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Best Swing Trading Brokers

Written By

Yesmin Begum

Written By

Yesmin Begum

Yesmin is an investment writer and data analyst. She covers a wide range of topics in the retail investing space, from online brokers and trading platforms to the latest trends in the financial markets. Yesmin studied Economics at university.

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Edited By

Michael MacKenzie

Edited By

Michael MacKenzie

Michael is a freelance writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Fact Checked By

James Barra

Fact Checked By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

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Updated

Oct 10, 2023

Swing traders aim to profit from short-to-medium-term price movements in financial markets. Our team has reviewed hundreds of platforms to bring you our pick of the best swing trading brokers, considering:

Best Brokers for Swing Trading 2023

Following our analysis, these 5 swing trading accounts stand out as the best:

1. Forex.com
2. Interactive Brokers
3. NinjaTrader
4. eToro USA
5. OANDA US

Top 3 Broker Comparison

Top 3 Best Swing Trading Brokers Comparison

	Forex.com	Interactive Brokers	NinjaTrader
Minimum Deposit	$100	$0	$50
Trading Fees
Investments	Forex, Spot Metals	CFD, Forex, Stocks, Crypto, Futures, Options, Commodities	Forex, Stocks, Options, Commodities, Futures, Crypto
Platforms	MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral	AlgoTrader, OmniTrader, eSignal, TradingCentral	eSignal
Regulators	NFA, CFTC	SEC, FCA, IIROC, SFC	NFA, CFTC
Visit	Visit	Visit	Visit

#1 - Forex.com

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Review

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."

- DayTrading Review Team

• Instruments: Forex, Spot Metals
• Regulator: NFA, CFTC
• Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
• Min. Deposit: $100
• Min. Trade: 0.01 Lots
• Leverage: 1:50

Pros

• Excellent trading tools including Trading Central, SMART Signals and MetaTrader 4
• Beginner-friendly web platform and mobile app
• Free demo account for prospective traders

Cons

• Investment offering varies between countries
• $15 monthly inactivity fee
• No copy trading platform

Visit Forex.com

#2 - Interactive Brokers

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Review

Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Traders use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.

"Serious traders seeking a regulated broker with unparalleled access to stock markets should look at IB. Their range of stocks can't be beaten."

- DayTrading Review Team

• Instruments: CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
• Regulator: SEC, FCA, IIROC, SFC
• Platforms: AlgoTrader, OmniTrader, eSignal, TradingCentral
• Min. Deposit: $0
• Min. Trade: $100
• Leverage: 1:50

Pros

• Diverse payment options and account currencies
• Direct market access, including to the FTSE 100 index, the CAC 40 and Germany’s DAX 40
• Gives retail traders unmatched access to global stocks with tens of thousands available from 100+ market centres in 24 countries

Cons

• Mediocre customer support
• Platform and web interface are complex and difficult for beginners to pick up
• Due to the pricing structure, this firm can be more expensive for aggressive traders who trade over $100,000 shares a day

Visit Interactive Brokers

#3 - NinjaTrader

Visit

Review

NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.

"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."

- DayTrading Review Team

• Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
• Regulator: NFA, CFTC
• Platforms: eSignal
• Min. Deposit: $50
• Min. Trade: 0.01 Lots
• Leverage: 1:50

Pros

• Free platform access and trade simulation capabilities
• Excellent trading software for active users with bespoke widgets and indicators
• Thousands of add-ons and applications from developers in 150+ countries

Cons

• Withdrawal fee on some funding methods
• Non forex and futures trading requires signing up with partner brokers
• Premium platform tools come with an extra charge

Visit NinjaTrader

#4 - eToro USA

Visit

Review

eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.

"eToro is a top pick for users looking for social investing and copy trading. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer traders."

- DayTrading Review Team

• Instruments: Stocks, Options, ETFs, Crypto
• Regulator: SEC, FINRA
• Platforms: Own
• Min. Deposit: $10
• Min. Trade: $10

Pros

• The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
• The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
• A free demo account means new users and prospective traders can try the broker risk-free

Cons

• No MetaTrader 4 platform integration
• Narrower range of instruments than some competitors

Visit eToro USA

#5 - OANDA US

Visit

Review

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.

