7
Best Day Trading Platforms for Every Type of Trader
Featured Partners
Easy to use mobile investing app
Robinhood
Account Minimum
$0
Trading Commissions
Trades of stocks, ETFs and their options are commission free. Other fees may apply.
$0
Trades of stocks, ETFs and their options are commission free. Other fees may apply.
The Best Brokers for Day Trading
Webull
Best Online Broker for Day Trading
Webull
Options Fee Contract
No contract fees on stock and ETF options; $0.50 per contract on index options; 2.3 cents options regulatory fee per contract, 2.5 cents clearing fee per contract
Futures Commission Open Fee
$1
(for the lowest trading volume)
No contract fees on stock and ETF options; $0.50 per contract on index options; 2.3 cents options regulatory fee per contract, 2.5 cents clearing fee per contract
$1
(for the lowest trading volume)
Webull is a low-cost brokerage, packed with lots of features from alerts to trade simulators. You’ll need at least $25,000 in your margin account for unlimited day trades. If the net value of your account falls below that threshold, you’re then limited to three-day trades per five rolling business days.
Webull Advanced Options Trading’s Level 2 quotes are complimentary to new users. Level 2 trading is everything in Level 1: covered call, buy writes and cash-secured put, plus long calls and puts, covered puts, straddles, protective puts and more.
- Free Level 2 quotes for new users
- Extended-hour trading
- No direct market access, which means slower execution on trades
- While charting is strong, research resources are sparse
Interactive Brokers
Best Online Broker for High-Volume Intraday Traders
Interactive Brokers
Options Fee Contract
65 cents
(IBKR Lite is fixed at 65 cents; sliding scale for IBKR Pro)
Futures Commission Open Fee
85 cents
(for less than 1,000 trades per month)
65 cents
(IBKR Lite is fixed at 65 cents; sliding scale for IBKR Pro)
85 cents
(for less than 1,000 trades per month)
IBKR Pro is ideal for experienced, high-volume traders. If you’re executing trades with IBKR Pro, you’ll appreciate the fast execution with its direct market access. The light version, IBKR Lite, is a pared-down brokerage that’s better suited if you’re just trading stocks and funds with a long position.
Interactive Brokers boasts Trader Workstation, a desktop platform that’s intended to make day trading easier. It offers over 100 order types and algorithmic trading, topped off with advanced charting.
- Direct market access for executing trades quickly
- Advanced trading tools with Trader Workstation
- Steep learning curve, a bit too complex for newbies
- IBKR Pro’s tiered commission structure can be somewhat confusing to navigate
Robinhood
Best Online Broker for Level 3 Options Trading
Robinhood
Options Fee Contract
35 cents for Robinhood Gold, 50 cents for non-Gold
Futures Commission Open Fee
50 cents
(available with Robinhood Gold)
35 cents for Robinhood Gold, 50 cents for non-Gold
50 cents
(available with Robinhood Gold)
To be a “patterned day trader,” you’ll need to fork over $25,000 to a full or limited margin account. That’s part of Robinhood being compliant with the Financial Industry Regulatory Authority regulations. FINRA regulates member brokerage firms like Robinhood.
Margin accounts with Robinhood open the door to access margin investing and Level 3 options trading. Level 3 options trading allows for multiple options contracts, such as buying and selling calls and puts with different expiration dates and strike prices.
You’ll also be able to trade futures with a margin account if you’re options-approved and you’ve enabled the margin investing feature.
- Level 3 options trading is available
- Sleek, user-friendly mobile app
- No direct market access, so slower trades
- Lack of paper trading
E*TRADE from Morgan Stanley
Best Online Broker for Intraday Custom Alerts and Screeners
E*TRADE from Morgan Stanley
Options Fee Contract
65 cents
(for fewer than 30 trades)
Futures Commission Open Fee
$1.50 per contract
65 cents
(for fewer than 30 trades)
$1.50 per contract
Like many low-cost online brokerages, E*TRADE provides commission-free trading on stocks and ETFs. The platform does level up higher for more advanced trades. Level 2 quotes are available alongside leveling up your game with the E*TRADE Pro, the brokerage’s desktop trading platform. That comes with tons of tools from real-time streaming news and 16 chart types to customizing keyboard shortcuts, to name a few.
Another great feature is being able to trade from your pocket with E*TRADE’s mobile app. The app allows complex options trading with customizable spreads.
