Investing » Best Day Trading Platforms: The Smart Investor Top Picks
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Best Day Trading Platforms: The Smart Investor Top Picks

Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: October 20, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: October 20, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Day trading demands precision, speed, and access to cutting-edge tools. Whether you’re a seasoned pro or just getting started, choosing the right platform can make or break your trading experience.

The best day trading platforms offer fast trade execution, advanced charting tools, and real-time market data to help you capitalize on short-term market movements.

But beyond that, they need to provide a user-friendly interface, competitive fees, and access to a wide range of financial instruments like stocks, options, and ETFs.

Let's dive into the top platforms for day traders:

Robinhood

robinhood- logo
robinhood- logo

Robinhood

Monthly Fee

$0 – $6.99 $0 for basic account, $6.99 for Robinhood Gold

Minimum Deposit

$0

Our Rating

4.4
4.4/5

APY Cash Account

0.01% – 4.50% You’ll earn 0.01% Annual Percentage Yield (APY) on your uninvested brokerage cash, or 5% for Robinhood Gold members.

Robinhood is one of the most popular choices for day traders, especially those just starting out or trading on a smaller scale.

The platform’s biggest draw is its commission-free trading—you can trade stocks, ETFs, options, and even cryptocurrencies without paying fees, which is a major advantage for day traders who make frequent trades.

Robinhood’s easy-to-use mobile app is perfect for fast, on-the-go trading. Its simple design means you can make quick decisions without getting bogged down by complex features, making it ideal for traders who want a streamlined experience.

example of stock analysis graphs on Robinhood app

 

stock earnings chart on Robinhood app
 

 

 

Pros
Cons
Fractional Shares, Crypto Access
Lacking Mutual Funds and Bonds
Advanced Charting And Research Tools
No Automated Investing
Robinhood Gold Features
No Advisory Services
IPO Access
Reliability Issues
Manage Retirement Accounts

Interactive Brokers

Interactive_Brokers-Logo
Interactive_Brokers-Logo

Interactive Brokers

Monthly Fee

0% – 0.75% $0 online commission on U.S. listed stocks and ETFs, Options: $0.15 – $0.65 per-contract, Futures: $0.25 – $0.85 per-contract. For Interactive Advisors: asset-based management fees of 0.10% to 0.75%

Minimum Deposit

$0

Our Rating

4.5
4.5/5

APY Cash Account

Up to 4.44% There will be no interest paid on the first USD 10,000 of cash. Accounts with NAV less than 100k earn a proportional rate

IBKR stands out as a top choice for day traders because of its wide range of tools and features that cater to both beginners and experienced traders. 

What really makes IBKR a great pick is its access to a vast array of global markets, allowing traders to explore opportunities beyond just the U.S. market.

Advanced trading tools like the Trader Workstation (TWS) offer detailed charts, customizable indicators, and real-time market data that help traders make informed, quick decisions.

Another standout feature is IBKR’s margin rates, which are some of the lowest in the industry, providing more leverage to traders looking to maximize their potential gains.

Chart including various technical analysis parameters
 

 

portfolio summary, Interactive Brokers

Pros
Cons
Extensive Global Market Access
Steep Learning Curve
Low-Cost Trading
Limited Wealth Management Services
Advanced Trading Platform
$10K Minimum For High APY On Cash
Comprehensive Research Tools
Cash Management Account

J.P. Morgan Self Directed Investing

J.P. Morgan Self Directed Investing
J.P. Morgan Self Directed Investing

J.P. Morgan Self Directed Investing

Monthly Fee

$0 $0 online commission on U.S. listed stocks and ETFs and $0.65 per-contract

Minimum Deposit

$0

Our Rating

4.2
4.2/5

Promotion

$50 – $700 Get up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money:
$700 when you fund with $250,000 or more
$325 when you fund with $100,000-$249,999
$150 when you fund with $25,000-$99,999
$50 when you fund with $5,000-$24,999

JPMorgan’s Self-Directed Investing platform might not be the first name that comes to mind for day traders, but it has several features that make it a solid option, especially if you’re already a Chase customer.

