Best Crypto Exchanges for Day Trading (Nov 2025)

Comparing the best crypto exchanges for day trading in 2025 feels more crucial and, honestly, trickier than ever. Crypto keeps growing, trading volume keeps climbing, and finding the best crypto exchanges for day trading means expecting a lot more than just cheap fees now. These days, speed matters. You need trades to go through instantly, tight spreads, real liquidity, and tools that actually keep up with your decisions. At the same time, security and regulation are bigger deals than before. You can’t just chase the latest features; you need a platform you can trust.

So, how do pros choose the best crypto exchanges for day trading in 2025? They’re not just chasing the biggest names. They’re going after exchanges that nail speed, offer pinpoint accuracy, and deliver live analytics you can actually use. Maybe you care about futures, maybe it’s spot trading, or maybe you’re all about the best algo tools or the lowest fees. Whatever your angle, knowing what each top exchange brings to the table is how you stay profitable and consistent.

Where To Day Trade Crypto: Best Crypto Exchanges For Day Trading by VentureBurn Top Picks

10 Best Crypto Exchanges For Day Trading Reviewed

Binance – One of the Most Popular Exchanges

Binance launched in 2017 and quickly established itself as the best crypto exchanges for day trading due to its massive volume. It’s always near the top on sites like CoinMarketCap when it comes to trading volume and liquidity, mostly because so many people use it and the order books run deep. 

The fees stay pretty low, usually around 0.10% for both makers and takers. If you use a Binance referral code, pay with BNB tokens, or trade in high volumes, you get even better rates. Binance covers a huge range of trading pairs and markets like spot, futures, options, margin, you name it. They pack in a ton of features too, like advanced charting, APIs, Launchpad, staking, and services for big institutional clients. You can get on Binance from almost anywhere, though some countries do have restrictions.

Binance Pros

• Extremely high liquidity, which minimizes slippage.
• It offers a wide range of products such as spot, futures, options and staking
• Security is tight and the infrastructure is solid 

Binance Cons

• Can be overwhelming for beginners due to feature richness.
• Fee complexity (tier system, token discounts) may confuse new users.
• Regulatory restrictions in some regions.

MEXC – Best Lowest Fees Crypto Exchange

MEXC launched back in 2018 and quickly made a name for itself with some of the lowest trading fees, especially if you use the MEXC referral code. They also offer deep liquidity for trading pairs. They claim their order book runs deep and their matching engine is super fast. With spot maker fees at 0% and taker fees around 0.05%, many consider MEXC the best platform to day trade crypto cost-effectively.

Sometimes futures trading is even cheaper. You get thousands of trading pairs, both spot and futures, so if you like variety, this place has it. They’ve packed in a bunch of advanced tools too: huge leverage (up to 500× on certain futures), grid bots, copy trading, an API, and a bunch of tools for serious traders. Global availability is a major plus, but remember that fees and specific tools can vary by region.

MEXC Pros

• Very low maker/taker fees, especially in futures. 
• It has a large variety of trading pairs, such as altcoins and other niche tokens
• It has advanced bots for trading and high leverage

MEXC Cons

• Very high leverage (up to 500x) can be risky for new traders. 
• Some users report account restrictions and freezes. 
• Promotional fee events may change, making long-term cost less predictable.

Bybit – Best Crypto Margin Trading Exchanges

Bybit launched in 2018 and has its headquarters in Dubai. It’s made a name for itself in derivatives trading, but you can trade hundreds of cryptocurrencies here. The platform has plenty of liquidity, solidifying its reputation as the best crypto exchanges for day trading futures and derivatives without much hassle.

The fees are pretty reasonable too: spot trading sits at about 0.1%, and for derivatives, maker fees drop to 0.02%, while takers pay around 0.055%. If you want more discounts, make use of the Bybit referral code. Bybit isn’t just for basic trades; you might get high leverage, trading bots (like grid and DCA), copy trading, strategy alerts, and API access if you want to automate things. It’s available in a lot of countries, but there are some restrictions, like in parts of the U.S.

Bybit Pros

• Very competitive derivatives fees. 
• It has a lot of advanced features like bots, grid trading, options and API. 
• High-performance matching engine (100k+ tps) which ensures fast execution. 

