13 Best Swing Trading Brokers, Platforms & Software [2023]
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The majority of the traders and investors fall in the swing trading category. While not as demanding as day trading and scalping, this niche can be equally lucrative.
That is why it attracts many beginner traders and experienced investment professionals. However, to maximize their performance, these groups need the best platform the market can offer.
Swing traders prioritize the broker’s reputation, commissions and fee policy, customer support, and depth of services.
This guide will go through the best swing trading solutions and brokerage account providers that you can find on the market.
Best Swing Trading Platform, Sofware and Broker
Let’s go through the list with the top swing trading platforms, software, and online brokers and single out the leading solutions and service providers active traders should consider:
1. Interactive Brokers – Best Broker for Swing Traders
Interactive Brokers is one of the best multi-asset discount brokers for swing traders. As a swing trader, you will enjoy every aspect of the firm’s offering – from the various trading platforms and the expansive universe of supported instruments to the low fees, exceptional trading platform features and global market data coverage.
Interactive Brokers offer two pricing plans for clients: IBKR Lite and IBKR Pro. IBKR Lite caters to retail investors looking for commission-free trades on US stocks and ETFs, while IBKR Pro caters to active traders looking to achieve the best price execution with each trade at a low cost.
In addition, IBKR Pro clients can choose between fixed and tiered commission structures, where the commission on US stocks is between USD $0.0005 and $0.0035 per share for tiered and USD 0.005 per share for fixed.
In addition, clients can trade options, futures, spot currencies, bonds, crypto, mutual funds and more. Eligible clients can trade cryptocurrency via Paxos Trust Company.
The Interactive Brokers flagship trading platform, Trader Workstation (TWS), includes market news, real-time data, over 100 order types and algos, risk management tools and a paper trading module. They also offer the web-based Client Portal trading platform and the IBKR Mobile App.
In addition, their IBKR GlobalTrader app is perfect for novice investors looking to expand their portfolios overseas. Finally, interactive Brokers recently released IBKR EventTrader, a web-based platform for trading your opinion on “yes or no” questions using CME Event Contracts.
Click here for more details and to get started with Interactive Brokers
2. TrendSpider – Best Technical Analysis Tool For Swing Traders
TrendSpider is a platform that takes technical analysis, charting and backtesting to a whole other level. It is an excellent choice for day and swing traders as it helps spot and exploits trends that the average trader will struggle to identify. Backtesting of trading strategies is possible with extensive historical data, and you can configure powerful swing trade alerts with a few mouse clicks.
Simply put, swing traders who give TrendSpider a try won’t want to switch to another platform. However, it is worth noting that sophisticated technical trading tools come at a cost, and everything depends on how much money you want to invest in a research platform. With TrendSpider, a monthly subscription will cost you $39 for the Premium, $79 for the Elite, and $129 for the Advanced subscription plan.
Click here and save 15% on any TrendSpider plan (7-day free trial included).
3. Benzinga Pro – Best Stock News App for Swing Traders
Proper research and stock market analysis are the foundation of the best swing trading strategies. Some traders decide to limit themselves only to the analysis capabilities of the online broker platforms they use, while good analysis platforms can boost portfolio performance.
Benzinga Pro is the go-to choice for those who want top-class market analysis and stock trading ideas. Benzinga Pro offers excellent stock screener functionalities, real-time news and charting capabilities. Paired with the mentorship and professional guidance services you can take advantage of, BenzingaPro becomes a no-brainer for those who want the best that the market can offer.
Click here to test Benzinga Pro 14 days for free, or get 35% Off
4. Robinhood – Best Swing Trading Mobile App
Ever since Robinhood first emerged onto the stage, nothing has been the same. The mobile app was the sole reason why brokerage companies lowered or completely removed their commission fees. Simply put, Robinhood brought stock trading to the masses and allowed anyone with a smartphone to invest without being charged for it. Today, the app continues to evolve and is already one of the most valuable fintech startups globally.
Swing traders and investors who prefer to trade through their phones will find Robinhood the perfect choice. The mobile app has an exquisite interface and great UI, making it suitable even for complete beginners. You can invest in stocks (fractional shares included), funds, crypto, and options trading through the app. Furthermore, you can also earn interest on your cash and get a free share upon registration.