The platform's easy-to-use interface makes it appealing to those who want a no-frills approach to day trading, without being overwhelmed by complex features.
The platform also boasts advanced charting tools that allow you to analyze market trends and identify potential trading opportunities in real-time.

Another advantage of JPMorgan's platform is its extensive research capabilities. Access to market news, analysis, and expert commentary can help you stay ahead of the curve and make more informed trading decisions.

trade stock on JP Morgan

 

research stock analyst ratings

Pros
Cons
No Commissions for Stocks and ETFs
No Robo-Advisor Or Automated Investing
Integration with Chase Accounts
No Cryptocurrency Trading or Forex Trading
Research and Educational Resources
No Advanced Trading Tools
Fractional Shares
Low Rate On Uninvested Cash

E*TRADE

E-Trade-Log
E-Trade-Log

E*TRADE

Monthly Fee

0% – 0.35% 0% on stocks and ETFs in self directed brokrage, 0.35% for Core Portfolio Robo Advisor

Minimum Deposit

$0

Our Rating

4.3
4.3/5

APY Cash Account

4.25%

E*TRADE has long been a popular choice among day traders, offering a comprehensive platform with a wide range of features.

The Power ETRADE platform is specifically designed for traders who need real-time data, customizable charts, and in-depth technical analysis. It provides advanced features like customizable options chains, risk management tools, and streaming market data, all of which are essential for quick decision-making in day trading.

Additionally, E*TRADE provides access to extended-hours trading, so you can trade in pre-market and after-hours sessions, which is essential for those who want to capitalize on market movements outside of regular trading hours.

analyze stock stats on Etrade app

 

portfolio positions overview, Etrade app
 
Pros
Cons
No Commissions for Stocks and ETFs
No Fractional Shares
Wide Range of Investment Options
No Cryptocurrency Trading or Forex Trading
Advanced Trading Tools
Higher Fees for Account Transfers
Competitive Savings And Checking
$1K Minimum Balance For Real-Time Data
Automated Investing Based On Questionnaire

Webull

Monthly Fee

$0 May be charge specific fees for trading such as stock options, futures, transfers etc

Minimum Deposit

$0

Our Rating

4.1
4.1/5

Savings Rate APY

5.00%

Webull is another excellent platform for day traders because of its strong combination of commission-free trading and advanced features.

It’s a step up from Robinhood in terms of tools and analytics, offering more robust charting, technical indicators, and detailed real-time market data.

One of Webull’s key benefits is the paper trading feature, which allows new traders to practice strategies without risking real money—a great way to get comfortable with the fast-paced nature of day trading.

Another perk for day traders is extended-hours trading, including both pre-market and after-hours sessions, which allows you to capitalize on market movements that happen outside normal trading hours. 

Stock analyst rating

 

 

 

 

 

 

 

 

trade stocks on WeBull
 
Pros
Cons
Fractional Shares With No Trading Fee
No Advanced Automated Investing
Automated Investing With Webull Smart Advisor
No Mutual Funds
Margin Trading, Futures And Options
No Live Chat
Great Research And Charting Tools
Paper Trading

How to Choose the Best Day Trading Broker?

Choosing the best day trading broker is crucial to your success. Here are key factors to consider:

  • Low Fees and Commissions: Day traders make frequent trades, so look for a broker with low or zero commissions to avoid eating into your profits. Many brokers now offer commission-free trades, especially for stocks and ETFs.

  • Fast and Reliable Platform: A fast, stable platform is essential because prices change quickly. You need a broker that doesn’t crash or lag when you place trades. Look for reviews on the platform’s speed and reliability.

  • Advanced Trading Tools: Day trading requires detailed analysis. Make sure the broker offers charting tools, technical indicators, and other analysis features to help you make informed decisions quickly.

  • Easy Order Execution: Being able to place trades swiftly and accurately can make a big difference in day trading. Look for brokers that offer advanced order types like stop-loss or limit orders to manage risk and maximize gains.

  • Margin and Leverage: If you plan to trade with borrowed money (on margin), check the broker’s margin rates and rules. Some brokers offer better terms for margin accounts, which can help boost your trading potential.

