Picking the best day trading services can make or break your trading career. You should choose from such brokers for day trading who offer comprehensive platforms with great tools, market research and education, and low costs. Also, reliable day trading companies should be well-regulated and have great order execution quality.
Day trading is when traders buy and sell shares of stock within the same trading day before the market closes. To maximize your chances for a profit, you should pick the best day trading platform that offers low costs. This is important because day traders place far more orders than the average investor. Because day trading is such an intensive form of trading, you want to pick a broker only from those who offer excellent day trading applications. Another essential factor to consider is also the Day Trading Strategy you use.
We have compared day trade companies based on a variety of data points to come up with a list of the best online brokers for day traders.
Best Day Trading Brokers 2023
Our analysis of brokers for day trading online is based on a variety of factors. Day trading fees & commissions, security, regulation, tradable assets, and more are taken into account. We have rounded up the best options below. Here is the list of our picks of the best day trading service brokers in 2023.
- eToro – Best Day Trading Platform Overall
- Plus500 – Best Day Trading Site for CFD
- AvaTrade – Best Forex Trading Broker
- IQ Option – Best Options Day Professional Trading Platform
- Interactive Brokers – Best Execution Online Day Trading Platform
- XTB
- XM
- Ninja Trader
- Tradestation Global
- eOption
- Charles Schwab
- TD Ameritrade
- E*Trade
- Tradespoon
- Fidelity
- Lightspeed
- Tastyworks
eToro
eToro is one of the most popular day trading websites available, with a massive global user base. They are a well-regulated and safe online broker, offering a wide variety of tradable assets.
Traders on eToro can enjoy a quality, high-performance day trade app and access to a wide range of markets and features. This includes the popular copy trading function. eToro offers 0% commission fees on trade stocks which can save a lot of money in the long run.
| PROS | CONS |
|---|---|
| Offers a wide range of markets | Some fees are a bit high |
| No commission fees on day-trading stocks | Research and analytics reports could be better |
| Copy Trading | |
| Demo Account |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.
eToro USA LLC does not offer CFDs, only real Crypto assets available.
Plus500
This CFD broker is also considered to be one of the best companies for day trading. Plus500 is a commission-free broker that offers forex, crypto, stocks, options, ETFs, commodities, and indices.
Their day trading platform is great to use and offers fast and reliable execution times.
| PROS | CONS |
|---|---|
| Leverage available | Limited to CFDs |
| 0% commission | Research tools could be improved |
| Tight Spreads | |
| Demo Account |
79% of retail investor accounts lose money when trading CFDs with this provider.
AvaTrade
AvaTrade is a top contender. They offer a choice of three different trading platforms: Avatrade Go, AvaTrade Options, and AvaTrade Social. They offer CFD trading on bonds, Indices, Stocks, Forex, Cryptocurrencies, and more. Avatrade offers quality market research tools and top-notch educational stock trading resources.
| PROS | CONS |
|---|---|
| Three different trading options available | AvaTrade is a CFD-only trading platform |
| AvaTrade offers superior research tools | |
| Quality support network | |
| Easy to open an account and get started |
IQ Option
IQ Option is worth considering as one of the best day trading companies, trusted and appreciated globally. You can day trade in forex, stocks, crypto, ETFs, and digital options. There are many good deposit and withdrawal options which is a bonus to active day traders.
This platform is easy to get started on, and it has a $10 account minimum. IQ Options is also regulated for greater safety.
| PROS | CONS |
|---|---|
| Exclusive digital options trading | Better suited to non-EU day traders |
| Multiple withdrawal and deposit options | |
| Easy for get started | |
| A good range of investment opportunities for day traders |
Interactive Brokers
Interactive Brokers is a day trader site with low per-share pricing and low margin rates. Many day traders around the world trust Interactive Brokers, thanks to their commission-free day trading ETFs, stocks and top-tier regulation. They are considered one of the best day trading sites with the lowest margin rates and a great variety of order types.
