Day Trading Brokers and Platforms 2018

Only use the best day trading brokers to handle your trades and maximise your returns. Whilst you might think that means opting for a discount broker with the lowest fees, there are a whole range of other factors to take into consideration. Here we list and compare trusted day trading platforms and brokers 2018. Read our comprehensive reviews for full platform details.

Brokers

Deposit and trade with a Bitcoin funded account! Binarycent accept deposits in, and trade, 15+ Cryptocurrency types.
Demo Account
Yes
Regulator
MT4 Integration
No
Min. Deposit
$250
Min. Trade
$.01
Bonus
20% to 100%
Zulutrade provide multiple automation and copy trading options across forex, indices, stocks and commodities markets
Demo Account
Yes
Regulator
HCMC
MT4 Integration
Yes
Min. Deposit
$300
Min. Trade
$1
Bonus
None
New Forex broker Videforex can accept US clients and accounts can be funded in a range of cryptocurrencies.
Demo Account
Yes
Regulator
MT4 Integration
No
Min. Deposit
$250
Min. Trade
$1
Bonus
None
One of the largest discount brokers in the US, with a fixed trading commission and access to a large array of trading products and securities
Demo Account
Yes
Regulator
FINRA
MT4 Integration
No
Min. Deposit
None
Min. Trade
None
Bonus
60 days free trades when depositing $3k
Show All Brokers ⇩

How to Compare Brokers

Before you can find the best brokerage for day trading you should determine your own investing style and individual needs – how often will you trade, at what hours, for how much money etc. Then when choosing between all the good brokers for day trading and their platforms, there are several factors you can take into account. If you simply pick the cheapest, you might have to compromise on platform features. There is no one size fits all when it comes to brokers and their trading platforms. The best brokerage will tick all of your individual requirements.

These are some of key areas to compare:

Costs

  • Do they offer low commission rates? – As a day trader placing numerous trades intraday, low commissions over a long period will bolster your overall profit.
  • Do they offer attractive margin rates? – If you can anticipate a return higher than the interest your paying on the loan, then generous margin rates will allow you to trade big with capital you don’t have to hand.
  • Do they have a complicated fee structure? – Broker fees can rack up quickly. You need to look at the fine print to ensure you won’t get stung by hidden costs later down the line, such as when you want to withdraw your money. Having said that, the cheapest brokers for day trading usually make up that money in other areas, such as customer service.
  • Will you need a minimum deposit?- Some brokers will require you to put down significant capital in order to open an account and start trading. For example, if you’re day trading at Interactive Brokers you’ll need to put down serious cash before you can get to work.
  • Does the broker have a daily trading limit? – Some limits are imposed to protect against extreme volatility and market manipulation. But the Interactive Brokers day trading limit can be set by you to prevent you losing too much capital in one day.
  • Do they offer different account types? – Different accounts will come with varying costs and attractive perks. For example, choose between Interactive Brokers day trading accounts and you can get lower commission fees, greater leverage and enhanced tools for technical analysis.

Technology & Customer Service

  • Do they have high tech, informative tools for research and analysis? – You will need live price quotations, plus detailed charts and access to historical data will also help you trade smarter. The top 10 online brokers all offer a multitude of tools and resources.
  • How good is their customer service? – Will you be able to quickly get in contact with someone when you need support or advice? This is particularly important if something goes wrong like a computer crash. Some brokerages offer 24/7 customer support, with call waiting times of less than one minute.
  • How quick and efficient is their order execution? This is massively important if you’re day trading, as just a few seconds could cost you serious cash. Whilst many virtual brokers offer real-time execution, there remains a slippage concern. This highlights the need to test drive your broker first.
  • How user friendly is their platform? – The trading platform provided by the broker will be where you spend your countless hours glued to a screen trading. Most brokers offer several to choose from, some will tick the boxes for the average day trader, others will offer more advanced platforms for the veteran trader.
  • Do they have a ‘dealing desk’? – The best brokers offer direct access. You don’t want to be sending an order to a train desk which then initiates it in the market. This is time consuming and can result in re-quotes. By the time you’ve confirmed you want to proceed, your opportunity has probably vanished.

Extras

  • Do they offer any attractive extras?– £100 in free trades might not be everything, but it means you can iron out any creases in your strategy before it’s your money on the line. Trading without a broker means zero free credit for trial and error.
  • What returns do you get on your cash? – You’ll find you usually have something lying around in your brokerage account. Some brokerages won’t offer you a penny on that balance, but some will give you 3-5%.

Final Word On Comparing Brokers

Do your homework and make sure your day trading broker can cater for your specific requirements. It’s always worth giving your potential daytrading broker a test. Set up a demo account, make sure you like the platform, and send off some questions to gauge how good their customer service is. Get this choice right and your bottom line will thank you for it.

Independent Trading Platforms

An independent trading platform is used for visualising market data and managing your trading, but it needs to connect to one or more brokers to actually place a trade on the market. These trading platforms offer a more advanced interface than that of the average brokerage, and help you to find and place trades with one or more brokers. Independent platforms often come with many advanced features such as enhanced charting and pattern analysis, automated trading and trading alerts/signals. Not all brokers support this kind of integration with independent platforms, so use our reviews to find ones that do.

Demo Accounts

A demo account is a great way for a beginners to test a broker or trading platform without using real money. A demo account is funded with simulated money, so you can try out the broker’s platform features and get familiar with acting on the markets. A warning though – even the best demo platform can’t replicate the pressures that comes with having real money on the line.

Read more about Demo Accounts

Trading In Different Regions

With the wold migrating online, in theory you could opt for day trading brokers in India or anywhere else on the planet. However, there are tax considerations and regulations worth keeping in mind before you choose day trading brokers from Australia.

  • Tax considerations – Where you trade and where your broker is situated may affect what type of tax and how much tax you will have to pay. Will you pay capital gains tax? Will you pay net income tax? If you start day trading with brokers from Canada, will you pay tax abroad and domestically? If you’re thinking of signing up with a far afield broker, find out the tax ramifications first.
  • Regulation – Regulation is important for a number of reasons, but your financial security is one of them. Opt for brokers regulated in well established financial systems, like the EU, USA or UK. A broker regulated in Bermuda is better than no regulation at all, but you may still encounter issues.

Bottom Line

The broker you choose will quite possibly be your most important investment decision. Everyones requirements are different so there is no clear universal winner to turn to. Instead, in your comparison, consider which of the factors listed above are most important to you and then you’ll be able to find the best broker for your needs.