Day traders are keen investors and it is important to find the a day trading app to get the most out of your day trading experience. This includes things like high-quality executions, low fees, and a good level of reliability. Knowing what type of features you are after is important because it will help you to choose the right trading platforms to match your investment styles.
Continue reading for a look into the best apps for day trading available right now.
Best Apps for Day Trading 2021
There are loads of different platforms out there for day traders. This can make choosing the best one difficult. We have analyzed the best trading apps for day trading below for all kinds of investors.
This is our selection…
- IQ Option
- Interactive Brokers
- Ally Invest
- TD Ameritrade
- Trading 212
- Merrill Edge
- Charles Schwab
eToro is one of the largest, most versatile trading platforms. This app allows investors to utilize a wide range of investment products. There are many helpful tools and features for new to advanced investors.
One of the highlights is the social trading features. This allows you to follow other successful day traders, and copy their moves.
|0% commission fees on stocks and competitive trading||Some fees are quite high|
|A platform with multiple assets||Not the best customer support|
|A diverse investment experience|
|Great social/community features|
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 is an international trading firm with many different asset classes. Day traders can trade CFDs in shares, indices, forex, and crypto.
This is a good option for any newbies to day trading, as the platform has a risk-free demo mode for training your skills. The entire trading platform is also very user-friendly.
|A versatile trading platform with many opportunities||Research tools could be improved|
|Easy to use||The app is only suitable for CFD trading|
|Includes a free demo mode which is great for beginners|
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.
IQ Option is one of the best trading apps thanks to its versatility and ease of use. This platform offers stocks, forex, crypto, ETFs, and digital options trading.
A great feature for busy day traders is that there are so many different deposit and withdrawal options. This makes transactions quicker and easier. The account minimum on IQ Options is a low $10.
|A secure, regulated platform||There are awesome trading competitions available, but these are only available outside the EU|
|Well-used with a large investor base|
|Offers a unique digital options trading feature|
AvaTrade is a great choice for active traders thanks to its comprehensive, speedy system. You get a generous bonus system when investing larger capital amounts which is appealing to many day traders.
This platform also has a pretty wide selection of trader insights and financial instruments.
|The more money you invest, the bigger the bonus you get||You can only trade in CFDs, crypto, and forex|
|Easy to open an account and start trading||Inactivity fees|
|Great support network|
PepperStone has one of the best apps for anyone interested in forex. This CFD platform focuses mainly on forex, which makes it appealing to certain investors.
It is very speedy and convenient to use. Beginners can also enjoy a demo trading feature.
|A VIP access feature for enhanced trading||CFDs have a high rate of financing|
|Daily cash rebates for active traders||Non-EU users don't get investor protection|
|Equity index CFD and forex fees are low|
This trading app is great for active traders with its low per-share pricing. Interactive Brokers offers a large selection of tradable securities and very low margin rates.
This platform also has commission-free ETF and stock trades.
|The investment selection is big||High inactivity fees|
|A wide range of no transaction fee mutual funds||Not a great website – difficult to navigate|
|Excellent tools and research options|
Ally Invest is a great pick for anyone seeking automation. This platform offers automated managed portfolios and a wide range of financial services.
Ally Invest self-directed trading offers no commissions, which is an attractive feature for busy day traders with many transactions.
|No monthly fees||Ally is a bank and not a completely dedicated trading app|
|No commissions on self-directed trading|
|Great automation trading options|
This multinational services corporation offers a wide range of services for fast, efficient trading. Fidelity offers stocks, ETFs, options, mutual funds, and more.
Some attractive features include commission-free trading and fractional share trading.
|Fractional share trading on offer||Fidelity is a better option for experienced traders, but it can be difficult for beginner day traders to navigate|
|Trading is easier with the great decision-making technology|
|Many different investment options available|
A versatile day trading platform for all levels of investors. Tastyworks has a great following feature that allows you to keep up to date with the moves of other successful investors. Tastyworks has several useful tools to help enhance your investing.
|Trading fees are low||Limited deposit and withdrawal options|
|Great research tools and information available||The range of investment options could be better|
|Easy to used and start trading on|
When it comes to mobile trading apps, SoFi is one of the best. This app appeals to active traders thanks to its wide array of financial products.
