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This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Finding the best crypto exchange for day trading

To help you find the best day trading platform for crypto, I used research from Finder’s 2023 cryptocurrency trading platform awards.

I built on this by conducting fresh research that focused on features specific to day trading and expanded the list of exchanges we considered.

As a crypto trader of 6 years, I also leveraged my own experience with trading platforms to inform these picks.

Keep in mind that these picks are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in these picks.

Why you can trust our research

25

Crypto exchanges analysed

1,500

data points

300+

hours of research

1. Kraken: Best for USD markets

Kraken


★★★★★


Finder rating

222


Supported cryptos


8


Fiat currencies

With over 280 USD-denominated trading pairs, Kraken is widely regarded as one of the best exchanges for trading crypto with USD.

It is consistently ranked in the top 5 exchanges for trade volume worldwide, with daily trading volume often exceeding US$500 million even during bear markets when activity is quiet.

I like the depth of Kraken’s markets which are known for their deep liquidity. This is likely thanks to its loyal user base, which has been built up over its 10+ year history – another reason I’ve always felt comfortable trading here.

You can utilise Kraken Pro to take advantage of various order types such as stop-loss, market and limit orders with inbuilt TradingView charts.

Trading fees work on a volume system, meaning users trading in high volumes are rewarded with fee discounts, which go as low as zero for maker orders and 0.1% for taker orders.

Kraken markets interface

Pros

  • 280 USD pairs
  • Advanced order types
  • Customisable charting features
  • Wide range of fiat currencies and forex trading
  • Founded in 2011, one of the longest-running crypto exchanges
  • 24/7 customer support

Deposit Methods Bank transfer,Credit card,Cryptocurrency,Debit card,Osko,PayID,Apple Pay,Google Pay,SWIFT
Deposit Fees Bank transfer, PayID or OSKO: Free
Crypto: Fees vary
Credit and debit card: Fees vary
Apple Pay or Google Pay: Fees vary
Withdrawal Fees Bank transfer/OSKO: $0 ($5 minimum withdrawal)
SWIFT: $55 ($150 minimum withdrawal)
Cryptocurrency: Network fees apply
Trading Fees Maker: 0.16%
Taker: 0.26%

2. Binance: Best crypto exchange for advanced day trading

Binance Australia


★★★★★


Finder rating

371


Supported cryptos


70


Fiat currencies

Earn up to US$100 in rewards by completing welcome tasks within 7 days of signup. T&Cs apply.

With low spot market fees, a feature-rich trading platform and a vast selection of cryptocurrencies and trading pairs, Binance is the 2023 Finder Award winner for the Best Exchange for Advanced Trading in Australia.
Binance boasts around 50 million monthly visits and more trading volume than any competitor, making it the world’s largest exchange by far.

As far as day trading goes, there are more than 1300 trading pairs, with new assets added frequently. Mind you, some of these tokens can be short-lived and a risk to trade, which is a common risk with big exchanges like Binance. There are also trading bots with preset strategies for grid trading, rebalancing, dollar-cost averaging and TWAP.

Pro tip: If you’re interested in trading with a bot, start with Binance’s ‘Strategy Academy’ to get a grasp on how bot trading and various algorithms work.

You can customise your trading interface with multiple charts, indicators and data feeds.
Better yet, there is a desktop app available for Windows and Mac which offers greater customisation and immersion. I found it incredibly smooth – much nicer than using a regular web browser window.
You use BNB to pay for trading fees, which results in a 25% discount on spot trades.
Binance Australia markets interface

Pros

  • Low spot market fees
  • Huge range of supported cryptocurrencies
  • Comprehensive charting tools
  • Smartphone app offers advanced features
  • Highest volume of any crypto exchange
Cons

  • Ongoing regulatory issues in the US, the UK and Japan
  • Target of an on-going civil enforcement action by the US CTFC
  • Website can be overwhelming
  • Poor customer service score on Trustpilot
  • No longer accepts AUD bank transfers or withdrawals

Deposit Methods Credit card,Cryptocurrency,Debit card,Simplex,Banxa,Apple Pay,Google Pay
Deposit Fees AUD: 2.00%
Cryptocurrency: $0
Withdrawal Fees Cryptocurrency: Fees vary
Trading Fees Maker: 0.1000% – 0.0120%
Taker: 0.1000% – 0.0240%

3. eToro: Best crypto day trading platform for copy trading

eToro Crypto


★★★★★


Finder rating

80


Supported cryptos


22


Fiat currencies

Get a US$50 bonus when you buy at least US$500 in crypto. T&Cs apply.

eToro pioneered the concept of copy trading back in 2010. Since then, the platform has expanded to include various social features, with a Facebook-style newsfeed that lets you engage directly with other traders.

eToro’s copy trading feature allows you to view and mirror trades made by experienced investors. Getting started is easy – simply choose a trader you want to copy and then set your account to follow their trading set-ups.

