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The increased interest in the cryptocurrency asset class has provided day traders with a perfect tool to expand their universe of options. Cryptocurrencies are volatile and subject to sudden high price spikes (as well as dips, of course), which means they open up various profit opportunities.
A few years ago, cryptocurrency day trading was not possible. The reason is the slow transaction processing time and high fees. Things are different today thanks to the ever-changing blockchain technology and increasing competition between different crypto platforms.
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The abundance of service providers makes it difficult for users to find the best and most reliable ones. The following list contains the top 5 cryptocurrency trading platforms offering the best products and services.
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The cryptocurrency trading platforms on this list are very different in their profile. You will find proven platforms for trading CFDs and stocks, daily trading cryptocurrency apps without commissions and cryptocurrency exchanges.
They all share similar characteristics that set them apart from other service providers in the niche. These include industry-leading security, competitive trading fees, intuitive UI and UX, demo account options, excellent customer support, and most importantly, transparent and reliable service.
Phemex is a great cryptocurrency day trading platform with low fees, advanced features, and strong wallet security. The company was founded by a former senior executive from Morgan Stanley and currently has over 2 million users. The relationship with over 30 liquidity providers ensures good trade execution.
The Phemex crypto app is a good choice for cryptocurrency traders because, similar to stock exchange day trading, users who add liquidity to the order book get a discount credited to their account (0.025%), while at the same time traders that remove liquidity from the order book are charged for contract execution (0.075%).
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In addition to cryptocurrency futures, traditional cryptocurrency spot trading is available for a reasonable 0.1% transaction fee. Currently, over 220 cryptocurrency pairs can be traded on Phemex.
Even less active trading days are well rewarded as Phemex offers APY rates of up to 11%. Also available are the free Phemex Academy, sub-accounts for quantitative traders and OTC trading.
What sets Gemini apart in the crowded cryptocurrency exchange niche is its offering tailored to the needs of daily cryptocurrency traders. Gemini ActiveTrader gives traders access to a high-performance trading platform that offers a top-notch professional experience. The platform is packed with advanced trading features including charting tools, multiple order types, auctions, block trading, and more. The platform works equally well through a web browser and mobile devices.
More importantly, the trading engine can execute trades in microseconds, making it excellent for speed-sensitive traders. Combined with its deep order book and high liquidity, Gemini ActiveTrader is the preferred choice for experienced traders, high frequency trading firms and algo.
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The fees are subject to a dynamic schedule of origination and withdrawal fees, determined on the basis of the liquidity generated and divided into multiple levels. For example, a trader who has not generated any trading volume in the past 30 days is subject to a complaint fee of 0.35%, an origination fee of 0.25% and an auction fee of 0.25% .
Basically, the idea is that the more cash you generate, the less commissions you will have to pay. So if you are an active trader this is one of the most rewarding options on the market.
Now, if you want to day trade on a native cryptocurrency exchange, the following two tips are for you. First and foremost, Kraken is one of the most established cryptocurrency trading platforms globally. Over the years, it has built a stellar reputation and is known today for its reliable services and competitive offerings. Additionally, Kraken is probably the best place to start cryptocurrency trading if you put security at the top of your priorities.
Kraken lists over 50 digital currency options and trading pairs, and you can open an account with as little as $ 10. While the fees for instant cryptocurrency buyers are a bit high, for day traders they are kept at reasonable levels. The terms of the fees depend on the level of the account and vary between an originating fee of 0.16% and a complaint fee of 0.26% for accounts up to $ 50,000, respectively up to 0.00% and 0.10 % for accounts over $ 10 million. The fees for stablecoins, currency pairs and futures contracts are also very competitive and in line with the best industry standards.
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Kraken also offers up to 5x leverage and eligible clients can access up to $ 500,000 with rollover fees of 0.22% every 4 hours and up to 0.2% for opening an account.
