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Written by Sam Levine, CFA, CMT, Blain Reinkensmeyer
Edited by Carolyn Kimball
Fact-checked by Steven Hatzakis
December 22, 2023
StockBrokers.com has been reviewing online brokerages for 14 years and has helped over 20 million visitors research and compare brokers. Each year we collect thousands of data points and publish tens of thousands of words of research. Here's how we test. Our editorial content is independent and unbiased; here's how we make money.
A day trade is when you buy shares of a stock, then sell the same shares before the market closes. Because day traders place far more trades than the average investor, keeping costs low is almost as important as acting in the right direction and at the right time.
Day traders demand specialized tools that provide them the information they want and the ability to act on it quickly. Having placed thousands and thousands of trades, we know firsthand that it’s crucial to choose a reliable day trading platform stocked with the trading tools you need, and every trader has their own unique demands. That’s why we go into such detail in our broker reviews.
We tested and scored 17 online brokers during our 2023 Annual Stockbroker Review. To find the best day trading platform, we focused on both web and desktop platforms and assessed each platform across dozens of features along with their design and user appeal. Naturally, we also evaluated trading costs, including commissions and order execution. We like brokers that balance easy-to-use tools with reasonable (or, even better, low) costs.
What is day trading?
Day trading is a strategy in which a trader buys and sells stocks throughout the trading day. The goal is to end each trading session with a net profit after costs. Day traders primarily trade during the opening 60 minutes (9:30 - 10:30 a.m. Eastern) and closing 30 minutes (3:30 - 4 p.m. Eastern) of each market session, which is when price volatility is highest.
Regulators require day traders to maintain higher levels of equity in their accounts than other investors. Once you trade (buying and selling the same security) four or more times within five business days, brokers are required to designate you a “pattern day trader.”
Pattern day traders need a minimum of $25,000 in equity before they can day trade, and can’t trade more than their “day trading buying power,” which is four times the maintenance margin as of the prior close. Firms can also impose stricter requirements.
Best Day Trading Platforms 2023
Here's a breakdown of the best online brokers for day trading.
- Interactive Brokers - Best for professionals
- TD Ameritrade - Excellent platform, strong trader content
- tastytrade - Powerful options trading platform
- TradeStation - Best crypto trading platform
- Fidelity - Best order execution
Interactive Brokers - Best for professionals
If you trade large positions, many different instruments and demand cutting edge tools, Interactive Brokers’ Trader Workstation is really your best choice. Though IBKR is also one of the lowest-cost brokers we cover when all costs are considered, we also found it to be one of the most restrictive about which products we were allowed to trade and the most complex platforms to navigate.
IBKR Trader Workstation (TWS) gallery
IBKR mobile app gallery
TD Ameritrade - Excellent platform, strong trader content
TD Ameritrade is our top choice for most casual traders. Its thinkorswim-branded platforms (mobile, desktop and browser) are powerful and intermediate traders will find the learning curve manageable. Beginners will appreciate the mountains of videos, webinars and articles.
TD Ameritrade was bought by Charles Schwab in 2020. All TDA clients will eventually become Schwab clients, but we expect Schwab will retain the important bits of thinkorswim.
TD Ameritrade thinkorswim desktop gallery
TD Ameritrade thinkorswim mobile app gallery
Tastytrade - Powerful options platform
Tastytrade (formerly known as tastyworks) might be the best broker you haven’t heard of. Founded by industry veterans, tastytrade is our favorite for trading options. It has powerful charting, crisp graphics, vibrant live and recorded commentary and positively savory tools and pricing for options trading. Some traders might long for more stock research and fundamental data, but they’ll have one of the most responsive platforms in the business.
Tastytrade desktop gallery
Tastytrade mobile app gallery
TradeStation - Best for crypto
TradeStation is a pioneer in desktop trading platforms, and its current iteration is no slouch and is still an excellent choice for automated trading and backtesting. The most noteworthy innovation is its web-based crypto platform, which is not only the best, but it’s the best by a mile among the brokers we tested. Many brokers tack on crypto trading as an afterthought, but TradeStation Crypto gives you depth of market and a much more visually appealing interface.
