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Written By
Michael MacKenzie
Written By
Michael MacKenzie
Michael is a 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
Edited By
James Barra
Edited 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.
» James Barra Profile Page
Fact Checked By
William Berg
Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
» William Berg Profile Page
Want to buy shares or speculate on stock prices but don’t know which brokerage to use? We’ve reviewed, compared and rated the best stock brokers and platforms for day trading stocks.
Top 5 Stock Brokers for Day Trading
Our comprehensive analysis of over 490 brokers, conducted as of April 2024, reveals the following day trading platforms as the top choices for stock traders. Every stock broker listed we evaluated using a real money or test account.
- FOREX.com - FOREX.com provides access to a wide array of US, EU, and UK stock CFDs, featuring spreads as narrow as 1 point. This enables you to speculate on established household names and emerging IPOs, fostering ample opportunities for diversification within stock portfolios. US stocks are accessible from as low as 1.8 cents per share.
- Interactive Brokers - IBKR provides access to an unparalleled array of equity products originating from 24 diverse countries, encompassing shares traded on major as well as sub-exchanges. Whether seeking capital appreciation, dividends, or voting rights, you can directly invest in stocks. Alternatively, you can engage in speculative trading on price movements through CFDs, futures and more than 13,000 ETFs.
- eToro USA - You can trade 3000+ popular US stocks and ETFs at eToro US, with zero commissions and fractional shares available. The broker remains an excellent choice for beginner stock traders, thanks to its comprehensive eToro Academy and user-friendly stock market research features.
- NinjaTrader - Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. The firm also provides access to a range of index futures via standard and micro contracts, including the E-Mini S&P 500 Index Futures and E-Mini Russell 2000 Index Futures.
- IG - IG offers 13,000+ shares to trade or invest in, with more listed firms than nearly every competitor. The broker also excels for its zero commissions on US shares, while out-of-hours trading provides access to 70+ shares, plus popular ETFs and trusts, when the markets are closed.
Best Stock Brokers For Day Trading Comparison
| Broker | Minimum Deposit | Stock Trading App | Stock Fee | Extended Hours | Financial Regulator | Visit |
|---|---|---|---|---|---|---|
| | $100 | iOS & Android | 0.14 | ✘ | NFA, CFTC | Visit |
| | $0 | iOS & Android | 0.003 | ✔ | FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB | Visit |
| | $10 | iOS & Android | $0 | ✔ | SEC, FINRA | Visit |
| | $0 | iOS & Android | - | ✘ | NFA, CFTC | Visit |
| | $0 | iOS & Android | 0.02 | ✔ | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | Visit |
| | $250 | Android | NA | ✘ | - | Visit |
| | $100 | iOS & Android | 1.0 cent + $0.02 per share, per side (Apple) | ✘ | ASIC | Visit |
| | $1 (Cash), $100,000 (Robo Advisor) | iOS & Android | - | ✘ | SEC, FINRA | Visit |
| | 0.001 BTC | iOS & Android | NA | ✘ | - | Visit |
| | $1 | iOS & Android | NA | ✘ | SVGFSA | Visit |
| | $1 (Cash), $100,000 (Robo Advisor) | iOS & Android | - | ✘ | SEC | Visit |
| | $0 | iOS & Android | $0 per trade | ✔ | SEC, FINRA | Visit |
| | $1 | iOS, Android + Web Browser | From 0.03 | ✘ | SVGFSA | Visit |
| | $0 | iOS & Android | - | ✘ | FINRA, SEC | Visit |
| | $5 | iOS & Android | - | ✘ | - | Visit |
#1 - FOREX.com
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Review
Why We Chose FOREX.com
FOREX.com provides access to a wide array of US, EU, and UK stock CFDs, featuring spreads as narrow as 1 point. This enables you to speculate on established household names and emerging IPOs, fostering ample opportunities for diversification within stock portfolios. US stocks are accessible from as low as 1.8 cents per share.