- Supports extended hours trading
- Mobile trading app
- High costs for low-volume options traders
- Must meet the requirements for E*TRADE Pro
Charles Schwab
Best Day Trading for Beginners
Charles Schwab
Options Fee Contract
65 cents
Futures Commission Open Fee
$2.25
65 cents
$2.25
Charles Schwab now owns the powerful Ameritrade’s thinkorswim platform. It inherited the trader desktop platform from its $26 billion acquisition of TD Ameritrade completed in 2024. Both the thinkorswim desktop and app come chock-full of features from Level 2 data and advanced trading to conditional orders.
- Strong customer support
- Third-party resources like Morningstar and StreetSmart Edge.
- Lacks some advanced order types
- Thinkorswim is not “new trader” friendly
eToro
Best Online Broker for Crypto Trading Access
eToro
Options Fee Contract
No contract fees; 2.295 cents per contract for options regulatory fees; 2 cents per contract for options clearing fees
Futures Commission Open Fee
N/A
No contract fees; 2.295 cents per contract for options regulatory fees; 2 cents per contract for options clearing fees
N/A
EToro is a broker for beginners. It’s best suited for those who aren’t at the stage of taking the plunge to go with a brokerage with a dedicated desktop platform. The brokerage’s standout feature is its CopyTrader, which allows you to replicate the strategies of successful traders in real time. It’s a nice way to ease into learning the ropes.
The platform is a great hub for getting your feet wet, learning the basic mechanics of online trading. But there are a lot of features missing if you plan to be a high-volume day trader. For one, there is no direct market access. EToro uses a spread-based price model, which can result in higher costs.
- Regulated in the U.S., the U.K. and Australia.
- Allows copy trading
- No direct market access
- No futures trading
TradeStation
Best Day Trading Platform for Quick Trade Executions
TradeStation
Options Fee Contract
80 cents
(Tier 1, sliding scale)
Futures Commission Open Fee
$1.50
80 cents
(Tier 1, sliding scale)
$1.50
With its quick trade execution, TradeStation is a great choice for intraday traders. High-volume traders will appreciate the advanced charting tools along with some of their algorithmic trading features.
But this is a platform for pros, and many premium features or services come with added fees.
- Advanced charting and technical analysis
- Fast execution speeds
- Beginners may find TradeStation overwhelming
- Fees can rack up
Most Popular is calculated from the number of times each affiliate product was selected by Forbes users over a six month time period.
Compare the Best Platforms for Day Trading
| Brokerage | Star Rating | Commission-Free Stocks and ETFs | Trade Simulator Available | Learn More |
|---|---|---|---|---|
|
Yes
|
Yes
|
Via Webull's Website
| |
|
|
Yes
|
Yes
|
Via InteractiveBrokers' Secure Website
| |
|
Yes
|
Yes
|
Via Robinhood's website
| |
|
|
Yes
|
Yes
|
Read Forbes' Review
| |
|
|
Yes
|
Yes
|
Read Forbes' Review
| |
|
Yes
|
Yes
|
Via eToro's Website
| |
|
|
Yes
|
Yes
|
Methodology
To rank the best platforms for day trading, we reviewed and researched some of the largest online brokerage platforms in the U.S. We evaluated over 50 queries for each firm featured in our rankings.
Our team verified responses through direct communication with the companies and independent online research to fill in any missing data points. Each of these categories included multiple subfactors. We scored all data points on a 0.00 to 1.00 scale and combined them using a weighted formula to produce an overall ranking. The highest raw score, 0.82, was adjusted to correspond to a 5-star rating.
The best brokers for day trading excelled in these key areas.
| Decision Factor | Scoring Weight | Details |
|---|---|---|
|
Advisory services
|
2.0%
|
This category includes whether the brokerage platform offers robo- or traditional advisory services and cash management accounts.
|
|
Education
|
2.5%
|
The education category weights a brokerage’s education offerings, such as webinars, in-house research and third-party research.
|
|
Insurance
|
4.0%
|
Insurance for a brokerage can refer to whether it’s FDIC- or SIPC-protected, as well as whether additional asset protection is available.
|
|
Features
|
19.50%
|
Examines the bells and whistles of a platform, such as alerts, portfolio builder stimulators, idea generators and more.
|
|
Investment offerings
|
7%
|
This category refers to the types of investment assets available (e.g., bonds, stocks, mutual funds, ETFs, futures, etc.).
|
|
Trading costs
|
27%
|
This category evaluates a range of fees, from commission-free trading and over-the-counter stock fees to brokerage-assisted commissions.
