2022 was not kind to crypto enthusiasts. As the market started to plummet in late 2021, its ramifications were felt throughout the following year, causing many companies to file for bankruptcy. But that’s how things are in the crypto market – volatile and unpredictable. Despite that, crypto’s popularity shows no signs of slowing down. As of this year, there are 420 million crypto users worldwide.
And if you’re thinking of including your name in the list, you need to find a platform that works for you. Since there’s a lot of uncertainty surrounding the best crypto day trading platforms, we’re writing this blog to show you the way. So, continue reading, and by the time you finish, you’d have found a crypto exchange best suited to your specific requirements.
What to Know Before Learning About Top 10 Crypto Exchanges
First things first, let’s make sure you know what you’re getting into. Crypto-day trading – intraday trading – refers to buying and selling securities in a short frame, which happens to be a day. Generally, the crypto market’s volatility is considered a negative aspect. However, in day trading, it’s got a positive reputation, considering you can earn a profit in a matter of minutes.
Although the amount is less, the frequency is high, which makes up for a substantial profit. This quality makes day trading a lucrative opportunity, especially for beginners.
The Best Crypto Day Trading Platforms
Even if you’ve never dabbled in day crypto trading, you must’ve heard of Binance. We’re not taking sides, but Binance is arguably the best platform. And it’s pretty popular, too. There are plenty of reasons why Binance is considered the best. For starters, it has a commission rate of 0.10% per slide. Though that’s nothing out of the ordinary, when you take into account that the rate has been the same since the platform was launched in 2017, it makes Binance appealing.
Secondly, Binance offers an incredible range of trading options and order types, including:
- Peer-to-peer trading
- Margin trading
- Spot trading
- Limit order
- Stop-limit order
- Trailing stop order
- One-cancels-the-other order
- Market order
- Stop market order
- Post-only order
As for the cryptocurrencies available on Binance, they include Dash, Cosmos, Bitcoin, Ethereum, Cardano, and more.
Established in 2017, Webull is a Chinese-owned company headquartered in New York. Since then, the platform has expanded to Hong Kong and Singapore. Webull’s primary target is millennials, making it one of the best crypto trading apps. So, those interested in crypto day trading only have to push a few buttons on their smartphones to understand what’s it all about. Unlike most platforms, Webull does not receive a commission on cryptocurrencies or stocks/ETFs – another quality of this top crypto exchange by volume.
Moreover, getting started on Webull is pretty simple. In fact, making an account on the platform won’t take you more than a few minutes. After doing so, you can use it to trade the following cryptocurrencies:
• Bitcoin Cash
It may sound like Webull only suits beginners, but that’s not true. Experienced traders can also benefit from the platform.
Coinbase, like Binance, enjoys huge popularity in the US thanks to its hassle-free onboarding process. And once users make an account, they’re welcomed by a seamless interface that makes exploring the platform a breeze. Another feature that deserves a shout-out is the comprehensive collection of learning materials, from market volatility to cryptocurrencies. Even more interesting, users can access these resources and earn free crypto whenever they complete a quiz.
One significant difference between Coinbase and the other two platforms we’ve covered is that Coinbase was founded in 2012. Over the years, they’ve fine-tuned their security measures, increasing the crypto exchange’s ranking. For example, Coinbase uses two-factor authentication and stores the majority of users’ crypto offline. Since Coinbase allows simple buying and selling, it’s an excellent platform for beginners. Once you get the hang of things and are ready to move to more advanced trading features, try the company’s other platform, Coinbase Pro.
You’ll find many crypto day trading platforms that ‘trap’ users with low fees. However, once you sign up for them, the expensive withdrawal or transfer fees will balance things.
Fortunately, Bitstamp does not belong to that category; it’s one of the most affordable and biggest crypto exchanges, with the taker/maker fee schedule ranging from 0.30% to 0.00% and 0.40% to 0.03%, respectively. And those with a 30-day trading volume below $1000 don’t have to pay any trading fees.