Bybit Cons

• There are some regulatory issues. 
• Complex leverage and high-risk products may overwhelm beginners. 
• Bybit has experienced a major security hack, which raises concerns about security. 

OKX – One of the Best Crypto Exchanges For Day Trading Derivatives

OKX, which used to go by OKEx, has been around since about 2013. People know it as one of the best crypto exchanges for day trading due to its deep liquidity, especially for derivatives. You’ll find pretty much everything here: spot trading, margin, futures, options, lending, the works. The fee system is competitive and works on tiers. If you trade a lot, make use of the OKX referral code or hold their OKB token, you get discounts. There’s a huge list of trading pairs and advanced tools, plus APIs, institutional features, staking, and more. It is available to users all over the world, but what you can actually access depends on where you live and local regulations. 

OKX Pros

• They offer a lot of products like options trading, futures, margin and staking.
• Very deep liquidity, suitable for large or institutional trades.
• Strong infrastructure and advanced risk-management tools.

OKX Cons

• The interface might be overwhelming for a beginner. 
• There are regulatory issues that may restrict some people. 
• The fee structure can be difficult to understand.

Crypto.com – Best for Integrated App & Earn Features

Crypto.com started up in 2016, and many users find it to be the best app for day trading crypto on the go, rather than just a place to trade coins. It’s a whole crypto app where you can trade, store your coins, spend with a credit card, even mess around with DeFi, all in one spot. If you’re into the big-name coins, there’s plenty of liquidity, and the fees can change depending on whether you’re a maker or taker, plus they run discounts and promos from time to time using the crypto.com referral code. 

You get a ton of trading pairs, though if you’re chasing super rare tokens, you’ll find more of those on altcoin-focused exchanges. They also have some advanced stuff too like derivatives (if your region allows), staking, a solid API, and you can move money in and out with regular currency. Coverage is pretty broad, especially across Europe, Asia, and North America, but the rules and what’s available can shift depending on local regulations.

Crypto.com Pros

• It has a large ecosystem with trading, wallet, and card features. 
• Their earn and staking products are very attractive 
• It offers very good liquidity for popular assets, and the brand is trusted by users.

Crypto.com Cons

• Fees are higher for less active or small-volume traders.
• Advanced trading features like derivatives are only available in certain regions
• Its altcoin collection is low

Bitget – Best Crypto Exchange for Copy Trading & Social Trading

Bitget launched in 2018 and has evolved into the best crypto day trading platform for those who rely on social and copy-trading tools.  Trading feels smooth here, especially if you’re into derivatives. Liquidity stays high, and there’s a wide range of pairs, both spot and futures. Fees are pretty reasonable too, with a tiered system for maker and taker trades, plus some nice perks if you use the Bitget referral code. You get access to advanced stuff like copy trading, grid bots, APIs, and a unified margin system. The platform operates globally, though keep in mind that local regulations can restrict access in certain regions.

Bitget Pros

• Copy trading lets users follow successful traders.
• It has high liquidity with derivatives, and the fee structure is very competitive. 
• They offer advanced automation tools like bots and APIs to help in algo trading

Bitget Cons

• Copy trading really comes down to the trader’s strategy
• You won’t always find top-notch liquidity, especially if you’re chasing rare altcoins. 
• Some features might be off-limits depending on local rules.

KuCoin – Best Crypto Exchange for Vast Altcoin Variety

KuCoin launched in 2017 and quickly grabbed attention for its massive lineup of altcoins and trading pairs. If you’re into hunting for hidden gems, KuCoin is often cited as one of the best crypto exchanges for day trading rare altcoins. Liquidity is strong for most tokens, even the less popular ones, which pulls in a lot of speculators and die-hard altcoin fans. Fees are usually 0.10% for both makers and takers. If you hold KCS tokens or reach VIP status, you get discounts.

KuCoin covers just about everything: spot, futures, margin, P2P, lending, trading bots, APIs, even a launchpad for new projects. It’s open to users in many countries, but the level of regulation and KYC checks depends on where you are.

KuCoin Pros

• They offer a large selection of coins and trading pairs
• There are plenty of ways to trade, like margin, futures, bots, and P2P.
• The KCS token gives you discounts and they have a lively community 

KuCoin Cons

• Trading rare tokens can get tricky, plus liquidity might be very low.
• The interface can feel overwhelming 
• Regulatory changes in some regions could limit what is available. 

