Best Trading Platforms for Day Trading: May 2024
The best trading platforms offer advanced features, fast execution, a large selection of research, low costs and a robust mobile app for day trading on the go. Below, our picks for the best day trading platforms in a variety of categories.
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The best trading platforms feature low — or no — commissions and fees, free access to premium research, fast trade execution, innovative strategy tools and comprehensive trading features.
In recent years, online brokers have nearly all brought their stock trading commissions down to $0 and reduced or eliminated other fees, including inactivity charges, platform access fees and research and data subscriptions. Those changes make comparing core features like trading platforms more important than ever — trading platforms can be a true differentiator for many brokers, including the ones on this list. Brokers have rushed to roll out a variety of different platforms to meet the needs of different types of investors, including advanced day traders and those who are just getting started. Between mobile apps, website platforms and downloadable desktop platforms, many brokers offer four or more different options for placing trades.
So how do all of those online trading and day trading platforms stack up? Below, our testers have narrowed down the options to create a curated list of the seven brokers that offer the best online trading platforms, so you can choose one for your day trading based on your priorities. We've also categorized our picks so you can quickly choose the platform that's a good fit for you and your trading style.
How we test online trading platforms
The star ratings below represent the broker's overall score. Our reviewers — who are writers and editors on NerdWallet’s content team — send detailed questionnaires to every broker, digging into details about their platforms and capabilities. We ask questions about execution quality, the number and quality of third-party research providers and whether the broker takes payment for order flow. (PFOF involves routing orders to certain market makers — this can drive down trading costs, but it can also negatively affect execution prices for traders.)
Then we hands-on test every trading platform to understand the capabilities and features as a user. We fund accounts, place trades and test the platform's analysis and research tools. This allows us to report on every aspect of the user experience.
Both the trading platform capabilities offered and the actual user experience of trading on the platform are factored into our analysis. This means a broker can offer an advanced day trading platform, but if it is clunky to use or the process of opening an account is unnecessarily arduous, that will be reflected in their score.
Note: The star ratings on this page are for the broker overall, inclusive of all the services and features they offer. Some brokerages with lower overall ratings are included here because their trading platforms are where they excel.
The best trading platforms feature low — or no — commissions and fees, free access to premium research, fast trade execution, innovative strategy tools and comprehensive trading features.
In recent years, online brokers have nearly all brought their stock trading commissions down to $0 and reduced or eliminated other fees, including inactivity charges, platform access fees and research and data subscriptions. Those changes make comparing core features like trading platforms more important than ever — trading platforms can be a true differentiator for many brokers, including the ones on this list. Brokers have rushed to roll out a variety of different platforms to meet the needs of different types of investors, including advanced day traders and those who are just getting started. Between mobile apps, website platforms and downloadable desktop platforms, many brokers offer four or more different options for placing trades.
So how do all of those online trading and day trading platforms stack up? Below, our testers have narrowed down the options to create a curated list of the seven brokers that offer the best online trading platforms, so you can choose one for your day trading based on your priorities. We've also categorized our picks so you can quickly choose the platform that's a good fit for you and your trading style.
How we test online trading platforms
The star ratings below represent the broker's overall score. Our reviewers — who are writers and editors on NerdWallet’s content team — send detailed questionnaires to every broker, digging into details about their platforms and capabilities. We ask questions about execution quality, the number and quality of third-party research providers and whether the broker takes payment for order flow. (PFOF involves routing orders to certain market makers — this can drive down trading costs, but it can also negatively affect execution prices for traders.)
Then we hands-on test every trading platform to understand the capabilities and features as a user. We fund accounts, place trades and test the platform's analysis and research tools. This allows us to report on every aspect of the user experience.
Both the trading platform capabilities offered and the actual user experience of trading on the platform are factored into our analysis. This means a broker can offer an advanced day trading platform, but if it is clunky to use or the process of opening an account is unnecessarily arduous, that will be reflected in their score.
Note: The star ratings on this page are for the broker overall, inclusive of all the services and features they offer. Some brokerages with lower overall ratings are included here because their trading platforms are where they excel.
