Common reasons why traders use multiple platforms include having a backup in case of an outage, running dedicating trading strategies, or accessing specific trading tools not available elsewhere. It is not uncommon for day traders to have multiple brokerage accounts and use several trading platforms simultaneously. Popular day trading platform tools include ladder trading, level II quotes, trade hot keys, direct market routing, stock alerts, streaming time & sales, customizable watch lists, and backtesting, among many others.
Read Full Review Day trading platforms comparison Webull - Webull offers a unique community experience and easy-to-use trading platforms that will satisfy most casual investors, but it can't compete with the vast amount of trading tools and research provided by traditional full-service brokers.
But once you learn how to invest or want to day-trade, you’ll find its range of trading tools and features lags industry leaders. Robinhood - Optimized for individuals that are new to investing and want to start with the basics, Robinhood’s greatest strength is found in its simplicity. As far as day trading tools and functionality, Firstrade scores poorly compared to the best platforms. Read Full Reviewįirstrade - Firstrade Navigator is only available to Firstrade Premier customers, which requires an account balance of at least $10,000. But as a standalone broker, Ally Invest trails industry leaders in trading platforms and tools. Read Full ReviewĪlly Invest - For current Ally customers looking to invest in stocks, Ally's universal-accounts experience and easy-to-use website is a convenient solution. The primary drawback is the lack of one-click buy and sell buttons for speedy order entry. Merrill Edge - For active traders, Merrill Edge offers the MarketPro desktop trading platform, which is feature-rich but not optimal for day trading. It is easier to learn than TD Ameritrade and TradeStation, although the latter two provide a richer experience overall. To dive deeper, read our reviews.Ĭharles Schwab - Schwab's flagship downloadable trading platform, StreetSmart Edge, provides most of the bells and whistles day traders need to succeed. Here are our high-level takeaways for each. In addition to our top five day trading platforms for 2021, we reviewed six others: Charles Schwab, Merrill Edge, Ally Invest, Firstrade, Robinhood, Webull. Interactive Brokers - Best for professionals.TradeStation - Best platform technology.Here's a breakdown of the best online brokers for day trading. To make more than four day trades in any five-business-day period, a trader must be approved as a Pattern Day Trader, or PDT, which requires maintaining a balance of at least $25,000. Day traders primarily trade during the opening 60 minutes (9:30 - 10:30 AM EST) and closing 30 minutes (3:30 - 4:00 PM EST) of each market session, which is when price volatility is highest. The goal is to end each trading session with a net profit after commissions. What is day trading?ĭay trading is a strategy in which a trader buys and sells stocks throughout the trading day. Alongside tools, we also took into consideration the costs of trading, including margin rates and order execution quality. To find the best day trading platform, we focused on both web and desktop platforms and assessed each platform across 55 different features. Having placed over 2,500 trades, I know firsthand that having a reliable day trading platform stocked with the trading tools you need is crucial to success.įor our 2021 Review, we tested and scored 11 different online brokers. Because day traders place far more trades than the average investor, keeping costs low is just as important as buying and selling (or shorting and covering) for a profit. Here's how we tested.Ī day trade is when you buy shares of a stock then sell the same shares before the market closes. The best online brokers 2021 review (11th annual) took three months to complete and produced over 40,000 words of research.