Read, Review, Compare, and Select from the list of the best Day Trading Platforms by considering the factors as per your requirements:
Day trades are open and closed on the same trading day. Otherwise, you would have to hold trading positions that night, which may come with additional fees and other complications.
Day trades are included when a position is held overnight, but more trades are added to the same position the next day and then the entire position is closed on the same day after overnight.
Pattern day traders are those who trade four or more times in five business days and their trading activities are greater than 6% of the total trading activity during the same five-day period. You can also be ranked as a pattern day trader if the broker gives you that kind of training before or when opening your account.
What You Will Learn:
TOP Day Trading Platforms – Complete Review
- More than 15 billion shares are traded in the US daily on average as per the US equities average daily trading volumes chart above.
- Over 450,000 individuals are day traders in the United States each year. The average age of these traders is 43.4 years and the average salary is $116,895. Most of them (65%) are in the private sector.
- Well over 62% do day trading for a tenure of 3 years and more meaning it is well sustainable. 19% make extremely high profits.
US daily on average as per the US equities average daily trading volumes chart:
- Consider diverse factors when selecting which the Day Trading Platforms. The most important factors are the diversity of trading analytics tools, indicators, and strategies; how possible, costly, and flexible is it to craft own or find and use trading ideas and strategies either from expert traders or the platform itself; demo accounts and backtesting; auto trading; trading support such as broker-assisted trading and its cost; fees; diversity of availed assets for trading; margins and margin rates; and trading order types.
- Consider other factors such as account minimums. For starters, a good number of brokers allow you to start without any balance and fee requirements and there are demo accounts on some. The latter makes it the best day trading platform for beginners.
- In terms of fees, most brokers charge $0 for trading stocks, ETFs, and options in the United States. The fee is just one aspect of selecting the best online broker for day traders.
- For advanced traders, other factors for selecting the best online broker for day traders could be the availability of trading data including real-time data, analytics, market screening, and scanning tools, diversity of order types, automated trading, portfolio monitoring tools, and alerts, APIs, as well as the availability of in-depth trade research tools.
Day Trading Rules
Day trades are necessarily tracked because they carry different fee and commission obligations and they have to apply to the day trading rules. These rules depend on whether the best account for day trading offers margined or cash trading.
As per FINRA, day trades are defined as those opened and closed the same day in a brokerage account. Such an account must have a minimum of $25,000 for pattern day traders (defined by FINRA as those who trade four or more day trades within a five business day period) deposited in a margin account before the customer places trades and maintained as the minimum balance.
Day trading platforms and software keep a count of day trades through counters on the account. A day trade can be opened as a single order but closed in subsequent trades during the same day. The same applies to spreads which are executed all at once. Spreads entered as spreads but whose legs are closed separately are counted as multiple-day trades.
Margin calls are also executed in case the trading balance falls below a certain level below the maintenance margin. Margins increase the risks as one may blow the account within a short trading duration without risk minimization measures.
Day Trading Requirements
- Long and short: Holding a long position means owning security because you expect a pump in price. The contrary is true for shorting.
- Spreads: The difference between the bid and ask price on an asset.
- Naked options: The uncovered option is considered high risk to trade because the seller does not have physical assets in the option’s security to cover the risks associated.
How Does Day Trading Work
Step #1: Starts with registering for an account with the Day Trading Platforms of your choice. Make sure to first understand what is day trading and search for a favorite platform based on your trading goals and other factors listed in this article. You could try demo trading accounts if you have never been there before.
Step #2: Most platforms require a deposit before you can jumpstart trading. Most let you deposit fiat via banks and credit cards as well as electronic or Internet payment methods. Others allow crypto deposits.
Step #3: Understand the specific features on the platform signed with and place trades. Usually, the actual buying and selling of assets involve accessing the crypto, stock, forex, bonds, or other asset markets on the platform and choosing the pair of items you want to trade or buying/selling a stock/bond/option and then speculating.
Most platforms have research tools that allow detailed analyses of markets to find potential trading opportunities. Others allow you to follow the trades of other people and place trades based on their market moves/actions.
Types and Approaches in Day Trading
- Day trading was traditionally preserved for professional traders at banks and investment firms but today it is becoming an increasingly popular tool for individual investors due to the advent of electronic trading technologies.
- Day traders use a variety of strategies including versions of traditional techniques like trend following, range trading, and reversals.