With a minimum of US$200, you can automatically repeat trades from some of eToro’s top-performing crypto traders. There is no additional fee charged for this service.

Pro tip: Try using eToro’s demo mode which gives you $100,000 of play money to experiment with before committing any real funds to other traders.

Beyond copy trading, eToro provides a comprehensive social experience, making it just as much a social media platform as a broker. Traders can discuss strategies, speculate on prices and share important news.
eToro Crypto markets interface

Pros

  • Supports copy trading for crypto and stocks
  • Pioneers of copy trading
  • Strong community and social focus
  • Offers an insurance fund
Cons

  • Picking the right trader to copy can be difficult
  • Foreign exchange fees for AUD deposits
  • Limited range of cryptocurrencies
  • Fees and spreads can be higher than on crypto exchanges

Deposit Methods Bank transfer,Credit card,Debit card,Neteller,PayPal,Skrill,eToro Money
Deposit Fees Fees vary (conversion fees for non-USD deposits)
(US$50 minimum deposit)
Withdrawal Fees US$5 (minimum withdrawal of US$30)
Trading Fees 1% fee for buying or selling cryptoassets. Overnight and weekend fees apply

4. Bybit: Best app for day trading crypto

Bybit


★★★★★


Finder rating

335


Supported cryptos


73


Fiat currencies

Bybit is a cryptocurrency exchange founded in 2018 and headquartered in Singapore.

It’s best known for its expansive range of features, in-depth trading experience and a best-in-class mobile app for trading crypto on the go.

The Bybit app features a user-friendly interface that makes navigating and placing trades simple. It includes advanced trading tools such as real-time charts, order book depth and price alerts to help you make informed decisions and stay updated with market trends.

Bybit uses industry-standard security measures to protect user data and funds. It has 2-factor authentication (2FA) and biometric authentication (fingerprint and face recognition).

The mobile app is available for download via the Apple store and Google Play and supports multiple languages including English, Chinese, Japanese, Korean and Spanish.

Bybit markets interface

Pros

  • 100,000 trades per second
  • Advanced trading tools such as real-time charts, order book depth and price alerts
  • Markets typically have deep liquidity
  • Fully functional mobile app makes trading on the go easy
  • Advanced security measures include multi-signature wallets, cold storage and 2FA
Cons

  • Not registered with AUSTRAC
  • Not all features are available to Australian users
  • Foreign exchange fees for AUD deposits

Deposit Methods Bank transfer,Credit card,Cryptocurrency,Debit card,P2P
Deposit Fees Fees vary
Withdrawal Fees Fees vary
Trading Fees Fees vary

5. Coinstash: Best exchange for day trading altcoins

Coinstash


★★★★★


Finder rating

708


Supported cryptos

1


Fiat currency

Finder exclusive: Get up to $200 BTC when you complete certain steps on sign up. T&Cs apply.

Coinstash offers a more extensive range of cryptos than any other Australia-based exchange. With over 1,000 coins and tokens available to trade, it’s the 2023 winner of the Finder Award for Altcoin Trading.

Cryptos are available for purchase via the platform’s DeFi Connector, which allows traders to buy and sell popular high-cap cryptos and lesser-known altcoins. This gives you access to trending altcoins before they’re available on most other major exchanges. It’s like having access to a decentralised exchange (DEX) but with the benefits of a centralised exchange.

One downside though is that you can’t set limit orders for tokens that are available via DeFi Connector. Another is that fees are a bit higher than global exchanges like Binance, KuCoin or Kraken.

But both these are common problems with on-chain trading and many DEXs, so it’s by no means a critical flaw or unique to Coinstash.

Coinstash’s DeFi Connector works by using decentralised finance aggregators to source cryptos with the lowest prices and gas fees available at the time of purchase.

It’s integrated with 6 blockchains including Ethereum, BNB Chain, Avalanche and Polygon.

Once you’ve confirmed a purchase order, your Australian dollars are instantly converted and the cryptos are deposited into your Coinstash wallet.