Interactive Brokers offer a Trader Workstation as their best desktop trading platform. TWS is a popular choice among hedge funds and institutions. It is specifically designed for active traders as it offers a lot of flexibility and power.
| PROS | CONS |
|---|---|
| TWS can be the best trading website if you're very active | Inactive day traders have to pay high fees |
| Includes a wide range of investment opportunities | |
| Many mutual funds available with no transaction fees | |
| Good research tools available |
XTB
XTB can be the best broker for day trading if you're focused on global CFDs and foreign exchange. What's more, it is often mentioned as one of the best companies to day trade on forex because it has very low fees on this market.
| PROS | CONS |
|---|---|
| Low forex fees | Stock CFD fees are higher |
| Free withdrawals and deposits | Markets are limited |
| A very user-friendly platform (so one of the best places to day trade as a beginner) |
XM
Some traders claim XM offers the best brokerage for day trading that includes forex and CFDs on stocks, stock indices, oil, and gold on MT4 and MT5. This platform is appealing to day traders thanks to its low stock CFD withdrawal fees.
The platform is very user-friendly and easy to trade on – it can be the best day trading website for beginners. Opening a day trade account is also simple, so it shouldn't be a problem even for inexperienced users. Some bonus features include educational webinars and a free demo day trading account which is suitable for new traders.
| PROS | CONS |
|---|---|
| Low withdrawal fees | Limited to mainly CFDs and forex |
| Excellent educational tools for a day trader | |
| Fast to get started and easy to use (so it can be the best trading platform for day traders with no significant experience) |
NinjaTrader
When it comes to futures and forex, NinjaTrader can provide you with one of the best day trading accounts. This paper trading platform offers good tools, charts, and resources to help even an inexperienced day trader increase their chances of making a profit.
Day traders can get used to NinjaTrader for free before starting to trade live. This can be very helpful if you don't know where to day trade as a beginner. The app is easy to navigate and offers low fees. However, no mobile app is available, so think about Ninja Trader as a suggestion for the best website for day trading on your computer.
| PROS | CONS |
|---|---|
| Very low futures fees | No mobile app available |
| NinjaTrader has excellent tools and research available for any day trader | Limited to futures and forex paper trading |
| It can connect to external day trade brokerage accounts |
TradeStation Global
We have chosen TradeStation Global as one of the best online day trading platforms thanks to its low fees and wide-ranging product portfolio. Active day traders get access to a wide variety of markets through many stock exchange options.
While TradeStation has a wide range of options for various trading strategies and low stock and ETF fees, it is best suited for a more experienced day trader. The account minimum is a high $1000, and opening a new account is a difficult process. As a result, it may not be the best day trader platform for beginners.
| PROS | CONS |
|---|---|
| A great range of investment opportunities | High account minimum |
| Low fees | Educational resources |
| Excellent customer service | Not the best site for day trading with no experience |
| The platform is set up for efficient use by experienced traders |
eOption
If you're wondering what platforms allow day trading adjusted for beginners, eOption can be a great pick. It provides a great solution thanks to its easy-to-use platform, simple account opening process, and decent fees and commissions. As the name suggests, eOption is focused on options, so you will need to make sure that this fits your strategy.
If you are looking for a bit more security, eOption can be the best daily trading platform for you as it is a dependable form of a hedge with less financial dependence.
| PROS | CONS |
|---|---|
| High percentage returns | Requires a $500 account minimum |
| User-friendly mobile app | High non-trading fees |
| Good customer support | |
| Offers probably the best stock day trade solution for options |
Charles Schwab
Charles Schwab also offers one of the best sites for day trading. Beyond the fact that the mobile app is really easy to navigate, this brokerage offers three platforms with no minimum or fees.
You can make use of a day trading free of charge stock, ETF, and options trades. There is also a large fund selection and good research tools available. It can be a good choice if you are wondering where to day trade stocks when your budget is very limited.
| PROS | CONS |
|---|---|
| Commission-free | Low default cash sweep rate |
| Offers a wide selection of investment options | |
| Plenty of research tools | |
| User-friendly app |
TD Ameritrade
TD Ameritrade is a versatile option for all types of investors, so no matter if you are looking for the best brokers for swing trading, day trading or a different strategy, they can be a great choice. This broker offers common stocks, preferred stocks, exchange-traded funds, futures contracts, margin lending, fixed-income investments, and more. They offer low fees and commissions, so they can be your answer to what is the best platform for day trading cheaply.
| PROS | CONS |
|---|---|
| No account minimum | Only suitable for US residents |
| Commission-free | |
| A great system of customer support available | |
| Versatility – it can be the best brokerage for swing trading, day trading, and more |
e*Trade
e*Trade can provide you with one of the best brokerage accounts for day trading thanks to its easy-to-use platform. The broker offers excellent guidance and tools to help new investors get set up.