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team
- Demo Account: Yes
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Minimum Deposit: $100
- Automation: Yes
- Bonus: Active Trader Program With A 15% Reduction In Costs
About FOREX.com
Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
Pros
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
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#2 - Interactive Brokers
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Review
Why We Chose Interactive Brokers
IBKR provides access to an unparalleled array of equity products originating from 24 diverse countries, encompassing shares traded on major as well as sub-exchanges. Whether seeking capital appreciation, dividends, or voting rights, you can directly invest in stocks. Alternatively, you can engage in speculative trading on price movements through CFDs, futures and more than 13,000 ETFs.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
- DayTrading Review Team
- Demo Account: Yes
- Regulator: FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
- Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
- Minimum Deposit: $0
- Automation: Yes
- Bonus: None
About Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
Pros
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
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#3 - eToro USA
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Review
Why We Chose eToro USA
You can trade 3000+ popular US stocks and ETFs at eToro US, with zero commissions and fractional shares available. The broker remains an excellent choice for beginner stock traders, thanks to its comprehensive eToro Academy and user-friendly stock market research features.
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
- DayTrading Review Team
- Demo Account: Yes
- Regulator: SEC, FINRA
- Platforms: eToro Trading Platform & CopyTrader
- Minimum Deposit: $10
- Automation: Yes
- Bonus: Invest $100 and get $10
About eToro USA
eToro is a social investing platform that offers short-term and long-term trading on 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, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
Pros
- Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
- The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
- The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
Cons
- Average fees may cut into the profit margins of day traders
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
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#4 - NinjaTrader
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Review
Why We Chose NinjaTrader
Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. The firm also provides access to a range of index futures via standard and micro contracts, including the E-Mini S&P 500 Index Futures and E-Mini Russell 2000 Index Futures.
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
- DayTrading Review Team
- Demo Account: Yes
- Regulator: NFA, CFTC
- Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
- Minimum Deposit: $0
- Automation: Yes
- Bonus: None
About NinjaTrader
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.
Pros
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
- You can get thousands of add-ons and applications from developers in 150+ countries
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
Cons
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
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#5 - IG
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Review
Why We Chose IG
IG offers 13,000+ shares to trade or invest in, with more listed firms than nearly every competitor. The broker also excels for its zero commissions on US shares, while out-of-hours trading provides access to 70+ shares, plus popular ETFs and trusts, when the markets are closed.
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
- DayTrading Review Team
- Demo Account: Yes
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
- Minimum Deposit: $0
- Automation: Yes
- Bonus: None
About IG
Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
Pros
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
Cons
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
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We exhaustively evaluated each stock broker, assigning them an overall rating that served as the basis for our platform rankings. This rating is a culmination of:
- Quantitative metrics: We scrutinized over 200 data points across 8 core categories, carefully documented by our experts.
- Qualitative insights: Our extensive testing process yielded valuable observations that further informed our evaluation.
Below are the key considerations that shaped our stock broker ratings. We recommend you take these factors into account when choosing an online stock broker.
Regulation and Trust
We prioritized online stock brokers that are authorized by trusted financial regulators like the US Securities & Exchange Commission (SEC), UK Financial Conduct Authority (FCA), and Australian Securities & Investments Commission (ASIC).
That’s because top-tier regulators ensure stock brokerages provide measures that can help protect your capital from business failure. The UK’s Financial Services Compensation Scheme (FSCS), for example, protects investments up to £85,000.
Leading regulators also enforce restrictions on leveraged stock trading for retail investors, typically set at 1:5. Leveraged trading is particularly common among short-term traders and it’s regulated to curb potential losses, offering protection in case the stock markets move against you.
- Plus500 maintains its position as one of the most heavily regulated stock brokers (via CFDs) we’ve tested with real money, earning our trust with 7 licenses and a listing on the London Stock Exchange.
Stock Trading Fees
We chose brokers that offer low stock trading and non-trading fees, taking into account commissions on popular shares, margin fees, plus any deposit/withdrawal and inactivity charges.
Picking a brokerage account with low trading fees is especially important if you are day trading stocks, as a large volume of transaction fees can cut into profit margins.
- XTB continues to stand out for its low stock trading fees after introducing zero commissions on shares and charging a competitive 0.5% conversion fee. It’s also one of a limited number of stock brokers we’ve tested to offer high interest on uninvested cash (up to 4.9%).
Stock Market Access
We favored brokers with access to a wide range of stock exchanges, providing short-term trading opportunities across a selection of markets and industries.