|
|
Fees and account minimums
|
5%
|
Fees and account minimums include charges like inactivity fees, account closure fees and transfer account fees, to name a few.
|
|
Rates on idle cash
|
10%
|
This category compares whether the brokerage offers competitive rates for idle cash.
|
|
New customer bonuses
|
3%
|
Included in this category is the tiered amount given in bonuses to new customers.
|
|
Customer Sentiment Index (CSI)
|
20%
|
This specialized index includes a sentiment rating incorporating customer service, the product’s user interface, fees, reliability and overall satisfaction.
|
How To Choose a Day Trading Platform
Day trading requires the ability to analyze market movements and execute trades quickly. For this, you’ll need a reliable platform that suits your individual needs. Here are a few steps to get you started:
- Figure out your ideal trading setup. Some trade positions might only be held for a few minutes or hours. So you’ll want to figure out if you’re making those trades from your computer or smartphone (if you plan on using a day trading app).
- Evaluate fee structures. All the companies ranked in Forbes Advisors’ best brokers for day trading offer commission-free trading for stocks, exchange-traded funds and options. Fees can rack up in areas such as option fee contracts, commissions on futures and other commission-based trades.
- Check if the brokerage offers fast execution on trades. Executing fast trades are essential in the world of day trading. Most intraday traders prefer an online broker that offers direct access to markets.
- Examine resources and research tools. Most online brokerages provide research and market news. One type of day trading strategy is news trading and anticipating market-moving news. You’ll also want to use additional tools or webinars that focus on trading education.
- Determine the most valuable tools for your trading. You might find that you need features like real-time data, trading simulators and advanced charting. The ability to have multiple items in a chart can give you a better idea of price movements and potential trade ideas.
In looking for a good day trading platform, one needs to figure out if they want a platform for just trade execution, charting and indicators or a combination of both. Everyone will have a personal preference. I like the combination of both but also use external charting, screening and indicting platforms to gather more information for more informed trades. The big elements I look for personally in a trading platform are ease of use, functionality ability and trade execution.
– John Jones, certified financial planner and investment advisor at Heritage Financial in Newberry, Florida.
eToro
Deposit $100 and get a $10 bonus! (US Only)
Trade in a variety of assets including stocks, ETFs and cryptocurrencies
eToro offers trading tools to help both novices and experts
How To Open a Day Trading Platform
The initial steps are very similar to opening a checking or savings account but then diverge once you get to the step for funding your account.
1. Choose the right brokerage platform. Select a brokerage account with the trading tools that suit your needs. In addition to low fees and strong charting tools, you’ll want to see whether the platform offers fast trade executions.
2. Sign up. Typically, you’ll need to provide the following information when opening an account:
- Your name and contact details
- Social Security number
- Employment or financial details
- Identification, such as a driver’s license or passport
3. Fund a margin account. If you want to execute more than a few limited trades, you’ll need to fund your margin account with at least $25,000 to be considered a pattern day trader.
5. Request or apply for advanced trading privileges. For example, a subscription might be necessary for Level 2 quotes. Also, if you’re looking for Options Level 2 through 4 trades, you might need to apply for specific options-level trading.
6. Download the platform. Now the easy part. Download the broker’s trading platform on your desktop or the day trading app onto your mobile device.
Frequently Asked Questions (FAQs)
What is the most popular day trading platform?
Popular day trading platforms include Webull and thinkorswim by Charles Schwab (known for its charting tools). Interactive Brokers is the Holy Grail for more advanced traders.
What is best to trade as a day trader?
Popular assets include stocks, options, futures and commodities. But the choice depends on your knowledge, strategy and liquidity needs. Plus, the area where you want to grow your expertise.
Is day trading profitable?
High costs and frequent losses make day trading challenging, but some traders with skill and discipline do succeed. A “successful trader” makes about 1% to 4% per month from their trades. So, if you trade with $100,000 at your disposal, then you’re targeting a monthly income of about $1,000 to $4,000.
How much money do you need to start day trading?
To be classified as a “pattern day trader” in the U.S., you need a margin account with at least $25,000.
You can still make day trades with less capital, but due to FINRA regulations, the number of trades will be limited if you don’t meet the PDT requirements. This typically means trading equities or options through a cash account and waiting for funds to settle.
Also, if you’re looking to trade with less money, there are other types of assets to consider, too. A few examples include trading forex and cryptocurrencies.