Best Day Trading Platforms 2021

Picking the right day trading platform can make or break your trading career. You should look for a day trading broker that offers a comprehensive platform with great tools, market research and education, low costs, is well regulated, and has great order execution quality.

Day trading is when traders buy and sell shares of a stock within the same trading day, before the market closes. You should pick a day trading platform that offers low costs. This is very important, because day traders place far more orders than the average investor. Because day trading is such a intensive form of trading, you want to pick a broker that offers an excellent Day Trading App. Another important factor to consider is also the Day Trading Strategy you use.

We have compared brokers 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 and Platforms for 2021

Our analysis of brokers is based on a variety of factors. Broker fees & commissions, security, regulation, tradeable assets and more is taken into account. We have rounded up the best options below. Here is the list of the best day trading brokers for 2021.

  • eToro – Best Day Trading Platform Overall
  • Plus500 – Great For CFD Day Trading
  • AvaTrade – Best Forex Day Trading Broker
  • IQ Option – Best Options Day Trading Platform
  • Interactive Brokers – Best Execution 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 brokers 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 app, access to a wide range of markets and features. This includes the popular copy trading function. eToro offers 0% commission fees on stocks which can save a lot of money in the long run.

etoro logo
PROSCONS
Offers a wide range of marketsSome fees are a bit high
No commission fees on stocks Research and analytics reports could be better
Copy Trading
Demo Account
Open Free Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

Plus500

This CFD broker is another popular option. Plus500 is a commission-free broker that offers forex, crypto, stocks, options, ETFs, commodities, and indices.

Their platform is great to use and offers fast and reliable execution times.

Plus500 Comparison
PROSCONS
Leverage availableLimited to CFDs
No commission feesResearch tools could be improved
Tight Spreads
Demo Account
Visit Plus500 >>

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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.

AvaTrade

AvaTrade is a top contentender. They offer a choice of three different 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 resources.

AvaTrade Logo
PROSCONS
Three different trading options availableAvaTrade is a CFD only 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 a trusted global broker. You can trade in forex, stocks, crypto, ETFs, and digital options. There are many good deposit and withdrawal options which is a bonus to active traders.

This platform is easy to get started on, and it has a $10 account minimum. IQ Options is also regulated for greater safety.

Compare IQ Option
PROSCONS
Exclusive digital options tradingBetter suited to non-EU traders
Multiple withdrawal and deposit options
Easy for getting started
A good range of investment opportunities

Interactive Brokers 

Interactive Brokers offers low per-share pricing and low margin rates. Many traders around the world trust them, thanks to their commission-free ETFs, stocks and top-tier regulation. They offer the lowest margin rates and a great variety of order types.

Interactive Brokers offer a Trader Workstation as their flagship desktop 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. 

interactive brokers logo
PROSCONS
TWS is great for active day tradersInactive 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

This global broker is a top choice for traders focused on CFDs and foreign exchange. The platform has very low fees on forex trades.

XTB logo
PROSCONS
Low forex feesStock CFD fees are higher
Free withdrawals and depositsMarkets are limited
A very user-friendly platform

XM

XM is a broker that offers forex and CFDs on stocks, stock indices, oil, and gold on MT4 and MT5. This platform is appealing thanks to its low stock CFD withdrawal fees.

The platform is very user-friendly and easy to trade on. Opening an account is also simple. Some bonus features include educational webinars and a free demo account which is suitable for new traders.

XM Logo
PROSCONS
Low withdrawal feesLimited to mainly CFDs and forex
Excellent educational tools
Fast to get started and easy to use

NinjaTrader

When it comes to futures and forex, NinjaTrader is one of the best options. This platform offers good tools, charts, and resources to help you trade. 

Users can get used to NinjaTrader for free before starting to trade live. This can be very helpful for beginners. The app is easy to navigate and offers low fees.

Ninja Trader Logo
PROSCONS
Very low futures feesNo mobile app available
NinjaTrader has excellent tools and research availableLimited to futures and forex
It can connect to an external brokerage account

TradeStation Global

We have chosen TradeStation Global as one of the best brokers thanks to its low fees and wide-ranging product portfolio. Active traders can access excellent stock exchange options.