Active traders can also enjoy free stocks and ETFs. The account opening and navigation process are easy.
|Offers a wide range of low-cost investments||SoFi is only available for US investors|
|The platform offers access to financial advisors|
|Free management and automatic rebalancing|
TD Ameritrade offers common stocks and preferred stocks, forex, exchange-traded funds, futures contracts, crypto, mutual funds, margin lending, fixed-income investments, and cash management services.
This is one of the more versatile stock trading platforms.
|Commission-free trading on stocks, ETF, and options||TD Ameritrade is limited to US investors and account holders only|
|There is no account minimum|
|Advanced customer support|
This is one of the best simple trading platforms for day traders. You can make use of efficient global stock and ETF options with no commission fees.
Trading 212 is also very user-friendly for beginners. The account minimum is only $1, and there is a demo mode available for getting started.
|The trading fees are low||There is not a wide range of investment options|
|A very easy trading platform to use||This trading platform is better suited to beginners|
|Opening an account and getting started is easy|
Robinhood is a very popular trading platform, and certainly one of the best. This platform offers commission-free stock trading, funds, options, cash management, gold, and crypto.
Robinhood offers numerous helpful tools and no account minimums. Traders get a special Robinhood debit card to use at their fee-free ATMs. For active traders, this can be appealing.
|No account minimum or monthly fees||Not the most advanced trading platform. Experienced traders may feel limited|
|Easy and accessible investing|
|A good range of options for day traders|
Merrill Edge is a versatile trading platform for various types of investors. This online broker offers investor guidance or complete investor freedom.
You get several different investment accounts available, as well as free trade options.
|Trading fees are low||The mutual funds offer high fees|
|You get a wide range of investment opportunities||Short term redemptions fees are charged (not ideal for busy day traders)|
|Great analysis tools||High margin rates|
TradeStation is an appealing platform for busy day traders thanks to the very efficient, user-friendly mobile platform. This stockbroker offers low stock and ETF fees with a superior education section.
TradeStation has no forex option, and very limited deposit and withdrawal tools.
|ETF and stock fees are low||No forex trading available|
|Excellent educational tools||Withdrawal and deposit options|
|A very intuitive mobile platform for easy day trading|
Webull is one of the best mobile trading apps as this is the focus of this stockbroker.
It offers a completely customizable platform and they offer full extended hours trading which is great for busy day traders.
You can use individual brokerage accounts for asset management and IRA retirement accounts.
|Free stock, options, and ETF trading||The portfolio for day traders is limited|
|Easy to use and simple to open an account||More suitable for long-term trading|
|An excellent mobile trading platform|
This platform is a great option for beginners thanks to its simple mobile platform, helpful tools, and informative investor guidance.
The platform offers stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed-income investments. There are also superior research tools.
|Free ETF and stock trading||The platform only trades on US markets|
|Large, versatile selection of investments|
|Great resources available|
Charles Schwab offers a modern approach to investment and retirement through its platform. Their brokerage accounts are versatile and safe.
You get $0 trade commissions, great educational resources for beginners, and excellent tools for active traders.
|No fees or account minimum||The default cash sweep rate is low|
|There is a large fund selection available|
|Commission-free ETF options and stock trades|
What is Day Trading?
Day trading is a type of investment style that spans a full day's trading. Investors use online platforms to buy and sell shares throughout the day. The idea is that a day trader’s investment portfolio is empty at the start of the day and that all transactions are closed by the end of the day. Successful day trading offers many benefits, and it can be a very successful venture if done correctly. Usually, day traders use a lot of capital in a single day.
The best app is necessary for achieving optimal stock trading results. The platform needs to be fast, efficient, and easy to handle.
What Are Day Trading Apps?
Online trading is possible through the use of trading apps. These are platforms that allow investors to manage their entire investment portfolio from a single interface. These apps provide opportunities to buy and sell directly at real-time prices. You can invest in stocks, forex, commodities, cryptocurrency, and more.
The best mobile trading are fast and flexible. They allow investors to make quick trades and open and close various transactions throughout the day. These day trading platforms should offer many investment options and opportunities.
How To Pick a Day Trading App
You need the app to be well-regulated for a greater level of safety. Regulation is about monitoring the platform, and it also refers to how the app is being regulated according to certain countries and borders.
If a platform is well regulated, it offers better transparency and security. This also makes it more efficient for traders to use.
What can you invest in through the platform? This is an important consideration that should be chosen according to your investment strategy.
Investment assets or options include things like stocks, crypto, forex, ETFs, commodities, and so on. Different platforms have different assets available, so make sure to choose one that works for you.
