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Best Day Trading Platforms in 2023

Stephen Ngari
Stephen Ngari
18th Apr 2023
Disclosure

Successful day trading needs a highly functional platform with supportive features and tools to help in decision-making and order execution. The best brokers have excellent order fill rates, execution quality, and good customer service.

This article shares the best day trading platforms based on their capabilities, features, pricing, and more. All these are authorized to operate in the US and adhere to the pattern day trading rule instituted by the SEC and FINRA.

Top 10 Day Trading Platforms

Sort By Label
Partner Name LabelLabelCTACustomer SupportMobile SupportSecurity FeaturesLaunch Date Disclaimer
Interactive Brokers1Interactive Brokers3.5Visit Websitewww.interactivebrokers.com/en/home.phpEmail, Telephone, Live ChatAndroid, iOS2FA, Biometrics, Pin 2007
Charles Schwab2Charles Schwab4.0Visit Websitewww.schwab.com/Email, Telephone, Live ChatAndroid, iOS, Web App2FA, Pin 1971
eToro3eToro4.8Visit Websiteetoro.comLive ChatiOS, Android2FA, Biometrics2007This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC) which is highly volatile, unregulated in most EU countries, does not fall under EU protections & is not supervised by the EU regulatory framework. Investments are subject to market risks, including the loss of principal.
Lightspeed4Lightspeed3.8Visit Websitelightspeed.com/Email, TelephoneAndroid, iOS, Web App2FA, Pin 2006
Thinkorswim5Thinkorswim3.8Visit Websitewww.tdameritrade.com/tools-and-platforms/thinkorswim.htmlEmail, Live Chat, TelephoneWeb App, iOS, AndroidBiometrics, 2FA, Pin 1971
Webull6Webull3.8Visit Websitewww.webull.comEmail, TelephoneAndroid, iOS, Web App2FA, Biometrics, Pin 2017
Fidelity Investment7Fidelity Investment3.8Visit Websitewww.fidelity.com/Telephone, Dedicated Account Manager, Live Chat, EmailAndroid, iOS2FA, Biometrics, Pin 1930
Cobra Trading8Cobra Trading3.8Visit Websitewww.cobratrading.com/Telephone, Email, Live ChatWeb App2FA, Pin 2004
e*trade9e*trade3.3Visit Websiteus.etrade.com/homeTelephone, EmailAndroid, iOSPin , 2FA1996
Trade Station10Trade Station3.3Visit Websitewww.tradestation.com/Email, Live Chat, TelephoneAndroid, iOS2FA, Pin 1982

The 10 Best Day Trading Platforms Compared

Here are the best day trading platforms in the US.

RankPlatformMinimum DepositFees
1Interactive Brokers$00% commission
2Charles Schwab$00% commission
3eToro$100% commission
4LightspeedVaries depending on account$130/month
5Thinkorswim$25,0000% commission
6Webull$00% commission
7Fidelity Investment$00% commission
8Cobra Trading$27,000Varies depending on asset
9E*TRADE$0From $0
10TradeStation$00% commission

1. Interactive Brokers - Best Overall Platform for Day Traders

Interactive Brokers (IBKR) is a reputable online broker famed for its cutting-edge trading platform. Many consider IBKR to be the best day trading platform due to the following:

  • The IB SmartRouting feature, with search functionality for the best available prices

  • Margin rates, starting from 5.08%

  • Multiple tradeable assets from across 150 markets

  • Powerful trading technology available on multiple platforms.

Active day traders can use the IBKR Pro plan, which offers a full suite of premier trading technology, IB SmartRouting, and access to over 125 markets. Clients can also use the Trader Workstation with access to over 100 order types and algos to help limit risks, speed up executions, and provide price improvement.

💸 Account minimum deposit$0
💰 Commission (IBKR Lite)$0
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesStocks, ETFs, Forex, US Spot Gold, Crypto, Currencies, Indices, Futures, Options, Event contracts, Bonds
📱 AppYes
Visit Interactive Brokers

2. Charles Schwab - Best Customer Support for Day Traders

Charles Schwab supports intraday trading with features like Day Trade Buying Power (DTBP), which helps you keep track of balances. This represents the quantity of marginable stock available to day trade in a margin account without incurring a margin call.