Best Trading Platforms for Day Trading: May 2024
Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
---|---|---|---|---|---|
Charles Schwab Learn more on Charles Schwab's website | Best for large variety of user-friendly platforms | $0 per online equity trade | $0 | None no promotion available at this time | Learn more on Charles Schwab's website |
Fidelity Learn more on Fidelity's website | Best for overall trading platform | $0 per trade for online U.S. stocks and ETFs | $0 | None no promotion available at this time | Learn more on Fidelity's website |
Interactive Brokers IBKR Pro Learn more on Interactive Brokers' website | Best for advanced traders | $0.005 per share; as low as $0.0005 with volume discounts | $0 | Exclusive! US resident opens a new IBKR Pro individual or joint account receives 0.25% rate reduction on margin loans. Tiers apply. | Learn more on Interactive Brokers' website |
Webull Learn more on Webull's website | Best for new or intermediate traders | $0 per trade | $0 | Get up to 75 free fractional shares (valued up to $3,000) when you open and fund an account with Webull. | Learn more on Webull's website |
E*TRADE Learn more on E*TRADE's website | Best for extended trading hours | $0 per trade. Other fees apply. | $0 | Get up to $1,000 when you open and fund an E*TRADE account | Learn more on E*TRADE's website |
TradeStation | Best for paper trading | $0 per trade | $500 | Qualify for up to $5,000 when you open and fund a new TradeStation account. Offer Code: NERDAFJO. | Read review |
Zacks Trade Learn more on Zacks Trade's website | Best for over-the-counter access | $0.01 per share | $2,500 | None no promotion available at this time | Learn more on Zacks Trade's website |
Our pick for
large variety of user-friendly platforms
Charles Schwab recently acquired TD Ameritrade and with it, the well-regarded thinkorswim platform. This adds to Schwab's already-impressive roster of platforms: Schwab.com, Schwab Mobile and StreetSmart Edge. Our tester also found that Schwab excelled at user experience — many trades are available before a transfer has settled into your account, and a "SnapTicket" feature allows you to quickly place trades while you're navigating research and other features on Schwab's platform.
$0
per online equity trade
$0
None
no promotion available at this time
Pros
Four trading platforms with no minimum or fees.
Above-average mobile app.
Extensive research.
Large fund selection.
Commission-free stock, options and ETF trades.
Cons
Low interest rate on uninvested cash.
Why We Like It
In addition to the basic trading capabilities on the website, Schwab offers several robust trading platforms, all of which are free and available to all trading services clients.
Its premier offerings are StreetSmart Edge and thinkorswim (which came out of its acquisition of TD Ameritrade). Both are fully customizable platforms available with downloadable software or accessible online.
Our pick for
overall trading platform
Fidelity is known as a well-rounded broker, and its trading platforms are similarly versatile: Our tester found the platform's shortcuts and user experience very intuitive, and the customization options impressive. Fidelity is one of the only brokers on this list that scored five stars for its platform, user experience and execution quality.
Best App for Investing 2024
$0
per trade for online U.S. stocks and ETFs
$0
None
no promotion available at this time
Pros
Commission-free stock, ETF and options trades.
Large selection of research providers.
Strong customer service.
Expense-ratio-free index funds.
Highly rated mobile app.
High interest rate on uninvested cash.
Cons
Relatively high broker-assisted trade fee.
Why We Like It
Fidelity has three trading platforms: A mobile app, Fidelity.com and Active Trader Pro. Fidelity offers advanced screeners using research and strategy-testing tools based on 10 years of historical data.
The company's Active Trader Pro platform includes both a downloadable desktop version and a web alternative, which investors can toggle between seamlessly. The platform includes intuitive shortcuts, pre-built market, technical and options filters, advanced options tools and a multi-trade ticket that can store orders for later and place up to 50 orders at a time.
Our pick for
advanced traders
Interactive Brokers offers access to seven different trading platforms, including three apps, two web-based platforms and two desktop platforms. The brokerage is known for its professional-level desktop platform, Trader Workstation. Its newest offering, IBKR Desktop, combines features of that platform with new features driven by client demand.
$0.005
per share; as low as $0.0005 with volume discounts
$0
Exclusive!
US resident opens a new IBKR Pro individual or joint account receives 0.25% rate reduction on margin loans. Tiers apply.
Pros
Per-share pricing.
Volume discounts.
Large investment selection.
Extensive tools for active traders.
Powerful trading platform.
NerdWallet users who sign up for IBKR Pro get a 0.25% discount on the first $100,000 of a margin loan.
Cons
Complex pricing on some investments.
