Are you a day trader looking for the best online brokers to support your strategy? You've come to the right place! With an ever-increasing market of online brokerages, it can be intimidating and overwhelming for traders like yourself who are trying to choose the right broker.
We dive deep into all aspects of selecting an online broker when considering day trading as an investment strategy. We review key features such as fees, platform usability, educational resources available, customer reviews & ratings, and more - so stay tuned.
What is Online Brokers For Day Trading
Day trading refers to buying and selling a security within the same day. Day traders hold positions for a short period, usually minutes or hours, to capitalize on small price movements. By taking advantage of these small fluctuations, day traders attempt to increase their profits by making multiple daily trades.
The success of day trading depends on having the right online broker to provide access to markets, research tools, and the ability to execute trades quickly. Not all brokers are created equal regarding day trading, so let’s review some top online brokers for day trading in 2021.
Online Brokers for Day Trading
TD Ameritrade
TD Ameritrade is an excellent choice for day traders, offering a wide variety of powerful tools and resources to help you make the most informed decisions. Their robust platform gives you direct access to stocks, ETFs, options, mutual funds, and more. Plus, they offer low commissions on stock trades and free access to their premium research platform.
Charles Schwab
Charles Schwab is a top choice for active traders, offering competitive margins and fees, excellent customer service, and an extensive range of advanced features. With no commission on U.S. stock trades and free access to their StreetSmart Edge platform, you'll have powerful tools to help you make more informed decisions.
Charles Schwab provides advanced tools like OptionsXpress and a Global Investing Center to help you research international markets. Their suite of mobile apps allows you to access your accounts conveniently from your smartphone. With Charles Schwab's top-notch service, day traders can be sure they are getting the best value for their trading needs.
Robinhood
Robinhood is a well-known broker for day traders, offering no commissions on stock trades and access to their powerful analysis tools. With their zero-minimum account requirements, you can start trading with any amount of money; plus, the app's intuitive interface makes monitoring your investments in real-time easy.
To stay informed, you can also access their extensive research library and view company profiles. Robinhood is a great choice for day traders, as it allows you to take advantage of small price movements in the market with nearly nonexistent fees.
Fidelity
Fidelity is another great choice for day traders, offering low commissions on stock trades and access to their advanced Active Trader Pro platform with real-time streaming data and sophisticated analysis tools. Plus, they offer free trading education courses to help you become a better trader.
Interactive Brokers
Interactive Brokers is a great choice for experienced day traders, with advanced trading tools and low commissions. Their Trader Workstation platform offers direct access to stocks, ETFs, options, futures, and more, with features like real-time streaming data and powerful analysis tools.
Their customer service team is also available 24/7 to answer any questions you have, and their low account minimum makes it easy to get started with day trading. Additionally, they offer educational resources such as webinars and seminars so you can stay up-to-date on markets.
Lightspeed Trading
Lightspeed Trading is an online brokerage built for active traders and investors. It offers low commissions and access to various markets — stocks, options, futures, forex, etc. The platform also provides various tools to help you build your strategy, such as real-time streaming data, advanced analysis tools, portfolio margining capabilities, integrated risk management, and more.
The Lightspeed platform is available for both desktop and mobile, with advanced charting capabilities that make it easy to analyze the markets. You can access educational resources such as webinars, seminars, video tutorials, trading courses, and more. Lightspeed Trading is a great choice for day traders looking for a reliable broker with powerful tools at low commission rates.
Cobra Trading
Cobra Trading is an online broker tailored specifically for active day traders. The platform provides all the tools and features necessary to succeed in trading with a low cost of entry. With commission-free stock trades, tight spreads across all markets, superior customer service, and a comprehensive selection of educational resources available, Cobra Trading is an excellent choice for day traders.
The Cobra Trading platform is user-friendly and feature-rich, with advanced charting capabilities, integrated risk management tools, real-time streaming data, portfolio margin tracking, and more. Plus, you'll have access to their powerful analysis tools, which offer a bird's eye view of the markets and help you make better trading decisions.
TradeStation
TradeStation is an online broker that offers a comprehensive suite of tools and features for active traders. TradeStation's award-winning platform includes advanced charting capabilities, real-time data streaming, portfolio margining calculations, risk management tools, and more.
TradeStation is ideal for day traders with no account minimums, low commissions on stock trades, and access to multiple markets, including stocks, ETFs, options, futures, and forex markets.
TradeStation also offers various educational resources to help traders become more informed. This includes webinars, seminars, video tutorials, trading courses, and more. The platform's intuitive interface makes executing trades quickly and accurately easy.
Webull
Webull is a powerful online broker ideal for day traders. The platform provides direct access to multiple markets, including stocks, ETFs, options, and futures, with no commissions on stock trades. Webull offers low-margin rates and advanced charting capabilities to help you make better trading decisions.
The intuitive interface makes it easy to monitor your investments in real time and execute trades quickly. Plus, you'll have access to their powerful analysis tools that offer a bird's eye view of the markets. Webull also offers various educational resources such as webinars, seminars, video tutorials, trading courses, and more.
FAQS
Can you make 1k a day trading?
Yes, it is possible to make 1k a day trading. However, it requires a great amount of skill and knowledge. Day traders typically have years of market experience and use advanced analysis tools to make informed decisions. Day traders often require significant capital to take advantage of small price movements in the market. Therefore, while making 1k a day trading is possible, it should be done with caution.
How much money do you need to start day trading?
The money you need to start day trading will depend on your chosen broker and the type of trades you plan to execute. Many brokers offer no-minimum accounts, so if you are starting day trading, you can start with as little as $100. However, if you plan to trade more complex securities, such as options or futures, you may need to deposit more money to meet the minimum requirement. Before beginning day trading, it's important to research the broker and understand their terms and conditions.
Do day traders need brokers?
Yes, day traders typically need to use a broker to execute trades. A broker is an intermediary between the trader and the market, allowing access to various securities such as stocks, ETFs, options, and futures. Brokers provide tools and features that help traders make informed decisions and keep up with market trends.
Conclusion
Day trading is a great way to reap the rewards of the stock market, but it can be daunting due to the complexity involved. By researching and carefully considering your options when choosing an online broker, you'll be well-equipped to handle the day trading challenge. Now that you have read this blog post about the best online brokers for day trading consider which ones offer the greatest potential for success in your journey as a day trader.
