It is possible to invest in national or international stock markets. Buying stocks is easy, just open an account with a trusted broker and deposit money. You can then buy and sell shares during day trading. In this article, Yenmachvang offers a list of theBest Online Brokers for Day Trading For Beginners to make it easier for you to consider options.
Best Day Trading Brokers
1. Cobra Trading
One of the first brokers in our list of Best Online Brokers for Day Trading we mentioned is Cobra Trading. Chadd hanging founded Cobra Trading in 2003. Traders can open and close trades via phone at no additional cost.
For day traders, even a tick is important. That’s why Cobra Trading offers instant support and premium trading tools for quick trade execution. By accessing the stock exchange directly, customer orders will be executed.
They provide clients with internal trading platforms such as Cobra TraerPro, DAS Trader Pro, Sterling Trader Pro, RealTick Express, and RealTick PRO. Traders use them to directly locate hard-to-borrow stocks in addition to an extensive list of easy-to-borrow stocks.
When you access the platform demo, you will get a 25% commission discount and free access to the trading platform for 1 month. If the trading volume is between 0 and 250k shares per month, the trader has to pay $0.004 per share… In addition, you pay only $0.003 per share, trading less than 2mn shares per month.
2. Interactive Brokers
An interactive Broker is a beautiful option for the house transaction to like the automation of their transaction. They provide research tools and chart settings, the different organizations of trades, and level editing.
The fixed pricing structure on US shares is priced at $0.005 per share with a minimum of $1.0 per order. Beginners will trade less than 300,000 shares per month. The price per share is $0.0035 per share plus the exchange fee. In particular, IB does not charge platform fees when using Inhouse TraderWorkstation.
They allow clients to connect TWS via API to different data feeds and trading platforms. In addition, unlike Cobra Trading which provides unfiltered tick data, Interactive Brokers provides filtered tick data.
3. Lightspeed Trading
Lightspeed is one of the fastest trading platforms with lots of customization options. To access and use this platform for daily trading, you must have at least $25,000 in your account.
It provides educational videos for the day trader to learn and take small steps like setting the right hotkeys, routing orders, etc. Lightspeed Financial Services Group LLC is the company behind the platform. Especially with the 2-step verification feature in account access settings. This ensures the safety of your funds through SIPC.
At Lightspeed Trading, when your trading volume is less than 249,000 shares per month, the commission is 0.0045 per share plus the exchange fee. It can be seen that the cost of Lightspeed is higher than that of Interactive Brokers, but it has the fastest order execution speed.
4. Centerpoint Securities
Centerpoint Securities ranks as one of the best day trading brokers with low commissions. If the trading volume is less than 300,000 shares per month, you are charged a routing fee plus $0.0040 per share. In particular, the commission rate is as low as $0.002 per share.
Centerpoint Security offers features like 2nd level market data, order entry, charting, custom design, stock scanner, real-time, and sales. Furthermore, it has extensive routing capabilities, portfolio margin accounts, and multi-broker execution capabilities.
Lightspeed Security offers 2 trading platforms, DAS Trader Pro and Sterling Trader Pro. Each trading platform has different costs. For DAS Trader Pro it costs $120 per month. Especially, if the trading volume is above 200,000 shares per month, the base terminal fee will be free.
TradeStation is the best day trading platform you should not miss. They have been providing the popular trading platform TS2000 for 20 years now. In particular, the shell command lines. This can result in slower order execution compared to other brokers.
TradeStation is particularly appealing today traders looking for a good balance between no commissions and high-end technology. Here, users can create custom trading strategies and indicators for the system to execute.
There are two trades for you to choose from live trading and simulated trading. All tier 1 data for US stocks is provided in real-time and at no additional cost.
If you open an account and deposit $2,000 and choose TradeStation simulated trading. But you need to have $25,000 in your account for active day trading.
SpeedTrader is the last broker we mentioned in our list of best brokers for day trading. They provide direct market access based on DAS Trader technology. Lowest stock price from $0.0025 plus routing fees. For trading volume below 250,000 shares per month, the transaction fee is $0.0044 per share.
SpeedTrader Pro offers 25 built-in routing options, an inventory scanner, a watchlist, and 100 hotkey options. The platform includes tier 2 data for $104 per month. You will get the next month’s fee-free if you generate a $499 per month commission.
SpeedTrader PRO is designed for ultimate speed, efficiency, and reliability. It allows investors to trade stocks, ETFs, and options from one platform on a commission-per-trade or stock basis.
Best Broker for Day Trading: Conclusion
Reading this far, you must already know the best day brokers with different outstanding features. But be aware that choosing the best day trading broker is different from choosing the best online stock broker for beginners. It differs in spending you need enough to make transactions. Day trading is very important for quick order execution. If you only pay attention to the low commission criteria, it means that the order execution will be slower.
Brokers do not charge a commission because they provide the command line to a third party and earn income from it. Because of this, your transactions will execute more slowly. Therefore, it is necessary to find a broker with the most reasonable commission fee to help you save money and make your transactions fast.
How to choose a day trading platform and broker
It’s hard to choose the best online brokers for day trading but we still can easily see that there are many of the best online day trading brokers on the market. Each of these platforms offers users exclusive features when opening their accounts. Before making a decision, we need to consider the dependent factors. Comparison criteria such as trading strategy, trading stock type, day trading rules, costs, margin, supporting tools, etc. Here are a few pointers when deciding on a platform. Intraday trading platform:
Evaluate if you have $25,000 available to fund a day trading account
Buying and selling securities on the same day is called day trading. You need a margin account and the minimum amount in the account is $25,000. If you only execute 3 times within 5 working days then you can trade with small accounts.
Define how often you want to trade and what share sizes
The more your monthly trading volume, the more you can save on commission costs per share. Which you can also use with a direct access broker to route your orders. It is based on the trading strategy used for your favorite stock exchange. If you don’t trade often and want to analyze the stock market, buy mutual funds and exchange-traded funds. A retail broker account will fully satisfy you.
Decide whether to use retail online brokers or direct access, brokers
Investors often choose retail brokers while day traders focus on executing trades at high speed with direct market access. Retailers like TD Ameritrade and Robinhood do not charge commissions but sell orders to third parties, which slows down trades.
In this article, Yenmachvang introduced you to the Best Online Brokers for Day Trading For Beginners. We offer 6-day trading brokers that are said to be the best at the moment. Hope you can take this information useful to make it easier for you to choose a broker for your investment planning.