Why We Like It
Both IBKR Lite and IBKR Pro traders have access to Interactive Brokers’ Desktop Trader Workstation. This platform is fast and includes both standard features, such as real-time monitoring, alerts, watchlists and a customizable account dashboard. The options strategy lab lets you submit multileg options orders and compare up to five options strategies at one time.
Interactive Brokers also offers a volatility lab, advanced charting, heat maps of sector and stock symbol performance, paper trading and a mutual fund replicator, which helps users identify ETFs that replicate the performance of a selected mutual fund with lower fees.
Our pick for
new or intermediate traders
Webull stands out for its ability to combine a minimalist, easy-to-navigate look and feel with the capabilities of advanced trading platforms, meaning it's an ideal fit for new or intermediate traders. It isn't intimidating to get started, but Webull's trading platforms are flexible enough to grow alongside you as your trading skills advance.
$0
per trade
$0
Get up to 75 free fractional shares (valued up to $3,000)
when you open and fund an account with Webull.
Pros
Low costs.
Easy-to-use platform.
Advanced tools.
Access to cryptocurrency.
High interest rate on uninvested cash.
High order execution quality.
Cons
No mutual funds.
Thin educational support.
Why We Like It
Webull's three trading platforms all marry that minimalist look and feel that mobile-first investors want and expect with the advanced features and capabilities that are required to execute fast trading decisions. Webull also offers access to initial public offerings (IPOs) which is still relatively rare among brokers.
Our pick for
extended trading hours
E*TRADE and Interactive Brokers are the only trading platforms on this list to score five stars for extended trading hours and market access. E*TRADE offers ETF trading 24 hours a day Monday through Friday, and extended market trading hours from 7am ET to 8pm ET. The broker also offers several strong trading platforms — a mobile app, its website and Power E*TRADE.
$0
per trade. Other fees apply.
$0
Get up to $1,000
when you open and fund an E*TRADE account
Pros
Easy-to-use tools.
Excellent customer support.
Advanced mobile app.
Commission-free stock, options, mutual fund and ETF trades.
Cons
Website can be difficult to navigate.
Low interest rate on uninvested cash.
Why We Like It
E*TRADE Web and Power E*TRADE are both free and available to all customers, with no trade activity or balance minimums.
E*TRADE Web offers free streaming market data, free real-time quotes, live market commentary, analyst research, stock screeners and more. Power E*TRADE offers real-time data, more than 100 technical studies, over 30 drawing tools, streamlined trade tickets, customizable options chain views and trading ladders.
Our pick for
over-the-counter access
ZacksTrade is an introducing broker to Interactive Brokers, which means ZacksTrade customers have access to a rebranded version of Interactive Brokers' trading platforms — a good thing for day traders, since Interactive Brokers is known for its powerful, pro-level platforms. ZacksTrade overall comes with higher fees, but stands out when it comes to OTC stock trading.
$0.01
per share
$2,500
None
no promotion available at this time
Pros
Ample research offerings.
Robust trading platform.
Access to international exchanges.
Cons
Trails competitors on commissions.
High account minimum.
Low interest rate on uninvested cash.
Why We Like It
Zacks offers three free trading platforms. The downloadable Zacks Trade Pro lets you customize the layout to suit your needs, offers custom charting, more than 120 technical indicators and an Options Strategy Lab to help you assess potential options trades.
The web-based Zacks Trade offers interactive charts, streaming market data and other tools.
Want to compare more options? Here are our other top picks:
What platform is best for day trading?
All of the trading platforms on this list impressed our editorial team of testers enough to be featured here — but the three that scored the highest for their trading platforms, order execution, user experience and access were Fidelity, Interactive Brokers and Charles Schwab. (Charles Schwab recently took on TD Ameritrade's widely respected thinkorswim platform following its acquisition of that broker.)
Does that mean they are the best for you? That depends on your specific needs and priorities. But these platforms, and the others on this list, will help you narrow down your search.
What are the best day trading apps?
All of the brokers on this list also have strong trading apps — in fact, each brokers' app is factored into our testing process. However, if you want to specifically dig into stock trading apps, we have a roundup of our picks here.
What should you look for in a trading platform?
A few things are nonnegotiable in trading platforms for day trading: First, you need low or no commissions. You might’ve gathered by now that day traders place a lot of trades. Pay close attention to a broker or day-trading platform’s fees and commissions. Many brokers will offer no commissions or volume pricing.