You can trade in a wide range of different products through e*Trade. This includes common stocks to buy for day trading, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed-income investments.
| PROS | CONS |
|---|---|
| ETFs and stocks are free | Not great withdrawal and deposit options |
| A wide range of investments is available – it can be the best platform for swing trading as well as day trading or more | Only trades in US markets |
| Great resources for beginners | |
| Easy to get started |
Tradespoon
Tradespoon focuses on providing an incredibly easy-to-use platform for all types of traders – it can be the best broker for swing trading or day trading, you choose! The platform has great analysis tools with quick price forecasts that can be incredibly helpful.
Forecasting covers bitcoin, forex, and futures. You also get an excellent array of tools for best-day trades and more.
| PROS | CONS |
|---|---|
| Superior analytics tools available | No mobile app – it can be one of the best brokerages for day trading but only on your computer |
| User-friendly website – it can be the best swing trading platform or a day trading one | The subscription prices are high |
| 7-day free trial | |
| Various subscription plans available |
Fidelity
Fidelity is considered the best company for day trading by some traders. This brokerage offers stocks, options, ETFs, mutual funds, and more. There are commission-free trades available, as well as great fractional share trading.
Fidelity offers an Active Trader Pro. This provides you with more powerful tools, real-time trading platform insights, and useful visual snapshots for monitoring your investments.
| PROS | CONS |
|---|---|
| The Active Trader Pro feature is ideal for day trading programs | Tricky platform for inexperienced users |
| Low fees and commissions | |
| Offers a wide-ranging investment portfolio | |
| Includes useful decision-making technology |
Lightspeed
Lightspeed offers low costs and is a perfect choice for active traders. This broker is designed for high-velocity stocks and options. It may not be one of the best accounts for day trading with no significant experience.
Lightspeed has a large $10,000 account minimum, and it offers no commissions. Lightspeed offers various benefits through its active day trading services, as well as superior technology and speeds.
| PROS | CONS |
|---|---|
| Specially set up for dedicated frequent traders | Particularly high account minimums |
| Traders can route their orders | Not suitable for beginners |
| Most likely the fastest trading platform | |
| Great customer service |
Tastyworks
Tastyworks appeals to frequent traders thanks to its low rates and commissions. This is a pretty broad broker that can work well for various strategies – it can be the best margin trading platform, a day trading or a swing trading one, depending on your approach. The research tools and information available is a major bonus to using it.
| PROS | CONS |
|---|---|
| An easy platform to get started on | The investment portfolio options could be better compared to other professional trading platforms |
| Low fees | Limited withdrawal and deposit options |
| Useful research tools and information available |
What Is Day Trading?
Day trading is when investors buy and sell on the market throughout the day, closing all of their transactions by the end of the day. For example, you buy a share of a stock when the market opens and sell those same shares before the market closes that day.
The general idea behind this is to start the day with no transactions open and trade quickly throughout the day. Day traders make far more trades than regular investors. This is not a long-term investment strategy but a fast reaction to the daily markets. It requires a platform that supports this style of fast, active trading.
Where Can I Day Trade Stocks?
Online brokers offer platforms for users to trade through directly. These platforms offer assets like stocks, forex, crypto, commodities, and more. Thanks to a day trading company, you can access the market directly with real-time prices.
These platforms provide a single interface where you can open, close, and manage all of your trades. The best platforms will need to have a few unique features. They should offer low fees, accommodate active trades, and the right kind of markets available.
How to Pick Day Trading Platforms?
Day trading may not be that easy, and one of the things that can significantly help you to be successful is choosing the right broker. With all of the different brokers and mobile apps available, this can be a tricky process. We have outlined a few of the essential considerations for choosing a broker below.
Fees & Commissions
Frequent trading involves frequent transactions. If the fees on these are high, you can end up losing a significant amount of money. Pay close attention to the fees and commissions that the platform offers before making your choice. This needs to align with your investment strategy to be worthwhile.
Where Can You Day Trade With Your Favorite Strategy
Different brokers offer different portfolio options. Make sure that you choose the best trading group for you, allowing you to trade in an area you want to focus on.
Investment options include things like stocks, ETFs, equities, crypto, options, and so on. Some platforms only offer a few investment options, so be aware of this when choosing your trading app.
Regulation
Any safe day trading platform needs to be well-regulated. Brokers are regulated to make sure that they are safe, secure, and transparent. All of the brokers listed above in our day trading reviews are properly regulated.
