7 Best Crypto Exchanges For Day Trading

What Is The Best Crypto Exchange For Day Trading?

Since day traders make several trades within the day, both opening and closing their positions in a short period of time, profits from a single trade are usually very small. This means that profitability depends on having no trading fees and low spreads.

This rules out some of the best crypto exchanges in Canada like CoinSmart and Bitbuy, as well as other less attractive options like Shakepay and Newton. Other choices like Wealthsimple Crypto are also ruled out based not just on high trading costs, but also on slow and ineffective customer support. After taking this into account, here are the best exchanges for day trading crypto in Canada.

1. Zengo – Best Overall For Day Trading

Good All-Around

Account Opening: Free Security: Best in class Customer Support: Excellent Top-notch security + average fees.

★★★★ Rated 4.4/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

• Supports 75+ crypto assets
• 24/7 customer support
• Extremely well-rated mobile app (4.7/5 on the App Store) 
• Face scanning technology for even greater security
• Up to 8% APY in crypto savings 
• Cancel or speed up your sent transactions with one tap
• Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

• Account Opening: Free

Best For

Crypto investors looking for the most secure trading experience + low fees.

2. Revolut – 3 months of Revolut Premium

3 Months Premium

Trading Fees: 0% Security: 95% cold storage Signup bonus: 3 months Premium Low fees, strong platform.

★★★★ Rated 4.4/5

Revolut is another great crypto platform for Americans. If you've already opened a ZenGo account but still want a backup exchange for buying and selling crypto (a wise choice), Revolut is the perfect choice.

Revolut offers commission-free crypto trading on your first $200,000 each month, which means if you trade less than that in a month, you won’t pay any fees. It has a lightning-fast interface within an easy-to-use app that’s used by more than 20 million people around the world.

Revolut supports all the major cryptocurrencies (Bitcoin, Ethereum, etc.) as well as more than 30 fiat currencies, so whether you’re in the US, Europe or anywhere else, it’s easy to exchange your crypto back into the currency you need. Your coins are stored offline for maximum security, and you can set up automatic buy and sell orders for when your favorite coin hits your target price.

As a financial super app, Revolut offers fee-free cash withdrawals across the United States, and enables users to get paid up to two days early* when their salary arrives via direct deposit. You can make 10 zero fee international money transfers each month, while transfers within the US are always free.

New Revolut users can open an account in minutes and start trading crypto immediately. All of the features mentioned here are included in Revolut’s $0 Standard plan, though you can also upgrade to Revolut Premium for overseas medical insurance and airport lounge access ($9.99/month) or Revolut Metal for additional perks such as flight/baggage delay insurance and a unique metal card ($16.99/month).

Features

• Commission-free crypto trading up to $200k per month (1.5% – 2.5% fee above $200k/month)
• Fee-free cash withdrawals at more than 50,000 ATMs across the United States
• Receive your salary up to two days early* when being paid via direct deposit
• 10 zero-fee international money transfers per month
• Unlimited nationwide USD money transfers
• Unlimited virtual cards for maximum online privacy and security

Signup Bonus

3 months of Revolut Premium (worth $30) when you open your account using the link below.

Best For

Investors looking for low fees from a top-rated platform

*Early Salary is subject to timing and eligibility of payer's submission. Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings. Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, (Member FDIC). All crypto fees and features are for customers based in the USA only. Revolut’s cryptocurrency services in the US are provided directly by Paxos Trust Company. As a reminder, please note that cryptocurrencies are not FDIC or SIPC Insured and that investments in cryptocurrencies may lose value. Metropolitan Commercial Bank does not hold, trade or sell cryptocurrency and does not provide FDIC Insurance for cryptocurrency funds. Non-fiat funds (i.e. cryptocurrency) are converted to US Dollars before being spent on the Mastercard.

3. Capital

Zero Fees

Trading fees: 0% Supports: 100+ coins Customer support: Excellent Trusted by millions.

★★★★★ Rated 4.9/5

Capital allows users to trade crypto alongside stocks, commodities, forex, market indices, ETFs and more—all without any trading fees. It supports 100+ cryptocurrencies, and users can trade with 2x leverage on crypto (up to 500x leverage on other assets).

