Stock traders look for every bit of information to increase the likelihood of making profitable trades. They glean technical indicators, stay on top of market news, and analyze individual stocks. Many brokerage accounts offer trading tools, but some of them are better than others.

Traders who want to level up their returns may want to consider these top stock brokers for day traders.

TradeStation

TradeStation offers trading products for stocks, options, futures, and ETFs. You can use simulated trading to test your strategies and advanced charting tools to discover the right opportunities. Traders can also backtest their trading strategies and access market analysis from the mobile app. 

Key details:

• Advanced charting tools
• Trading APIs are included
• Backtest your strategies

Who should open this account:

TradeStation is a great choice for people who want the most advanced trading tools, charts, and capabilities. It’s hard to find other stock brokers for day traders that reach the same level as TradeStation. However, this stock broker has high margin rates, so you may want to consider other choices if you want to borrow money against your portfolio. You may be able to negotiate a better rate if you have a portfolio that’s valued above $500,000.

tastytrade

tastytrade allow traders to buy and sell stocks, options, future, and crypto. The stock broker has zero trading fees for stocks and ETFs. It also has advanced trading features like customizable chart indicators and theoretical scenarios which show the potential profits and losses for options trades. You can also backtest options strategies to see how they would have performed in the past.

Key details:

• No fee for closing options or futures contracts. It costs $1 per contract for options, but the maximum fee per leg is $10.
• Advanced trading tools make it a top choice for active traders.
• Investors can trade five cryptocurrencies on tastytrade

Who should open this account:

tastytrade offers advanced trading tools, but it isn’t friendly for beginners. If you’re willing to go through a learning curve, you’ll have access to low options contract fees. If you trade regularly, tastytrade may be right for you. However, a low APY on idle cash means investors who accumulate big cash positions may want to look for another option. tastytrade is optimal for options traders who want access to more information that can lead to better trades. 

Interactive Brokers

Interactive Brokers displays candlestick charts when you submit order tickets and has plenty of advanced trading features. You can quickly access key metrics about any stock instead of having multiple tabs open. The stock broker is one of the best options for people who want to borrow on margin due to its competitive rates.

Key details:

• Margin rates max out at 6.83% APR
• Cryptocurrencies are available on Interactive Brokers
• Get access to real-time market news, data, and stock research

Who should open this account:

Interactive Brokers is optimal for traders who want advanced features and low margin rates. You can customize the Interactive Brokers dashboard based on your preferred metrics. However, it has a learning curve like all of the other stock brokers that have advanced trading capabilities.

Schwab

Schwab has positioned itself as an ideal choice for long-term investors for many years. However, its acquisition of TD Ameritrade also turned it into a top choice for day traders. Thinkorswim is one of the most well-known trading platforms. It’s one of the top choices for options traders.

Key details:

• Traders can filter their searches and criteria with hundreds of technical indicators, studies, and drawing tools
• Get access to expert commentary, live-streaming news, and on-demand education
• Build your own order execution and strategic testing algorithms with thinkScript

Who should open this account:

Schwab caters to day traders who want customization with hundreds of technical indicators. However, it’s also suitable for people who want to take a long-term approach with some of their funds. Schwab has some of the best ETFs that offer solid returns and low expense ratios. 

Moomoo

Moomoo has one of the best welcome bonuses in the industry. You’ll get 8.1% APY on idle cash for the first three months plus up to 30 free stocks with a qualified deposit. The base rate is 4.1% APY, so your idle cash will grow. Moomoo isn’t just about the welcome offer though. It has advanced trading tools and low fees that caters to options traders. You also don’t have to worry about any contract fees for equity options (there is a $0.50 contract fee for index options). You can start with real money or use paper trading to test your strategies.

Key details:

• If you pay $5/mo for a Gold subscription, you can secure a 6.8% margin rate.
• Fewer fees than most stock brokers.
• Charting tools that include 63+ indicators.

Who should open this account:

Moomoo is a great resource for traders who want to save money options fees. The platform provides advanced trading tools and one of the best welcome offers in the industry. Traders who want high yields on idle cash can also benefit from opening a Moomoo brokerage account. That way, a trader’s cash continues to grow while they plot their next moves. A 6.8% margin rate is competitive in this market.

How to Choose the Best Day Trading Stock Broker Platform

Traders can choose from many stock brokers. However, each person has different preferences, and it is important to find the right platform for you. These are some of the factors to consider when comparing day trading platforms.

Commissions

Most stock brokers do not charge any commissions for stock and ETF trades. However, traders may want to check options trading fees. While $0.65 per options contract may not sound like a lot, some people trade thousands of options contracts each year, so those fees can quickly add up. Some brokerage firms have much lower options contract fees which allow you to keep more of your profits. 

Trading Tools

Backtesting, technical indicators, and charts are some of the essential trading tools that you can find in some of the best stock brokers for day traders. Comparing tools across multiple brokers can give you a better idea of which features you need in your trading account.

Customer Support

You will likely have questions when you use your brokerage account. A good customer support team can address those questions quickly, and they can also help when issues come up. It’s good to check a broker’s online reviews before creating an account with them.

Investment Options

Most day traders are content with stocks, ETFs, and options. However, some people also want to trade futures contracts and cryptocurrencies. Know what you want as a day trader and filter your search to brokers that provide you with all of the investing options you seek.

Frequently Asked Questions

Can you day trade with $100?

Yes. It is possible to day trade with as little as 4100. Many stock brokers support fractional shares which allow investors to get exposure to any company, even if they don’t have enough cash to buy one share. Only starting with $100 is advantageous as you can learn plenty of lessons before you start to day trade with more money. 

Do day traders need a broker?

Yes. You must create a brokerage account with a stock broker to trade stocks. It’s good to compare multiple brokerage accounts before deciding on the right one for your trading strategy.

Can I pay someone to trade stocks for me?

Yes. You can pay someone to trade stocks for you, but you can also save money with an active ETF or a robo-advisor. These alternatives aren’t as expensive as paying a financial professional to place trades on your behalf.