I’ve reviewed Coinstash hands-on several times over the past year as part of Finder’s various awards programmes and been really impressed by the platform and smooth user experience.

Coinstash markets interface

Pros

  • 1,000+ cryptos available
  • DeFi Connector – purchase on-chain cryptos with AUD
  • Advanced order types and charting tools
  • Offers thematic bundles of cryptos for simplified investing
  • Secured by Fireblocks
Cons

  • Must complete KYC to trade on Coinstash, unlike true DeFi exchanges
  • No USD or stablecoin spot market
  • Some coins and tokens available on DeFi platforms may have higher risk & volatility

Deposit Methods Bank transfer,Cryptocurrency,PayID
Deposit Fees None
Withdrawal Fees Cryptocurrency: Fees vary
AUD: None
Trading Fees 0.85%

6. OKX: Best platform for on-chain day trading

OKX


★★★★★


Finder rating

335


Supported cryptos


36


Fiat currencies

Refer a friend to win a mystery box worth up to US$10,000. T&Cs apply.

The OKX wallet simplifies trading on-chain and adds features that you otherwise wouldn’t be able to access through a regular decentralised exchange (DEX).

You can trade on 50+ different blockchains through a single interface, which supports limit orders.

Limit orders are essential for day trading, and rarely found on decentralised exchanges.

There is an in-built bridge function as well, meaning you can purchase an asset on one chain using funds from another (eg, swap funds from Ethereum to Arbitrum). Certain pairs support both swaps and limit orders in the same trade.

As someone who has been a longtime MetaMask user, I’m seriously impressed by the OKX wallet and thinking of switching. The main downside though is the OKX wallet is supported by much-less DeFi platforms than Metamask, although this doesn’t affect its suitability for day trading.

Pro tip: Make sure to pair the OKX wallet with a hardware wallet like a Trezor or Ledger for enhanced security.

OKX markets interface

Pros

  • Limit orders and cross-chain swaps
  • Trade tens of thousands of tokens
  • Clean UX that simplifies on-chain trading
  • Integrated with leading DeFi protocols
Cons

  • Not all features are available to Australian users
  • On-chain trading has unique risks

Deposit Methods Bank transfer,Credit card,Cryptocurrency,Debit card,P2P
Deposit Fees Fees vary
Withdrawal Fees Fees vary
Trading Fees N/A
Advanced Trading Features Yes

7. Coinbase: Best day trading platform for regulatory compliance

Coinbase Australia


★★★★★


Finder rating

262


Supported cryptos


23


Fiat currencies

Launched in 2012, Coinbase is one of the longest-running and most reputable crypto exchanges. It has over 110 million verified users and is registered with regulators in major jurisdictions including Australia, the US, the UK, and Singapore.

In Australia, it is registered with AUSTRAC as a Digital Currency Exchange and must comply with Anti-Money Laundering laws.

In the US it is a public company listed on NASDAQ ($COIN) and subject to additional laws and regulations that many other crypto exchanges are not.

As a result, Coinbase is one of the most regulatory-compliant and transparent cryptocurrency exchanges in the world, and a good choice for anyone concerned about the integrity of the platform they’re using to trade.

As for day trading, Coinbase has over 220 coins and tokens listed, including most major trading pairs. It is frequently in the top 3 exchanges by global trade volume and boasts 30 million monthly visits, according to data from CoinGecko.

Coinbase Advanced is the platforms home for serious traders and offers maker and taker fees starting at 0.4% and 0.6% respectively.
Coinbase also has 24/7 customer support and a robust security system, protecting users’ funds and personal information.
Coinbase Australia markets interface

Pros

  • Highly regulated crypto platform
  • Advanced trading platform available
  • Hundreds of markets and several trading pairs
  • Includes trade, earn and NFT platforms
Cons

  • Smaller range of coins than many competitors
  • Advanced trading features are not as comprehensive as some competitor exchanges

Deposit Methods Bank transfer,Credit card,Cryptocurrency,Debit card,PayID
Deposit Fees AUD: Free using bank transfer or PayID
Cryptocurrency: Free
Withdrawal Fees AUD: Free
Cryptocurrency: Fees vary
Trading Fees Maker fee: 0.40%
Taker fee: 0.60%

8. KuCoin: Highly commended

KuCoin


★★★★★


Finder rating

744


Supported cryptos


50


Fiat currencies

Sign up and get up to US$10 in rewards. Make trades to get up to US$500 in rewards. T&Cs apply.