While TradeStation has a wide range of options and low stock and ETF fees, it is best suited for more experienced traders. The account minimum is a high $1000, and opening a new account is a difficult process.

Tradestation Logo
PROSCONS
A great range of investment opportunitiesHigh account minimum
Low feesEducational resources
Excellent customer service
The platform is set up for efficient use by experienced traders

eOption

eOption provides a great solution thanks to its easy-to-use platform, simple account opening process, and decent fees and commissions. 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, eOptionis a good choice as it is a dependable form of hedge with less financial dependence. 

eOption Logo
PROSCONS
High percentage returnsRequires a $500 account minimum
User-friendly mobile appHigh non-trading fees
Good customer support
Offers a superior solution for options

Charles Schwab

Charles Schwab offers a trading platform that is a great choice. 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 commission-free stock, ETF, and options trades. There is also a large fund selection, and good research tools available. 

Charles Schwab Logo
PROSCONS
Commission-freeLow 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. 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.

TD Ameritrade Logo
PROSCONS
No account minimumOnly suitable for US residents
Commission-free
A great system of customer support available

e*Trade

e-Trade is great for beginners 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, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed-income investments.

e-trade logo
PROSCONS
ETFs and stocks are freeNot great withdrawal and deposit options
A wide range of investments is availableOnly 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. 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 available. 

Tradespoon Logo
PROSCONS
Superior analytics tools availableNo mobile app
User-friendly websiteThe subscription prices are high
7-day free trial
Various subscription plans available

Fidelity

Fidelity is one of the best out there. 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 insights, and useful visual snapshots for monitoring your investments.

Fidelity Investments Logo
PROSCONS
The Active Trader Pro feature is ideal for day tradingTricky 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 is not the best for beginners. 

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.

Lightspeed Logo
PROSCONS
Specially set up for dedicated frequent tradersParticularly high account minimums
Traders can route their ordersNot suitable for beginners
An extremely fast platform
Great customer service

Tastyworks

Tastyworks appeals to frequent traders thanks to its low rates and commissions. This is a pretty broad platform that can work well for various strategies. The research tools and information available is a major bonus to using this platform.

Tastyworks Logo
PROSCONS
An easy platform to get started onThe investment portfolio options could be better
Low feesLimited 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 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. 

What are Day Trading Platforms?

Brokers offer platforms for users to directly trade through. These platforms offer assets like stocks, forex, crypto, commodities, and more. With a day trading platform, 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?

Your success all starts with 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. 

What Can You Trade on These Platforms?

Different brokers offer different portfolio options. Make sure that you choose a platform that allows 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 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 stop, 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? How can you implement 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 keep you updated with real-time pricing and reports for accurate and fast decision-making. The data can include things like quotes, news, real-time execution, slippage, and so on. 

Leverage

Leveraging is when you open positions that are greater than the capital you have available. If leverage is important to your strategy, then make sure that your platform will support it and 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 brokers 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 

Have good research tools is a great way to analyze the markets. This will help you to make more informed investment decisions, which is important for active traders. 

Research tools include things like 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. Having a strong support network behind the platform is essential for a good user experience. 

Order Execution

Fast order execution is essential in order to get your buy and sell orders fulfilled at the right market prices.The best brokers offer fast order execution for greater efficiency while trading.

Who Regulates Day Trading Platforms?

Various bodies are set up to regulate brokers. Generally, this depends on the country the broker is based, 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 1pm – 4pm, 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 income tax on profits. This is a general rule that applies across the board for taxation.

Why Do Most Traders Fail?

There are many reasons why traders fail. Generally, it comes down to a lack of knowledge.

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)?

This is when you follow through with at least four-day trades over five business days. This is all done using a margin account, where the day trades must make up more than 6% of this margin.

Can You Start Day Trading With Less Than $25k?

It depends 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.

Can You Make a Living Day Trading?

Yes, it can be a lucrative profession if done properly. Just make sure that you are properly equipped and qualified to do this. It takes a great deal of knowledge.

How Much Can You Make Per Day?

There is no straightforward answer to this. It depends on your knowledge of the market and the amount of capital you are trading with. Day trading is a risky business with plenty of room for loss, but there can also be some excellent returns for successful traders.

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.