5. SoFi Invest – Best Broker for Swing Trading Fractional Shares
SoFi is a great choice for those interested in swing trading stocks and fractional shares. With SoFi, you can start investing at as little as $5 and choose from over 4,000 stocks and ETFs. What is more important is that SoFi doesn’t charge any trading fees. Their retirement account offering includes SEP IRAs, Roth, and traditional IRAs.
SoFi is not only an all-in-one online stock trading platform aiming to help people achieve financial independence. In addition, it provides educational materials, tools, and a universe of investable products, including all types of insurance policies, loans, assets, mortgages, and credit cards.
In addition, it is possible to participate in upcoming IPOs and automatically diversify the portfolio using the free automated investing feature. Finally, SoFi introduces crypto trading of over 30 cryptocurrencies like Bitcoin and Ethereum with high-security standards and protection against theft and fraud.
6. Firstrade – Best Swing Trade Broker with a Free Shares Offer
Firstrade is more than just a popular commission-free trading platform. It offers you the chance to earn free shares simply by opening a new account. The incentive includes one free stock gift when you open your account and one additional if you deposit $100 within a month. In addition, Firstrade gives you the chance to earn another free share through its referral program.
You are now probably wondering whether Apple or Tesla is the better choice for your free stock gift. Unfortunately, yet understandably, the platform won’t give you the chance to choose. Instead, you are rewarded with shares worth between $3 and $200. The prospect of getting a more expensive instrument, of course, isn’t too high.
7. Webull – Best Newcomer Swing Trading App
WeBull is a relatively new addition to the group of service providers competing for the attention of swing traders. However, it is safe to say that it does well to prove it can compete and even surpass the popularity of some of the established names.
But what makes WeBull perfect for swing traders? First, it offers access to an extensive set of stocks (fractional shares included), ETFs, options, and ADRs. Next, it is renowned for its transparent and straightforward pricing with $0 commission trades and no deposit minimums. Swing traders can also take advantage of up to 4x day-trade and 2x overnight buying power with a margin account. The minimum deposit requirement is $2,000.
The platform is excellent and appeals to the needs of beginner investors and advanced swing traders.
8. TradeStation – Best Swing Trading Platform for Trading System Development
TradeStation offers the complete package, from an advanced trading platform to a brokerage service with impeccable quality. The online trading platform has a modern look and a clean UI for an excellent desktop and web trading experience. It is also available as a mobile app for iOS and Android. Furthermore, nearly everything can be customized to fit the user’s preferences.
The platform is filled with advanced technical trading functionalities. This includes the TradeStation EasyLanguage that allows you to build and apply an automated trading strategy.
TradeStation supports all major asset classes and offers reasonable fees, making it a perfect choice for beginners and advanced traders. The customer support is also impeccable and is available through chat and phone.
9. Thinkorswim – Best for Developing Swing Trading Strategies
Thinkorswim is the flagship trading platform of TD Ameritrade, one of the most popular and widely-renowned brokers globally.
Regarding its trading strategy development functionalities, we can go as far as saying that no other platform comes close. It is packed with all types of data sources, over 400 technical trading indicators and a universe of customizable analysis tools, including social sentiment scoring, order magnitude tracker, and more.
Swing traders who want to build and automate their strategies can take advantage of thinkScript, an object-based coding language. In addition, an integrated condition wizard is a jumpstart tool that helps you design your order execution and strategic testing algorithms.
To test the platform, you can simply open a paper trading account. Thinkorswim is also available for mobile for iOS and Android.
See Also: How to use thinkorswim
10. Merrill Edge – Best Swing Trading Broker with Local Bank Network
While many of you might be surprised to find Merrill Edge on this list, the truth is the investing service provider can be a good choice for those who want a direct connection with their bank. Merrill Edge is owned by Bank of America, making it easy to trade actively or invest for the long-term with the capital you have in your bank account.