TradeStation gallery
TradeStation mobile app gallery
Fidelity - Best for order execution
Do you want to know how brokers pay for all these amazing tools without charging you commissions? One income stream many brokers rely upon is “payment for order flow,” which is a payment that exchanges and other venues pay brokers to execute trades. Payment for order flow can lead to slightly worse trade executions for clients. Fidelity does not direct trades to capture those payments. Instead, it solely focuses on best execution. If you’re a rapid-fire trader, savings from better executions can add up. Fidelity also took Best Overall in our 2023 Annual Stockbroker Review.
Fidelity desktop gallery
Fidelity mobile gallery
Webull - Honorable mention: Great for beginners
We’re going to step away from a pretty rigorous ranking process for a moment so we can call out a broker that might not be hitting our top five but still deserves serious consideration. Webull is one of our faves for beginners and it’s mighty convenient for day-to-day use. The desktop app opens quickly and the graphics and text are crisp and attractive. Bonus: it’s also generally one of the lower-priced brokers.
Webull web platform gallery
Webull mobile gallery
Other brokers tested
In addition to our top trading platforms for day trading in 2023, we reviewed 11 others: Ally Invest, Charles Schwab, eToro, E*TRADE, Firstrade, J.P. Morgan Self-Directed Investing, Merrill Edge, SoFi Invest, Tradier, Robinhood, andVanguard. To dive deeper, read our reviews.
Day trading platforms comparison
Popular day trading platform tools include ladder trading, Level 2 quotes, trading hotkeys, direct market routing, stock alerts, streaming time and sales, customizable watch lists, and backtesting, among many others.
It’s important to have the right tools, but the overall “feel” of a broker’s platform is just as critical. Day traders live and die according to their workflows. We spent hours on platforms creating custom watchlists, marking up charts, and executing trades. Some platforms were a joy to use while others felt like a chore.
Below you can find a trading platform comparison table of common tools and features. For a full comparison of 150+ features, use our comparison tool.
| Feature |  |  |  |  |  |
|---|---|---|---|---|---|
| Streaming Time & Salesinfo | Yes | Yes | No | Yes | Yes |
| Streaming TVinfo | Yes | Yes | Yes | No | Yes |
| Direct Market Routing - Stocksinfo | Yes | Yes | No | Yes | Yes |
| Ladder Tradinginfo | Yes | Yes | Yes | Yes | No |
| Trade Hot Keysinfo | Yes | Yes | No | Yes | Yes |
| Level 2 Quotes - Stocksinfo | Yes | Yes | No | Yes | Yes |
| Trade Ideas - Backtestinginfo | Yes | Yes | No | Yes | Yes |
| Trade Ideas - Backtesting Advinfo | Yes | Yes | No | Yes | No |
| Short Locatorinfo | Yes | No | Yes | Yes | Yes |
| Order Liquidity Rebatesinfo | Yes | No | No | Yes | No |
| Visit Site | Visit Site | Visit Site | Visit Site | Visit Site |
| Feature | | | | | |
|---|---|---|---|---|---|
| Minimum Deposit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| ETF Trade Fee | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Mutual Fund Trade Fee | $14.95 | Varies | N/A info | $14.95 | $49.95 |
| Options (Base Fee) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Options (Per Contract) | $0.65 | $0.65 | $0.50 info | $0.60 | $0.65 |
| Futures (Per Contract) | $0.85 | $2.25 | $1.25 | $1.50 | (Not offered) |
| Broker Assisted Trade Fee | $30 | $25 | $0 | $25 | $32.95 |
| Visit Site | Visit Site | Visit Site | Visit Site | Visit Site |
What is the best platform for day trading?
Interactive Brokers is the best day trading platform in our analysis, thanks to its comprehensive tools, access to global markets and highly customizable user experience. There’s little that Trader Workstation, Interactive Brokers’ formidable desktop platform, can’t do. Nonprofessionals who might appreciate an easier-to-navigate platform will find TD Ameritrade an excellent choice. Options-focused traders should try out tastytrade for its detailed, highly visible analytics and overall responsiveness. Crypto traders will be wowed by TradeStation’s web-based crypto platform.
What broker do most day traders use?
Where to day trade will depend on your style. Some traders only trade stocks and ETFs, others trade stocks and options, and some of the most fearless and well-capitalized might trade futures. In our 2023 Stockbroker Review, we found the five best platforms for day trading were Interactive Brokers, TD Ameritrade, tastytrade, TradeStation, and Fidelity.
Which platform is best for day trading options?
