Intraday trading is intense. Day traders need to make split-second decisions, and they need software that can keep up. Finding the best day trading platform is imperative to success. However, there are countless options to choose from. Choosing the right one can be a matter of preference, but the best day trading platforms for active traders have a few things in common.
What Is The Best Day Trading Platform for Beginners
To know the best day trading platform for active traders, you have to consider a few things. Day traders pay attention to platforms with speed, are reliable, and have a low cost. The features that usually appeal to long-term investors are not typically useful to day traders.
Day traders don’t hold stocks overnight, so they start the trading day with no positions. All trades take place within the course of a market session. Therefore, day traders need quick and easy access to research tools on the fly. This is especially important for beginners that are still getting adjusted to the fast-paced nature of day trading.
The best day trading platforms for beginners can monitor liquidity, price volatility, breaking news, and more. Most traders also want quick access to the margin so they can quickly juice up their buying power if needed.
It’s also important to consider commissions and fees. Most brokers transitioned to a zero-commission model, but there can be hidden fees that you might not spot off hand. If you’re interested in trading on margin, even though it’s NOT recommended for beginners, you should consider how much interest the platform charges for margin loads.
These brokers represent some of the best day trading platforms for beginners. They have excellent features that help new day traders improve their skills and trade execution.
Best Day Trading Platforms: Our Top Picks
This is one of the leading trading platforms for active traders. You can open an account for $0, but there is a fee of $0.005 per share for their standard platform. Interactive Brokers rate is one of the lowest on the market.
Interactive Brokers day trading platform is called Trader Workstation, or TWS. TWS includes over 120 technical indicators and research tools. It also supports advanced features, like algorithm-based auto-trading and more. The market scanner and stock screener are also exceptional. They make it easy for day traders to follow the market.
Interactive Brokers has tons of advanced capabilities, but it’s still an excellent day trading platform for beginners.
TD Ameritrade is another leading platform for active traders. Similar to Interactive Brokers, you can open an account with them with $0. Trading stocks and ETF on TD Ameritrade are free. However, they charge $0.65 per options contract.
The platform has a wide range of resources that makes it perfect for even beginners. You can follow multiple stocks using the tile charts feature on the platform. The real-time streaming price quotes power the intra-day charts.
For those who wish to automate trading, the thinkScript language enables traders to use one of the 300 built-in strategies. Traders also have access to the over a hundred technical indicators available on TD Ameritrade’s platform.
The minimum account balance here is $0 for TSgo and $2,000 for TS Select platforms. You can trade stocks and ETFs for free on TradeStation. However, they charge $0.60 per contract and $0 per trade options on TS Select. For the TSgo account, they charge $0.50per contract and $0 per trade
Their trading platform is downloadable and comes with a wide range of technical indicators and other features to help day traders. It allows traders to route orders by themselves, choose the trading venue, or utilize their smart order routing engine.
TradeStation supports the automated trading strategy. The excellent charting and technical analysis capabilities make TradeStation a top trading platform for active traders.
Lightspeed has a considerable account minimum; $10,000 for web and $25,000 for software. They charge a maximum of $4.50 per stock trade and $0.65 per options contract. Its fees are higher than the other platforms mentioned in this article.
Despite its high fees, Lightspeed is an exceptionally stable platform that provides traders with several features. The platform is customizable and provides traders with real-time quotes on all available assets. The charts update rapidly to ensure you keep up with the latest market information.
The security at Lightspeed is exceptional. The login procedure includes a virtual private network (VPN), especially for those using WiFi. The flexible order routing is another robust feature of Lightspeed.
Tastyworks has an account minimum of $0 and doesn’t charge traders anything for stock trading on their platform. They, however, charge $1.00 to open options trades $0.00 to close the options. These fees are low, making Tastyworks an attractive platform to day traders.
Their platform is fast, reliable, and has a customizable dashboard. The watchlists on Tastyworks are sortable by up to 50 data points. Price quotes also load faster since they are not throttled. They provide users with scanners that help them find stocks that are becoming more volatile.
With such innovation and low cost, it is no surprise that Tastyworks has become a leading day trading platform for active traders.
Best Day Trading Platform: Closing Thoughts
The best day trading platform differs depending on your needsHowever. However, the platforms mentioned above are some of the best options for beginners who are just getting started. Sign up for Stock Dork alerts now to get more trading trips and the best take on stock market news. Click here to join now and get our 2020 Growth Stock Guide for free.