Best Day Trading Platform in 2024 – Cheapest Platform Revealed

If you want to day trade financial assets like stocks, commodities, or crypto – you will need to find a suitable platform.

Your chosen platform must not only offer heaps of markets alongside low commissions and spreads, but plenty of trading tools, technical indicators, and real-time data. You also need to think about payments, customer support, and of course – regulation.

In this guide, we review the best day trading platforms to consider in 2024

Best Day Trading Platforms in 2024

Looking to download the best trading app right now? If so, below you will find the best day trading platform we think you should consider. You can find out more about each provider by scrolling down!

1. Plus500 – One of the Biggest CFD Brokers in the UK
2. eToro – Overall Best Day Trading Platform with Zero Commissions
3. Libertex – Best Broker for Day Trading CFDs with Tight Spreads
4. VantageFX – Overall Best Day Trading Platform 2024
5. Robinhood – Best Platform for Day Trading US Stocks and Options
6. TD Ameritrade – Best Day Trading Platform for Advanced Traders
7. Interactive Brokers – Best Day Trading Platform for Asset Diversity
8. TradeStation – Best Day Trading Platform Mobile App

Etoro Stocks

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.......

Trading 212

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Your capital is at risk. Investments can fall and rise and you may get back less than you invested.......

Fidelity

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Investing involves risk, including risk of loss.......

Interactive Brokers

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The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed income can be substantial.......

Webull

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All investments involve risk, and not all risks are suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment.......

TD Ameritrade

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Your capital is at risk.......

Rating

5

4.5

4.5

4.5

4.5

4.5

Mobile App

10/10

7/10

9/10

8/10

8/10

9/10

Bill

Min.Deposit

$10

$1

N/A

N/A

N/A

N/A

Leverage max

Maximum 1:30, minimum 1:2

5:1

2:1

4:1

2:1

2:1

Operating margin

Yes

Yes

Yes

Yes

Yes

Yes

No. of shares

3000+

N/A

+7,000

N/A

+3,000

N/A

ETFS

300+

N/A

N/A

N/A

+3,300

N/A

Account From

$10

$1

$0

$0

$0

$0

Deposit Fees

$0

0% for bank transfers, 0.7% when total deposit exceeds EUR / GBP 2,000 via credit card.

$0

$0

$0

$0

Trading Fees

$0

Spreads

$0

Commissions

None

None

Rates

Bonds

N/A

N/A

$1 mark-up per bond

N/A

N/A

$0

CFDS

Spread – Currency from 1 PIP, commodities from 2 PIPS, indices from 0,75 points, stocks and ETFs from 0,15 %

FX fee of 0.5%

N/A

$0.005/share

N/A

N/A

Fixed commissions per operation

N/A

N/A

N/A

$3

N/A

$0.69

Price per month

N/A

N/A

N/A

N/A

N/A

N/A

Copy Portfolio

0%

N/A

N/A

N/A

N/A

N/A

Cryptocurrencies

1%

N/A

1% spread

N/A

N/A

N/A

DAX

0.01%

N/A

N/A

0.005%

N/A

N/A

ETFS

No commission

0.15% FX fee on all trades that are in a different currency than that held in the account

$0

N/A

$0

$0

CFD Overnight Positions

Yes, depending on the market that you trade

N/A

N/A

N/A

N/A

N/A

Funds

N/A

N/A

$0

N/A

N/A

N/A

Robo Advisor

N/A

N/A

$0

N/A

0.20% on all assets under management, billed monthly.

N/A

Savings Plan

N/A

N/A

$0

N/A

N/A

N/A

Payment methods

Bank Transfer

Credit Card

Giropay

Neteller

Paypal

Sepa Transfer

Skrill

Sofort

What Is Day Trading?

Day trading is a type of trading in which a trader buys and sells financial instruments such as stocks, options, currencies, or futures within the same trading day, with the aim of making a profit from the fluctuations in the price of the asset. Day traders typically hold their positions for a few seconds, minutes, or hours, and they close their trades by the end of the day.

