Lincoln is an investor and content marketer. He has worked for financial advisors, institutional investors, and a publicly-traded fintech company. Lincoln holds degrees in Finance, Economics, and Accounting.
Popular wisdom claims that 90% of day traders lose money.
That’s because most day traders take the wrong approach.
If you want to succeed at day trading, you need the best day trading platform for your (specific) trading strategy. This isn’t one-size-fits-all.
It starts with knowing what you want out of trading.
The best day trading platform in the world won’t help you without a good broker backing it up. I learned this the hard way – by using a broker with bad order execution and high fees.
My day trading results improved when I started paying attention to these differences. That led me to the best day trading platform – TradeStation. I’ll explain why below, and you can head over to our TradeStation review for a detailed overview of its features.
I use other brokers for specific reasons (like shorting) – TradeZero is the best day trading platform for hard-to-borrow stocks.
Do you have another strategy you’re targeting? I probably have an idea for that too!
If you have less than $25,000 in your margin account, you’re considered under the PDT. This is the legal limit that U.S. regulators impose on small accounts – it will limit you to 3 day trades or less in a 5-day span.
Hack: You can open accounts at multiple brokerages to increase your number of trades, or take a look at our list of no PDT brokers.
The 6 Best Day Trading Platforms in April 2024
Day trading is opening a position and exiting it on the same trading day.
Some day traders lean toward scalp trading – trading small price swings for small, high-probability profits. Other day traders will occasionally swing trade – holding a position for two days or more, until the stock trend loses momentum.
In either case, you’re an active trader. You need an investment platform built for you.
1. moomoo – The Best Day Trading Platform Overall
Overall rating: ⭐️⭐️⭐️⭐️⭐️
Stocks available: U.S., Chinese, & Hong Kong exchanges
Commissions/Fees: $0 on stocks, ETFs, and options
Minimum deposit: None
Margin interest: 10.5 – 11.5%
Trading Hours: 8 a.m. to 8 p.m. EST
Advantages:
- Commission-free stock, ETF, and options trading
- Fast executions
- Real-time Level 2 Market Data for free
- Earnings Calendar and Earnings Hub
- Free shares
- Paper trading
Disadvantages:
- No cryptocurrency, bond, or mutual funds available
About moomoo
moomoo is my pick for best day trading platform for most traders.
It combines the power of more robust brokers with the friendly user interface of the newcomers, making it an excellent choice for new and veteran traders alike.
In addition to its commission-free trading, you can get access to real-time Level 2 Market Data for free, use its Earnings Calendar and Earnings Hub to stay abreast of any news, and use paper trading, institutional tracking, heat mapping, and stock screening to identify potential trades.
moomoo traders get all of this, plus the standard: multi-monitors, technical indicators, drawing tools, custom indicators, and more.
Plus, you can get up to 16 free stocks if you sign up using one of our links in this article.
2. TradeStation – The 2nd Best Day Trading Platform Overall
Overall rating: ⭐️⭐️⭐️⭐️⭐️
Stocks available: Major listed stocks worldwide, OTC stocks
Commissions/Fees: None up to 10,000 shares, $0.005 for each share in addition
Minimum deposit: None
Margin interest: 10.5 – 11.5%
Trading Hours: 8 a.m. to 8 p.m. EST
Advantages:
- Commission-free trading
- Lightning fast executions
- Supports international accounts
- TradingView integration
- YouCanTrade educational platform
- Paper trading
Disadvantages:
- Inactivity fee if account doesn’t meet the minimum balance or activity level
- Level I and Level II real-time data costs extra for OTC stocks
About TradeStation
TradeStation is my second choice for best day trading platform for most traders. It has the speed, versatility, and power needed for most day trading strategies. It’s my personal choice as well.
As I mentioned above, speed is my biggest concern. TradeStation is one of the fastest brokers for order execution, with the average order clocking in at 0.038 seconds. That’s important for timing your entries and exits.
TradeStation also has powerful and versatile charting capabilities. Accurate charts with an array of indicators help day traders build effective trading plans.
You can link your TradeStation account to TradingView, the best charting software in 2024. Read more about what makes TradingView the best site to day trade in our comparison article: TradingView vs StockCharts vs thinkorswim vs TrendSpider.
Margin interest rates are another major consideration for day traders. Margin trading allows day traders to multiply their purchase power up to 4 times. It also allows for short selling.
TradeStation has competitive margin rates, which are better than major brokers like Charles Schwab and E-Trade.
And if you ever want to try trading options, futures, or cryptocurrencies, you will already have access via your TradeStation account.
3. TradeZero – The Best Day Trading Platform for Shorting
Overall rating: ⭐️⭐️⭐️⭐️⭐️
Stocks available: Major U.S. exchanges, OTC stocks
Commissions/Fees: Free for limit orders on listed stocks over $1 (200 share minimum), $0.005 per share for trading OTC stocks under $1 ($0.99 minimum and $7.95 maximum)
Minimum deposit: $2,500 for U.S. accounts, $500 for international accounts. All accounts must maintain an account minimum of $250.