Capital charges a tight spread ranging from 0.1% – 0.3% (depending on the asset), making the overall cost of using the platform (0% trading commissions + 0.1% – 0.3% spreads) very low. It has a fully functional desktop platform, a well-rated mobile app (4.7/5 on Android and iOS), and an excellent demo account where you can practice trading with real assets in real time.

Capital is licensed by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, which means it’s a safe, secure platform. Every user receives a dedicated account manager they can reach by email or phone anytime, which is part of the reason Capital’s customer support team receives such positive reviews.

Deposits and withdrawals are always free with Capital, and you’ll never pay trading commissions regardless of whether you place spot orders or limit orders. Capital is ISO 27001 certified for meeting robust information security standards, making it an extremely safe platform to trade with.

The biggest drawback of Capital is that it can take several days to have your account verified since their verifications team is overwhelmed with signups right now. If you sign up using my referral link, though, you can skip the waitlist and start trading immediately.

I’ve personally used Capital for more than 4 years, and based on my experiences and those of millions of other users, I can’t recommend it highly enough. 

Features

• Zero trading commissions
• Tight spreads (0.1% – 0.3%) 
• Supports 100+ cryptocurrencies
• Allows up to 500x leverage (2x leverage on crypto)
• Fully functional demo account for paper trading
• Free deposits and withdrawals via debit/credit cards, bank transfer, POLi, PayPal, Apple Pay, etc.
• Dedicated account manager you can reach at any time
• Excellent desktop trading platform
• Well-rated mobile app (4.7/5 on both Apple and Google)
• Licensed by the Australian Securities and Investments Commission (ASIC)
• ISO 27001-certified for meeting extremely high information security standards

Cost

• Trading fees: 0%
• Spreads: 0.1% – 0.3%
• Deposits & Withdrawals: Free

Signup Bonus

Skip the waitlist and have your account approved immediately by using my referral link below.

Best For

Investors looking for the best overall crypto trading experience with no trading commissions.

4. Binance

Binance is an international cryptocurrency exchange that currently serves as the world's largest crypto trading platform by volume of daily trading. It began operations in 2017 and is now headquartered in the Cayman Islands.

Binance was founded in Hong Kong but later moved its headquarters overseas due to increased government intervention in cryptocurrencies. It has several notable characteristics, including powerful charting tools and access to the Binance Earn feature, as well as a Binance Visa Card.

Features

• Supports 300+ cryptocurrencies
• Supports 50+ fiat currencies
• Binance Earn feature
• Binance Visa Card
• Advanced charting tools
• Earn lower fees by using the exchange's native currency (Binance Coin)

Cost

• Crypto deposit fees: Free
• Fiat deposit fees: From 0% to 3.5%
• Crypto withdrawal fees: From 0% to 2,5%
• Taker fees: From 0.04 to 0.1%
• Maker fees: From 0.02 to 0.1%
• Futures trading maker fees: 0.02%
• Futures trading taker fees: 0.04%
• Instant buy/sell trade fees: 0.5%
• Debit/credit card purchases: 4.5%

Best For

Investors interested in investing in relatively unknown altcoins.

5. Kraken

Kraken is a cryptocurrency exchange and bank originally founded in 2011. It's located in the United States (specifically San Francisco), and it enables you to trade fiat currencies like USD for cryptocurrencies and vice-versa. It also allows you to trade one type of cryptocurrency for another.

The exchange provides price data for digital assets to the Bloomberg Terminal, and you can create an account through the exchange anywhere in the world except for Cuba, Iran, and North Korea, making it one of the more global exchanges today.

Features

• Supports 100+ cryptocurrencies
• Simple and intuitive user interface
• Kraken Crypto Watch feature that allows you to keep track of the crypto market
• A plethora of information and educational resources on crypto for its users
• 24/7 customer support through a variety of methods

Cost

• Trading fees: Between 0% and 0.26% per trade
• Crypto credit card purchases: 3.75% + €0.25
• ACH crypto purchases: 1.5%

Best For

Cryptocurrency investors looking for an exchange with a wide array of supported altcoins and stablecoins.

