Day trading is a very risky type of trading. It involves multiple transactions on the stock market in the time period of one day which can be quite risky to do. If you are a day trader then you must understand the importance of a perfect platform for it.
Day trading involves speed because traders have to perform quick transactions and they also have to monitor the real-time market trends. The positions in Day Trading are open and close all in one day. The traders have to make quick decisions so that they can cope up with the speed of the trading. To opt for a good day trading platform you have to read several reviews and then make your decision.
Choosing a proper day trading platform is very important to make good profits. If you neglect the procedure of choosing the right day trading platform then it can cause you a lot of losses in one day only. We have presented below some of the best day trading applications for the quick and never stopping day traders.
1. TD Ameritrade
TD Ameritrade provides free access to tools, and services to all the customers. You will not have to do any minimum trade activity to be eligible to use the platform. The features of the application are as follows-
- Availability of stock trading.
- Customers buy and sell fractional shares, e.g. 1/2 a share of Apple (AAPL).
- Availability of OTCBB / Pink Sheet stocks trading.
- Provides customers with the ability to purchase shares of stock that trade on exchanges located outside of the United States.
- Ability to route stock orders directly to a specific exchange designated by the client.
- Availability of options trading.
- Availability of weekly options.
- Availability of formal investment advisory services.
- Availability of corporate bonds.
- Availability of municipal bonds.
- Availability of US treasury bonds.
- Availability of certificates of deposit (CDs).
- Availability of dividend reinvestment plans (DRIPs).
- Availability of mutual funds trading.
- Availability of futures trading.
- Availability of forex trading.
- Availability of no-fee IRAs
- Charges no yearly inactivity fee
2. Robinhood
Robin hood is also a very well known day trader platform available for the people. It is a free service for all of the customers. Although, you can buy the gold membership which costs around a dollar 5 per month so that you can get access to the different types of features. The following features are available in this trading platform-
- It is fast, simple, and easy to use.
- Basic watch lists available
- Basic stock quotes with charts available
- Analyst ratings available
- Recent news available
- Simple trade entry available
Disadvantages Of The Platform
- Watch list functionality is extremely basic
- Includes only a few optional columns beyond the last price and percentage change.
- Limited to one watch list
- No additional watch list
- Charts cannot be modified beyond six default date ranges
- No technical analysis
- Landscape mode not supported for horizontal viewing.
3. Interactive Brokers
Interactive Brokers are one of the best day trading platforms because it Availability of global investing services to users. The features of the application are given below:-
- The smartest order router in the business
- Stays on top of changes
- Achieve optimal execution, attain price improvement and maximize any possible rebate.
- A wide range of offerings
- Direct access to global exchanges
- Huge inventory of fixed income products
- European corporate bonds
- Euro-denominated government bonds.
- Mutual fund replicator
- Find lower-cost exchange-traded funds that are essentially identical to more expensive mutual funds.
- Nearly 12,500 mutual funds
Disadvantages Of The Platform
- Can only stream data on one device at a time
- Cannot use the Mobile Web platform or use any of the APIs that connect to Interactive Brokers’ trading engine
- Maintenance fees or data charges for inactive accounts
- Interest is not paid on cash unless you have a substantial balance
4. Fidelity
Fidelity is one of the best day trading platforms because they are always providing new features for all users. This app is heaven for individual investors because the features of the app are highly suitable to them. The features of the app are given below:-
- Tuned trade execution algorithms
- Emphasize on the price improvement
- Avoid payment for order flow.
- 96% of orders for Fidelity customers are executed at a price better than the national best bid or offer.
- Cost savings are listed on every order confirmation report.
- Extensive research
- Asset screeners to help customers narrow down investing choices.
- Numerous pre-set screens available for stocks, ETFs, options and fixed income.
- Stock screener with almost 140 criteria, plus 21 themes such as Robotics, Natural Foods, and Cloud Computing.
- Extensive research focused on ETFs including analyst ratings, themes, and the ability to search through funds by a specific stock.
- Uninvested cash automatically swept into a money market fund
- Flexible and customizable news feed
- Newsfeeds include global sources as well as premium U.S.-based feeds.
Disadvantages Of The Platform
- Using multiple platforms to utilize preferred tools.
- Options-specific tools abound on Active Trader Pro
- Fundamental research for equities mostly available only on the website.
- Non-U.S. citizens or residents cannot open an account
- Manual refreshing of the data on the website to get up-to-the-tick information
5. Edward Jones
Edward Jones is among one of the few full-service brokers available in the technology today. It is a full-fledged financial advisor. The main aim of the platform is to provide advisors to the clients on one on one basis. Some of the features of the platform are given below:-
- Local branches of the application are available which is not possible in any of the other investment platforms.
- The authorities of the application have experience of more than 90 years so you are getting advice from people who are quite experienced in this industry.
- The application can easily handle all of the investments related to your life even if you are busy with other things.
- The fee is very less
6. Chase
Chase is one of the best applications available for the bank customers of the same company. It is easy to use and also very reliable and basic which is a very great thing for the beginners in day trading. The features of the application are listed below:-
- Customizations of time frame, bar type, event markers
- A respectable 20 optional indicators
- Can conduct stock and index comparisons
- Watch lists are basic
- Real-time quotes, not streaming
- Watch lists are organized into lists that require scrolling