{"menuItems":[{"label":"Finding the best crypto exchange for day trading","anchorName":"#finding-the-best-crypto-exchange-for-day-trading"},{"label":"The best crypto exchanges for day trading in Australia for 2024","anchorName":"#best"},{"label":"1. Kraken: Best for USD markets","anchorName":"#kraken"},{"label":"2. Binance: Best crypto exchange for advanced day trading","anchorName":"#binance"},{"label":"3. eToro: Best crypto day trading platform for copy trading","anchorName":"#etoro"},{"label":"4. Bybit: Best app for day trading crypto","anchorName":"#bybit"},{"label":"5. Coinstash: Best exchange for day trading altcoins","anchorName":"#coinstash"},{"label":"6. Coinbase: Best day trading platform for regulatory compliance","anchorName":"#coinbase"},{"label":"7. KuCoin: Highly commended","anchorName":"#kucoin"},{"label":"Compare cryptocurrency exchanges you can use in Australia by trading fees","anchorName":"#fees"},{"label":"Key factors to consider in crypto exchanges for day trading","anchorName":"#key-factors-to-consider-in-crypto-exchanges-for-day-trading"},{"label":"Risks of day trading on a crypto exchange","anchorName":"#risks-of-day-trading-on-a-crypto-exchange"},{"label":"FAQs","anchorName":"#faqs"}]}
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.
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
The best crypto exchanges for day trading in Australia for 2024
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.
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,PayID
Deposit Fees
Bank transfer, PayID or OSKO: Free Cryptocurrency: Fees vary Credit and debit card: Fees vary Apple Pay or Google Pay: Fees vary
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.
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
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.
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
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.
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
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.
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,Osko,PayID
Deposit Fees
None
Withdrawal Fees
Cryptocurrency: Fees vary AUD: None
Trading Fees
0.85%
6. Coinbase: Best day trading platform for regulatory compliance
Sign up and earn 500 USDT + bonus gift of 200 USDT in trading coupons + limited time offer of 7,500 USDT in futures trial funds. 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.
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
Compare cryptocurrency exchanges you can use in Australia by trading fees
As a day trader, spot fees are going to be one of the most important factors to consider when looking for an exchange.
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. Cryptocurrency trading volumes have increased by over 500% since September 20231, which is also helpful for 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.
To evaluate our 2023 picks for best exchanges for day trading cryptocurrency, we compared over 20 exchanges on a range of criteria, including the following:
Liquidity and trade volume. How deep are market pairs and can users except low slippage with frequent trading?
Fees. What are the spot market maker-taker fees?
Order types. Does the platform have sufficient order types for efficient day trading?
Leverage. Is the platform licensed to offer leverage?
Derivatives. Is the platform licensed to offer derivatives to Australians?
App. What features does the smartphone app offer? Are these the same as the desktop exchange, and are they suitable for day trading?
Supported assets. Does the platform offer a good breadth of coins and tokens? Are these assets relevant to day traders?
Payment methods. What account funding options are available and what are the fees?
Platform features. What tools, charts and functionalities are available on the exchange?
Security. What measures are taken by the exchange to protect its customers' assets and prevent theft or loss?
On-chain access. Can you use the platform to trade on-chain? What features, markets or dApps can you access?
Regulator registration. Is the platform registered as a Digital Currency Exchange (DCE) with the Australian Transaction Reports and Analysis Centre (AUSTRAC) or overseen by the Australian Securities and Investments Commission (ASIC)? Is it registered with relevant regulators in other countries it operates?
Customer support. How do existing users rate the exchange's customer support? Does the exchange offer various methods of contact, such as email, instant chat, phone or social media?
Binance is the best overall exchange for day trading based on Finder's analysis.
But keep in mind that the best exchange for day trading crypto depends on a variety of factors, including your experience, trading goals, and specific needs.
A good crypto exchange for day trading should have a good reputation and track record with security, a user-friendly interface, high liquidity, a wide range of cryptocurrencies to trade, and low transaction fees.
It should also provide advanced trading features such as stop loss, limit orders, and charting.
Also, consider its customer support rating on platforms like Trustpilot.
While you can use a cryptocurrency exchange located anywhere in the world, consider one based locally and registered with a government regulator like AUSTRAC.
KuCoin, Binance, CoinJar Exchange and Luno have the lowest spot market fees starting at 0.01%, based on our research at the time of writing.
However, keep in mind that other fees may apply.
You also need to consider any deposit fees or withdrawal fees. These are typically highest on exchanges that only accept AUD deposits via credit or debit card, so look for one that accepts deposits via bank transfer or PayID.
Your trading costs will also depend on trade volume, market volatility, the specific cryptocurrency being traded, and the type of trading strategy employed.
Additionally, different platforms have varying fee structures which may reduce your fees. It's crucial for traders to thoroughly research and compare the fee structures of different platforms to determine which is the most cost-effective for their specific trading needs and strategies.
Yes, it is possible to make $100 a day trading crypto.
However, it's important to note that achieving consistent profits in crypto trading requires a deep understanding of market trends, technical analysis, and a well-thought-out trading strategy.
The volatility of the cryptocurrency market can lead to significant profits, but it also comes with high risks and the risk of significant losses.
Therefore, while it's possible to make $100 or more per day, it's equally possible to lose that amount or more. It is always recommended to only invest what you can afford to lose and to thoroughly research before getting involved in crypto trading.
James Edwards was the cryptocurrency editor at Finder. He led the editorial strategy and reported on the latest industry news to further Finder's mission of helping people make better financial decisions.
A relatively early adopter, James has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in his ability to boil down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think, and he has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq and is frequently called upon for market commentary in Australia and abroad.
There’s much to gain and lose in the volatile cryptocurrency market. If you want to make the best decisions, then you need to understand how to do a technical analysis. This guide from finder will tell you everything you need to know.
Learn how crypto arb trading works and how to get started with this guide.
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