The goal of day trading is to take advantage of small price movements in a security, as these can add up to significant profits when multiplied by large trading volumes. Day traders often use technical analysis tools such as chart patterns, trend lines, and technical indicators to identify potential trading opportunities and to make buy and sell decisions.

Day trading can be a high-risk, high-reward activity, and requires a lot of discipline, experience, and knowledge. Successful day traders must be able to control their emotions, manage their risk, and adapt quickly to changing market conditions. It is also important to note that day trading is not a guaranteed way to make money and can result in substantial losses.

How do Day Trading Platforms Work?

The main concept with day trading platforms is that you will be buying and selling financial assets with the view of making money. This is facilitated by a third-party broker that can connect you to your chosen marketplace.

The end-to-end process typically works like the following:

• You open an account a day trading platform that meets your needs
• You deposit funds with a debit/credit card, e-wallet, or bank transfer
• You choose a financial instrument to trade – such as GBP/USD, gold, or Apple stocks
• You enter a buy or sell order – depending on which way you think the price of the asset will go
• You close the position before the end of the trading day

Your chosen day trading platform will charge a variety of fees and commissions. This might come via the spread, deposit fees, or overnight financing. More on this shortly.

Is Day Trading Profitable?

Day trading can be profitable for some traders, but it is important to note that it is a high-risk, high-reward activity that requires a lot of experience, knowledge, and discipline to be successful. Many day traders lose money, and only a small percentage of them consistently make profits over the long term.

The profitability of day trading depends on a variety of factors, such as the trader’s skill level, the quality of their trading strategy, the amount of capital they have to invest, and the volatility of the markets they are trading in. Day traders who are skilled at reading market trends and using technical analysis tools to make informed trading decisions may be able to generate consistent profits over time, but they also need to be able to manage their risks and control their emotions to avoid making impulsive trades that could result in losses.

It is important for anyone considering day trading to thoroughly educate themselves on the risks and potential rewards before getting started, and to start with a small amount of capital that they can afford to lose while they gain experience and refine their trading strategy.

Best Day Trading Platforms in 2024 Reviewed

There are hundreds of day trading platforms available in the online space. Some are great, while others are lacking in key departments.

We find that the Best trading platform for day traders are those that offer thousands of financial instruments, low commissions, and an abundance of tools and features.

To help clear the mist, below we review the best day trading platforms of 2024 and beyond.

1. Plus500 – One of the Biggest CFD Brokers in the UK

Plus500 is another day trading platform that is popular with those that like to buy and sell CFD instruments. The provider is home to over 2800 instruments- including stocks, indices, ETFs, and commodities.

Perhaps the most appealing part of the Plus500 asset library is that of its forex CFD offering. Here, you can trade an abundance of forex pairs without paying a single cent in commission. Across more than 60 pairs, this includes a great selection of majors and minors, as well as less liquid currencies.

As all fees are built into the spread at Plus500, which is convenient for active traders.

On top of offering tight spreads and zero commissions, Plus500 also supports high leverage trading. In accordance with the ESMA regulations, the maximum leverage that Plus500 offers is 1:30.

Although Plus500 has a strong following in the UK and Europe, clients use this platform from all over the world. This is evident in the number of regulatory licenses the provider holds. Trading is not easy as it requires knowledge and experience, and risks are involved.

Plus500 fees

How to Choose the Best Day Trading Platform for You

We have reviewed a selection of the best trading platforms available in 2024. If you read through each review, you might have noticed that no-two platforms are the same.

For example, some are suited for seasoned pros that seek highly advanced analysis tools, while others are great for first-timers.

It’s important to choose a day trading platform that is right for you and your skill-set, so check out the sections below to find a suitable provider.

Day Trading Tools

When investing in traditional assets like stocks, the process is relatively straightforward - even for newbies.

This is because in most cases, you will be investing in your chosen company for several years, meaning you won’t be overly concerned with short-term price shifts. Plus, there is rarely a need to perform technical analysis.

However, day trading is a completely different kettle of fish. After all, you will be opening a position and closing it within a few hours or minutes. This means that you need to choose a day trading platform that offers a variety of tools.

