Best Day Trading Platforms in 2023

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

	Partner Name Label	Label	CTA	Customer Support	Mobile Support	Security Features	Launch Date	Disclaimer
	1. Interactive Brokers	3.5	Visit Websitewww.interactivebrokers.com/en/home.php	Email, Telephone, Live Chat	Android, iOS	2FA, Biometrics, Pin	2007
	2. Charles Schwab	4.0	Visit Websitewww.schwab.com/	Email, Telephone, Live Chat	Android, iOS, Web App	2FA, Pin	1971
	3. eToro	4.8	Visit Websiteetoro.com	Live Chat	iOS, Android	2FA, Biometrics	2007	This 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.
	4. Lightspeed	3.8	Visit Websitelightspeed.com/	Email, Telephone	Android, iOS, Web App	2FA, Pin	2006
	5. Thinkorswim	3.8	Visit Websitewww.tdameritrade.com/tools-and-platforms/thinkorswim.html	Email, Live Chat, Telephone	Web App, iOS, Android	Biometrics, 2FA, Pin	1971
	6. Webull	3.8	Visit Websitewww.webull.com	Email, Telephone	Android, iOS, Web App	2FA, Biometrics, Pin	2017
	7. Fidelity Investment	3.8	Visit Websitewww.fidelity.com/	Telephone, Dedicated Account Manager, Live Chat, Email	Android, iOS	2FA, Biometrics, Pin	1930
	8. Cobra Trading	3.8	Visit Websitewww.cobratrading.com/	Telephone, Email, Live Chat	Web App	2FA, Pin	2004
	9. e*trade	3.3	Visit Websiteus.etrade.com/home	Telephone, Email	Android, iOS	Pin , 2FA	1996
	10. Trade Station	3.3	Visit Websitewww.tradestation.com/	Email, Live Chat, Telephone	Android, iOS	2FA, Pin	1982

The 10 Best Day Trading Platforms Compared

Here are the best day trading platforms in the US.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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