trading activities. However, there’s an opportunity for fee discounts for VIP users, depending on their trading volume. 
• You can deposit fiat currencies into your Pionex account using a credit card through the Pionex Lite app. These deposits do not attract any charges on the platform, but network fees are attached to them based on the blockchain you are using.  The fees are typically around 0.0005 BTC for Bitcoin and 0.01 USDT for Tether.
• The withdrawal limits on Pionex vary depending on an account’s level and the trader’s location. Here are the withdrawal limits for different Know Your Customer levels.
  • 20,000 USDT: KYC Level 1
  • 1,000,000 USDT: KYC Level 2
  • 10,000,000 USDT: KYC Level 3

Pros

• Pionex offers users access to diverse trading bots, enabling them to choose the bot that aligns with their trading strategy.
• The platform strongly emphasizes security and regulatory compliance, with the MSB license from the U.S. government adding an extra layer of trust.
• Pionex’s user-friendly interface and accessible mobile app make it an excellent choice for novice traders.

Cons

• Pionex does not support deposits in fiat currencies, which may require users to convert their fiat into cryptocurrencies on another platform before trading on Pionex.

2. Coinbase: Long-Standing Trading Reputation

Coinbase is a top-tier choice for day traders seeking a reliable and feature-rich platform. 

Its reputation and popularity stem from many factors that collectively enhance the overall trading experience. Let’s discuss these factors.

Features

Coinbase is undoubtedly one of the most prominent and trusted names in the cryptocurrency industry. Here are some of the platform’s key features.

• Coinbase prioritizes safety. As a regulated exchange, it adheres to stringent compliance standards, cold storage, and various safeguards to protect assets and user data.
• A long-standing presence in the industry and its reputation for reliability contribute to Coinbase’s appeal.
• The fee structure on Coinbase is more costly compared to platforms like Binance. For maker orders, the fees are typically around 0.4%. For taker orders, the fees are about 0.6%. 
• Coinbase offers a diverse range of deposit and withdrawal methods including:
  • Bank transfers
  • Credit and debit cards
  • PayPal
  • Apple Pay
  • Google Pay

Pros

• Coinbase’s high liquidity ensures efficient order execution.
• The platform offers an intuitive interface suitable for traders of all experience levels.
• Regulatory compliance and robust security measures instill confidence in users.

Cons

• Withdrawal fees, especially for bank transfers and credit cards, can be relatively high, ranging from 1% to 3.5%.
• Customer support response times may be slower during peak periods.

Relates: Coinbase Pro Review: Is This the Right Exchange for You? 

1. Binance: Overall Best Crypto Day Trading Platform

Binance, one of the most prominent names in the cryptocurrency world, has solidified its reputation as the best day trading platform thanks to a combination of key factors. 

With the exchange’s commitment to innovation, accessibility, and security, Binance has consistently delivered an exceptional trading experience for novice and experienced day traders. 

Features

Below is a breakdown of the features that make Binance the most popular crypto day trading exchange.

• Binance’s liquidity is a significant advantage for day traders. High liquidity means plenty of buyers and sellers are in the market at any given time. For day traders, this translates to swift and efficient order execution. Higher liquidity often also translates to lower trading costs and relatively higher profit margins, which day traders aim for.

• Binance distinguishes itself by offering advanced charting tools and order types, catering to traders who rely on technical analysis. The platform’s customizable indicators and rich features empower traders to perform in-depth analyses and execute their strategies precisely.
• Another of Binance’s standout features is its extensive cryptocurrency selection. This exchange hosts at least 600 cryptocurrencies. However, platforms like Binance.US may offer a slightly more limited offering, typically around 57 coins. 
• Binance users can deposit funds on the exchange free of charge. However, a 3.5% charge may apply when using debit or credit cards.
• Although credit and debit card deposit fees are high, Binance more than compensates for them with a relatively low trading fee. Typically, Binance’s trading fees range from 0.10% (makers’ fee) to 0.01% (takers’ fee). 
• There are also impressive discounts for traders with a 30-day transaction volume of more than $1 million. Additionally, users who hold an allocation of Binance Coins (BNB) can enjoy even lower trading fees, adding to the platform’s cost-effectiveness.
  • Binance traders can use various deposit methods, such as
  • bank transfer (ACH)
  • wire transfer
  • credit and debit card
• The deposit limits for fiat currencies vary depending on the payment method and the trader’s location. For example, the maximum daily deposit limit for bank transfers is $7.5 million in the U.S. and $5,000 in most other countries.
• For withdrawals, limits vary depending on the user’s account level and location. For example, the maximum daily withdrawal limit for a Basic account is 2 BTC, and the maximum daily withdrawal limit for a VIP 3 account is 100 BTC.