Pionex – Best for Automated Bot Trading

Pionex launched in 2019 and stands out for its built-in trading bots right in the app. Grid, DCA, and arbitrage bots are all there, so you can automate trades without any extra setup. The platform keeps trading fees low, especially if you’re using the Pionex referral code, and honestly, if you’re using bots a lot, that helps cut down your costs even more. 

You’ll find plenty of spot trading pairs, though if you’re after fancy derivatives or heavy leverage, you won’t get as many choices as you would on the big futures exchanges. While the platform operates in most countries, keep in mind that availability of advanced features can vary by region.

Pionex Pros

• If you’re into advanced trading, you’ll appreciate the bot marketplace and API access
• Offers low cost for frequent or automated trades.
• The app’s simple interface makes setting up bots quick and painless, especially on your phone

Pionex Cons

• Liquidity isn’t as deep as you’ll find on major futures platforms. 
• The focus is really on spot trading bits, so don’t expect a lot of leveraged or derivative options. 
• Pionex is limited when it comes to custom order types. 

BingX – Best for Copy-Trading & Social Features

BingX launched in 2018 and calls itself a Web3 and AI-powered social trading exchange. You get access to spot and derivatives trading, plus a solid copy-trading marketplace where you can follow and mirror the moves of top traders. Liquidity is decent on major pairs. Fees sit around 0.10% for makers and takers, with some breaks for those using the BingX referral code as well as VIP users.

What stands out? Copy trading is front and center, and the platform throws in AI tools, perpetual futures, and an API for those who want to get fancy. It’s open to users worldwide, though rules in your country might affect how much you can actually use.

BingX Pros

• If you’re new to trading, social and copy features make things a lot less intimidating. 
• It has both spot and derivatives in one place. 
• The AI and Web3 focus is likely to grab anyone interested in the latest trends. 

BingX Cons

• Success in copy trading depends on who you follow. 
• Fees may be a bit higher than some other exchanges 
• Local regulations can limit certain features

Phemex – Best for Zero-KYC Perpetuals & Institutional Access

Phemex started up in 2019 and is widely recognized as one of the best crypto exchanges for day trading derivatives, especially perpetual futures. The platform has solid liquidity for contracts, and trades move fast thanks to a fast matching engine. Fees stay low (spot trading sits at about 0.10% for both makers and takers, while derivatives fees drop even lower), and some regions have seen no-KYC trading tiers, though that’s not guaranteed everywhere.

You get a bunch of advanced features here, like grid bots, a paper trading mode to test out strategies, an API that’s actually useful, and tools built for institutional traders. While the platform is open to traders around the world, but local regulations can get in the way.

Phemex Pros

• Derivative fees are hard to beat, and you can increase your leverage. 
• There’s a demo mode so you can test things out. 
• If you want to connect your own tools, the API is strong. 

Phemex Cons

• The spot trading pairs don’t go as deep as some alt-focused exchanges. 
• Access to no-KYC trading depends on your region. 
• With high leverage, there’s a risk of getting liquidated. 

What Is Crypto Day Trading?

Day trading means jumping in and out of stocks, currencies, or even crypto all in one day hoping to make quick gains from price swings. Day traders always close out their trades before the market shuts down so they don’t get caught by surprises overnight. Most of the time, they lean on technical analysis and charts to guide their moves.

The primary goal of day trading is to take advantage of fluctuations in the market that occur within a single day, regardless of whether prices are increasing or decreasing. Effective day traders depend on intraday price movements and trading patterns that consistently occur during the trading session.

How Operations Work on Best Crypto Exchanges For Day Trading

Day trading is all about catching quick moves in the market. Prices can jump or drop in a flash when news breaks, earnings come out, or some big economic report hits. Most traders zero in on short time frames like 1-minute, 5-minute, or 15-minute charts to spot when to get in and out. They really watch for spikes in volume and wild swings, since that’s where the action is.

Trading Sessions

Day traders work when the market is active, so they need the best platform to day trade crypto that remains stable during these peak action hours. In stocks, most of the excitement is right after the opening bell and just before things wrap up for the day. Crypto is a different beast since it never really sleeps, but even then, you’ll see the most volume lining up with big global trading hours like the U.S., Europe, and Asia.

