Best Online Brokers and Platforms for Day Trading
On this website, you will find some detailed reviews of several financial products and services, like e.g. trading tools, online brokerage accounts and trading educators.
I am not a financial adviser and you will have to make your own decisions.
However, when I show you my point of view, it is my intention to help you to gain a better understanding of the financial markets.
The information I provide is objective, well researched and, most of all, independent.
So, let us take a closer look at the very best online brokers and trading platforms of 2018 to make your search a little bit easier.
I am in the online trading business for more than 20 years. That's why I know exactly what I have to search for, what is important and what is not important at all.
Especially for those who are new in the business, it is highly important to make the right decision when, in the very beginning, they choose their brokerage trading platform.
A bad selection will lead to frustration.
And frustration leads to a lack of concentration that leads to making mistakes and, in the end, to losing money.
In my online brokerage reviews, you will see that I always did my investigations with the eyes of a beginner who is searching for the right trading platform.
Especially for beginners, it is indescribably important to focus on the right things.
So, it is just as important not to feel overwhelmed by all those big and smart promotional promises.
Every regulated and registered online brokerage has the right to be there.
When people start complaining about losing money because of their online brokerage, in most of the cases they made the wrong decision in the very beginning.
You may also say that they took the second step before the first.
Before you will open a brokerage account, you should better know exactly how and what you want to trade.
At the same time, you have to be sure of your own personal priorities.
About the "how you want to trade"
It makes a big difference if you are a day trader, a swing trader or an investor.
While a day trader needs execution in light-speed and the lowest possible rates, a swing trader has to be more flexible and an investor has to be focused on the capital strength of the online brokerage.
Let me give you an example.
Pattern day traders, as they are defined by the SEC, need to have a minimum amount of $25,000 in equity on their accounts.
Beside this, day traders have to be approved for margin trading – even if their broker’s account minimum is lower.
If their brokerage is located outside the U.S., they are regulated in a different way and the minimum is lower.
But other regulations may lead to other disadvantages.
So, please, be careful at this point.
There is a reason why the regulations were made as they are.
The SEC wants to protect the investors for a good reason.
It is a basic rule that the more money you deposit on your account, the more you should be focused on of the financial strength of the online brokerage company that you have chosen.
Because in the case of a bankruptcy, an account with a deposit of $500 may be a small problem.
But if it is your intention to let your investment work for you - with the focus on your pension plan -, a bankruptcy of your brokerage will cause you a lot more trouble than you ever could imagine.
So, when you consider the importance of safety, paying marginally higher brokerage fees is not always a bad idea.
About the "what you want to trade"
First of all, let me tell you the bad news.
There is no single online brokerage and trading platform that covers everything - from trading stocks, options and futures to trading forex and exotic financial products.
The good news is that there are really good trading platforms for all kinds of preferences a trader may have.
So, if you define clearly what you want to trade, it will be much easier to make the right decision when you choose your online brokerage trading platform.
If you want to trade stocks, search for the best online stock broker.
If you prefer trading options, - yes, search for the perfect options broker.
I know, this may sound very simple.
And yes, it is simple, but sometimes these simple things have to be mentioned to be aware of them.
About the "which extras are important to you"
Yes, free training resources are a big advantage.
But everywhere in the internet, you will find basic information about how to trade stocks, options, futures and forex.
We are not living in 1990 anymore.
There are great trading educators and trading tools on the market.
Just use the market scanners for an example.
It is amazing how many free and chargeable resources you will find out there.
Imagine, when I wrote about the best stock screeners, I had to mention 20 market scanners.
So, all the specific training courses that your brokerage platform may offer are an advantage, but your final decision shoulda not depend on the availability of means for education.
And, at the same time, it should not only depend on the trading tools, like e.g. stock screeners or charting programs.
If you need them, you can easily improve your rate of progress and your effectiveness by using 3rd party tools.
Now you may think: “Oh, no, this will cost a lot of time and money.”
But here you better ask yourself the following questions.
How much does it cost to study?
How much money does a company invest in your education for a job from 9 to 5?
It is exactly the same on the financial markets.
Your training is important and trading tools may help you to improve your skills.
Ask yourself what you already know so far, what you want to learn and where you want to be and make sure to choose the way that offers the highest effectiveness and efficiency.
Keep your stress level low and choose the right trading platform to make sure that trading the financial markets will be fun.
It doesn’t help you and your family if you are stressed because you are losing money and because you are focused on the wrong things.
Trading may be a tough business when you walk into the wrong direction.
Best Online Brokers and Platforms for Day Trading Summary
Now you know:
- how you want to trade
- what you want to trade
- which extras are important to you
Now you are aware of the fact that when you search for the best trading platform for your investments, there is more that matters than just the price.
The trading platforms below this are offering a good balance of pricing, customer service, products to be traded, educational resources and technology.
Now you are well prepared to make the right decision.
Below this, you will find the best online brokers with great promotional offers and the detailed review for any major online brokerage.