Schwab’s StreetSmart Edge premier trading platform is designed to align and optimize tools for your trading strategy. You can set up a custom layout to help find, evaluate, and place orders quickly. However, users may want to avoid using their mobile for intraday trading due to slower speeds of execution.

Many day traders affirm that the customer support on this platform is excellent. Direct telephone support makes it easy for investors to sort issues and avoid costly undertakings.

💸 Account minimum deposit$0
💰 Commission0% commission
💰 Options fee$0.65/contract
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesBonds, Stocks, ETFs, Mutual Funds, Indices, Options, Cryptocurrency
📱 AppYes
Visit Charles Schwab

3. eToro - Best for Day Trading Beginners

eToro is a popular social trading platform with multiple tradeable assets. It’s an excellent platform for beginners due to an extensive knowledge base and a community that shares market news and ideas. You can easily set up a practice account and simulate trading, as well as replicate the trades of the most profitable users with the CopyTrader feature.

eToro banks on its simplicity, offering a sleek and intuitive design for ease of use. Customer reviews affirm this, with many commending it for being customer-centric.

💸 Account minimum deposit$10
💰 Crypto fees1% for buying and selling
💰 Withdrawal fees$5
💰 Inactivity fees$10/per month after one year of inactivity
💰 Commission0%
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesForex, ETFs, commodities, stocks, crypto, indices
📱 AppYes
Visit eToro

4. Lightspeed - Best Platform for Advanced Day Traders

Lightspeed is a leading brokerage service provider with a powerful trading engine designed to help investors maximize their performance and manage risks effectively. Traders can access various tools like customizable order entry options, multiple routing options, complex orders, and advanced risk management. It has a reputation for quick order fills and quality execution, which is critical for day trading.

Besides the web and mobile platforms, Lightspeed offers specialty platforms such as Eze EMS Pro and Eze EMS Express. These are intended for advanced traders, who will benefit from a professional charting package, advanced order types, and real-time global data.

💸 Account minimum depositFrom $10,000 - $110,000
💰 Fees$0.001 per share
💰 Commission$130/month
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesStocks, Options, Futures,
📱 AppYes
Visit Lightspeed

5. Thinkorswim - Best Platform for Order Quality Execution

Thinkorswim is a multi-asset, full-service platform for TD Ameritrade users. Day traders can easily fund and use a cash or margin account to trade. The desktop application gives you access to elite-level trading tools to help develop ideas and execute strategies.

The advantages of using Thinkorswim for day trading are:

  • Ability to set up custom alerts

  • Quick execution and order fills

  • Social sentiment feature to help you make an informed decision.

  • Strategy automation by using the strategy roller

  • Marketmaker mover to track stock price movement

  • Earning tool for comparing price trends

  • Options statistics to compare the day’s price movement against the five-day average and volatility.

Investors on Thinkorswim can utilize the Active Trader interface, a highly functional tool for futures day traders. It features one-click order entering, a bid/ask price ladder, and interface customization for easier trading.

💸 Account minimum deposit$0
💰 Commission0% commission
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesETFs, Stocks, Options, Mutual funds, Forex, Crypto, Currencies, Indices, Futures, Bonds
📱 AppYes
Visit Thinkorswim

6. Webull - Best for Day Trading on Mobile

Webull is a mobile-centric trading platform designed to reduce complexities in trading, especially for younger traders. It provides an easy-to-use platform and an array of markets to entice new traders. You can use a cash or margin trading account similar to other trading competitors like Robinhood.

This platform offers various order types, including trailing stop limit and trailing stop loss. Day traders can also use technical indicators such as simple moving averages. However, the brokerage has inferior stock screeners and lacks hotkeys, which may deter advanced day traders. The desktop platform is powerful enough to allow the setting up of macros for launching and exiting trades quickly.

💸 Account minimum deposit$0
💰 Commission0% commission
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesStocks, ETFs, Options, Crypto
📱 AppYes
Visit Webull

7. Fidelity Investments - Best for Day Trading Research Tools

Fidelity is a leading online brokerage with an extensive array of tradeable securities, a wealth of research material, and other advanced tools. The research features detailed reports for over 4,500 stocks from over 20 third-party data providers.