  • Account Minimums: Some brokers require a high minimum balance, while others let you start with little. Choose a broker that matches your budget.

  • Customer Support: Reliable, fast customer support is essential, especially if you run into technical issues. Make sure the broker offers good support options (phone, chat, email) with fast response times.

  • Education and Resources: If you’re new to day trading, look for a broker that offers educational resources like webinars, tutorials, or a demo account to practice trading without real money.

Choosing the right broker makes day trading smoother and more profitable. Keep these factors in mind to find one that suits your needs!

Day Trading Broker Fees: What to Watch Out For?

When choosing a day trading broker, fees can quickly add up and impact your profits. Here are key fees to watch out for:

  • Commissions: Some brokers charge per trade or per share. Even small commissions add up with frequent trades.
  • Spread: The difference between the buy and sell price (spread) can affect your returns. Narrow spreads are better for day traders.
  • Platform Fees: Some brokers charge a fee to access advanced trading platforms. Make sure the cost is worth it for the tools you get.
  • Margin Interest: If you trade on margin (borrowed money), brokers charge interest on the loan. Compare rates carefully.
  • Data Fees: Access to real-time quotes and market data may come with extra costs.

Common Day Trading Strategies for Beginners

Day trading can be overwhelming for beginners, but starting with simple strategies can help you learn the ropes. Here are a few beginner-friendly strategies:

This strategy involves making many small trades throughout the day to take advantage of tiny price movements. The goal is to earn small profits that add up over time.

In momentum trading, you buy stocks that are moving sharply in one direction (up or down). You ride the trend for a short time and sell before it reverses. It’s important to act quickly and watch market news for events that drive momentum.

This strategy focuses on stocks that break through important price levels, like a previous high or low. When a stock breaks through a “resistance” level (high), you buy, expecting the price to keep rising. If it breaks through “support” (low), you may short-sell.

In reversal trading, you look for a stock that has been trending in one direction and trade when it looks like the trend will reverse. This strategy requires good timing and often involves technical indicators to spot the reversal.

Day Trading Mistakes to Avoid

Day trading can be risky, especially for beginners. Avoid these common mistakes to protect your money and improve your trading skills:

  • Trading Without a Plan: Jumping into trades without a clear strategy can lead to losses. Always have a plan that includes your entry and exit points, along with a risk management strategy.

  • Overtrading: Making too many trades in a short time increases fees and emotional stress. Be patient and wait for high-quality opportunities instead of constantly trying to make trades.

  • Ignoring Risk Management: Failing to use tools like stop-loss orders can lead to big losses. Set limits on how much you're willing to lose in a single trade, and stick to them.

  • Chasing the Market: Trying to jump on every price movement can result in poor trades. Instead, wait for confirmed setups based on your strategy before entering a trade.

  • Letting Emotions Control Trades: Emotional trading, like revenge trading after a loss, leads to bad decisions. Stay calm, stick to your plan, and avoid letting feelings drive your trades.

  • Neglecting to Learn: Day trading requires continuous learning. Keep educating yourself on new strategies, tools, and market conditions.

Avoiding these mistakes will help you become a more disciplined and successful day trader.

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Personal Finance & Investing Tools
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Supports a large number of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many altcoins.
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Provides a non-custodial wallet where users have control over their private keys, supports a wide range of crypto assets and decentralized applications (DApps).

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Top Offers From Our Partners

empower logo

Personal Finance & Investing Tools
Budgeting, goal planning, net worth, cash flow, tax minimizing, personalized portfolio construction, tracking and adjustments
Talk to Financial Advisors

acorns-logo

Smart Portfolios by Experts
Cash Account with 4.52% APY

Promotion:
$5 Sign up, add $5 or more to your personal portfolio, and Stash give you a $5 bonus to start. 
Investing, Banking & Retirement Options

Wide Range of Cryptocurrencies
Supports a large number of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many altcoins.
Coinbase Wallet
Provides a non-custodial wallet where users have control over their private keys, supports a wide range of crypto assets and decentralized applications (DApps).

Buy and Sell Crypto witH IRA
Buy and Sell Gold & Silver with IRA
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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