Best Day Trading Platforms

Each day trading platform has something to offer. But which one is right for you? Read on to find out.

Day trading is a particular trading strategy that requires specific tools. You need a platform that can give you the tools you need to facilitate profitable trading.

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. Plus, learn about each platform's day trading tools, fees, pros, and cons.

10 Best Day Trading Platforms

The platform that will suit your needs will depend on your trading experience, the tools they offer, and what you like to trade. Here are some of the top picks:

Robinhood: Best for Beginners

Robinhood is considered the best broker for beginner traders because it offers fractional shares trading, no fees trading, and a user-friendly platform. Fractional shares allow you to start trading even with a small amount of capital.

It also has an onboarding questionnaire that helps you set risk parameters based on your risk tolerance. This is good for beginner traders who still don't know how to manage trading risks.

Why we like Robinhood:
If you're just starting out, Robinhood's trade recommendations can provide guidance for your first trade.

Robinhood also offers a 24-hour market that allows you to place limit orders for buying 95 of the most traded stocks and ETFs.

The platform also has 24/7 customer support, which could really help if you're just starting out.

Day trading tools:

• Basic watchlists and stock quotes
  
• Stock details such as P/E ratio and highs/lows
  
• News feed and analyst rankings
  
• Basic charting tools such as moving averages
  
• Basic order types such as stop limit orders and trailing stop orders
  
• Seamless mobile and web trading platforms

Pros + Cons:

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E*Trade: Best for Intermediate Traders

E*Trade offers two free platforms: Power E*Trade and Basic E*Trade. These two platforms are both suitable for intermediate traders.

Basic E*Trade is designed for beginners and intermediate traders, while Power E*Trade is designed for intermediate to advanced traders. The former provides you with all basic functionalities you need to trade while the latter offers charting tools that help you design your own trading plan and exit strategies.

Both platforms offer a web and mobile version.

Why we like E*Trade:
E*Trade has stocks and ETF screeners as well as market commentaries. These can help you choose good assets to trade.

It also has tons of free research tools, educational resources, webinars, and trading courses that can help you learn more about trading.

Day trading tools:

• Over 100 drawing tools
  
• Advanced charting tools and advanced order types
  
• Stocks and ETF screeners
  
• Real-time quotes

Pros + Cons:

TradeStation: Best for Experienced Traders

TradeStation is a trading platform that primarily caters to experienced traders. It offers advanced trading and research tools that can be overwhelming for beginners.

Trading through this broker allows you to use its TradeStation Analytics platform for free. This platform allows you to backtest trading plans, identify trading opportunities, and create your own trading tools.

Why we like TradeStation:
TradeStation offers one of the fastest market order executions. On average, orders clock in at 0.038 seconds.

Its fundamental and technical indicators are also customizable. This allows you to modify an indicator based on your trading strategy.

Day trading tools:

• RadarScreen, a real-time screener that monitors up to 1,000 tickers
  
• OptionStation Pro, an app that explores the options markets and provides a 3D model of option positions
  
• EasyLanguage, a trading-based programming language that allows you to create your own trading tools and indicators
  
• 180 preset fundamental and technical indicators
  
• Simulated trading mode that allows you to backtest trading plans

Pros + Cons:

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eToro: Best for Social Trading

EToro offers a social trading network that allows traders to exchange ideas regarding the financial markets.

This platform is particularly known for its CopyTrader program, which allows you to copy someone's trade in real time. It also has a community newsfeed that connects its 30 million users across 140 countries.

Why we like eToro:
EToro offers commission-free trading and has no options per contract fees in the US.^[5]

It also offers income, perks, and rewards for traders who participate in the CopyTrader program.

Day trading tools:

• ProCharts, a technical analysis tool that compares charts from various financial instruments or time frames
  
• Multiple watchlists to track your favorite assets
  
• Trading alerts that are sent directly to your phone
  
• Offline trading that allows you to place trades even if the trading platform is undergoing maintenance

Pros + Cons:

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Interactive Brokers Lite: Best for Trading International Markets

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. Interactive Brokers facilitates trading across 150 global markets.