Types of Platforms, Tools, Functionality, Ease-of-use
Every platform is different in the way it operates. Some platforms offer mobile apps that are incredibly easy to navigate, while others have loads of complex information.
Different platforms also offer unique tools and functions for more streamlined trading. Make sure that your platform has a good level of functionality and tools to match your needs. A popular platform is the MetaTrader 4 Trading Platform.
Mobile Trading
Picking a broker with an easy-to-use mobile trading app is essential. This way, you can check on your portfolio on the go and make needed adjustments wherever you are.
Order Types Available
Market orders, trailing stops, and limit orders are the basic types. Make sure that you choose a broker that offers the right order types for your strategy.
Account Types
What type of account can you open? What brokers allow day trading with your investment strategy? Are you an active trader or a long-term investor? These are necessary considerations when choosing the best platform.
Do They Offer Real-Time Data?
Real-time data is essential. The platform should update you with real-time pricing and reports for accurate and fast decision-making. The data can include quotes, news, real-time execution, slippage, etc.
Leverage
Leveraging is when you open positions greater than the capital you have available. If leverage is essential to your strategy, ensure that your platform will support it to the right extent.
Margin Rates
A margin rate is an interest that brokers charge when you buy certain financial assets and hold them overnight, past a business day. Check your broker's margin rates before signing up.
This is something to look out for when finding the right broker. Also, consider the different types of margins. You get real-time margins, rates, and so on.
Account Minimums
How much money you need to open an account can influence your decision on a platform. This can range anywhere between $0 to $25,000. Make sure that the account minimum is suitable for your budget.
Research Tools Available
Having good research tools is a great way to analyze the markets. This will help you to make more informed investment decisions, which is essential for active traders.
Research tools include technical analysis, volume, historical data, fundamental data, news, etc.
Education
The best brokers offer comprehensive educational resources. Make sure you pick one that has a variety of tutorials, webinars, and more. We found that Avatrade is one of the best in this aspect.
Customer Service
Any great platform will need to have a good level of customer service. A strong support network behind the platform is essential for a good user experience.
Order Execution
Fast order execution is essential to get your buy and sell orders fulfilled at the correct market prices.The best brokers offer fast order execution for greater efficiency while trading.
What Platform Do Day Traders Use Most Often?
There are many excellent platforms, and the choice strongly depends on personal preferences and strategies. Someone may be looking for the best stock day trading platform, while another person prefers to focus on swing trading platforms. However, some of our recommendations would be Interactive Brokers, eToro, Plus500, AvaTrade and other companies mentioned above.
Who Regulates Day Trading Platforms?
Various bodies are set up to regulate brokers. Generally, this depends on the country the broker is based in or where they are trading. Some major regulators include FCA, ASIC, CySEC, BaFin, SEC, CFTC, SMA, Finanstilsynet, and more.
Types of Brokers
There are four main types of brokers. These are forex brokers, stockbrokers, discount brokers, and full-service brokers. They need to be chosen depending on your investment methods and strategy.
Market Hours
Day trading is done between the opening of the London markets at 08:00 GMT and the closing of the US markets at 22:00 GMT. Between 1 pm – 4 pm, GMT is when the markets overlap. This is the busiest trading time.
Day Trading Taxation
Taxation depends on which tax systems remit you fall under. For example, CFDs and forex are classified as “speculative” in the UK, and they don't have capital gains taxes on them. This changes with different locations.
Anyone trading for a living will be required to pay tax. This is a general rule that applies across the board for taxation.
Day Trading FAQs
Why Do Most Traders Fail?
There are many reasons why traders fail. Generally, it comes down to a lack of knowledge and risk management.
Is Day Trading Legal?
Yes, day trading is completely legal. Just make sure you use an accredited, properly regulated broker.
What is The PDT Rule (Pattern Day Trader)?
Pattern day trading is when you follow through with at least four-day trades over five business days. This is all done using a margin account, where a pattern day trader must make up more than 6% of this margin with their trades.
Can You Start Day Trading With Less Than $25k?
It depends on which jurisdiction you fall under. The limit of $25,000 is mandated by FINRA, and all brokers must enforce it in the USA. Depending on your broker's account minimum, you can certainly day trade at much less than this.
Is Day Trading Risky?
Day trading is risky. Depending on how you manage and prepare for risk, each day can be a rollercoaster. It is generally made up of high highs and low lows. Traders are expected to be prepared for losses.