Placing Orders

Traders have a few ways to get in and out. They can use market orders, which just go through right away at whatever price is available, but sometimes you pay more because prices move quickly. Limit orders let you set the price you want, so you get more control, but you might not get filled if the market skips past your number. There are also stop-limit orders and other advanced types.

Using Leverage and Margin

Day trading often means borrowing money (leverage) from your broker or the exchange. This lets you take bigger positions than your balance would usually allow, which can really boost your gains. The downside is that losses get bigger too. Managing your margin isn’t optional. It’s survival.

Technical Analysis

Technical analysis is all about reading the story in the charts. Traders spend hours sifting through price movements, eyeing things like moving averages, RSI, MACD, Bollinger Bands, trading volume, and candlestick patterns. They’re hunting for trends, momentum shifts, and those moments when the market might turn. It’s part science, part art.

Volatility and Price Movements

Volatility is what gives day traders their shot at profit. The bigger the price swings, the more opportunities show up. But too much volatility can cut both ways and increase risk. Each market has its own personality; crypto, for example, tends to swing wilder than big-name stocks or major forex pairs.

Key Metrics on Best Crypto Exchanges For Day Trading: Liquidity & Speed

Liquidity

Liquidity is all about how fast you can buy or sell something without messing up the price. In day trading, especially with crypto, you need high liquidity. It lets you jump in and out of trades fast, and you know what price you’re getting. When a market has deep liquidity, the gap between what buyers want to pay and what sellers want to get (that’s the bid–ask spread) is small. So you lose less to slippage, and you can trade bigger amounts without shaking up the price.

Volatility

Understanding volatility is essential when learning how to pick crypto for day trading, as traders rely on price changes to profit. You want the price to move, or there’s no money to be made. Crypto is usually way more volatile than regular stocks. Prices jump around because of hype, news, big-picture economic stuff, or just because liquidity isn’t the same across different trading pairs.

Speed

Speed matters too. In day trading, it’s all about how quickly you can read the market, hit the button, and get your order filled. Sometimes even a split second makes a difference, especially with high-frequency or scalping strategies. Your order speed depends on things like how good the exchange’s system is, how fast your internet is, and whether you’re using an API. The quicker your order goes through, the less likely you get caught by slippage or miss out on a good trade.

How Crypto Day Trading Differs From Long-Term Investing

Day trading is all about chasing quick moves in the market. We’re talking minutes or maybe a few hours, nothing long-term. Day traders are in and out of trades all day long, and once the market closes, they’re done and every position is closed. They rely on technical analysis, real-time data, chart patterns, and snap decisions. 

You’re glued to the screen, thinking on your feet, and honestly, if things go sideways, you have to handle the pressure. Costs pile up, the pressure is real, and losses can hit hard and fast. Day traders aren’t hoping for years of steady growth; they’re looking to pounce on short bursts of momentum or little blips in the system.

Long-term investing is a different game entirely. Here, the goal is to watch your money grow slowly over years or even decades. Long-term investors usually pick strong companies or assets, buy them, and then just hang on through all the ups and downs. They care about how much money a company makes, who’s running the show, and what’s happening in the industry. 

Instead of stressing over every little drop, they keep their eyes on long-term growth, steady dividends, and how compounding quietly does its thing. It takes patience, but the emotional rollercoaster is usually gentler since short-term swings don’t matter as much. Plus, with fewer trades, you save on fees and taxes, and by spreading investments out, you lower your risk over time.

Why Liquidity Matters on Best Crypto Exchanges For Day Trading

High liquidity is a defining feature of the best crypto exchanges for day trading, especially when dealing with fast-paced markets.. It’s all about how quickly you can jump in or out of a trade. Day traders need speed, tight spreads, and the ability to make lots of quick moves, so high liquidity can honestly make or break your results.

When an asset has high liquidity, there are plenty of people buying and selling. That keeps the market stable and the bid-ask spread tight, which means you don’t lose as much to trading costs. With narrow spreads, more of your profit actually stays in your pocket instead of slipping away to fees or bad fills. But when liquidity drops, spreads get wider, so you end up paying more just to enter or exit a trade.

Liquidity also decides how fast your orders go through. In a liquid market, even big orders usually fill fast and at the price you expect. That’s huge for day traders who depend on good timing. If the market’s less liquid, you might get stuck waiting, only get part of your order filled, or get a price that’s way off from what you wanted.