- Evolving technology now sees some traders placing dozens to hundreds of trades per day to capture a large number of small profits through techniques like scalping and rebate trading.
- Breakout trading follows the idea that the price may surge above or fall below a significant area of resistance and support respectively. The price will rise above or fall below a consolidation point or downtrend line. If such a breakout occurs as a result of a surge or falls in volume, chances are the price will not fall below or rise above the previously broken resistance or support area respectively. A trader can be justified to chase the breakout in the upward direction or forfeit a breakout on the downward trend if it is supported by other factors including its fundamental catalyst, medium and long-term trend direction of the instruments, behavior of other related markets, and the trading volume attendant to the breakout. A tested strategy may be to place a buy order just above the breakout point and a stop-loss order just below the broken resistance line in case these factors do not support the breakout.
- Pullback trading relies on finding a stock with a clearly established trend and then entering the market at the point where the price reaches the first retracement (pullback) down to support either its primary uptrend line or moving average. The minimum requirement for an established so-called clear trend is that it has two higher highs and two higher lows (for an uptrend price movement) or two lower lows and two lower highs for a downtrend price movement.
Risks of Day Trading
- Most trades held overnight attract overnight fees which are extra expenses for traders. Day trades can be hard to settle at a profit in a difficult market situation.
- Margined trades are subjected to margin calls if and when the maintenance margin requirement of 25% is breached. In other words, your brokerage can sell the equities held in the account without your consent if you do not maintain at least 25% equity in the account. The maintenance can be difficult to keep against borrowed assets during a time when the asset price is on a free fall and many lose their equities during these times.
- Losses – sometimes severe await those who do not know or do not spend time to understand how to best trade.
- Market volatility can hit traders hard.
Daily Trading FAQs
Q #1) Why do you need a $25,000 minimum for day trading?
Answer: The Financial Industry Regulatory Authority requires clients of brokers to deposit $25,000 on the minimum for a margined day trading account as the pattern day trading rule. A pattern day trader makes three trades per five days at the minimum. Trading other assets including forex, crypto, foreign exchanges, and swing trading are exempt from the requirement.
Q #2) What is day trading’s buying power?
Answer: A trader’s buying power is defined as the funds available to trade securities and equals all the cash in their account plus the available margins. FINRA rules require pattern day traders to trade up to four times their maintenance margin on top of their previous day’s market close.
Q #3) How do I get started day trading?
Answer: Follow the steps:
Step #1: Research the best day trading platforms or apps. Open a brokerage account with one of the broker companies we have listed below. You would also need to deposit the minimum required.
Step #2: Learn the game and discipline including how to maximize trade wins through technical analyses. Learn how to identify what stocks, ETFs, options, cryptos, and other assets to trade. Put in place goals and plans for trading.
Step #3: Trade.
Q #4) What does the IRS consider a day trader?
Answer: Publication 550 establishes who a day trader is. Minimally, they must have a business profiteering intent from short-term price swings when making trades; and secondly, trade substantially, regularly, frequently, and continuously.
Q #5) Do day traders pay more taxes?
Answer: Yes but sometimes. Typical investors pay tax on profits or from their long-term capital gains for assets owned for over a year, which ranges from 0% to 20%. Day traders pay taxes for the capital they own even in the short term. They pay capital gain taxes (long and short-term).
Day trading taxes can be reduced through a number of tactics including wash-sale rule exemption, using tax-exempt accounts, deducing trading expenses, and choosing a mark-to-market accounting method.
Q #6) What platform do most day traders use?
Answer: Most traders use Lightspeed, Interactive Brokers, TradeStation, Tastyworks, Fidelity, and TD AmeriTrade. Other platforms for day trading include E*Trade, WeBull, and Charles Schwab. Each of these presents different advantages and disadvantages and trading suitability scenarios.
Q #7) Is day trading still profitable?
Answer: Day trading is almost always profitable for those who have the skills and experience, and those that are versed in how it works. Many people and companies earn millions from day trading but it has its learning curve. Research shows that 1% of traders are making profits in day trading.
Q #8) What platform has 24-hour trading?
Answer: TD Ameritrade, TradeStation, and Lightspeed allow customers to trade on a 24-hour basis. All Day Trading Platforms in the list have electronic communication networks that allow for extended hours of trading before and after normal hours of the market. On many platforms, you can trade ETFs and crypto on a 24-hour basis.
