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11 Best Trading Platforms for Day Trading of February 2024

But it makes no secret of the fact that its primary audience is still active traders with large account sizes. The OTC selection is also limited to 100 of the most established stocks. ZeroPro and ZeroWeb cost $59 per month, but they’re among the best apps for day trading. They feature 100-plus technical indicators, a clean layout, and access to the short locator.

The best trading platform for day trading is the one that fits your lifestyle. If you can’t stay in front of a computer for the entire trading day, a good mobile app is a must. Webull’s highly customizable charts and intuitive setup make it one of the easiest ways to trade on the go.

Day traders can trade in any asset that can be bought and sold in a day. This includes shares in individual companies, indices, ETFs and bonds, in addition to foreign exchange, cryptocurrency and commodities. Investing in a diversified portfolio of shares via a fund, investment trust or exchange-traded fund, may help to reduce your exposure to an individual company underperforming. However, if you are unsure as to the right path, seek financial advice. When you buy or sell shares denominated in a currency other than pounds sterling, nearly all of the platforms charge a foreign exchange fee.

The standard relative strength index (RSI), Bollinger Band, and stochastic cocktail of tools are available, as are more nuanced ones such as DeMark indicators, Connors RSI, and Donchian channels. The ability to apply statistical bands to the volume-weighted average price (VWAP) study is another feature that signals IBKR’s commitment to helping traders identify price inefficiencies. If you don’t have at least a $25,000 balance and margin approval, you can only place four round-trip trades over a period of five business days before your account becomes restricted.

Its sleek format makes it especially appealing to the Robinhood generation – which it outperforms, hands down. If you have less than $25,000 in your margin account, you’re considered under the PDT. This is the legal limit that U.S. regulators impose on small accounts – it will limit you to 3 day trades or less in a 5-day span. is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which receives compensation. We may receive compensation from our partners for placement of their products or services.

  1. The best type of day trading strategy for you to learn to use will depend mainly on your temperament and risk tolerance.
  2. Upgrading to Robinhood Gold unlocks margin investing at 8%, instant deposits up to $50,000, advanced market data and 5% APY on your uninvested cash.
  3. This is a great way to dip your toes in without exposing too much of your portfolio to high-risk trades.
  4. If you’re new to day trading, IBKR’s Lite subscription offers commission-free stock trades, fixed pricing for options and futures, tiered pricing for currencies and bonds, and complimentary real-time streaming data.
  5. Studies indicate that algorithmic trading has recently accounted as much as 60% to 73% of all equities trading in the United States.

A first-class platform that focuses first on what kind of options strategy you want to implement. You can drill down through industries and sectors and instantly get a technical analysis for the bullish or bearish score for the stock. You can even sort your watchlist based on the bullish or bearish rating. No product set would be complete without scanning and screening stocks based on the fundamental data. Firstrade’s attempt at this is pretty good; it does not match the offerings from Stock Rover, but it is adequate for most investors.

A person is marked as a pattern day trader if they trade four or more times in five business days and their day-trading activities are greater than 6% of their trading activity for that same five-day period. As for commissions, our report lists the ones that brokers post for stocks, mutual funds and ETFs. When we contacted broker salespeople, several were willing to offer discounts. Unless you trade more than 200,000 shares per month, you will need to pay a $100 monthly fee for the TraderPro platform. In order to get direct order routing options, you’ll pay $125 a month for Cobra’s DAS Trader Pro—this fee is waived if you trade 250,000 shares a month.

Best for Investors Who Maintain Significant Margin Balances: TradeUP

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.

How many trades does a day trader average on a daily, weekly and monthly basis?

However, its relatively weak educational content may leave true beginners in the lurch, and it lacks access to a few common asset classes. The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. But direct access to markets costs money, and that’s why direct access brokerage platforms charge commissions—unlike many of the more well-known online brokerages.

Those who wish to convert those screens to watchlists are able to do so with ease. For trading, users can set only basic market, limit, stop, and stop limit orders for order entry and exit. Paper trading is also enabled for those who wish to try their ideas out without risking capital. Users are provided with up-to-date news flow, and the Webull platform keeps a running tally of best-performing industries and the most popular ETFs. Some of the drawbacks that traders may find are the inability to backtest or automate trading strategies, as well as a lack of some more advanced trading tools.

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Beginner day traders will find standard market and limit orders, fractional shares and pattern day trade protection. This feature alerts you as you place your second, third and fourth day trades in a five trading day period to help you avoid being flagged as a pattern day trader (PDT). Upgrading to Robinhood Gold unlocks margin investing at 8%, instant deposits up to $50,000, advanced market data and 5% APY on your uninvested cash. Interactive best day trading platform Brokers (IBKR) is a well-regarded brokerage platform particularly suited for day traders. It boasts robust trading tools and features such as Trader Workstation (TWS), which provides professional-grade charting and analytics. If you’re new to day trading, IBKR’s Lite subscription offers commission-free stock trades, fixed pricing for options and futures, tiered pricing for currencies and bonds, and complimentary real-time streaming data.

It is a new development and does not yet have a proven track record, but on viewing the recent trades, the performance looks good. Adding to its robust capabilities, TrendSpider boasts automated trendline, pattern, and candle detection. The AI-integrated assistant further enhances the software’s efficiency, allowing users to navigate the platform seamlessly. The powerful point-and-click backtesting feature proves invaluable for those looking to test their strategies before diving into actual trading. Pattern recognition is gaining importance due to its ability to save time and achieve superior accuracy compared to human analysis.

Simply put, stocks can be extremely volatile over short periods of time, and it can be painfully difficult, if not impossible, to predict their movements. There’s no such thing as a 100% reliable day trading strategy, or anything close to it. The Trader WorkStation platform is a powerful one for frequent traders. Day traders generally use lots of leverage (margin), and Interactive Brokers has some of the lowest margin rates in the business. It also offers international trading capabilities, which is somewhat rare.

Webull is our top selection for the best low-cost day trading platform because it provides impressive platform features while levying no direct costs on its users. While IBKR can work for both the casual and the more serious trader, TWS has a professional feel that seasoned traders will appreciate. The options analytics tool allows users to view how shifts in the options Greeks will impact the options pricing for the asset in question. The reach of Interactive Brokers in terms of markets and assets also allows traders to set up direct trades playing off global market dynamics. Thousands of data points are collected and used to score U.S. brokers and their offerings.

It also saves you from losing money, since you don’t have to pay a stockbroker to make the trades, and you’re not waiting on another person to initiate the trade for you. The best day trading platform has the latest research and data, low fees and easy access to making trades wherever you are. One of the key features that sets it apart is its ability to screen for news, technicals, and fundamentals. This function lets traders stay updated with market movements, ensuring they make informed trading decisions. Market scanning for precise criteria is a critical process for day traders. With TrendSpider, you can screen for any criteria related to price, indicators, patterns, earnings, dividends, analyst estimates, and stock splits.






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