The bottom line is liquidity keeps trading costs down, gets your orders filled quickly, cuts down on slippage, and just makes the whole trading experience smoother. That’s why it’s such a big deal for day traders.

How to Choose the Best Crypto Exchanges For Day Trading

User Interface & Trading Experience

When you’re picking the best app for day trading crypto, the user interface really matters. A clean, straightforward interface lets you get around fast. The best apps don’t just help beginners find their way; they also give experienced traders the tools they want. Think: sharp charts, simple navigation, and quick order placement.

If you’re a pro or you trade a lot, don’t settle for just basic buy and sell buttons. Look for things like customizable charts, a range of order types, and maybe even API access for automating your moves. An app that lags or freezes at the wrong moment? That can seriously mess you up, especially when the market is jumping around.

Reputation & Security

When searching for the best crypto exchanges for day trading, you can’t ignore reputation or security; these are non-negotiable. Before putting your money on any platform, dig into what other users say. Look into the company’s history and see if they’ve had security problems before, and notice how they dealt with them. You want a platform that’s open about who’s behind it, where they’re based, and how long they’ve been in business. That’s the best way to steer clear of scams and keep away from exchanges that just don’t have their act together.

As for security itself, don’t cut corners. Make sure the app uses two-factor authentication, puts most funds in cold storage, encrypts your data, and runs regular security audits or publishes proof of reserves. These steps really cut down on your risk, whether it’s from hackers or from mistakes inside the company.

Trading Fees & Withdrawal Costs

Fees can eat up your profits before you even notice. Know exactly what you’re being charged. Most exchanges take a cut of every trade, sometimes as a “maker” or “taker” fee, and the percentages shift depending on how much or how often you trade. Some platforms give you a break on fees if you use their own token or if you trade big volumes.

Deposits and withdrawals can sting too. It’s common to see low or zero fees for deposits, but withdrawals are a different story. Sometimes you’ll pay a flat fee; sometimes it’s tied to network congestion or fiat processing. Always read the fine print. When you understand all the costs up front, you know what you’re really paying to stay active in the market.

Available Trading Pairs

The right day trading crypto app needs to have a variety of trading pairs available. For instance, BTC/USDT, ETH/USDT, and SOL/USDT are ideal because of their liquidity and faster exit/entry. Good trading apps will have recently added cryptocurrencies and trending altcoins for taking advantage of newer opportunities as well.

Efficient apps that also adapt to the market and frequently adjust their trading cryptocurrency pairs is a good signal of a day trading app. New pairs being offered means that the platform is listening to their users. Having a diverse range of superior, mid-tier, and low market cap cryptocurrencies is highly advantageous for active short-term traders.

Regulatory Compliance

Regulatory compliance should be your number one priority when selecting a trading app for day trading. Internationally compliant apps provide a higher level of security, transparency, and operational integrity than others. 

Such exchanges are also more likely to implement advanced KYC, AML, and auditing procedures that mitigate fraud, wash trading, and manipulative activities that may impact day traders. Platforms with proper licensing are less likely to shut down unexpectedly or face restrictions.

Bonuses and Promotions

Bonuses and promotions can give day traders a strong initial boost, especially when starting with smaller capital. Many trading apps increase new user registrations through promotions and bonuses such as welcome bonuses, deposit rewards, competitive trading with no fees, and trading competitions. 

However, the bonuses are only worthwhile if they are easy to get and straightforward. Look out for platforms with transparent rules for withdrawing rewards or using promotional credits. Avoid exchanges with complicated lock-in periods or unrealistic volume requirements.

Promotions should enhance your trading experience and not restrict your trading capabilities. A well-designed trading platform focuses on rapid order execution, and offers plenty of tradeable volume and other trading resources, and uses bonuses as a secondary incentive.

Strategies for the Best Crypto Exchanges For Day Trading

Common Strategies for Crypto Day Trading

Even on the best crypto day trading platform, success relies on using popular strategies like these:

Scalping

Scalping means jumping in and out of trades all day, grabbing tiny price moves that, when you add them up, can really make a difference. Scalpers don’t hang around; sometimes they’re in and out in seconds, maybe a few minutes at most. Speed is everything here.

Momentum Trading

Momentum trading is all about chasing strong trends. When a stock surges because of good news, strong earnings, or a flood of trades, momentum traders jump in. The idea is simple: buy when things are hot, sell when they’re even hotter, and get out before the excitement fades.