Q #9) How much money do I need to start the day trading?
Answer: The legal minimum is $25,000 for pattern day traders. Many Day Trading Platforms allow you to trade for much less – even as low as $10 so long as you are not a pattern day trader who trades at least 4 times within five business days.
Those who want to try to make more profits can place trades worth more as allowed by all of the platforms we have listed. Some platforms allow you to day trade much less on cryptocurrencies and a selection of assets.
List of Best Day Trading Platforms
Popular list of Platform for Day Trading:
- Interactive Brokers
- TD AmeriTrade
- Charles Schwab
Comparison Table of Top Day Trading Apps
|Name||Types of assets tradable||Minimum deposit||Commission/fee|
|Lightspeed||Stocks, options, ETFs, and futures.||$25,000||Between $0.0010 and $0.0045 for stocks; $1.29 per side for futures; $2.50 and $4.50 ETFs; and $1.79 for options|
|Tastyworks||Stocks, options, cryptocurrencies, and futures||$0, and $2,000 for margined accounts.||$0 for shares and stocks; $1 per contract for options; 1% for crypto; and between $0 and $2.50 for futures and futures options.|
|TradeStation||Stocks, ETFs, IPOs, options, futures, futures options, cryptocurrencies, mutual funds, and bonds||$25,000||$0 for stocks and ETFs for level 1 accounts; other assets cost between $0.6 per contract to $1.5 per contract. Crypto between 0.25% to $2.|
|Fidelity||Stocks, bonds, mutual funds, forex, cryptocurrencies, ETFs, and options||$25,000||$0 on online US stocks and ETFs;
$0+0.65 per contract for options.
Additional costs for fast and broker-assisted trades.
|Interactive Brokers||Stocks, options, bonds, futures, currencies, funds, and other assets||$0 on Lite accounts.||$0 for US stocks and ETFs on IBKR Lite.
$0.15 to $0.65
$0.25 to $0.85 per contract on tiered futures.
Best for leveraged day trading and multiple account types.
Lightspeed is a premier broker that caters to day traders of stocks, options, ETFs, and futures. It offers discounts for regular traders, and charges a low commission, in addition to being a safe trading platform for it is FINRA-licenced and regulated.
This, among other features, makes it as one of the best Day Trading Platforms. Besides, each customer gets $500,000 worth of insurance from SIPC in addition to a supplementary insurance plan from Llyod.
It is regulated under SEC and thus day trading accounts must have a minimum of $25,000 to trade although there is an exception for those placing less than 4 trades in a 5 business-day period.
Features for day traders:
- Individual and joint accounts for traders.
- Multiple account types trusts, hedge funds, businesses, and IRAs.
- Trade with leverages up to 4:1 your capital and 6:1 if you have a separate account that has a minimum balance of $175,000, and have some experience in trading.
- Low commission and fees especially for regular and very active day traders.
- Four variety of trading instruments to choose from – options, futures, ETFs, and stocks.
- Good trading education resources.
- Many trading software. Makes it the best day trading software.
- Many account types to choose from.
- No forex or cryptocurrency or metal instruments.
- Low leverage up to x6 compared to some platforms.
- Price for occasional traders.
Commissions and fees: $1.29 per side for futures, $1.79 for options, while it enforces a per-trade plan for ETFs (fee range between $2.50 for a monthly volume of over 10,000 trades incrementally in steps to $4.50 for less than 250 trades per month).
For stocks, the fee range between $0.0010 for a monthly volume of over 15,000,000 shares incrementally stepwise to $0.0045 for a monthly volume of less than $249,999.
Best for social day trading.
Tastyworks is the best platform for day trading stocks, options, cryptocurrencies, and futures through cash or margined accounts, all in a single place. However, the main focus is options trading and it is mainly for advanced traders.
It is also one of the platforms where you will get zero (stocks for unlimited shares and micro futures options) to low commissions of between $0.25 per contract on small futures to $2.5 per futures options contract.
The day trade counter on Tastyworks is located on the account dashboard and there is an activity tab that can be used by traders to count the trades. You simply look for a single underlying that has the order to open and close the same day.
Features for day traders:
- Follow Feed allows you to see and follow your favorite trades from selected traders. You see earnings, trades, etc.
- In-platform video feed gets inspired by watching other people do actual trades. Learn concepts, and strategies, hear research and market movements.
- Individual and joint (one in which two have a specific percentage of shares and the other where the two have equal rights) accounts.
