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Best Trading Platforms for Day Trading of February 2024

The broker offers clients free extensive research on several markets and educational resources for novices. You can even open a margin account where you can short stocks — although you’ll be required to deposit a minimum of $2,000. Plus, Webull offers promotions that will help you build your portfolio and get more from your investing throughout the year. Like IBKR’s flagship trading platform, thinkorswim has a steep learning curve.

Additional features that push Interactive Brokers to the top for advanced traders are its robust selection of assets, a wide selection of stocks on the easy-to-borrow list, and advanced charting tools. Trades can be placed directly via the chart itself and TWS is highly customizable in terms of standard analysis and displaying trading opportunities. The choice of a broker is crucial for day traders – it can make or break the whole experience. We have considered the following factors when curating our list of the best trading platforms for day trading. TradeZero is one of the best day trading platforms for hard-to-borrow stocks.

Robinhood Gold is an account offering premium services available for a $5 monthly fee. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing. Once you are classified as a PDT, your account will be restricted until you have at least $25,000 in equity. Time is literally money with day trading, so you want a broker and online trading system that is reliable and offers the fastest order execution.

  1. Trading through this broker allows you to use its TradeStation Analytics platform for free.
  2. In short, there’s no easy answer to the question “Is day trading worth it?” It depends on how much effort you’re willing to put in, and whether you have the skills to be successful.
  3. ZeroPro and ZeroWeb cost $59 per month, but they’re among the best apps for day trading.
  4. Firstrade, Robinhood and Webull don’t charge for trading and exercising options.

These are often small cap or penny stocks that are attractive in part because they are highly volatile. TradeStation gets an honorable mention in our listing, thanks to its combination of long-tested trading technology and in-depth research resources. Interactive Brokers is ideal for active investors and day traders seeking low trading costs, direct market access for fast execution, and best-in-class margin costs. In this guide, you’ll learn which is the best day trading platform for you depending on your trading experience or the asset you primarily trade with.

What trading app is the best for day trading?

You cannot backtest a trading strategy directly on the platform, but you can do so through an external site. Interactive Brokers is the largest US trading platform in terms of daily average revenue trades. This is for you if you’re a trader who likes to explore international markets.

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Getting in and out of the market and taking small profits continually throughout the day requires efficient order execution. Day traders expect to see losses, and their goal is always to ensure that their wins exceed those losses. As a direct access broker, customer orders can be routed to over 100 destinations, including exchanges, market makers and dark pools. Orders can be configured and executed efficiently with keyboard shortcut hot keys. Note that $0 stock commissions are available on Interactive Brokers’s IBKR Lite platform for non-professional traders. TradeStation is a leading brokerage house with excellent execution and low commissions, but did you know they have great software?

Best for Advanced Traders: TradeStation

For example, if you plan to trade options, you should look for a platform with low commissions for options trading (you can learn more by checking out our best options trading platforms). If you expect to use margin regularly, you should pay attention to the margin rates you’ll pay on a particular stock trading platform. It’s also important to make sure the broker has a good stock trading app if you plan to trade on the go. Forbes Advisor evaluated a broad selection of platforms in order to help you choose the best online brokers for day trading.

For example, a glitchy platform could cause a big delay between when the trade order was placed and the execution. This could lead to massive slippage, so day traders should seek help to ensure technical problems are solved before continuing. The platform must provide a good overall experience, including an optimized user interface that allows each feature to be quickly found and used.

TC2000 vs TradingView 2024: 20 Features Tested & Rated

Some traders may even purchase a stock and sell it within the span of 15 minutes. Day traders need a reliable source for instantaneous stock market quotes to know when to buy and sell. Check out our list of the best free sources for stock market quotes on the web and bookmark options that appeal to you. Interactive Brokers has been voted the best online broker by Barron’s for the last 4 years in a row, improving investment automation and services across 4 decades. Clients from over 200 countries can use IBKR to manage their investments, accessing 135 markets in 23 currencies.

As day traders allocate more time and capital to their endeavors, it is important for online brokerages to provide them with the tools that they need, at a cost that doesn’t eat into their profits. Additionally, the reliability of data is paramount, as is the ability to test trading ideas prior to deployment. We’ll look at several brokers who strike the right balance between day trading tools and competitive pricing.

Another useful feature is Lightspeed’s scanner for block trades, which allows you to track the activity of large traders and institutions by scanning for sizable trades. Quality of order execution is of paramount importance to day traders. Direct market access is available for both stocks and options, allowing traders to decide how they want their orders to be routed. Interactive Brokers is a good choice for day traders because it offers free stock trading in the US and industry-leading low-margin rates for traders using leverage to trade. TC2000 is a great platform for day traders who want to trade stocks and options contracts directly from charts using the integrated TC2000 Brokerage. Benzinga Pro is an excellent platform for day traders because it enables you to trade news events by providing the fastest streaming real-time news service.

Day Trading Tips

You can read more about our editorial guidelines and the investing methodology for the ratings below. Tradestation is recommended for full broker integration, trading from charts, and automated trading. Scanz does not offer as many chart patterns or indicators as its competitors, but it does not have to. Most people will only use 5% of the indicators available, and fortunately, Scanz covers all the important ones. The power here is in the technical analysis screening, which is fast, seamless, and flexible.

While the broker has filled a major gap with the introduction of cryptocurrency trading, the lack of a user-friendly backtesting environment will still bother some more advanced traders. Regulatory agency FINRA formally defines a day trader as someone who buys and sells the same stock during the same trading day at least four times within a five-business-day period. That’s why we highlight the strengths and weaknesses of many brokers.

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. If you want to succeed at day trading, the right brokerage or online trading platform can help. Our research reveals that the best day trading platforms are Trade Ideas, MetaStock, TradingView, and Benzinga Pro. Each offers unique benefits for day traders, like free stock trades, AI automated trading, real-time news, and powerful backtesting. These platforms are sometimes referred to as DIY investment platforms, online brokerage accounts or share trading accounts. Day trading is a type of stock trading where you buy and sell securities in short periods of time.

But just as important is setting a limit for how much money you dedicate to day trading. Those dipping into this kind of active trading may want to risk only a small portion of their account balance — 5% to 10% of your investable assets, best day trade platform at most. Our partners cannot pay us to guarantee favorable reviews of their products or services. The Lightspeed Trader platform has been stripped down to focus on data and order execution, without unnecessary bells and whistles.

You will not have a better mobile active trading experience than on Webull. EToro is the easiest platform for beginners to get started trading. It has the right combination of power and an attractive user interface on both desktop and mobile versions. Some U.S. traders will hesitate to choose Webull after learning that it is owned by a Chinese holding company.






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