6. Coinbase

Coinbase is an American cryptocurrency exchange that was originally founded in 2012. It’s based in San Francisco and it’s one of the oldest cryptocurrency exchanges in the world. It’s also the second-largest crypto exchange in the world, the first being Binance.

It was designed to be one of the easiest places to buy, sell, and trade cryptocurrency, and it serves retail investors, businesses, and institutions alike. Originally, it only supported Bitcoin, but it now supports a wider array of digital assets.

Features

• Supports 100+ cryptocurrencies
• Coinbase Pro, the premium service of the platform
• Coinbase Earn, a bundle of learning resources and tools ideal for beginners
• Coinbase Wallet app that allows you to store your cryptocurrencies safely
• 98% cold storage policy to keep your funds secure
• Insurance for hacked funds

Cost

• Bank account fee: 1.49%
• Debit or credit card fee: 3.99%
• Coinbase USD Wallet fee: 1.49%
• Credit transaction fee: 2%
• ACH transfer fee: Free
• Bid-ask spread: 0.5% (Can vary)

Best For

Crypto investors looking for learning resources on crypto and a wide array of supported cryptocurrencies.

7. Crypto.com

Crypto.com is a major global player as far as exchanges go. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com also offers some unique features that few other cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Features

• Supports 100+ cryptocurrencies
• Allows up to 10x leverage
• Trade crypto derivatives (futures and options contracts)
• Earn daily interest by staking your coins
• Purchase newly-listed coins at up to 50% off
• Reasonable trading fees (0.4% per trade)
• Free deposits from all cryptocurrencies

Cost

• Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

In Summary

The best overall crypto exchange for day trading is ZenGo. ZenGo has a user-friendly interface that allows for very quick and easy transactions, making it a favorite among experienced crypto traders. Due to its favorable pricing structure, ZenGo is also an excellent choice for traders entering and exiting positions multiple times per day.

Having personally used ZenGo as a crypto exchange for more than a year, I can't recommend them highly enough.

Best Crypto Exchange For Day Trading FAQs

What is crypto day trading?

Crypto day trading is the process of buying and selling cryptocurrencies within the same trading day. Day trading is a strategy designed to make profits from price fluctuations in the market, with many day traders refusing to hold positions overnight (in fear that a piece of news will move the market more than they expected).

To do this, traders speculate on the future price of a cryptocurrency and buy it if they believe its price will go up, or sell it if they think its price will drop. Given how volatile cryptocurrency prices can be, day trading can be a very effective (and lucrative) strategy, though it can also be risky and stressful.

Is crypto day trading legal?

Yes, crypto day trading is legal in most countries. However, day trading cryptocurrencies also comes with a high amount of risk, mainly because the cryptocurrency market is still relatively new and prices can be extremely volatile.

How risky is crypto day trading?

The main risk involved with crypto day trading is that traders can lose money very quickly. Cryptocurrency prices are still volatile (especially when the broader financial markets are uncertain), and they can swing large amounts in short periods of time.

Another risk posed by crypto day traders is liquidity: there may not be enough buyers or sellers at a given time to execute your trade. This can result in you not being able to sell your coins when you want, or having to sell them at a discounted price, both of which can negatively impact your profitability.

How much of an initial investment do I need to start day trading?

Your required initial investment mainly depends on the cryptocurrency exchange you're using, since some exchanges have higher minimums than others. If you're trading with leverage, you also need to factor in your margin requirements, which will also vary from exchange to exchange.

You can start day trading crypto with ZenGo, Revolut and other platforms with as little as $1, though you shouldn't expect to earn much in return with such a low investment.

What fees are associated with crypto day trading?

Trading fees can vary widely from exchange to exchange, with some exchanges (including ZenGo and Revolut) charging zero fees on some or all trades, and others charging quite a bit more. Some exchanges also have deposit minimums or other requirements that you need to meet in order to use their platform.