- Retirement accounts — traditional IRA, Roth, SEP, beneficiary traditional IRA, and beneficial Roth IRA. Entity Corporate account available.
- Portfolio margin accounts require a $175,000 initial deposit and a $150,000 maintenance balance each. Ordinary margin accounts require a $2,000 minimum. Cash accounts do not impose minimums.
- iOS app in addition to web and desktop apps.
- Multiple types of orders and strategies.
- Variety of charting and analyses tools for traders.
- Low commissions. No charges on closing trades for both options and micro futures. Closing futures trades cost $1.25 per contract which is cheaper compared to many competitors.
- Multiple account types.
- Video and article guide to help you in trading.
- Not a favorite or optimized for beginner traders.
- No demo or paper trading. This means it may not be the best day trading platform for beginners.
Commissions and fees: $0.00 for unlimited shares on stocks opening and closing trades; $1.00 per contract on equity options opening trade, capped at $10 per leg. $0.00 to close. 1% of total crypto sales and purchases capped at $10; $0.25 per contract on small futures opening and closing trades.
$0.85 per contract on CME/CFE micro futures and futures respectively – opening and closing trades. $1.25 per contract on CME/CFE futures opening and closing trades.
$0.00 per contract on CME options on futures closing trades and $2.50 per contract opening trades. $0.00 per contract for CME options on micro futures closing trades and $1.50 opening trades. $0.50 per contract on Small options on futures opening trades and $0.00 closing trades.
Best for multi-asset trading – stocks, ETFs, IPOs, options, futures, futures options, cryptocurrencies, mutual funds, and bonds.
TradeStation supports the trading of stocks, ETFs, IPOs, options, futures, futures options, cryptocurrencies, mutual funds, and bonds. Therefore, it has the wildest option of tradable assets for any day trader. The day trading firm also offers a host of features including simulated trading to help test your skills at zero risk, with real-time data, and backtesting of trading strategies.
A day trader requires a minimum of $25,000 on a day prior to the day they place trades. For day traders, TradeStation offers extensive tools to craft strategies, indicators, and automated trading systems.
Features for day traders:
- Desktop, mobile, web application, and API software.
- Charts, market depth, times, and sales are known as apps. They can be selected from a list.
- Users can buy trading strategies and signals from TradeStation partners.
- RadarScreen helps scan markets for a given asset in your list, get to know the last price, change, bid, ask, volume, etc. Add custom columns based on indicators.
- Direct order-book trading place trades simply by clicking on a specific price.
- TradeManager to view your orders, positions, and balances.
- OptionStation Pro to ease options trading and order placement as well as strategy creation.
- Day trading margin requirements – 25% for the long and short stock. No day trading on cash account allowed. Margin interest rates are as low as 3.5%; for less than $50,000 it is 11% and 10% for between $50,000 and $499,999 while rates for above are negotiated.
- 14 account types including Roth, SEP, sole proprietorship, limited partnership, limited liability, corporation, trust, custodial, individual, and joint, among others.
- Commission-free trading if the shares per trade remain below 10,000 shares. You will need to use the intelligent route option.
- Learning materials for day traders. These include YouTube channels and the TradeStation University.
- The minimal account balance for stock, options, and futures, and futures options is $500. Margin accounts require a $2,000 in-account minimum. $50 charged as an inactivity fee if the balance is below $2,000 or if you placed less than 5 trades in 12 months.
- You must pay an exchange fee when trading futures and options, $0.60 per contract on options; $1.5 per contract and side on futures contracts and futures options; $0.50 per contract and side for micro e-mini futures.
Fees and commissions:
- Level 2 market data costs $11 per month without NASDAQ TotalView or $17 with it.
- Stocks and ETFs – zero commission including Level 1 market data.
- Stock Options – $0+$0.6 per contract.
- Futures – $0+&1.50 per contract per side.
- Micro Futures – $0+$0.50 per contract per side.
- Futures Options $0+1.50 per contract per side.
Crypto – Maker fee ranges between $2+ 0.35% to 0.25% depending on trading volume. Taker varies between 2$+.60% to 0.11% depending on volume. All other services such as stable coin conversions with USD are free.
Best for multi-asset investment, penny stocks, fixed-income asset investing, portfolio analyses, and reports.