We would suggest looking out for the following tools in your search for the best trading platform for day traders:

Charts and Technical Indicators

Perhaps the obvious starting point is to check what charting tools the day trading platform offers. If you're an experienced trader, then you'll be looking for a good selection of technical indicators and chart drawing tools.

You'll also want a fully customizable trading screen and the ability to sent up price-related alerts.

Leverage

Even those with a substantial amount of trading capital will utilize leverage. This is especially the case when day trading forex. After all, forex is traded in lot sizes, which is usually 100,000 units of the base currency. By choosing a day trading platform that offers leverage facilities, you'll be able to enter much larger positions.

Auto Trading

Auto trading platforms are popular with both experienced and newbie investors. They allow you to buy and sell assets in a completely autonomous manner, meaning you can sit back and invest passively.

Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.

The best day trading platform that we have discussed today - eToro, offers an automated tool called Copy Trading. This allows you to select a successful day trader that uses the eToro platform and then copy all of their positions.

Real-Time Data

Real-time data feeds are crucial for day traders, not least because the financial markets move at an alarming pace. As such, not having access to accurate and up-to-date asset prices can be devastating. This is why the best online brokers for day trading offer real-time quotes.

Fundamental Research

Although the vast majority of day trading is based on technical price movements, you should discount fundamental data. This refers to financial news that can impact the value of an asset.

For example, if the Federal Reserve announces that it is hiking interest rates, you'll want to know about this the very second the story breaks.

Execution Speed

Active traders will look to enter and exit a position in a matter of minutes. The only way to do this in a viable manner is if your chosen provider offers super-fast execution speeds. The Best trading platform for day traders will execute your order in a fraction of a second.

Assets

If you have a particular asset class in mind, make sure that your chosen day trading platform supports it. You should also take a closer look at what markets are on offer to ensure you have access to your preferred instrument. For example, you might opt for a forex trading platform because you want to trade currencies.

But, you still need to explore what pairs are on offer. This is also the case when trading stocks. That is to say, most day trading platforms offer US-listed equities.

However, if you want to trade markets in the UK, Europe, or elsewhere - make sure that it is supported before signing up. At eToro, you can trade over 2,400 stocks from 17 international markets, dozens of commodities, 55+ forex pairs, ETFs, indices, and more. As such, this top-rated day trading platform covers all bases.

Fees

As noted earlier, all day trading platforms charge fees in return for giving you access to the financial markets. This can come in various forms, so we've broken down the main fees to look out for below.

Commission

Many of the best day trading platforms discussed on this page allow you to trade on a commission-free basis. This means you won't pay a fee to enter or exit the position. However, many day trading platforms do a charge a commission - which is often a variable percentage.

For example:

• Let's say that you are day trading crypto at TradeStation
• The platform charges a commission of 0.6%
• You stake $1,000 to enter the market - so that's a commission of $6
• If you exit the trade when it's worth $1,400 - you'll pay a commission of $8.40

The same trade at eToro would have cost you nothing in commission.

Spreads

Apart from the odd exception like Libertex, all day trading platforms charge a spread. In fact, this is one of their main revenue sources. The spread is simply the difference between the buy and sell price of the asset you wish to trade. This gap in pricing ensures that the day trading platform always makes money.  It is, therefore, an indirect cost to you.

• Spreads can vary wildly - not only depending on the day trading platform but the specific asset, too.
• For example, the best day trading platforms will often offer spreads of less than 1 pip on major forex pairs.
• But, at less competitive platforms, you might find the spread at 2-3 pips.

In most cases, the platform will display the spread (either in pips or percentage), which allows you to assess how much you need to factor into your trading costs.

Overnight Financing

If you are day trading, this means that you will always exit outstanding positions before the market closes. However, there might come an occasion where you decide to keep a position open overnight. If you do, this will attract an overnight financing fee. This is charged on each day that you keep the position open past market hours.

Regulation

All of the best day trading platforms that we have reviewed on this page are heavily regulated. This includes a license from at least one reputable financial body - such as the FCA, CySEC, ASIC, or the SEC.

