BEST OF

11 Best Online Trading Platforms for Day Trading of January 2021

Kevin VoigtJanuary 11, 2021
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

If you’re an active trader looking to try your hand at beating the market, you probably have a good idea of what you want in a brokerage: low costs, premium research, innovative strategy tools and a comprehensive trading platform. Below, we’ve selected the best online brokers in a variety of categories so you can choose one based on your personal priorities.

One note before you begin: Pattern day traders — as defined by the SEC — must have at least $25,000 in equity in their accounts and be approved for margin trading, regardless of whether their broker’s account minimum is lower.

» New to this world? Learn the basics with our guide to how day trading works.

Summary of Best Online Trading Platforms for Day Trading of January 2021

Merrill Edge

on Merrill Edge's website

Merrill Edge

4.5

NerdWallet rating 
Merrill Edge

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $600

cash credit with qualifying deposit

on Merrill Edge's website


Promotion

Up to $600

cash credit with qualifying deposit

Why we like it

Merrill Edge offers high-quality customer service, robust research and low fees. Customers of parent company Bank of America will love the seamless, thoughtful integration, with a single login to access both accounts.

Pros

  • Robust third-party research.

  • Integrated with Bank of America.

Cons

  • Advanced traders may find fewer securities on offer.

Read Full Review
E*TRADE

on E*TRADE's website

E*TRADE

4.5

NerdWallet rating 
E*TRADE

Fees

$0

per trade

Account Minimum

$0

Promotion

$50 or more

when opening an account, with code: WINTER21

on E*TRADE's website


Promotion

$50 or more

when opening an account, with code: WINTER21

Why we like it

E*TRADE has long been one of the most popular online brokers. The company's $0 commissions and strong trading platforms appeal to active traders, while beginner investors benefit from a large library of educational resources.

Pros

  • Easy-to-use tools.

  • Large investment selection.

  • Excellent customer support.

  • Access to extensive research.

  • Advanced mobile app.

  • Commission-free stock, options and ETF trades.

Cons

  • Website can be difficult to navigate.

Read Full Review
TD Ameritrade

on TD Ameritrade's website

TD Ameritrade

5.0

NerdWallet rating 
TD Ameritrade

Fees

$0

per trade

Account Minimum

$0

Promotion

None

no promotion available at this time

on TD Ameritrade's website


Promotion

None

no promotion available at this time

Why we like it

TD Ameritrade meets the needs of both active traders and beginner investors with quality trading platforms, $0 commissions on online stock, options and ETF trades and a large selection of mutual funds.

Pros

  • Commission-free stock, ETF and options trades.

  • Free research.

  • High-quality trading platforms.

  • No account minimum.

  • Good customer support.

  • Large investment selection.

Cons

  • No fractional shares.

Read Full Review
Robinhood

on Robinhood's website

Robinhood

4.0

NerdWallet rating 
Robinhood

Fees

$0

per trade

Account Minimum

$0

Promotion

One free stock

for new account owners

on Robinhood's website


Promotion

One free stock

for new account owners

Why we like it

Robinhood is truly free: There are no hidden costs here. You’ll give up a few things in exchange for free trades — trading tools, research, education, investment options beyond stocks and ETFs — but if limiting costs is your No. 1 concern, Robinhood is a solid choice.

Pros

  • No account minimum.

  • Streamlined interface.

  • Cryptocurrency trading.

Cons

  • No retirement accounts.

  • No mutual funds or bonds.

  • Limited customer support.

Read Full Review
Interactive Brokers IBKR Pro

on Interactive Brokers's website

Interactive Brokers IBKR Pro

5.0

NerdWallet rating 
Interactive Brokers IBKR Pro

Fees

$0.005

per share

Account Minimum

$0

Promotion

Exclusive!

0.25% reduction on margin loans. Tiers apply

on Interactive Brokers's website


Promotion

Exclusive!

0.25% reduction on margin loans. Tiers apply

Why we like it

Interactive Brokers attracts active traders with per-share pricing, an advanced trading platform, a large selection of tradable securities — including foreign stocks — and ridiculously low margin rates.

Pros

  • Per-share pricing.

  • Volume discounts.

  • Large investment selection.

  • Extensive tools for active traders.

  • Powerful trading platform.

  • NerdWallet users who sign up get a 0.25 percentage point discount on margin rates.

Cons

  • Complex pricing on some investments.

  • Inactivity fees.

  • Website is difficult to navigate.

Read Full Review
TradeStation

on TradeStation's website

TradeStation

4.0

NerdWallet rating 
TradeStation

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $5,000

cash credit with a qualifying deposit

on TradeStation's website


Promotion

Up to $5,000

cash credit with a qualifying deposit

Why we like it

TradeStation is a strong choice for active stock, options and futures investors who rely on the broker’s high-octane trading platform, reams of research and sophisticated analytical tools. Trades of up to 10,000 shares are commission-free.

Pros

  • High-quality trading platforms.

  • Comprehensive research.

  • Commission-free stock, ETF and options trades.

  • Advanced tools.

  • Active trader community.

Cons

  • Free trading on advanced platform requires TS Select.

  • No transaction-fee-free mutual funds.

  • Plans and pricing can be confusing.

Read Full Review
Zacks Trade

on Zacks Trade's website

Zacks Trade

4.5

NerdWallet rating 
Zacks Trade

Fees

$0.01

per share

Account Minimum

$2,500

Promotion

None

no promotion available at this time

on Zacks Trade's website


Promotion

None

no promotion available at this time

Why we like it

Zacks is a great choice for experienced and active investors who would appreciate a little extra support from a representative, but trades cost more than at competitors.

Pros

  • Ample research offerings.

  • Robust trading platform.

  • Access to international exchanges.

Cons

  • Trails competitors on commissions.

  • High account minimum.

Read Full Review

Want to compare more options? Here are our other top picks:

Disclosure: The author held no positions in the aforementioned securities at the time of publication.

Last updated on January 11, 2021

Methodology

NerdWallet’s ratings for brokers and robo-advisors are weighted averages of several categories, including investment selection, customer support, account fees, account minimum, trading costs and more. Our survey of brokers and robo-advisors includes the largest U.S. providers by assets under management, plus notable and/or emerging players in the industry. Factors we consider, depending on the category, include advisory fees, branch access, user-facing technology, customer service and mobile features. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

To recap our selections...

NerdWallet's Best Online Trading Platforms for Day Trading of January 2021

Frequently asked questions