Best Day Trading Platforms Of August 2022

[Affiliate]

6 Best Online Brokers For Day Trading.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Professional traders are a demanding bunch. That's because the margin between success and failure in markets can be paper thin--and having the right trading platform can make all the difference.
Day traders earn their living by entering and closing out multiple trades in a day in pursuit of profits. This strategy requires fast and reliable trade execution, the lowest possible commissions and access to customer service when things go awry.
Forbes Advisor evaluated a total of 21 online brokerage platforms in order to help you choose the best online brokers for day trading. Our side-by-side tests placed the greatest importance on low commissions and fees, best-in-class platform and technology and highly responsive customer service to find the best trading platforms available.
Interactive Brokers -- Best Online Broker for Day Trading TD Ameritrade -- Best Day Trading Platform for Education Lightspeed Trading -- Best Online Broker for Trade Execution Cobra -- Best Day Trading Platform for Customer Service TradeStation -- Best Day Trading Platform for Strategy Cobra -- Best Day Trading Platform for Short Selling Methodology What Is Day Trading? What Do Professional Traders Look for in an Online Broker? Direct Access Brokers vs. Brokers Selling Order Flow The Risks and Rewards of Day Trading Next Up in Investing.
Best Stocks To Buy Best Online Brokers Best Money Market Mutual Funds Best Investment Portfolio Management Apps Best Low-Risk Investments Best Fixed Income Investments.
eToro.
Welcome Offer: Deposit $100 get $10 (US Only)
Trade in a variety of assets including stocks, ETFs and cryptocurrencies.
eToro offers trading tools to help both novices and experts.
Welcome Offer: Deposit $100 get $10 (US Only)
Trade in a variety of assets including stocks, ETFs and cryptocurrencies.
eToro offers trading tools to help both novices and experts.
Best Online Brokers for Day Trading of August 2022.
Best Online Broker for Day Trading.
Interactive Brokers.
Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team.
Tiered trading commissions.
Account minimum.
Tiered trading commissions.
Account minimum.
Interactive Brokersearned the top spot in our listing thanks to its powerful Trader Workstation platform, easy access to a vast selection of global markets and rock-bottom trading commissions. These features and more make Interactive Brokers the preferred trading platform for professionals at hedge funds and investment firms.
In our research, we found that Interactive Brokers stood out by charging substantially lower fees than its rivals in several areas. It's IBKR Pro tiered pricing plan offers better rates for direct access trading than other leading trading platforms for professionals. We also noted lower commissions for futures trading, and the lowest margin rates among the platforms we surveyed.
Note that $0 stock commissions are available on Interactive Brokers's IBKR Lite platform for non-professional traders.
We were impressed by the flagship Trader WorkStation platform and the quality of order execution. Trader WorkStation offers highly customizable alerts, watchlists and sophisticated charting. It features advanced order types. Traders can stay on top of the news with the latest reports from Reuters, Dow Jones and a variety of other sources on the platform.
Trader WorkStation includes essential features for day traders, such as hot keys, which allow traders to rapidly place preset orders with the stroke of a single key. Traders also have access to Level 2 quotes, which show the best bid and ask prices from each market participant. Time and sales data, sometimes known as "the tape" is also available. This is a streaming record of all stock transactions made throughout the trading day, including trade size, price and time.
A total of 135 markets in 33 countries are available for trading. Interactive Brokers clients can trade global stocks, options, futures, currencies, bonds and funds all from a single platform.
Accounts can be funded in multiple currencies and assets can be denominated in multiple currencies. Clients can trade a dizzying range of markets--from stocks on the Mexican Stock Exchange to futures on Italy's Borsa Italiana. Penny stocks and fractional share trading are also available.
Quality of order execution is of paramount importance to day traders. Direct market access is available for both stocks and options, allowing traders to decide how they want their orders to be routed.
To facilitate optimal order execution, Interactive Brokers created a software product called Smart Routing, which continually scans competing markets and automatically routes orders directly to the best ECN or market center.
IHS Markit, a third-party provider of transaction analysis, determined that Interactive Brokers' US stock price executions were significantly better than industry rivals during the first half of 2020; with a net price improvement of $0.62 versus an industry average of $0.15.