Bitstamp was launched almost 12 years ago, yet users have never complained about security issues; the platform enjoys a stellar reputation for being secure and transparent. However, the company did lose around $5 million in a 2015 cyber-attack.
Kraken has over 9 million users globally and is available in 190 countries. Its worldwide availability, combined with a crypto-staking platform, makes Kraken one of the best exchanges for crypto day trading.
The exchange supports more than 185 cryptocurrencies, including:
And many, many more.
Although all exchanges mentioned in this blog are highly secure, Kraken is the best. We say this because it has never faced a large-scale hack since the platform was launched in 2011.
Only a handful of crypto day trading platforms attest to such robust security measures, and Kraken is one of them.
Launched in 2019, the Singapore-based platform, Pionex, has amassed an extensive list of users thanks to its affordable trading fee schedule and 16 built-in trading bots. Although the US version of the exchange, Pionex.US, only has 11 trading bots, it’s still an excellent automated solution for crypto trading. Using the bots, you can perform various functions, such as:
- Purchase dollar cost average for a one-time sell-off
- Learn strategies to buy low and sell high
- Create an index
- Rebalance your portfolio automatically
The affordable maker/taker fee of Pionex.US, ranging from 0.05% to 0%, is another feature that makes the platform a great option.
The name might suggest otherwise, but Robinhood is a great platform for trading cryptocurrencies. The exchange set a new standard in the industry by becoming one of the first to introduce $0 commission fee policies. Today, Robinhood is used by many because it allows them to trade digital assets without any costs. And one dollar is more than enough to start trading on the platform.
Speaking of, you can use Robinhood to trade the following cryptocurrencies:
eToro offers everything you need to get started with crypto day trading: low fees, user-friendliness, and a comprehensive range of trading markets – 40+ trading markets, to be precise. Apart from trading in US dollars, you can trade assets against currencies like the euro and the British pound. eToro is also one of the handful of platforms that allows crypto-cross pairs, like EOS/XLM, ETC/BTC, and BTC/XLM, to name a few.
Furthermore, if you’re on a budget, eToro has you covered. To start trading on the platform, you need only $10.
TradeStation comes with several advanced features that make it one of the best crypto day trading platforms. Some of those features include:
- Order routing
- Auto-limit prices
- Execution functionalities
- Market depth analysis tool
- Consolidated order book
- Technical analysis tool
And many more.
Available on both iOS and Android devices, TradeStation allows users to trade a myriad of crypto assets. Its various trade analysis functions and customizable interface makes it ideal, especially for demanding traders.
And if you run into a problem while using the platform, TradeStation’s 24/7 customer support will solve it in a second.
10. Interactive Brokers
Unlike other names on this crypto exchanges list, Interactive Brokers only lets you trade four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. However, that’s not a significant problem, considering the exchange has one of the lowest commissions in the market. And instead of purchasing the cryptocurrencies, you can buy their futures through Paxos. This means you can place bets on their price without owning the cryptocurrencies.
One of the biggest advantages of cryptocurrency futures is that you don’t have to create a digital wallet.
The best thing about the platforms we’ve mentioned on this list is that they’re for everyone; beginners and experienced traders. So, the only thing you have to do is select the one that suits your requirements. And if you’re struggling with choosing a platform, talk to American Made llc. We’ll utilize our wealth of knowledge to guide you in the right direction.
Frequently Asked Questions (FAQs)
Yes, crypto day trading is one of the easiest ways to make money by capitalizing on short-term price changes. However, it also has a few risks. So, you should only engage in crypto day trading if you understand the basics.
Ethereum, Ripple, Binance Coin, Tron, Dogecoin, and XLM are some of the best cryptocurrencies for day trading.
Yes, since cryptocurrency is listed as a digital asset in the US, it’s legal to day trade.
Although you can make 1% a day from day crypto trading, the probability is small, almost zero.
Binance, Webull, Coinbase, Bistamp, Kraken, Pionex, Robinhood, eToro, TradeStation, and Interactive Brokers are the best crypto exchanges, in no particular order.