Importantly, stock market trading is centralized, meaning that shares in most large companies are sold through national exchanges, such as the New York Stock Exchange (NYSE), National Association of Securities Dealers Automated Quotations (NASDAQ), and London Stock Exchange (LSE).
Companies will not be listed on all exchanges, therefore, you should look for a broker with a global reach, especially if you want to build a diverse portfolio.
Also, some brokers specialize in buying and selling company shares directly, while others only allow you to speculate on stocks as the underlying assets using products like CFDs. These derivatives can be an excellent option for day traders looking for leveraged vehicles to profit from shorter-term price movements.
- Year after year, we’ve been impressed with CMC Markets, which offers an almost unrivalled suite of 10,000+ shares including major stocks in technology, banking, finance, plus consumer and retail sectors.
Stock Trading Platforms and Apps
We selected brokers with excellent stock trading platforms and apps that have clearly been designed with ease of use in mind for beginner traders, alongside helpful stock screeners and sophisticated analysis tools for advanced investors.
That’s because a user-friendly platform ensures smooth navigation, timely execution of trades, and provides valuable tools and insights to inform stock trading decisions.
- eToro’s stock trading platform and app stood out during testing for its simple interface that will appeal to new traders. It also provides intuitive charting and in-built indicators that will serve day traders, as well as integrated research and news feeds, trading calendars and expert commentary.
What Is A Stock Broker?
An online stock broker allows you to purchase company stocks and shares, or trade related derivatives like CFDs, via a website, desktop platform or mobile app, using just the internet.
These brokers will have connections to the stock market and will purchase the stock on your behalf. Trades can be executed at the click of a button, in real-time via their online platforms.
How Do Stock Brokers Make Money?
Stock brokers make money through several avenues. Often you will pay a commission, which is a flat fee per transaction. That said, we’re increasingly seeing online stock brokers, such as XTB, move to commission-free models.
In these instances, stock brokers may make money through a markup on the spread, which is the difference between the price a buyer is willing to pay (bid) and the price a seller is willing to accept (ask) for a particular stock, representing the transaction cost and liquidity in the market.
Some stock brokers are also market makers meaning they create liquidity by taking the other side of your trade. Sometimes, brokers can make money this way if a stock trader makes a loss.
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Tip: Advanced traders should consider a firm like Interactive Brokers. Their IBKRO Pro plan provides access to the IB SmartRoutingSM system which offers excellent execution by looking for the best available prices on stocks.
How Do I Start Trading Stocks?
The first step is to open an account with a stock brokerage.
You will find a wide assortment of online stock brokers and trading platforms available online, but choosing the best one for you depends on the stocks you want to trade, your trading strategy and your personal preferences.
You will then need to deposit the minimum amount, which typically ranges from $0 to $500.We’ve learned that depositing more upfront can often provide access to better quality stock trading tools and market research.
After that, you can log into the stock trading platform or app to find opportunities and place trades.
If you are new to stock trading, I recommend starting with a demo account. They simulate real-life market conditions, but any orders placed are with ‘paper money’. This means you can explore a platform and practice day trading stocks before risking real money.
Michael MacKenzie
Author
FAQ
Are Online Stock Brokers Safe?
The best way to stay safe is to choose a trustworthy stock broker. The most reliable sign of a trustworthy stock broker is authorization from one or more respected regulators, such as the SEC in the US, the ASIC in Australia, the FCA in the UK, or the CySEC in Europe.
We regularly verify the licenses of our recommended stock brokers on the respective regulator’s database to ensure they are authorized by the financial bodies they claim to be.
Our team is also comprised of industry experts who keep abreast of major security incidents and unfair trading practices – marking such stock brokerages down where appropriate. This was the case with Robinhood when its trading practices were found to be harmful to retail investors.
Which Is The Best Stock Broker For Beginners?
Pepperstone, XTB and eToro are our top picks for beginner day traders. They all have minimum deposits of <$10, free demo accounts so you can practice stock trading, and useful educational materials that we’ve explored ourselves.
Both XTB and eToro also offer fractional shares, lowering the entry barrier on high-value stocks.
Which Is The Best Stock Broker For Advanced Traders?
Interactive Brokers, IG and City Index are our top picks for advanced day traders. They offer a huge range of stocks with professional-grade platforms for market analysis, excellent research and reliable execution.