Margin interest: 8%
Trading Hours: 8 a.m. to 8 p.m. EST
Advantages:
- Supports international accounts
- Powerful, low-cost platform
- Locator service allows users to sell short on hard-to-borrow shares
Disadvantages:
- The no-commission trading selection is limited
- Level I and Level II real-time data costs extra for OTC stocks
About TradeZero
TradeZero is another powerful, versatile broker. That isn’t the main reason that I use it though.
When it comes to short selling, TradeZero is my preferred day trading platform.
When you short sell, you sell a stock before buying it back – hopefully at a lower price. This strategy requires you to first “borrow” the stock from your broker, at the rates they set. The stocks that are most in demand by short sellers often have the highest borrow fees.
TradeZero is one of the best day trading platforms for hard-to-borrow stocks. Their short locator service routinely outperforms other brokers in providing access to hard-to-borrow stocks – and it looks good too. You can also sell back your short locates if you decide not to trade them.
It charges more for trading than the no-commission brokers that many traders are now used to. From my perspective, you get what you pay for.
ZeroPro and ZeroWeb cost $59 per month, but they’re among the best apps for day trading. They feature 100-plus technical indicators, a clean layout, and access to the short locator.
4. eToro – The Best Day Trading Platform for Beginners
Overall rating: ⭐️⭐️⭐️⭐️⭐️
Stocks available: NYSE and Nasdaq-listed stocks
Commissions/Fees: $0 commissions for stocks and ETFs
Minimum deposit: $10 in the U.S. and U.K.
Trading Hours: 9:30 a.m. to 4 p.m. EST
Advantages:
- Commission-free stock trading
- Supports international accounts
- Mobile-friendly design
- CopyTrader
- Social investing
- eToro Academy educational platform
- Paper trading
Disadvantages:
- No access to OTC penny stocks
- No short selling allowed for U.S. trading accounts
About eToro
All successful day traders learn from others. But some fall into the trap of following alerts, copying their mentors’ trades as soon as they receive an email or text message.
Why doesn’t this work for the majority of traders? Day trading is based on timing. If you’re executing a trade minutes or even seconds after the right entry, the odds of failure grow exponentially.
eToro has introduced a 21st-century solution to this problem. Their innovative CopyTrader program copies the trades of a trader that you select in real-time. This service is currently only available for crypto, but eToro is working on expanding it to stocks and ETFs.
CopyTrader is just one aspect of eToro’s emphasis on Social Trading. Through a dedicated newsfeed, eToro makes it possible to connect with their community of 27 million users in 140 countries. There are a number of customizable features that make Social Trading into something you’ll actually use.
Another eToro feature you should use if you’re an aspiring day trader is the Demo Account. In this paper trading program, you receive $100,000 of virtual currency so you can get your mistakes out of the way before you start using real money.
This comprehensive feature set is what led our editorial team to choose eToro as the best stock trading app in 2024.
eToro doesn’t allow shorting for U.S. accounts. But if you’re a new trader, this isn’t a strategy I’d recommend anyway.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
5. Webull – The Best App for Day Trading
Overall rating: ⭐️⭐️⭐️⭐️⭐️
Stocks available: Major U.S. exchanges, some OTC stocks
Commissions/Fees: None
Minimum deposit: None
Margin interest: 3.99 – 6.99%
Trading Hours: 4 a.m. to 8 p.m. EST
Advantages:
- Commission-free trading
- No commission options trading
- Low margin rates
- Mobile-friendly design
- Strong trading community
- Paper trading
- Cheap Level II data
Disadvantages:
- Limited access to OTC stocks
- Complicated order requirements for penny stocks
About Webull
Webull is my pick for best day trading app for one reason…
It’s the day trading app I find myself using most.
The best trading platform for day trading is the one that fits your lifestyle. If you can’t stay in front of a computer for the entire trading day, a good mobile app is a must. Webull’s highly customizable charts and intuitive setup make it one of the easiest ways to trade on the go.
Webull is a relatively young broker, but it scores high marks in many of the things day traders value. Its execution speeds go as low as 0.005 seconds. It has over 50 technical indicators for day traders to play with. It even started allowing OTC stock trading in 2024.
Its margin rates are hard to beat. (Webull also ranks #7 on our 10 Best Brokers for Short Selling.)
Some U.S. traders will hesitate to choose Webull after learning that it is owned by a Chinese holding company. But Webull is fully regulated by FINRA and the SEC, and is a member of SIPC, which ensures every Webull trader for up to $500,000. Be sure to check out is Webull safe for more information on this.
Webull won’t work for every day trading strategy. It doesn’t allow traders to buy sub-penny stocks, and imposes minimum buys on sub-dollar stocks.
The OTC selection is also limited to 100 of the most established stocks. That will turn off a certain type of risk-inclined day trader.
Webull works for the majority of day traders though. Its sleek format makes it especially appealing to the Robinhood generation – which it outperforms, hands down.