"OANDA is a top-rate broker for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."

- DayTrading Review Team

• Instruments: Forex, Crypto
• Regulator: NFA, CFTC
• Platforms: MT4, TradingView, AutoChartist
• Min. Deposit: $0
• Min. Trade: 0.01 Lots
• Leverage: 1:50

Pros

• US clients accepted
• The OANDA web platform offers advanced price charts and graphs
• Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles

Cons

• Customer support not available on the weekend

Visit OANDA US

Comparing Swing Trading Brokers

These are the key considerations we took into account to compile a list of the best swing trading brokers:

Minimum Deposit

The top brokers for swing traders offer a low minimum deposit.

Signing up with a broker that has a low starting investment reduces the entry barrier, especially for beginners.

We consider anything below $500 accessible for the majority of traders, though many platforms have much lower starting deposits and some even have no account minimums.

Fees for Swing Traders

Swing traders are fairly active, so we favor low-cost brokers to help protect profit margins.

The key things our team looked for are tight spreads and low commissions. It is also important to consider non-investing fees such as deposit and withdrawal charges, inactivity penalties, plus fees to access advanced market research tools to support decision-making.

Importantly, our tests have taught us that the cheapest brokers are not always the best, so we weigh the costs against the quality of the accounts, tools and order execution.

Offering of Investments

Diversification is important for swing traders, so we prefer online brokers that offer a broad selection of asset classes.

One of the benefits of swing trading is the ability to hold multiple positions across different markets and sectors, thereby reducing the impact of negative price movements in individual positions. As a result, we looked for brokers that offer opportunities on a range of assets, from stocks and commodities to forex and cryptocurrencies.

Platforms and Research Tools

The best swing trading brokers offer easy-to-use platforms with sophisticated tools.

Swing traders typically use a combination of technical and fundamental analysis to identify potential trades, so we searched for brokers with interactive charts, technical indicators, news streams, data on companies, and financial calendars.

Two of the most popular platforms with swing traders are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These offer comprehensive technical analysis features, including indicators and drawing tools, enabling swing traders to identify entry and exit points. They also support automated investing through Expert Advisors (EAs).

TradingView is another great option for swing traders, with powerful charts, real-time news, screeners and alerts. This is our top pick for charting software.

Safety and Regulation

Safety is a key consideration and the easiest way to discern a credible broker is through regulatory oversight.

Swing trading with a well-regulated broker will help protect your funds while ensuring the brokerage operates ethically. Our experts always check a broker’s regulatory credentials as part of the review process.

Trustworthy brokers are regulated by credible financial agencies, such as the UK Financial Conduct Authority (FCA), the Australian Securities & Investments Commission (ASIC) and the Cyprus Securities & Exchange Commission (CySEC).

FAQ

What Is A Swing Trading Broker?

A swing trading broker is an intermediary that enables retail investors to speculate on short-to-medium-term price fluctuations in financial markets with the aim of making a profit.

The top swing trading brokers offer accessible accounts with low fees, excellent charting platforms and market research, plus access to a range of asset classes, such as stocks, commodities and forex.

Which Brokers Do Swing Traders Use?

We have listed the best brokers for swing traders. Our team considered several factors during testing, including the minimum deposit, fees for swing traders, the investment offering, plus the quality of the platform and research tools. We also evaluated firms’ regulatory status and account safeguards.

What Is The Best Swing Trading Platform?

TradingView is the best platform for swing trading in our view. We found it easy to use during our tests and it offers excellent tools for swing traders, including 14 charting types, 100+ technical indicators, news feeds, fundamental research, screeners, alerts and more.

Other excellent and widely available platforms for swing traders are MetaTrader 4 and MetaTrader 5.

How Much Money Do I Need To Open A Swing Trading Account?

This will depend on the brokerage, but most good swing trading brokers have a minimum investment of less than $500. Some firms even have no account minimum, such as OANDA and Webull, making them a good option for new swing traders and those with less starting capital.