The Active Trader Pro is Fidelity’s flagship trading platform that works better for day traders. It’s easier to find opportunities, enter trades quickly, get real-time market updates, fill orders quickly, and get direct and intelligent order routing. It offers over 50 order types, including advanced options such as conditional orders and trailing stop orders.

💸 Account minimum deposit$0
💰 Commission0% commission
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesMutual funds, ETFs, CDs, Options, Stocks, Bonds, Crypto
📱 AppYes
Visit Fidelity Investments

8. Cobra Trading - Best for Elite Day Traders

Cobra is an online broker that focuses on active day traders through exceptional levels of service, systems, and trade support. Traders on Cobra can choose between three trading platforms: DAS Trader, Sterling, and CobraTrader Pro. These have advanced order types and support basket trading, analytics, multi-instrument trading, and more.

The Sterling Trader Pro is a direct access platform that allows you to trade options and equities. You can get real-time level ll market data, hotkeys capabilities, and more to give you complete control. Cost-conscious day traders can use the CobraTrader Pro option, which is based on the Sterling Trader framework.

💸 Account minimum deposit$27,000
💰 Equities fees$0.0015/share
💰 Software feesFrom $100/month
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesStocks, Options, Futures
📱 AppYes
Visit Cobra Trading

9. E* TRADE - Best for Day Trading with Leverage

E*TRADE is a leading online broker backed by Morgan Stanley and is a favorite for day traders who want to use leverage. You can use Power E*trade, an innovative trading platform packed with advanced features to help you make decisions better. It provides comprehensive intraday and historical charting with numerous studies and over 30 drawing tools.

Advantages you will harness for day trading on E*TRADE are:

  • Four times the day trading buying power for regular marginable securities

  • Powerful, feature-rich desktop platform

  • Hotkeys capabilities

  • The innovative Power E*Trade app

💸 Account minimum deposit$0
💰 Commission0% commission
💰 Options Fees$0.65/contract
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesStocks, Options, Mutual Funds, Futures, Bonds, CDs
📱 AppYes
Visit E*TRADE

10. TradeStation - Best for Active Day Traders

TradeStation is a reliable online broker that caters to all kinds of day traders. It has an extensive array of tradeable instruments, platforms, and resources to help you make informed decisions.

Intraday traders can rely on powerful order execution technology supporting high-quality fills. The RadarScreen feature enables you to continuously monitor and rank thousands of assets in real time, letting you spot opportunities based on 180 customizable technical indicators. The proprietary EasyLanguage feature allows traders to design their own indicators and strategies using English-like statements.

It’s possible to backtest strategies, with TradeStation providing a historical database of different securities dating back over 28 years.

💸 Account minimum deposit$0
💰 Commission$0
✅ KYC RequiredYes
🖥️ Demo AccountYes
💲 PriceFree
📈 Investment typesStock, ETFs, Options, Mutual funds, Crypto, Futures, Future Options, Bonds
📱 AppYes
Visit TradeStation

How Do Day Trading Platforms Work?

Day trading platforms are online applications that allow traders to buy and sell financial assets within a day. An investor will enter and exit trades multiple times daily to try and profit from small price fluctuations in financial markets. Investors can day trade assets like Forex, stocks, futures, ETFs and bonds, depending on what a broker offers.

Trading platforms provide the trading engine and supporting features to enable customers with brokerage accounts to interact with markets and assets.

All providers in the US implement the pattern day trader rule, a law related to margin requirements for day traders. Under this rule, a pattern day trader must have at least $25,000 in their brokerage account before trading. Platforms have the right to restrict accounts if this rule is violated.

Beginners can easily open a brokerage account with an online broker who supports day trading. Before undertaking any financial action, the account must be funded using the options available on your preferred broker.

How Much Money Do You Need to Get Started on a Day Trading Platform?

FINRA and NYSE instituted a law that defined the legal minimum capital requirement as $25,000 for active day traders. It’s wise to have a buffer on this minimum balance so that you can trade with capital to spare.

Those who trade less than three times a week are not bound by this law and can start with as little as $100. Intraday trading is a risky venture and losing multiple trades is possible.

Cheapest Day Trading Platforms

Most trading platforms have adopted the zero-commission model. However, most charge a fee depending on the asset you are trading. Our list covers platforms that offer minimal fees per trade and are easy to use.