Fidelity day trading firm allows you to day-trade trade stocks, bonds, mutual funds, forex, cryptocurrencies, ETFs, and options. It also allows traders to invest in penny stocks, as well as fixed-income products including treasury, corporate, agency, municipal bonds, and CDs.
Being one of the best day trading brokers, it supports users with portfolio analysis tools, reports, screeners to identify securities, and calculators. It achieves great trade execution, with its algorithms capable of routing orders to up to 50 market centers.
Besides, it supports numerous order types including more advanced ones like market, limit, stop loss, OCC, OTO, and trailing stops.
- It offers great charting tools, automated trading, and real-time market indicator scanning.
- Educational resources.
- Desktop, web, and iOS and Android mobile apps.
- Paper trading.
- Suitable for advanced as well as beginner traders.
- No account minimums, zero stock trading costs, and no base commission for options trades (costs $0.65 per contract).
- Free trading platform for all customers. Active Trader Pro and Fidelity.com. Makes it the best day trading software.
- Great customer support.
- Educational materials and trading education.
- Zero trading commission and no account fees.
- Scores well on mutual funds with over 3,300 no-transaction-fee mutual funds. The Fidelity Zero index funds have no expense ratio and no minimum investment requirement.
- Access to IPOs and foreign equities markets.
- Margin rates as low as 7%.
- Broker-assisted trade fees are higher at $32.95.
- Day trading accounts are restricted to the US and main island residents.
- Options fees are higher than competitors ($0.65 per contract).
Commissions and fees: $0 on online US stocks and ETFs. Fast – $12.95 per trade on stocks and $32.95 per trade for rep-assisted trades on stocks; 0.01% to 2% for participation in selling group and between 0.05% to 3% from underwriting for bonds.
Online options charged $0+0.65 per contract; Fast – $12.95 per trade + 0.65 per contract; rep assisted is $32.95 per trade + 0.65 per contract.
#5) Interactive Brokers
Best for zero commission trading, asset price comparisons across exchanges, and multiple order types.
Interactive Brokers, which allow users to trade stocks, options, bonds, futures, currencies, funds, and other assets, offer immense advantages for day traders.
These include low trading costs of $0 for US-listed stocks and ETFs as well as low commissions on options, futures, currencies, bonds, and funds. The platform also offers some of the lowest margin rates starting from $3.58%.
With smart routing, you can search and find the best available prices for stocks, options, or both across exchanges and dark pools. Traders can also earn extra income on fully paid shares of stock in their day trading accounts and can invest in fractional shares for a more diversified portfolio.
It is one of the best day trading brokers as it also features a powerful trading technology that lets users craft and customizes their trading strategies using advanced tools.
- Available on desktop, mobile, and web.
- Over 100 trading order types including the most advanced algorithmic order types.
- Fractional trading; free trading tools; APIs for institutions and others who want to create their automated rule-based trading systems.
- Comprehensive reporting including real-time trade confirmations, margin details, transaction cost analysis, sophisticated portfolio analysis, and others.
- IBKR Lite for zero trading commissions on US-listed stock and ETFs. It has no account minimums and no inactivity fees. IBKR Pro is for advanced traders who want to leverage smart order routing and other benefits.
- Over 17,000 no-transaction-fee mutual funds.
- Strong research tools.
- Zero account minimum. Makes it the best account for day trading.
- Zero fees per trade. Low commission and margin rates too.
- A vast array of technical and fundamental trading tools.
- Available in over 150 countries
- Huge range of asset selections for trading.
- Not very customized for less experienced traders and beginners.
Commission and fees: $0 for US stocks and ETFs on IBKR Lite (for U.S. residents); otherwise $0.0005 to $0.0035 per share; $0 on no transaction fee ETFs tiered; $0.005 per share and $0 on no transaction fee ETFs fixed.
$0.15 to $0.65 per contract for tiered options and $0.65 per contract on fixed options; $0.25 to $0.85 per contract on tiered futures and $0.85 per contract on U.S. future and future options; $0.08 to $0.20 basis points x trade value per order.
Website: Interactive Brokers
#6) TD AmeriTrade
Best for in-depth trade research; and account diversity – offers specialty, managed, joint, educational, and other types of day trading accounts.
TD AmeriTrade is one of the most popular Day Trading Platforms with millions of trader accounts. It packs in educational research materials, mobile apps, analytic tools, and good customer service for day and other professional traders whether they be beginner or advanced traders.