This is also one of the most comprehensive trading platforms in terms of its traded assets. This is a good choice if you're a stock trader who also trades funds, forex, or cryptocurrencies.

Why we like Interactive Brokers:
Interactive Brokers offers an iOS and Android app that's primarily designed for global traders. It accepts deposits in up to 24 different currencies.

It's also integrated with third-party investment research and free stock reports, which are beneficial to fundamental analysis traders.

Day trading tools:

• Real-time and customizable charts with over 120 technical indicators
  
• Real-time monitoring and risk management tools
  
• Demo account for honing trading strategies
  
• Sample watchlists for chart monitoring
  
• Real-time trading alerts based on price, time, margin, and volume
  
• Mobile platform for trading on the go

Pros + Cons:

Webull: Best for Mobile Stocks and Options Trading

Webull offers an easy-to-use mobile app that is perfect for straightforward and quick trading on the go. This is good for you if you are a stocks or options trader. This platform has a dedicated app page for options trading.

This broker is also particularly good for stock trading as it allows you to trade over 5,000 stocks. Also, it has added over-the-counter (OTC) stocks this year (2023), though it's limited to the 100 most established stocks.

Why we like Webull:
Webull has a list of top options, an options screener, and other filters that could really help if you're an options trader.

Its paper trading also offers unlimited virtual cash. This allows you to practice trading a large account for as long as you want. Other brokers usually offer limited virtual money.

Day trading tools:

• Over 60 technical indicators
  
• Over 20 financial indicators with alert settings
  
• 12 charting tools
  
• 11 stock order types, including simple and group orders
  
• Highly customizable charts and trading setup

Pros + Cons:

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TastyTrade: Best for Options Trading

TastyTrade was previously known as TastyWorks. This platform caters more to options traders as it offers sophisticated features for executing options trading strategies. It also does not charge for options closing trades.

This platform offers features that are designed for analyzing volatility and profitability. You cannot backtest a trading strategy directly on the platform, but you can do so through an external site.

Why we like TastyTrade:
TastyTrade offers great research and educational tools that can help you learn more about trading. It also offers in-platform video tutorials of traders doing actual trades.

Day trading tools:

• Offers "OptionsPlay" to help you find profitable trades
  
• Shows risk profiles of open positions
  
• Has an Order Chains tab that tracks trades
  
• Offers watchlists and trade position details
  
• Has web, desktop, and mobile trading platforms
  
• Follow Feed feature allows you to follow other traders' trades

Pros + Cons:

FOREX.com: Best for Forex Trading

Account Minimum	$100
Commission Fees	1.8 cents per share (stocks)[10]
Assets Traded	Currencies, stocks, commodities, CFDs, indices, cryptocurrencies
Financial Regulators	Commodities Futures Trading Commission (CFTC), National Futures Association (NFA)

Forex.com is one of the most reliable and highly trusted forex brokers in the world. Globally, it offers access to more than 5,500^[11] markets and over 80 currency pairs^[12].

This platform offers automated trading, performance analytics, smart signals, and advanced charting tools through its TradingView integration. It also offers a built-in currency converter and margin + pip calculator. These are beneficial if you're a forex trader who relies on technical analysis.

Why we like Forex.com:
Forex.com offers reliable and fast trading execution, with an average of 0.02 seconds per trade. It has executed 99.82% of trades in less than one second.^[13]

The platform also makes it easier for beginners to get started. As soon as you sign up, you get a personalized walk-through of the platform.

Day trading tools:

• Over 80 customizable technical indicators
  
• 14 chart time intervals
  
• Over 50 drawing tools
  
• 11 chart types
  
• Price alerts, trade alerts, and order alerts
  
• Calendar for major economic events
  
• Mobile and web trading platforms
  
• Signals that monitor major global markets for price action patterns

Pros + Cons:

Moomoo: Best for Real-Time Market Data

Moomoo is a trading platform in the US that offers free real-time Level 2 market data from the New York Stock Exchange. This data gives you real-time bids and asks from the Stock Exchange.