Breakout Trading

Breakout traders, on the other hand, wait for a stock to bust through important price levels like support or resistance. As soon as they spot a real breakout, they jump in, betting the price is about to run even further.

Reversal Trading

Here, you’re watching for those moments when a stock looks way overbought or oversold. The play is to catch the turn, betting the trend’s about to flip. It’s risky, so timing and managing your losses really matter.

Stop-Loss and Take-Profit Orders

Stop-loss orders enable automated trades so that traders do not have to monitor the trades, and can exit the trades gone astray. They reserve your capital from tremendous and sudden losses, and remove emotions from the decision making. This guarantees that you maintain discipline, irrespective of the prevailing volatility of the market. 

The take-profit orders do the opposite, in that they let you secure profits once you hit a target price. This does not allow you to keep a winning trade for an extended period of time and incur the risk of reversal. Managing both risk and reward becomes a well balanced system.

Setting these orders correctly is key to a strong day trading strategy. You should base them on technical levels, volatility, and market structure and not guesswork. With consistent practice, they help you build a structured trading routine.

Position Sizing & Leverage Management

Position sizing determines how much of your account you put into each trade. Using proper size helps you avoid unnecessary exposure and keeps your risk per trade manageable. Even profitable strategies can fail without correct sizing.

Leverage allows traders to manage larger positions for a fraction of the cost, but it should be used with care. The risk of loss is compounded by leverage, which is for this reason why it is critical to manage risk. New traders are often caught off guard by the rapid movement of the market that is potential with leverage.

As a precaution, it is best to risk a small fraction of your total allocation to a trade, especially in the beginning. The position size that you take should be determined by how volatile the market is in relation to your own level of confidence in your trade. With time, you will begin to see results in your account and the impact this will have on your discipline.

Risk Management Tips for Beginners

Beginners should learn how to protect their capital before they try and win big. To begin, they should set how much risk they are willing to take. This can be set anywhere from 1% to 2% of their total funds. This can create stability and avoid rash, emotionally driven trades. 

Make sure to trade with a predetermined plan that includes rules for entering a position, for leaving a position, and how much risk they are willing to take. A structured plan helps you stay calm even during fast market movements.

Lastly, a trading journal gives you insight into your decisions, allowing you to examine your performance and see the patterns, and where you can improve. With time, these habits allow you to be a more confident and disciplined day trader.

Best Crypto Exchanges For Day Trading: Final Thoughts

Finding the best crypto exchanges for day trading really depends on how you like to trade and what you need from a platform. If you’re all about high-frequency moves, you want lightning-fast execution, deep liquidity, and low fees. If you’re more strategy-driven, then you’re probably looking for advanced charting, trading bots, margin options, or a solid derivatives market. There’s no one-size-fits-all answer here, but some names like Binance, MEXC, Bybit, OKX, KuCoin, and Bitget keep coming up. They usually offer strong liquidity, tons of assets to pick from, and a good mix of trading tools.

When you’re weighing your options, take a good look at stuff like liquidity scores, the fees, what trading pairs are on offer, and if the platform actually works in your country. Security matters too. Look into the exchange’s history, see if the interface makes sense to you, and check how strong their risk controls are, especially if you’re playing with leverage. At the end of the day, the best exchange helps you trade easily, keeps your money safe, lets you stick to your strategy, and might even boost your starting capital with a crypto sign up bonus.

Best Crypto Exchanges For Day Trading: FAQs

What is the best crypto exchange for day trading?

Finding the best crypto exchanges for day trading really comes down to what you need, but Binance, Bybit, MEXC, OKX, and KuCoin are always at the top of the list.

Which crypto exchange has the lowest fees for day trading?

MEXC, Binance, and Bybit have some of the lowest maker and taker fees out there.

What types of trading tools should day traders look for?

Day traders benefit from tools like advanced charting, a bunch of different order types (limit, stop, trailing), trading bots, fast APIs, and access to margin or derivatives markets.

Is leverage important for crypto day trading?

You don’t have to use leverage, but lots of day traders do. It helps squeeze more out of even small price swings.

Which crypto exchange offers the fastest execution speed?

People choose Binance, Bybit, and OKX for their fast matching engines and deep order books.