It supports the trading of stocks, bonds, mutual funds, options, ETFs, cryptocurrency, futures, and options on futures, and forex. The rich variety of choices includes over 300 ETF instruments that can be traded for free after signing up. The day trading company does not require any investment minimum for accounts.
The analytics and charting tools allow using complex fundamental and over 400 technical indicators. You can even code your own strategies from scratch using their proprietary language called think script. Traders are able to back-test their strategies before going live, and it supports automated trading.
- Web, desktop, and mobile trading experiences.
- Customer service.
- Margin trading – up to x2. Margin rates are 1.25% base; The above/below base rate varies from -0.75% to 1.25% depending on the debit balance. The effective rate also varies from 10.50% to 12.50% depending on the size of the debit balance and base rate.
- The flagship trading platform Thinkorswim offers sophisticated research tools, screening features, calculators, back-testing, experimentation for investment approach before live investing, charting, and portfolio digest feature.
- The cash sweep program allows users to hold cash in FDIC-protected accounts.
- No minimum investment makes it suitable even for beginners who can trade some instruments for free after signing up.
- Offers a good diversity of account types – standard accounts including individual and joint accounts; retirement accounts; education accounts; specialty accounts; managed portfolios; and margined trading accounts.
- Good client support through customer service.
- Expansive trading tools and resources for all trader levels.
- Fees are a bit higher than with other brokerages.
- Zero commissions are refinanced by selling order flow to 3rd parties.
- No direct cryptocurrency trading – only through futures, bonds, and OTC trusts.
Commissions and fees: $0 commissions for U.S. stocks and ETFs; $0.65 options trades+$0.65 fee per contract; $2.25 per contract on futures and futures options.
Website: TD AmeriTrade
Best for IPOs, borrowing to invest, and zero-commission trading.
E*trade day trading company lets customers trade stocks, options, mutual funds, ETFs, futures, bonds, and CDs, as well as invest in pre-built portfolios and IPOs. They can borrow up to 50% of their eligible equity.
The platform also offers charting tools for technical analyses including advanced intraday and historical charting with 100+ studies, 30+ drawing tools, and many chart types. It also offers trading education and risk analysis tools.
You also can leverage independent analyst research, real-time quotes, news, and charts. Investment tools and screeners can also help identify emerging investment opportunities. It also offers retirement planning and learning resources.
- Brokerage, individual, retirement, core portfolios, managed portfolios, small business, and bank account types.
- E*Trade Web and Power E*Trade are both free for all customers. Both offer no trading activity and balance minimum requirements.
- Live market commentaries, analyst research stock screeners, account tracking with watch lists, and market data. Power E*Trade offers real-time data with more than 100 technical studies, streamlined trade tickets, chain views, and trading ladders.
- iOS and Android apps.
- Easy to use tools.
- Excellent customer support.
- Commission-free stock, options, and ETF trades.
- Rich educational resources for beginner traders.
- High-quality idea and strategy builders.
- No minimal deposits for standard brokerage accounts and IRAs.
- Wide range of assets for investment and trading.
- Only US markets, no forex trading supported.
- Only bank transfers.
- Slow live chat.
- No demo account.
- Comparatively high margin rates.
Commissions and fees: $0 for stocks, options, and ETFs; $0.65 per contract +$0.30 with 30 trades per quarter for options (fee is $0.50 for 30+ trades); $1.5 per contract for futures contracts; $1 per bond for online bond trades (minimum is $10 and the maximum is $250).
Best for free trading US-listed stocks; account diversity; margined day trading.
WeBull is one of the Day Trading Platforms that offers aggressive opportunities for day traders including free trading for U.S-listed stocks, ETFs, cryptocurrency, and futures. It offers simple to advanced order types and the platform is easy to use including for traders with very little trading experience.
Day traders can also leverage research, analytics, and charting resources as well as paper trading simulators that allow new traders to experiment with trading strategies. However, it suffers from few technical indicators, an inferior stock screener, and charges FINRA and SEC fees.
- Multiple account types – individual, group, IRA and Roth accounts, corporate, joint, and custodian account types.
- Margined accounts require a $2,000/25,000 minimal deposit, and can access up to 4:1 for day trading. The first one (with a $2,000 minimal deposit requirement) allows 3 trades per week while the other allows unlimited trades.
- Short positions are allowed on both cash and margined accounts.