Self-directed trading accounts can enjoy unlimited $0 online stock and ETF trades with no trade or balance minimums. The standard trading platform and the mobile apps are a good fit for beginners. Sophisticated swing traders, on the other hand, can take advantage of Merrill Edge MarketPro®. This advanced platform allows you to build your customized trading system with real-time market data, in-depth analysis, and powerful trading tools.
11. E*Trade – Best Web-Based Trading Platforms for Swing Traders
As one of the leading brokerage service providers globally, E*Trade brings you an unrivaled web-based trading experience. That’s especially important for traders who want the flexibility to get in and out of their market positions on any device. The platform shines with real-time data covering the global markets and almost all tradable asset classes.
It is also powered by stock trading research and analysis capabilities to help traders easily discover the best opportunities on the market. The web-based brokerage platform is also an excellent choice for beginners with little-to-no trading skills. E*Trade offers lots of educational materials, including webinars, articles, and market commentary.
Another thing that swing traders would love to hear is that the firm has a $0 commission policy for all US-listed stock, ETF, and options instruments. Morgan Stanley acquired E*Trade in 2020, but the platform will stay the same even after the merger.
12. Fidelity – The Best Rounded Swing Trading Broker Overall
As another leading discount broker, Fidelity also has a sound offering tailored to swing traders. Fidelity is among the best-rounded brokerages you can find today.
Through Fidelity, you can engage in stocks, ETFs, mutual funds, and options trading. Paired with the zero commission fees and the top-notch research and education materials, it automatically climbs the list of the best solutions for swing traders. Furthermore, the brokerage firm also makes it easy for clients to earn interest by sweeping uninvested cash into a money market fund.
Swing traders leaning towards Fidelity as their service provider can also expect:
- A wealth of research,
- Extensive pre-set and customizable asset screeners,
- Quick order execution,
- Zero-expense ration index funds,
- Extended hours trading and the lowest published margin rates in the conventional brokerage industry.
13. Charles Schwab – Best Market Research, Analysis, and Guidance Service For Swing Traders
Being among the largest brokerage service providers globally naturally raises the expectations for Charles Schwab. With its $0 minimum account deposit requirement and commission-free trading offering for stocks, ETFs, and options, it caters to the needs of all types of traders – from beginners to sophisticated day and swing traders.
Long-term investors can take advantage of Schwab Intelligent Portfolios, a robo-advisory offering to help build and manage your portfolio. There is also the option to subscribe for unlimited guidance from a certified financial planner.
However, what really set Schwab apart for more advanced investors and swing traders are its StreetSmart Edge platform, premium research, and industry-leading analysis.
Best Swing Trading Platform: Conclusion
Fortunately, the market for swing trading platforms, software, and brokerage service providers has evolved tremendously in the last couple of years.
As a result, today, commission-free brokers are continuously improving their services. Trading platforms have become more powerful and affordable. Software is getting more intuitive, easy to use and welcoming for industry newcomers. The only thing left is for you to find what works the best for you.
With that said, it is worth noting that there is no platform, software, or broker that is undisputedly the best choice for swing trading. Instead, I have covered the top solutions based on the most popular use cases and the common needs of the swing trading group, dominating financial markets nowadays.
What is Swing Trading?
Swing trading is a trading style that benefits from medium-term price moves. Essentially, it is a form of market speculation. A swing trader usually holds his positions anywhere from a few days to a couple of weeks.
High-frequency traders, scalpers and day traders rely on tick data, while swing traders are even okay with delayed data. Often they base their analysis on a daily timeframe and historical data, meaning they aren’t so time-sensitive.
The main objective of a swing trader is to capitalize on greater price shifts that are rarely possible within an intraday time frame.
Swing trading enthusiasts usually trade all types of instruments, including US-listed and foreign stocks, forex, exchange-traded funds (ETFs), cryptocurrencies, futures, and more. Their analysis relies on technical indicators that follow price action and identify trends or make decisions on fundamental data from earnings season to earnings season.
FAQ
Can you get rich swing trading?
Yes. You can get rich swing trading by selecting the best possible stocks to invest in. Professional swing trading platforms, the best brokers and software solutions can help you make the right choices.
Which broker is best for swing trading?
The best broker for swing trading is the one that offers the best fee structure combined with good analysis tools and fundamental data of companies for extensive research.
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