For active traders and busy day trading, mobile trading platforms are ideal. Make sure that the trading app you choose is compatible with your devices for seamless trading on the go.
Fees & Commissions
The fees and commission structures are what will influence the amount of money you can make in a big way. Some platforms have low fees and high commissions. Some have monthly fees and low commissions. This can differ on the assets and funds available.
Make sure to choose a trading app with fees and commissions that are most suitable to your investment strategy. Otherwise, this can take up a huge portion of your capital.
Trading apps don’t just offer real-time market opportunities, but they should also offer quality research options. This includes things like market news, investment calendars, trading data and analysis, and so on.
Research will help you to make more informed investment decisions to enhance your strategy. This is also very important for beginner traders.
How much does the app teach you? Are you learning about the market and day trading while you invest? Education tools allow you to make more informed decisions.
Trading apps should be transparent and informative. Education features are very important for beginners.
Account minimums are important because they may restrict certain traders. Some platforms offer no account minimum, others may have high ones, such as $100.
The account minimum influences how much you can trade, and what you can start with. This is important to know before you choose a platform.
Usability and Functionality
The best apps offer a great user experience. The app should be easy and informative to use. It should also have features that help to make you a more confident investor.
Usability and functionality include things like investment alerts and notifications. You should be able to receive price alerts, access watch lists, and order types. The execution speed is also vital, especially for active traders working on real-time prices.
This includes how you can deposit and withdraw funds to your trading platform. The payment methods are very important for active day traders that make many transactions. Make sure that the options available work with your bank and won’t charge high fees.
Customer support can completely affect your experience of the app. The broker should have 24/7 support that is helpful and easily available. This is particularly important with investment platforms where you have money and risk involved.
Some trading platforms allow new users to trial the software with a demo account. This allows you to trade at real market prices using virtual money.
There is no risk involved so it is a great option for beginner investors. Of course, you can't make any money either – but it allows you to learn and get a feel for the platform.
Pros and Cons Of Mobile Day Trading
- You get complete market access: Once you have chosen a brokerage firm and opened up your trading platform account, you get total access to the marketplace. You can buy and sell stocks, commodities, crypto, forex, and more. All you need is an internet connection to start trading.
- You can trade anytime, anywhere: Mobile trading platforms allow you to gain market access at any time from anywhere with a connection.
- Unlimited potential: The savvy investor has unlimited room for making profits. If you make the right investment moves, day trading can be a lucrative activity.
- Limited transaction costs: Mobile day trading is not expensive, and you can enjoy low fees and commissions on many of the top platforms.
- Financial leverage: Online trading has increased its availability and offers great leverage for bigger returns.
- Suitable for everyone: Mobile day trading is suitable for experienced investors as well as total beginners. Many mobile platforms offer excellent educational tools and resources to make investing easier to get started with.
- You get complete control: Mobile day trading platforms allow you to take control of your investment decisions and build your investment strategies.
- Volatility: Markets change rapidly and there is plenty of risks involved. Day traders need to keep a keen eye out at all times and make informed decisions when investing. Otherwise, there is plenty of room for damage.
- Control: Online day traders have access to many different markets and investment opportunities. This can make it difficult to maintain control and discipline when trading.
- Some trading apps have limitations: Not all-day trading apps allow you to access the same features and markets. Some may restrict you to certain investments, such as forex or stocks only. Make sure that the trading app you choose offers the right spread of tools and investment opportunities to match your strategy.
Risks of Day Trading
While day trading can be a profitable business, it also holds plenty of risks. Beginner day traders need to be prepared for big losses, as this is the reality of this type of investment style.
Unlike traditional long-term investments where your returns steadily grow over time, day trading can be a bit of a roller coaster.
Yes, there is room for large success, but there is also room to lose capital. Day traders typically work with larger amounts of capital too, which also increases the room for losses.
The best trading apps come with demo versions that allow you to trade at real-time market prices without the risk of losing real money. This can be an excellent way to get started and learn the process of day trading without any risk.
This depends on the platform you use for investing. Some day trading apps have no account minimum, and you can get started with just $1. Others have a higher account minimum and may require $100 before you can start investing. Just remember that the more money you invest, the greater the opportunity is for higher returns.
Yes, day trading is legal. Just make sure that you use a well-trusted platform that is properly regulated. All of the day trading apps listed above offer this.