Having this real-time market data can help you gain useful trading insights.

Moomoo also has an investment community of more than 20 million users worldwide. With this community, you get to discuss with other traders about strategies and market news.

Why we like Moomoo:
Moomoo has over 190 preset functions that let you customize trading indicators.

It also offers a market calendar of key events. This is beneficial when day trading as it can tell you when to stay out of the market.

Day trading tools:

• Real-time quotes
  
• Customized stock screeners
  
• 63 technical indicators
  
• 38 drawing tools
  
• Mobile and desktop platforms
  
• 24/7 real-time news

Pros + Cons:

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Charles Schwab: Best for Voice-Activated Trading

Charles Schwab is one of the world's largest brokers. It acquired TD Ameritrade in October 2020, and the two brokers are now fully integrated. It offers mobile, web, and desktop trading platforms.

This broker offers an AI-enhanced voice technology that allows you to place trades, set trading alerts, and find answers to questions through voice commands. However, this voice technology, called Schwab Assistant, is only available in its mobile app.

Why we like Charles Schwab:
Charles Schwab's voice technology can be used to access your account as well as for customer support.

It also offers 24/7 customer service that you can access via live chat.

Day trading tools:

• Real-time data streams
  
• Trend lines and drawing tools
  
• Watchlists from screening results
  
• Idea Hub for developing trading ideas
  
• Strategy tester tool for backtesting
  
• Schwab mobile trading app

Pros + Cons:

What is Day Trading?

Day trading is the act of buying and selling a specific asset within the day. The trade can run from minutes to hours in a single day.

In day trading, traders primarily rely on technical analysis or the analysis of price fluctuations and price movement patterns in the chart. However, day traders are also accustomed to market news and events that can cause short-term market movement.

There are several day trading strategies that you can employ. This includes range trading, trend trading, news-based trading, and high-frequency trading.

How to Choose the Best Day Trading Platform

Make sure to choose a trading platform that has the day trading tools you need to analyze and execute your strategy. Here are some factors to consider:

• Lifestyle and Strategy
  If your lifestyle is more on the go, choose a platform that offers a mobile app. Some mobile platforms don't have charting or drawing tools. Consider which tools you need before sticking to a particular platform.

• Demo Account and Charting Tools
  If you don't have a trading strategy yet, better go for the platform that offers a demo account and basic charting tools. This way, you can establish a trading strategy without having to risk your hard-earned money.

• Execution Speed and Costs
  You also need to consider the execution speed and costs. The faster the execution speed, the better. Platforms with no account minimum and no commission fees are also best when you're starting out.

• Regulated and Customer Service
  Finally, choose a platform that is well-regulated and offers good customer service. Good customer service is particularly helpful when you're just starting out and you still need assistance with the platform features.

Methodology

The list of day trading platforms above were chosen based on several factors.

First, the platform has to be credible and well-regulated to ensure that your money will be in safe hands once you open an account. All brokers in the list, except FOREX.com, are SIPC-insured.

Second, the platforms chosen are low cost, so you can easily start trading even with a small amount of capital. Most have no minimum account requirement and offer commission-free trading for stocks and ETFs.

Third, the platforms cater to various kinds of traders with varied levels of experience. There's a specific platform for you depending on the asset that you primarily trade with.

Lastly, most of the platforms listed above offer a mobile app, so you can still trade no matter what your lifestyle is.

Bottom Line

The best day trading platform depends on what kind of trader you are. It depends on your level of trading experience, your trading strategy, and the kind of assets you trade with.

If you're just starting out and you still don't have a profitable trading strategy, the best day trading platform for you is one that offers a demo account and basic charting tools.

References