- No deposit fee, free ACH deposits, and withdrawals, and no credit/debit card use supported. There is high fees for wire transfer.
- Annual margin rates depend on debit balance and range between 3.99% to 6.99%.
- Free trading of U.S-listed stocks, ETFs, and futures. No annual or inactivity fees (charges $75 full or partial transfer fee).
- Mobile app access in addition to browser and desktop platforms.
- 24/7 phone, email, and chat support on the mobile app.
- Appeal to all types of traders – intermediate, active, and advanced traders.
- No account minimums.
- 11 cryptocurrencies are availed for direct exposure trading.
- FINRA fee of $0.000119 per share on stock sales with a minimum of 1 cent and a maximum of $5.95.
- $13 SEC fees for a total of $1 million of principal on stock sales (with a minimum of 1 cent).
- Inferior stock screener, a lack of hotkeys on the app, and few technical indicators compared to competitors.
- No access to mutual funds.
- Thin educational support for traders.
Fees: $0 for US-listed stocks, ETFs, and futures. FINRA and SEC fees apply as above. OTC fees are $0.002 per share for low-priced securities; $5 buy and $0.05 sells per trade for F-stocks; $0.0029 per order for OFR fee; and other proprietary index options ad deposit fees.
#9) Charles Schwab
Best for in-depth trade research to identify opportunities and trade better; savings and other types of banking while trading.
Charles Schwab allows customers to trade stocks, ETFs, and options, using the web, mobile, and desktop software. There is a wide range of investment opportunities including Charles mutual funds, index funds, bonds, CDs and fixed income, money market funds cash solutions, cryptocurrency, and others.
The trading software furnishes traders with data, quotes, news, charting, and trading analytics tools.
The tools provided also helps to monitor the market as well as your portfolio. You can also use the platform tools to screen and identify available trading opportunities based on sentiments and trends or trader-specific criteria.
- Real-time trade analysis and decision support from experienced professionals.
- Premium research from Schwab and third parties.
- No account fees and minimum deposit are required.
- Trading resources and education.
- Offers different types of accounts – ordinary, brokerage, retirement, education and custodial, personal choice retirement, small business, and accounts by financial goals.
- Savings, banking, borrowing, and other services; advise.
- Two mobile apps – Schwab Mobile and StreetSmart Mobile.
- No trade minimums or account minimums.
- Zero fees per trade on US-listed stocks, ETFs, and options.
- Multiple investment options beyond day trading.
- Large selection of mutual funds.
- Research and data from 20 providers including Moody Morningstar and Thompson Reuters.
- Customer support on a 24/7 basis.
- Low default cash sweep rate.
Commission and fees: $0 commissions on online trades for U.S. listed stocks and ETFs. Broker-assisted stock and ETF trades cost $0+$25 service charge; $0 +$0.65 per contract on online options trades.
Broker-assisted options trades cost $0.65 per contract + $25 service charge; Online OTC trades cost $6.95 while broker-assisted OTC trades cost $6.95+25 service charge; Schwab Mutual Fund OneSource costs $0 for online trades and $0+$25 service charge.
Website: Charles Schwab
Most day trading platforms in the list allow you to trade at $0 commission on U.S.-listed stocks, options, and ETFs but some can be expensive for international trades.
The tutorial discusses the different Day Trading Platforms. The best site-to-day trade can be selected based on commissions and fees; margins; margin rates; other investment opportunities; research and analytic tools provided; order types; assets that can be traded; as well as support for instance through third-party research and analytics and broker-assisted trades.
TradeStation, Interactive Brokers, TD AmeriTrade, Etrade, Charles Schwab, and WeBull charge some of the lowest commissions and fees in the market. Thus each of these pass as the best site to day trade crypto and mainstream assets. However, WeBull adds on FINRA and SEC fees.
For excellent trading research and analytic tools including diverse indicators and strategies, you may want to check TD Ameritrade, Etrade, and Interactive Brokers. Multiple brokers also offer no minimum deposits for accounts as well as margins of up to 6 times.
Other things to consider when deciding on which Day Trading Platforms to use include third-party research and support and broker-assisted trading such as Charles Schwab.
Further Reading => Most Popular Prop Trading Firms You Should Know
- Total Day Trading Platforms Initially Listed For Review: 30
- Top Day Trading Platforms Reviewed: 9
- Time Spent on Researching, Writing, and Reviewing the Article on Day Trading Platforms: 72 hours