While KuCoin isn’t my best pick for any one feature, I wanted to include it because it’s such a feature-rich, all round exchange that deserves a mention.

It’s frequently in the top 5 exchanges for trading volume globally, with 29 million users.

It has an enormous amount of trading pairs, charting tools, diverse markets, trading bots and APIs that make it ideal for serious day traders.

Beyond day trading there are earning features, integration with web3 and access to NFTs.

One downside is that it doesn’t support AUD deposits, so you will only be able to deposit and trade crypto. It also lacks registration with AUSTRAC, so beware that it’s not regulated in Australia.
KuCoin markets interface

Pros

  • Provides access to 700+ crypto assets
  • Full-featured crypto platform
  • Offers altcoin staking
  • Relatively low trading fees
Cons

  • Not registered with AUSTRAC as a digital currency exchange
  • Numerous poor customer service reviews
  • Emerging assets can be higher-risk investments

Deposit Methods Bank transfer,Credit card,Cryptocurrency,Debit card,Neteller,POLi,PayID,Skrill,P2P,TransferWise,Apple Pay,Google Pay,Prepaid card,Revolut
Deposit Fees Cryptocurrency: $0
Credit/debit card purchase fees vary
Withdrawal Fees Cryptocurrency: Fees vary
Trading Fees Maker: 0.1% to -0.005%
Taker: 0.1% to 0.025%
Advanced Trading Features Yes

Compare cryptocurrency exchanges you can use in Australia

As a day trader, spot fees are going to be important to you.

The following table compares the standard maker-taker fees before any discounts are applied (such as those for high-volume trading).

This table includes the exchanges we reviewed above, plus some others that didn’t make our list.

Maker Taker
Kraken 0.16% 0.26%
Binance 0.10% 0.10%
eToro 1.00% 1.00%
Coinstash 0.85% 0.85%
ByBit 0.10% 0.10%
OKX 0.08% 0.10%
Coinbase 0.60% 0.80%
KuCoin 0.10% 0.10%

Key factors to consider in crypto exchanges for day trading

  • Low fees: As day trading involves making a large number of trades, it’s important that the exchange has low maker and taker fees.
  • Strong liquidity and volume: An exchange with strong liquidity ensures your orders will be executed with minimal slippage, which is essential for efficient day trading.
  • Order types and automation: A good day trading platform will have automation tools such as a variety of order types, in-built trading bots or the ability to connect to external software using an API.
  • Available cryptocurrencies: Whether the number of assets available is important will really come down to you and your individual strategy. Some people only want to trade major coins like BTC and ETH, while others like to focus on small-cap tokens with a lot of volatility.
  • Leverage and margin: Trading with leverage may be essential to certain trading day trading strategies. However, none of the major crypto exchanges based in Australia are able to offer margin to Australian users due to legal restrictions. So you may have to adjust your strategy accordingly if you want to trade on an exchange registered in Australia with AUSTRAC as a Digital Currency Exchange.
  • Charting tools. Most day traders are going to want an exchange that has in-built charting tools similar to TradingView, a view of the order book and depth as well as up-to-the-second buy and sell history.
  • Security and reputation: A good reputation with a solid track record for security is essential, as you will need to be able to trust leaving your funds on exchange for extended periods of time.
  • Regulation: You should strongly consider using an exchange that is registered with a regulator like AUSTRAC and subject to local laws and regulations.

Risks of day trading on a crypto exchange

  • Lack of consumer protection. While crypto exchanges are increasingly regulated in Australia and may be registered with AUSTRAC, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
  • Regulatory uncertainty: Crypto exchanges operate under the risk of regulatory intervention or restrictions on their operations. Such developments could affect trading conditions, liquidity, and even the availability of the platform itself, should it be fined by a local government.
  • Overwhelming for beginners: While some exchanges offer advanced trading tools, complex order types, and a plethora of charting options, these can be overwhelming for beginners or less tech-savvy traders. You should spend time learning before you start trading and consider using a demo mode before risking real funds.
  • Liquidity risk: There may not be enough buyers or sellers at a given time to execute your trade. This can prevent you from selling your coins when you want, or force you to sell them at a discounted price, both of which can negatively impact your profitability.
  • Access to leverage. Leverage is important for many day traders, however, it is not suitable for beginners. Consider using a demo account and spending time studying day trading before committing real funds.
  • Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
  • Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
  • Not your keys. “Not your keys, not your crypto” is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than in a non-custodial wallet, you’re relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.

FAQs