10 Best Trading Platforms for Day Trading 

You are engaging in a day trade when you buy shares of a stock and then sell those shares before the market closes. The goal is to end each trading session with a net profit after commissions. Because day traders place far more trades than the average investor, dealing with the best day trading platforms for Day trading and keeping costs low is just as important as buying and selling for a profit.

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Best Trading Platforms for Day Trading
Photocredit: Money

 

If you’re a day trader or aspiring day trader, you probably already know what you’re looking for in an online trading platform:

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  • Affordable rates
  • First-rate research
  • Cutting-edge strategy tools
  • A robust trading environment

But how effective are online trading platforms at filling those gaps? Any professional trader’s strategy should include looking for the best day trading platforms to maximize dependability, speed, pricing, and customer service. We’ve compiled a list of the best trading platforms for day traders below so that you may pick one based on your preferences.

Best Trading Platforms for Day Trading 

1. Interactive Brokers: Best Charting Platform for Day Traders

Although many rival platforms have strong charting and trading features integrated into the trading interface, more is needed to unseat Interactive Brokers as our best trading Platform for Day Traders. IBKR competes with other platforms in terms of charting functionality and the simplicity with which customized views and indicators can be applied, but its wide range of technical tools, broad asset selection, and ability to chart and trade on the same platform all work together to keep it at the top. This platform is quick and has common features, such as watchlists, alarms, real-time monitoring, customizable account dashboards, and more specialized ones.

Pros

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  • Ability to chart and trade assets from several marketplaces on one platform.
  • A comprehensive range of technical tools.
  • Direct trade placement from customizable charts.

Cons

  • The DIY backtesting capability is only available to IBKR PRO subscribers.
  • TWS requires time to customize completely.

2. Webull: Best Low-Cost Day Trading Platform 

Webull is among our top choice for the Best Low-Cost Day Trading Platform because it provides exceptional platform features while imposing no direct expenses on its users.

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One of the Best Trading Platforms for Day Trading, Webull provides a variety of charts, graphs, indicators, and screens with an easy-to-understand user interface. Webull combines the features of a more sophisticated product with the basic design and feels that the mobile-first generation is used to. As a result, Webull can provide a platform that connects intermediate-level trading with advanced trading, guiding customers through their investment path as they gain more experience.

Pros

  • Longer trading hours.
  • No fees or minimums.
  • Quick and straightforward account creation.
  • Reliable desktop and mobile trading platforms.
  • Available paper trading.

Cons

  • A small selection of assets.
  • Slower execution times due to payment for order flow.
  • Low-quality customer service.
  • Little instructional resources.
  • No income from surplus cash.

 3. Fidelity

Fidelity offers two trading platforms: Active Trader Pro and Fidelity.com. Fidelity provides sophisticated screeners utilizing research and strategy-testing techniques based on historical data from the previous ten years. Investors can smoothly switch between the upper-tier platform’s downloadable desktop version and its web alternative. Intuitive shortcuts, a pre-built market, technical and options filters, sophisticated options tools, and a multi-trade ticket that can place up to 50 trades at once and save orders for later execution are all included on the platform.

Pros

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  • Commission-free trading in stocks, ETFs, and options.
  • Wide range of sources for research.
  • Outstanding customer service.
  • Index funds with no expense ratios.
  • A top-rated smartphone application.

Cons

  • Relatively hefty trade fees for broker assistance.

4. TD Ameritrade

Being among the Top Trading Platforms for Day Trading, TD Ameritrade has two primary trading platforms, each of which has a mobile equivalent. Almost everything a typical investor needs to find, investigate, screen, and trade stocks, ETFs, bonds, and CDs is available on TDAmeritrade.com. The free portal provides screeners, a landing page you can customize, and the broker’s GainsKeep feature, which you may use to keep tabs on capital gains and losses.

Pros

  • Trades in stocks and ETFs are commission-free.
  • Free study.
  • Top-notch trading platforms.
  • There is no minimum balance requirement.
  • Effective client service.
  • A wide variety of investments.

Cons

  • There are no fractional shares.

 5. E*TRADE

E*TRADE offers two trading platforms: Power E*TRADE and E*TRADE Web. There are no trading activities or balance minimums; both are free and accessible to all consumers. Stock screeners, live market commentary, free real-time quotes, analyst research, and more are available on E*TRADE Web. Real-time data, over 100 technical studies, 30 drawing tools, streamlined trade tickets, configurable options chain views, and trading ladders are available through Power E*TRADE.

Pros

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  • Simple-to-use tools.
  • A wide variety of investments.
  • First-rate customer service.
  • High-tech mobile app.
  • Commission-free transactions in stocks, options, and ETFs.

Cons

  • The website may be challenging to use.

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6. TradeStation

For users to create, test, monitor, and automate their unique trading strategies for stocks, options, and futures, TradeStation provides direct market access, automatic trade execution, and tools. Before risking any money, users of the TradeStation Simulator can test out novel investing techniques. Access to the OptionStation Pro platform is free, which will be appreciated by options investors. Users of the mobile app can make their watch lists in the preview mode and observe charts and trends without creating an account.

Pros

  • Top-notch trading platforms.
  • Exhaustive research.
  • Commission-free trading in stocks, ETFs, and options.
  • Powerful tools.
  • A vibrant trading community.

Cons

  • No mutual funds with no transaction fees.
  • Plans and costs may need to be clarified.

7. Ally Invest

Ally’s web-based platform makes trading on multiple computers and Ally’s app easy. Ally also offers an app specifically dedicated to forex trading.

Ally Invest provides:

  • Real-time streaming quotes.
  • Quick trading capabilities and data.
  • A customizable dashboard.
  • Access to all of the broker’s tools. 

Pros

  • Trades in qualifying U.S. equities, options, and ETFs are commission-free.
  • No minimum balance is required.
  • Powerful web-based platform

Cons

  • not any fractional shares.
  • Few third-party research providers.

8. Zacks Trade

Zacks offers three free trading platforms and is one of the Best Trading Platforms for Day Trading. You may personalize the Zacks Trade Pro download to meet your needs. It includes custom charting, more than 120 technical indicators, and an Options Strategy Lab to help you evaluate prospective options trades. The online Zacks Trader provides interactive charts, live market data, and other resources.

Pros

  • A variety of research options.
  • Solid trading environment.
  • Having access to international exchanges.

Cons

  • Lags behind rivals in commissions.
  • A high minimum balance.

9. Firstrade 

One of the Best Trading Platforms for Day Trading is Firstrade. It is one of NerdWallet’s top recommendations for discount brokers, thanks to its free commissions on trades that include all mutual funds and cryptocurrencies and a $0 account minimum.

Pros

  • Commission-free trading in stocks, ETFs, and options.
  • Trades in options incur no contract charge.
  • All mutual funds are offered without commission.
  • Language choices in Chinese.
  • Wide range of cryptocurrencies.

Cons

  • No 24-hour customer support.

10. Charles Schwab

Charles Schwab is one of the Best Trading Platforms for Day Trading that offers the instructional resources new investors need to understand investing. At the same time, advanced tools and no commissions will draw experienced traders.

Pros

  • Three fee- and minimum-free platforms.
  • A superior mobile app.
  • Profound research.
  • Large selection of funds
  • Commission-free transactions in stocks, options, and ETFs.

Cons

  • Low rate of cash sweep defaults.

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