Most brokers charge commissions and/or per-contract fees on options trades. If you day trade options, those commissions can pile up quickly. Firstrade, Robinhood and Webull don’t charge for trading and exercising options. We found Webull’s desktop platform to be very friendly to beginners. Knowledgeable larger position traders should try tastytrade, a broker that caters to options traders. Though tastytrade is not free, the platform is far more sophisticated than those of the free brokers.
What trading app is the best for day trading?
Every day trader has unique needs. That’s why we highlight the strengths and weaknesses of many brokers. For example, TD Ameritrade allows you to choose between basic apps and special ones tailor-made for active traders on the go. Tastytrade's mobile app is a dream for trading stocks you already know, but its research is limited when compared side-by-side with other high-quality brokers.
Can you day trade on multiple platforms?
Yes. It is not uncommon for day traders to have multiple brokerage accounts and use several trading platforms simultaneously. Common reasons why traders use multiple platforms include having a backup in case of an outage, running dedicated trading strategies, or accessing specific trading tools and research not available elsewhere.
What are the risks of day trading?
Because day trading involves actively buying and selling stocks throughout the day using margin (borrowed capital), it is inherently risky. Like poker, losing streaks can lead traders to take undisciplined risks, magnifying losses. Some day trading software — for example, a trading journal — can help identify your strengths and weaknesses, provided you’re diligent in entering your trades. For more on that strategy, see the guide to best trading journals on our sister site, investor.com.
Is day trading still profitable?
Yes, day trading is still profitable, but the real question should be “for whom?” There’s a winner and loser in every trade. Our office’s crystal ball is cloudy these days, but we think the easy days of buying meme stocks and watching them go to the moon are past us. Day trading will still be profitable for many people, but knowledge and experience will be more important than they were just a couple of years ago.
Why do you need $25K to day trade?
You don’t need $25K to day trade once or twice, but you will be classified as a “pattern day trader” once you make four round-trip trades within five business days in a margin account (there’s no issue trading your face off in a cash account) and the amount is more than 6% of the account value. Once you are classified as a PDT, your account will be restricted until you have at least $25,000 in equity.
Can you start day trading with $500?
Yes, but we think it would be smarter to keep saving your money and practice with paper trading instead. Trading can be volatile, and your $500 is unlikely to survive a normal string of losses. That might lead you to unfairly conclude you’re a bad trader or the market is too choppy to make money, even if the market is acting normally.
You’re also likely to have your broker put on the brakes anyway. If you don’t have at least a $25,000 balance and margin approval, you can only place four round-trip trades over a period of five business days before your account becomes restricted.
Is it possible to make $100 a day from day trading?
It’s tempting to joke that, yes, if you invest $3 million, it’s possible to make $100 a day from trading. The reality is that the less capital you have to invest, the more risk you’ll need to take to make that $100. Also, returns from day trading tend to come in streaks. There’ll be strings of winners followed by strings of losses. You’ll make better decisions if you aren’t under any financial pressure to profit every day.
Is day trading illegal?
In the U.S., day trading is legal. To day trade, once you’re classified as a "pattern day trader," you must have at least a $25,000 minimum account equity to day trade. On the positive side, you gain access to 4:1 intraday margin and 2:1 margin overnight.
Is day trading worth it?
In today's market, hedge funds running sophisticated algorithms make it very difficult to day trade profitably. Most day traders are also severely undercapitalized and get suckered into paying for expensive chat room memberships, educational courses, and newsletter subscriptions on social media. Here's a breakdown of what our founder, Blain Reinkensmeyer, learned from day trading.
query_stats Trading vs. investing
While these terms are often used interchangeably, there are some important differences to know that can help you clarify your overall investment goals. See the article Trading vs. Investing: What You Should Know on our sister site, investor.com.
What is the fastest trading platform?
The fastest trading platform will be found among TradeStation, tastytrade, TD Ameritrade thinkorswim, Interactive Brokers' Trader Workstation (TWS), and Webull because they are desktop-based. With a desktop trading platform, the base code runs locally on your computer, maximizing speed. That said, web-based trading platforms built with modern code can match desktop platforms in overall speed. Software aside, like esports, the most common bottleneck for any trading platform is the internet connection.
2023 Overall Ranking
Here are the Overall rankings for the 17 online brokers whose offerings we analyze and test, sorted by Overall ranking.
| Company | Overall | Commissions & Fees | Research | Platforms & Tools | Mobile Trading Apps | Investment Options | Education | Ease Of Use | Visit Site |
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Methodology
For the StockBrokers.com 13th Annual Review published in January 2023, a total of 3,332 data points were collected over three months and used to score 17 top brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.