ProviderFeeGet Started
🥇 Interactive BrokersNo commission. Other fees varyGet started with Interactive Brokers
🥈 WebullNo commission, varying spreadsGet started with Webull
🥉 E*TRADENo commission, varying spreadsGet started with E*TRADE

Pros and Cons of Using Day Trading Platforms

Day trading has become increasingly popular with investors seeking to make profits from the volatility of different assets. Here are some common benefits and drawbacks of day trading platforms.

Pros
Provide access to multiple tradeable assets and markets
Lower fees and commissions compared to traditional brokerages
Wide range of features and tools e.g., charts, screeners
Paper trading accounts and training guides for practice
Provide flexibility and convenience
Cons
Some are not beginner friendly
Technical outages and glitches
Exposes investors to overtrading

Are Day Trading Platforms Safe?

Online brokerages authorized and regulated by FINRA are considered safe. These platforms are mandated to secure data and funds in their custody. Here are some of the standard safety features day trading platforms use:

  • Regulatory compliance

  • Data encryption across the system

  • Two-factor authentication (2FA)

  • Fund segregation

  • Regular system audits

It’s crucial that you also undertake due diligence on your preferred platform, exercising caution not to fall victim to the many trading platforms promising high returns. Charles Schwab, Interactive Broker, and TD Ameritrade are some of the leading platforms that have built a solid reputation over the years and are considered secure.

Can I Use Day Trading Platforms on All Devices?

Most day trading platforms have support for multiple devices. Some have tailor-made programs to cater to traders who use different devices. On most platforms, the desktop and web applications pack more tools and features, including advanced charts and technical indicators, which cannot work on a mobile platform.

Webull is the most suitable mobile day trading platform due to its mobile-first approach, offering extensive trading capabilities on the go. Conversely, Lightspeed and Thinkorswim have powerful web platforms that are feature-rich and useful to expert traders.

What Trading Software Is Used on the Best Day Trading Platforms?

MetaTrader4 (MT4) and TradingView are the leading software applications used on most day trading platforms. These are designed for multiple markets and offer access to advanced tools and features.

Other popular trading software includes cTrader, MetaTrader5 (MT5), and NinjaTrader.

However, some of the best day trading companies have proprietary platforms, including eToro and Thinkorswim (TD Ameritrade). Traders may be able to integrate some of the trading software with a broker, combining the two solutions to make informed decisions.

What Assets Can I Trade on a Day Trading Platform?

Which assets are available for trading will depend on your broker. Some of the most common tradeable instruments and the best places to trade them are detailed below.

Day Trade Stocks and Shares
Day Trade Derivatives
Day Trade Cryptocurrencies
Day Trade Commodities
Day Trade Forex
Day Trade Penny Stocks

Ways to Day Trade

Different platforms support different ways of day trading, such as automating your strategies or copying other day traders. Find some of the best options below.

Auto Trade
Best Social and Copy Trading Platforms for Beginners

Can You Use Trading Platforms Everywhere in the World?

The availability of a day trading platform will hinge on regulations and compliance in a specific jurisdiction. Here are the best trading platforms in other countries around the globe.

CountryBest Trading Platform
AustraliaIC Markets
CanadaQuestrade
EuropeInteractive Brokers
IndiaZerodha KITE
IrelandIG Trading platform
New ZealandInteractive Brokers
SingaporeSaxo
South AfricaAvaTrade
UKeToro

How Do I Choose the Best Day Trading Platform?

Day trading is a short-term strategy that takes advantage of price movement and market volatility to generate quick profits. However, as much as factors like your education and strategy are essential, your trading platform plays a crucial role in your success.

A good day trading platform will have the following:

  • Powerful trading engine for quick order execution and order fills

  • Authorization by FINRA

  • Payment methods available in the US

  • Low fees

  • A paper trading account for practicing

  • Low minimum deposits

  • Extensive selection of tradeable assets

  • Access to different markets globally

  • Access to a rich set of tools and features, e.g., advanced order types, charting tools

  • Good customer care

  • Reputable and secure

FAQs

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Author Bio
Stephen Ngari
Stephen Ngari
Stephen is a seasoned crypto and fintech specialist with industry experience. Having worked in tech, helping people send money globally and rollout solutions, he understands the impact that tech like blockchain brings to real world issues. He is passionate about crypto, writing and basketball.