Another thing you will surely notice is the Kraken’s design. Personally, I think this is the exchange with the best UI and UX, so if you really appreciate these things, give it a try. You will not be disappointed.
TradeStation is one of the leading trading platform providers in the world. Its state-of-the-art trading technology and online electronic brokerage services give individual and institutional traders active in the US and around the world access to advanced stocks, ETFs, options, futures, mutual funds and CFD trading .
TradeStation is an excellent choice for day traders as it offers a combination of a reliable and highly functional cryptocurrency trading platform with many advanced features. These include advanced order routing and execution features, automatic price limiting, market depth analysis tool, consolidated order register, advanced charting and technical analysis tools, and more.
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On TradeStation, users can trade a limited number of crypto assets including BCH, BTC, ETH and USDC. It offers a variety of trade analysis features and a customizable interface, making it an ideal choice for even the most demanding traders.
In terms of trading fees, TradeStation charges a 0.3% creation fee and a 0.3% complaint fee for accounts less than $ 100,000. For accounts in the $ 100,000 – $ 1 million range, the fee drops to 0.1%, while for large accounts, 0.05% is charged. There are no additional costs.
The platform is also suitable for long-term investors who want to complement their trading activities with the opportunity to earn interest on their cryptocurrency holdings. TradeStation offers 6% daily compound interest.
Interactive Brokers needs no introduction. IB is one of the world’s leading and most established brokerage service providers. I will not focus on its history and reputation here, but will look at its cryptocurrency offering instead.
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The Interactive Brokers Crypto offering allows day traders to seamlessly access the cryptocurrency markets via professional-grade desktop and intuitive mobile and web platforms.
The supported assets are BTC, ETH, LTC and BCH. However, there are also cryptocurrency futures contracts that you can trade from the same platform. Retail investor account holders can benefit from limit, market and stop orders. The minimum order size is .00000001 for each cryptocurrency. Trading hours are 3:00 am EST on Sunday to 4:00 pm EST on Friday.
The fees are between 0.12% and 0.18% of the transaction value. However, the minimum commission you will be charged is $ 1.75 per trade. There are no additional spreads, markups or custodial fees.
Note, however, that Interactive Brokers’ cryptocurrency trading is only available for US retail investor accounts at this time. All cryptocurrency trading execution and custody is provided by Paxos Trust Company.
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In less than a decade, Robinhood has become one of the top 5 most valuable fintech startups globally. how? Bringing commission-free stock trading to the masses. The service provider’s popularity and undisputed success has forced many brokerage service providers to introduce $ 0 commission policies.
Today, daily cryptocurrency traders appreciate the app because it allows them to trade digital assets at no cost. It also allows for fractional trading, which means you can start with just one dollar.
While Robinhood shines when it comes to supported fees and assets, it cannot compare to the capabilities of advanced day trading platforms like TradeStation or IBKR. With Robinhood you can buy and sell cryptocurrencies via iOS, Android and the web platform. However, you will not be able to take advantage of sophisticated trading tools or charting features.
Additionally, Robinhood does not currently allow retail investor account holders to transfer their cryptocurrency assets into or out of their Robinhood Crypto account. However, the platform says its team is working to provide these capabilities for supported assets.
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Overall, Robinhood is the best place to trade cryptocurrencies if you are a beginner or a day trader with limited capital who wants to avoid paying commissions.
The platforms you can trade cryptocurrency on today come in all shapes and sizes. There are solutions designed specifically for novice retail investors looking for an intuitive web experience and mobile app for convenient cryptocurrency trading.
There are also platforms for novice traders who don’t have that much capital to trade cryptocurrencies at the start of their journey. On the other end of the spectrum, there are also exchanges that cater to the needs of sophisticated trading profiles who wish to start day trading Bitcoin and take advantage of professional trading and order management features and margin trading offerings.
While several factors contribute to choosing the best place to trade cryptocurrency, including reputation, commission policy, depth of offer, and more, ultimately the choice depends on your personal preferences. However, if you are wondering which one
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