Then research and strategy tools are key. Day traders use data to make decisions: You want not only the latest market data, but you also need a trading platform that lets you quickly create charts, identify price trends and analyze potential trade opportunities.
Finally, prioritize speed. Time is literally money with day trading, so you want a broker and online trading system that is reliable and offers the fastest order execution. Many platforms will publish information about their execution speeds and how they route orders; we've included these details in our analysis and ratings as well.
Another feature we’d recommend is a broker or trading platform that offers paper, or virtual, trading, so you can practice with simulated trades before the real thing.
What's the best trading platform for beginner or new investors?
We have a separate list of best brokers for beginners, which includes our analysis of not just the brokerage firm's trading platform, but also how well they score on other factors that appeal to beginners, such as educational resources about how to use those platform. But you'll notice there is some overlap between the two lists — that's because we heavily test how user-friendly a trading platform is, so most of the brokers on this list are also approachable choices for new investors, too.
What is pattern day trading?
Pattern day trader is a designation under FINRA rules that is defined as someone who day trades four or more times within 5 business days. Those day trades must also account for more than 6% of the trader's total trades within the same period. Your brokerage can help you determine if you're a pattern day trader. If you are, you're subject to additional regulations, including the requirement to have at least $25,000 in equity in your margin account.
What stocks are good for day trading?
No one can predict individual stock performance to answer this question accurately, but there are a few things that make a stock at least a good candidate for a day trader to consider. Generally, those are stocks that are highly liquid, with large trade volume; relatively volatile, so you can buy low and sell high; and known to you (an understanding of the stock’s price history, and how it reacts to various events — earnings reports, economic shifts — is key). Here’s some detailed guidance on how to research stocks.
You can use your online broker or trading platform’s stock screener to look for stocks that seem ripe for day trading. We also have a list of the best stocks right now, based on performance.
What is trading platform margin?
Margin is essentially a loan from your broker. When you open a brokerage account, you’ll be asked if you want a cash account or a margin account.
A margin account allows you to place trades on borrowed money. Often called leverage, trading on margin can magnify your gains — and, in the worst-case scenario, your losses. To read more about margin, how to use it and the risks involved, read our guide to margin trading.
How much money do you need to use these trading platforms?
This is a loaded question. The trading platforms on our list don't have minimum account requirements, but as noted above, you're required to maintain a minimum of $25,000 in equity to engage in pattern day trading. That equity can be in cash and eligible securities. That’s the minimum amount you need to maintain in your account; on top of that, you also need the money you’ll use to day trade.
But just as important is setting a limit for how much money you dedicate to day trading. Those dipping into this kind of active trading may want to risk only a small portion of their account balance — 5% to 10% of your investable assets, at most.
Is it risky to use a trading platform?
Using a trading platform isn't risky — many investors invest through trading platforms. But day trading can be risky. In short: You could lose money, potentially lots of it. Day trading is exactly what it sounds like: Buying and selling — trading — a stock, or many stocks, inside of a day. It’s all about making predictions and timing the market, with the goal of making a small profit on each trade. In an ideal world, those small profits add up to a big return.
But research has shown that only 1% of day traders consistently earn money; many, many lose it. It’s essentially a full-time job, because you need to constantly be watching — and timing — the market, waiting for your next move. It isn’t for beginner, or casual, investors.
To limit the risks, you can keep the majority of your investment portfolio in long-term, diversified investments like low-cost index funds, and day trade with a small portion.
Last updated on May 9, 2024
Methodology
NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers and robo-advisors. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars). For more details about the categories considered when rating providers and our processes, read our full broker ratings methodology and our full robo-advisor ratings methodology.
Full list of brokerage accounts considered for this list: Tradestation, Zacks Trade, Ally Invest, Charles Schwab, Interactive Brokers, Firstrade, Fidelity, Merrill Edge, Vanguard, Robinhood, SoFi Active Investing, JP Morgan Self-Directed Investing, Webull, Axos Self-Directed Trading, M1 Finance, Public.
To recap our selections...
NerdWallet's Best Trading Platforms for Day Trading: May 2024
- Charles Schwab: Best for large variety of user-friendly platforms
- Fidelity: Best for overall trading platform
- Interactive Brokers IBKR Pro: Best for advanced traders
- Webull: Best for new or intermediate traders
- E*TRADE: Best for extended trading hours
- TradeStation: Best for paper trading
- Zacks Trade: Best for over-the-counter access