6. Interactive Brokers – The Best Day Trading Platform for Experts
Overall rating: ⭐️⭐️⭐️⭐️
Stocks available: Major exchanges worldwide, OTC stocks
Commissions/Fees: None for IBKR Lite, $0.005 per share for IBKR Pro (minimum of $1, maximum 1% of trade cost)
Minimum deposit: None
Margin interest: 4.33 – 6.33%
Trading Hours: 4 a.m. to 8 p.m. EST for IBKR Pro users, 7 a.m. to 8 p.m. EST for IBKR Lite users
Advantages:
- Commission-free trading
- Supports international accounts
- Low margin rates
- Powerful trading platform
- Paper trading
Disadvantages:
- Steep learning curve
- Some research tools require an additional fee
About Interactive Brokers
Before the days of no-commission trading, Interactive Brokers (IBKR) targeted high-net-worth traders with its $10,000 account minimum. In 2019 it did away with the account minimum and introduced IBKR Lite – its no-commission service. But it makes no secret of the fact that its primary audience is still active traders with large account sizes.
IBKR’s makeover also introduced a more user-friendly options trading platform, and a robo-investment wing. But the real draw is IBKR Pro and its IB SmartRouting feature, which gives day traders choice in the market maker they send their orders to.
Like other no-commission brokers, IBKR Lite takes payment for order flow. This is a controversial practice where market makers pay brokers for stock orders they process. Defenders of the practice say that such brokers still give their customers the best price on an order, but many experienced day traders prefer to control their order routing.
IBKR Pro has other draws for pro day traders like lower margin rates, extended trading hours, and a robust day trading platform. It’s a solid pick for the experienced day trader who is looking for those advantages; others should look elsewhere.
7. TD Ameritrade – The Best Full-Service Day Trading Platform
Overall rating: ⭐️⭐️⭐️⭐️
Stocks available: Major U.S. exchanges, OTC stocks
Commissions/Fees: None for listed stocks, $6.95 for OTC stocks
Minimum deposit: None
Margin interest: 11.25 – 13.25%
Trading Hours: 4 a.m. to 8 p.m. EST for listed stocks, 24 hours a day for select ETFs
Advantages:
- Commission-free trading
- Supports international accounts
- Powerful trading platform
- Paper trading
- Free Level II data
Disadvantages:
- High margin rates
- Future uncertain after Schwab acquisition
- Thinkorswim has a steep learning curve, and can be slow
About TD Ameritrade
TD Ameritrade is one of the “big four” brokerages – or perhaps that’s the “big three” after Schwab acquired the broker in 2020. Nothing has changed for day traders at this point, and access to TD Ameritrade’s much-loved day trading program thinkorswim will continue to be offered to its traders for the foreseeable future. In fact, Schwab traders will also get access to thinkorswim in 2023, offering a better alternative to their current platform, StreetSmart Edge.
Other changes are still up in the air, now that these two brokers have become one. That gives me pause before recommending this broker to new traders.
Traders attracted to a full-service experience will likely be happy whichever direction the company moves in. Together, Schwab and TD Ameritrade serve over 33 million traders and investors with a net worth of $7 trillion. If you’re a day trader interested in a full suite of financial services, TD Ameritrade might work for you.
Thinkorswim is highly regarded in the world of day trading. Like IBKR’s flagship trading platform, thinkorswim has a steep learning curve. It was also developed prior to newer, more streamlined trading platforms. This makes it more data intensive, and prone to lag.
Final Word: The Best Trading Platform for Day Trading
The best trading platform for day trading overall is TradeStation. This broker combines one of the best sites to day trade with a powerful desktop trading platform and mobile app. Its top-ranked executions help to secure the right entries and exits, and its margin rates and short locates are competitive. This makes it the top platform for most day traders.
However, in the age of no account minimums, there is no downside to testing out multiple brokers. In addition, the several broker strategy will multiply your trade limit if you’re under the PDT.
I recommend TradeZero for day traders with a short bias. eToro is the trading platform I recommend most to beginners.
Once again, here’s the list of the best day trading platforms:
- moomoo – The Best Day Trading Platform Overall
- TradeStation – The 2nd Best Day Trading Platform Overall
- TradeZero – The Best Day Trading Platform for Shorting
- eToro – The Best Day Trading Platform for Beginners
- Webull – The Best App for Day Trading
- Interactive Brokers – The Best Day Trading Platform for Experts
- TD Ameritrade – The Best Full-Service Day Trading Platform
FAQs:
What is the best platform for day trading?
The best platform for day trading overall is TradeStation.
TradeStation is the best day trading platform overall because of its speed, power, and customizability.
What is the best day trading platform for beginners?
The best day trading platform for beginners is eToro.
eToro is the easiest platform for beginners to get started trading. It has the right combination of power and an attractive user interface on both desktop and mobile versions.
What is the best day trading app?
Webull has the best day trading app.
You will not have a better mobile active trading experience than on Webull.
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