In order to assess the overall day trading experience, we spend countless hours testing and trading a wide range of Apple, Windows, and Android devices and/or current operating systems.
Our research team rigorously tests the most important features sought by day traders, such as trading costs — including order execution quality — and factors such as ladder trading, stock alerts, streaming time and sales and customizable watch lists, among others. In total, we evaluate more than 200 variables for each broker. All research, writing and data collection at StockBrokers.com is done by humans, for humans. Read our generative AI policy here.
As part of our annual review process, all brokers were given the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Brokers also were offered the opportunity to provide executive time for an annual update meeting.
Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.
Read Next
Explore our other online trading guides:
- Best Trading Platforms 2023
- Best Online Brokers for Beginners
- Best Day Trading Platforms
- Best Brokers for Penny Stocks
- Compare Online Brokers
About the Editorial Team
Sam Levine has over 30 years of experience in the investing field as a portfolio manager, financial consultant, investment strategist and writer. He also taught investing as an adjunct professor of finance at Wayne State University. Sam holds the Chartered Financial Analyst and the Chartered Market Technician designations and is pursuing a master's in personal financial planning at the College for Financial Planning. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Disclosure: *The $5,000 bonus offer is available with a $1,000,000 to $4,999,999 deposit. Visit info.tastytrade.com/tasty-offer for full details, terms, conditions, and restrictions. Offer expires 03/31/2024. tastytrade, Inc. is a registered broker-dealer and member of FINRA, NFA, and SIPC.
1 Fidelity Sell orders are subject to an activity assessment fee from $0.01 to $0.03 per $1,000 of principal. Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options. Supporting documentation for any claims, if applicable, will be furnished upon request.
E*TRADE: *Other fees apply.
*Webull Disclaimer View Disclaimer.
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. StockBrokers.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
As an enthusiast with a comprehensive understanding of the concepts discussed in the article, I would like to emphasize the importance of informed decision-making in day trading. Day trading, as highlighted in the article from StockBrokers.com, involves buying and selling stocks within the same trading day to capitalize on short-term price movements. This strategy demands a keen understanding of the market, effective tools, and low-cost platforms.
Firstly, let's delve into the significance of day trading and the key elements associated with it. Day traders aim to end each trading session with a net profit after costs. The prime trading hours for day traders are the opening 60 minutes and closing 30 minutes of each market session, characterized by higher price volatility. It's crucial to note that day traders must adhere to specific regulatory requirements, such as maintaining higher levels of equity in their accounts and facing restrictions once classified as "pattern day traders."
The article introduces the best day trading platforms for 2023, with a focus on both web and desktop platforms. The platforms are evaluated based on various features, including design, user appeal, trading costs, and order execution. The highlighted platforms include:
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Interactive Brokers: Best for professionals, offering comprehensive tools and access to global markets.
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TD Ameritrade: Excellent platform with strong trader content, suitable for casual traders.
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tastytrade: Powerful options trading platform with detailed analytics.
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TradeStation: Best for crypto trading, known for its desktop trading platforms and innovative web-based crypto platform.
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Fidelity: Best for order execution, emphasizing best execution without relying on payment for order flow.
Additionally, the article provides an honorable mention to Webull, which is considered great for beginners and offers a user-friendly experience at a lower cost.
The article addresses common questions and concerns related to day trading:
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Minimum Equity Requirement: Brokers often require a minimum of $25,000 in equity for day trading, and the article explains the reasoning behind this requirement.
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Day Trading with $500: While possible, the article suggests that it might be wiser to save more money and practice with paper trading due to the volatility of the market.
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Profitability of Day Trading: Day trading can be profitable, but success depends on knowledge, experience, and adaptability to changing market conditions.
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Risks of Day Trading: The inherent risk in day trading is highlighted, emphasizing the importance of discipline and using tools like a trading journal to identify strengths and weaknesses.
The article concludes with a comparison of popular day trading platform tools, including streaming time and sales, direct market routing, ladder trading, and more. It also touches upon the concept of trading vs. investing, emphasizing the differences between the two.
In summary, the provided information offers a comprehensive overview of day trading, platform recommendations, and insights into the challenges and considerations associated with this trading strategy.
