Best exchanges for day trading cryptocurrency in Australia

Finding the best crypto exchange for day trading

To help you find the best day trading platform for crypto, we've used research from Finder's 2024 cryptocurrency trading platform awards.

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

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.

• Show summary

  The best crypto exchanges for day trading in Australia for 2024

  • Kraken – Best overall
  • Binance – Highly commended
  • eToro – Best crypto day trading platform for copy trading
  • Bybit – Best app for day trading crypto
  • Coinstash – Best exchange for day trading altcoins
  • Coinbase – Best day trading platform for regulatory compliance
  • KuCoin – Highly commended

  Read the full methodology for our crypto trading platform awards

1. Kraken: Best overall

Go to site Read review

Kraken

★★★★★
Finder score

292
Supported cryptos

7
Fiat currencies

AUSTRAC-registered

• Why we chose Kraken
• Pros & cons
• Fees & deposits

Kraken was named the Best Overall crypto trading platform in the 2024 Finder Awards, and also won the awards for Advanced Trading and Extra Features.

It offers almost everything you'd want from a crypto trading platform, including competitive fees, extensive spot markets and advanced trading and charting features.

With over 280 USD-denominated trading pairs, Kraken is also 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	Credit card,Cryptocurrency,Debit card,PayPal,PayID
Deposit Fees	Bank transfer, PayID or OSKO: None Cryptocurrency: Fees vary Credit and debit card: Fees vary
Withdrawal Fees	Bank transfer/OSKO: None ($5 minimum withdrawal) SWIFT: $55 ($150 minimum withdrawal) Cryptocurrency: Network fees apply
Trading Fees	Maker: 0.20 – 0.25% Taker: 0.35 – 0.40%

2. Binance: Highly commended for advanced day trading

Go to site Read review

Binance Australia

★★★★★
Finder score

385
Supported cryptos

114
Fiat currencies

AUSTRAC-registered

• Why we chose Binance Australia
• Pros & cons
• Fees & deposits

With low spot market fees, a feature-rich trading platform and a vast selection of cryptocurrencies and trading pairs, Binance was Highly Commended in the 2024 Finder Awards for Advanced Trading.

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

Deposit Methods	Credit card,Cryptocurrency,Debit card,P2P
Deposit Fees	Cryptocurrency: None
Withdrawal Fees	AUD: Not supported Cryptocurrency: Fees vary
Trading Fees	Maker: 0.0110 – 0.1000% Taker: 0.0230 – 0.1000%

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

Go to site Read review

eToro Crypto

★★★★★
Finder score

104
Supported cryptos

27
Fiat currencies

ASIC-registered

• Why we chose eToro
• Pros & cons
• Fees & deposits

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,PayPal,eToro Money
Deposit Fees	Fees vary (up to a 3% currency conversion fee for AUD)
Withdrawal Fees	AU$5 (min. of US$30) Up to a 3% currency conversion fee for AUD
Trading Fees	1%

4. Bybit: Best app for day trading crypto

Go to site Read review

Bybit

★★★★★
Finder score

472
Supported cryptos

21
Fiat currencies

AUSTRAC-registered

• Why we chose Bybit
• Pros & cons
• Fees & deposits

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
• Foreign exchange fees for AUD deposits

Deposit Methods	Cryptocurrency,Moonpay,P2P,Banxa,Mercuryo
Deposit Fees	AUD: Fees vary Cryptocurrency: None
Withdrawal Fees	Fiat: Fees vary Cryptocurrency: Fees vary ATM Withdrawal: 2% (after the first 100 USD monthly)
Trading Fees	Maker: 0.005—0.10% Taker: 0.015—0.10%

5. Coinstash: Best exchange for day trading altcoins

Go to site Read review

Coinstash

★★★★★
Finder score

1071
Supported cryptos

1
Fiat currency

AUSTRAC-registered

• Why we chose Coinstash
• Pros & cons
• Fees & deposits

Finder exclusive: Get up to $200 BTC when you sign up and trade certain amounts. 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 2024 winner of the Finder Award for Altcoins 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 &ndash
• 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 &amp
• volatility

Deposit Methods	Bank transfer,Cryptocurrency,Osko,PayID
Deposit Fees	PayID: None Osko: None
Withdrawal Fees	Cryptocurrency: Fees vary AUD: None
Trading Fees	0.13 – 0.85%

6. Coinbase: Best day trading platform for regulatory compliance

Go to site Read review

Coinbase Australia

★★★★★
Finder score

257
Supported cryptos

4
Fiat currencies

• Why we chose Coinbase
• Pros & cons
• Fees & deposits

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: None using bank transfer or PayID Cryptocurrency: None
Withdrawal Fees	AUD: None Cryptocurrency: Fees vary
Trading Fees	Maker fee: 0.00 – 0.40% Taker fee: 0.05 – 0.60%

7. KuCoin: Highly commended

Go to site Read review

KuCoin

★★★★★
Finder score

793
Supported cryptos

5
Fiat currencies

AUSTRAC-registered

• Why we chose KuCoin
• Pros & cons
• Fees & deposits

Sign up and claim 100 USDT + 200 USDT trading coupon. 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
• Numerous poor customer service reviews
• Emerging assets can be higher-risk investments

Deposit Methods	Credit card,Cryptocurrency,Debit card,P2P
Deposit Fees	Cryptocurrency: $0 Credit/debit card purchase fees vary
Withdrawal Fees	Cryptocurrency: Fees vary
Trading Fees	Maker: -0.005 — 0.100% Taker: 0.025 — 0.100%
Advanced Trading Features	Yes

What trading fees do crypto exchanges charge in Australia?

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. Binance, KuCoin, ByBit, Bitget and Coinjar currently have the lowest trading fees in Australia at 0.10% on for both maker and taker.

These fees were last updated on 5 November 2024.

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.

FAQs

• What exchange is best for day trading crypto?

  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.

• What is the cheapest platform for day trading crypto?

  Binance, KuCoin, ByBit, Bitget and Coinjar currently have the lowest trading fees in Australia at 0.10%, 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.

• Is crypto good for day trading?

  Cryptocurrencies are popular with day traders because of the high volatility and dramatic price movements that are common in the crypto markets. However, while higher volatility can represent more opportunities for profits, it also makes trading much riskier than in other less volatile markets.

• Is day trading profitable?

  While a small minority of traders may make money from day trading crypto, the vast majority are likely to lose money, especially over the long-term. It's believed around 95% of crypto day traders actually lose money.¹¹

• Can you make $100 a day trading crypto?

  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.

Written by

James Edwards

Cryptocurrency editor

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. See full bio