In choosing a day trading platform that is licensed by one of the aforementioned bodies, you know that you are using a legitimate provider that does everything by the book.

For example, eToro is licensed by three of the above regulators, meaning that you will benefit from several investor protections. Not only does this include regular audits and KYC controls, but client funds must be held in segregated bank accounts.

If you come across a day trading platform that isn't regulated by a reputable financial body, you should not open an account with the provider.

Customer Service

In a time not so long ago, customer service was reserved for telephone support during standard market hours. However, we found that the best day trading platforms now offer a Live Chat facility that operates on at least a 24/5 basis - sometimes 24/7. This isn't the case with all platforms though - so you'll need to check what support channels are available before signing up.

Demo Account

If you're new to the world of day trading, it's best to sign up with a platform that offers a demo account. At eToro, for example, you can trade with paper money in live market conditions. This not only means that you can get used to how day trading works, but the platform itself.

There is no requirement to deposit any funds to use a demo account facility, but you usually need to open an account first. We should also note that demo accounts are great for seasoned day traders, as they allow you to test out new strategies and technical indicators in a risk-free manner.

Payments

Even if you plan to start off with a demo account facility, you will likely want to trade with real money at some point. When you do, you'll want to ensure that your chosen payment method is supported. Some of the best day trading platforms discussed on this page allow you to instantly deposit funds with a debit/credit card or e-wallet.

Others only accept bank transfers. This can delay the funding process, so do bear this in mind if you want to start trading straight away. You also need to check what payment fees are applicable and whether or not an FX charge will apply.

How to Start Day Trading

Once you have chosen a day trading platform that meets your needs, you will need to go through the formalities of opening an account and making a deposit. After that, you'll need to set up a day trading order.

If this will be your first time joining a day trading platform, below we walk you through the process with eToro.

Step 1: Open an Account and Upload ID

Opening an account at eToro takes minutes. Simply head over to the eToro website, click on 'Join Now', and follow the on-screen instructions.

Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.

You will be asked to provide some personal information and contact details, as well as verify your mobile number.

Step 2: Confirm Identity

All eToro users must go through a quick KYC process, as the platform is heavily regulated.

You will need to upload a copy of the following:

• Valid passport or driver's license
• Utility bill or bank account statement (issued within the last 3 months)

Step 3: Deposit Funds

As soon as you have opened an account and verified your identity, you can then start using the eToro demo account. This will allow you to day trade without needing to risk any capital.

If, however, you want to start day trading with real money, you need to meet a minimum deposit of $200 ($50 for US traders). You can choose from the following payment methods:

• Debit cards
• Credit cards
• E-wallets (Paypal, Skrill, or Neteller)
• Bank transfer

Step 4: Search for an Asset to Day Trade

If you're an experienced day trader then you likely have an asset class in mind. If so, you search for the specific instrument that you wish to trade. As you can see from the below, we are looking to trade Bitcoin.

If you want to see what markets are supported by eToro, click on the 'Trade Markets' button.

Step 5: Start Day Trading

Once you have an asset to trade, it's time to place an order. First, you need to choose from a buy or sell order. In our example, we are opting for a buy order, as we think the price of Bitcoin will rise. If you think the price of the asset will decline, change this to a sell order.

By default, you will be placing a market order - meaning that eToro will execute your position instantly. However, if you want to specify the price that you enter the market, change this to a limit order. You can also set up a stop-loss and take-profit order.

To complete your commission-free trade, click on the 'Open Trade' button!

Our Verdict on The Best Day Trading Platforms

In summary, choosing the right day trading platform for you is crucial. As we have discussed, you need to look at what assets the platform supports, fees and commissions, licensing, customer support, and payments. You also need to explore what trading tools you will have at your disposal.

After reviewing dozens of providers, we found that the best day trading platform in the market is that of Plus500. On top of offering thousands of commission-free markets, this regulated day trading platform is simple to use and comes packed with useful tools -  such as its proprietary charting platform.

80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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