Pros

• Binance offers a comprehensive charting platform with customizable indicators, ideal for traders who rely on technical analysis.
• With hundreds of supported pairs, including small-cap and privacy coins, Binance provides ample options for traders to diversify their portfolios.
• Binance accommodates fiat currency deposits, enhancing accessibility for users around the world.
• Binance has a strong reputation for security, assuring users that their funds are well-protected.

Cons

• Binance primarily relies on a ticket system for customer support, which may not provide the immediacy some users prefer.
• Users should be aware of fees of up to 3.5% associated with debit/credit card deposits.

How Much Money Do I Need to Start Crypto Day Trading?

The amount of money you need to start crypto day trading can vary. It depends on factors such as the trading platform’s minimum deposit requirements, your risk tolerance, and the size of trades you want to execute. A good rule of thumb is to start with a small amount of money, such as $100 or $200. This will allow you to learn the ropes and develop your trading skills without risking too much money.

What to Look for in a Day Trading Exchange:

When choosing a cryptocurrency exchange for day trading, consider the following factors:

• Liquidity: A liquid market makes it easier to enter and exit trades at desired prices.
• Security: Ensure the exchange has robust security measures to protect your funds.
• Fees: Pay attention to trading fees, withdrawal fees, and any other charges associated with the platform.
• User Interface: A user-friendly interface can enhance your trading experience, especially for quick decision-making.
• Available Cryptocurrencies: Choose an exchange that offers a variety of cryptocurrencies for trading.

What Time of the Day is Most Ideal for Crypto Day Trading?

The best time for crypto day trading is mostly during overlapping sessions of major financial markets, including:

• US: 9:30 AM to 4:00 PM Eastern Time (ET)
• Europe: 8:00 AM to 5:00 PM Central European Time (CET)
• Asia: 1:00 PM to 10:00 PM Japan Standard Time (JST)

These periods have increased trading activity and liquidity in the crypto market, providing a favorable environment for potentially profitable trades.

How Much Can a Day Trader Make?

Earnings for day traders can vary significantly. Successful day traders may generate substantial profits, while others may incur losses. The amount a day trader can make depends on factors like their skill level, risk management, market conditions, and the amount of capital they have invested.

Conclusion

Choosing the right cryptocurrency exchange is paramount for successful day trading, and in 2023, several platforms will stand out for their unique features and offerings. ZenGo is ideal for security-conscious traders. 

Phemex is excellent for its intuitive interface, lightning-fast execution, and advanced charting tools. Crypto.Com offers exclusive opportunities to purchase newly-listed coins at up to 50% discounts. 

Pionex stands out for its array of trading bots, including the versatile DCA bot. Coinbase has impressive security and high liquidity, while Binance boasts high liquidity and advanced trading tools.

Ultimately, the best crypto exchange for day trading in 2023 depends on your specific trading preferences, risk tolerance, and desired features. Each of these exchanges has its strengths, and by carefully considering your needs, you can make an informed choice to optimize your crypto day trading journey.

FAQs

Is Coinbase good for day trading?

Coinbase is a solid day trading platform thanks to its exceptional liquidity, strong asset security measures, and strict regulatory compliance. 

While it’s true that Coinbase does have relatively higher trading fees compared to some other exchanges, the benefits it offers make it a worthwhile choice for many day traders. 

The platform’s high liquidity ensures that traders can swiftly execute their orders, while its robust security practices, including cold storage for user funds, provide peace of mind. Additionally, Coinbase’s adherence to regulatory standards adds an extra layer of trust and reliability for traders.

Which is the best place to day trade crypto?

If you’re looking for a place to day trade crypto, there are many options on the market. ZenGo caters to security-conscious traders, providing cutting-edge security features. Phemex excels with its intuitive user interface, lightning-fast execution, and advanced charting tools.

Crypto.com offers exclusive opportunities to buy newly-listed coins at up to 50% discounts. Pionex stands out with its diverse trading bots, including the versatile DCA bot. 

Coinbase impresses with its remarkable security measures and high liquidity. Meanwhile, Binance boasts exceptional liquidity and advanced trading tools.

Can you day trade on Coinbase?

Yes, you can day trade on Coinbase. The platform provides exceptional liquidity, strong security measures, regulatory compliance, a user-friendly interface, and a mobile app, allowing you to trade on the go.

What options do I have on where to day trade crypto?

The best places to day trade crypto are:. 

1. Binance 
2. Coinbase
3. Pionex 
4. Crypto.com
5. Phemex