You have a real wide range of online brokers to select from but when it comes to day trading your choice get limited since there are not too many who cater to the day trader.
One has to consider a lot of things while choosing the best online broker for day trading.
One of the major components to consider while selecting an online broker is the commission rate they charge since day trading involves transactions in numerous stocks every day.
Best online brokers for day trading offer a good combination of many of these components so here we look at some of them who are best for online day trading.
Selecting the best online brokers for day trading
Every trader wishes to have brokers who have a powerful combination of low commissions coupled with advanced trading tools and platforms to make the best of their trading experience and for high returns on their investments.
Some brokers such as Interactive Brokers have an edge with traders who prefer per share pricing and can meet the account balance minimums and monthly commission minimum and they also offer a highly extensive investment selection which includes precious metals, Forex and futures options too.
Interactive Brokers is also geared more towards day trading and is one of the most popular of them. They offer the best professional trading platforms in the industry and are noted for their best execution.
With a fully customizable platform, with cutting edge charting and research services, ever dynamic streaming quotes, great tools for risk management and their commission structure of pay per share they are surely on the top of the list.
There are other brokers who offer truly competitive flat rate and no minimum balance requirement like the OptionsHouse which does not offer Forex.
Online brokers for day trading with powerful trading platforms, no minimums or fees
Though OptionsHouse and Interactive Brokers do have really strong trading platforms it is TD Ameritrade and Charles Schwab who excel in this.
TD Ameritrade offers some of the best trading platforms, thinkorswim apart from Trade Architect which is a second trading platform which is simpler.
Charles Schwab too has two great trading platforms, Streetsmart.com more for beginners and StreetSmart Edge more for the advanced traders.
Both of these brokers offer their tools and trading platforms to all customers with no trade activity or balance minimums.
Some of the other online brokers for you
LightSpeed has a clean and simple trading platform specially designed for day traders. With excellent tools and lowest commissions they do not have maintenance fees, order cancellation fees and no ticket charges too. They offer two platforms, LightSpeed Trader and LightSpeed Web version which allow you to use the trading platform of your choice and you can also link up to eSignal with your account.
TradeStation is yet another well noted and respectable broker popular among day traders who are active. Their trading platform is excellent and highly rate and one of the best in the industry. They offer you an option to pick any of the two plans, per share or flat fee commission plan.