In this comprehensive guide, we will delve into the top day trading apps of 2023. Our evaluation is based on a wide range of factors, including fees, regulatory compliance, security, trading platforms, tools, research capabilities, and more.
List of the Best Day Trading Apps in 2023
By organizing the information in this manner, readers can easily navigate through the content to find the most relevant information about the best day trading apps in 2023 and the factors to consider when choosing the right app for their trading needs.
- Interactive Brokers – The Ultimate Day Trading App
- eToro – Leading the Way in Copy Day Trading
- AvaTrade – Your Go-To Choice for Options Day Trading
- Plus500 – Unparalleled CFD Day Trading App
- Pepperstone – – Best in Class for Forex Day Trading
- Fidelity – A Trusted US-Based Day Trading App
- Tastyworks
- SoFi
- TD Ameritrade
- Trading 212
- Robinhood
- Merrill Edge
- TradeStation
- Webull
- e*Trade
- Charles Schwab
PFI Rating: 4.9/5
Interactive Brokers – Best App for Day Trading Overall
When it comes to day trading, our top choice is Interactive Brokers. They've recently introduced Global Trader, a user-friendly trading application known for its swift trade execution and exceptional market access.
Established in 1978, Interactive Brokers operates under the regulation of several prominent authorities including the SEC, CFTC, FCA, and NFA.
Interactive Brokers provides an extensive range of trading options, including stocks, ETFs, options, futures, currencies, cryptocurrencies, US spot gold, bonds, mutual funds, and hedge funds.
What sets them apart is the absence of a minimum deposit requirement. They offer multiple deposit methods, such as bank wire, credit cards, ACH, check by mail, rollover, online bill pay, trustee-to-trustee transfers, and SEP contribution.
Day traders will also appreciate their low fees and lightning-fast execution speeds. With top-tier regulatory oversight and accessible day trading options, Interactive Brokers stands out as an excellent choice for traders.
On Interactive Brokers' Official Website
PFI Rating: 4.9/5
eToro – Best Copy Day Trading App
eToro earns its spot as the second-best choice for copy day trading applications. Founded in 2007, eToro operates under the regulation of prominent global authorities, including FCA, CySEC, ASIC, and FSAS.
eToro's offerings include Contracts for Difference (CFDs) on a diverse range of assets, encompassing stocks, ETFs, forex, cryptocurrencies, indices, and commodities. Additionally, they provide access to real stocks for long-term investors.
To get started with eToro, a minimum deposit of $100 is required. They offer multiple deposit methods, including PayPal, Skrill, Neteller, credit cards, debit cards, Rapid Transfer, iDEAL, Klarna/Sofort Banking, bank transfer, online banking via Trustly, and POLi.
77% of retail investor accounts lose money when trading CFDs with this provider.
PFI Rating: 4.8/5
AvaTrade – Best Options Day Trading App
AvaTrade excels in the realm of options day trading with its exclusive AvaOptions trading application. Founded in 2006, AvaTrade operates under the oversight of esteemed global regulators, including the FCA, ASIC, FSCA, FRSA, Israel Securities Authority, and the Financial Futures Association of Japan.
To begin your trading journey with AvaTrade, a minimum deposit of $100 is required..
AvaTrade provides a comprehensive array of trading options, including CFDs for forex, stocks, commodities, FX options, cryptocurrencies, indices, ETFs, and bonds.
One of their standout features is their user-friendly day trading apps, designed to offer an exceptional user experience.
Moreover, AvaTrade is recognized for its competitive day trading fees, making it an attractive choice for traders looking to engage in options day trading.
For day traders, eToro stands out with its competitive fee structure. While fees for stock trading are low, it's worth noting that CFD trading may incur higher costs.
76% of retail investor accounts lose money when trading CFDs with this provider.
PFI Rating: 4.8/5
Plus500 – CFD Day Trading App
We've chosen Plus500 as an excellent CFD day trading application, established in 2008.
Plus500 provides a range of CFD trading options, including shares, forex, commodities, indices, cryptocurrencies, options, and ETFs.
To get started, a minimum deposit of $100 is required, and they accept payment methods like PayPal, Skrill, credit cards, debit cards, and bank transfers.
When it comes to day trading, Plus500 offers competitive and relatively low fees, making it an attractive choice for traders.
86% of retail investor accounts lose money when trading CFDs with this provider.
PFI Rating: 4.8/5
Pepperstone – Best Forex Day Trading App
Pepperstone emerges as the premier choice for Forex day trading enthusiasts. Established in 2010, Pepperstone operates under the rigorous regulation of leading authorities, including ASIC, CySEC, FCA, SCB, DFSA, BaFin, and CMA.
Pepperstone's offerings encompass a wide range of CFDs, including Forex, cryptocurrencies, shares, indices, and cryptocurrencies.
What sets them apart is their no minimum deposit requirement, making it accessible to all. They facilitate deposits through various methods, including credit/debit cards, bank/wire transfers, PayPal, Neteller, Skrill, and UnionPay.
Day traders will appreciate Pepperstone's cost-effectiveness, characterized by low fees and some of the industry's most competitive spreads, making it an excellent choice for Forex day trading.
74-89 % of retail investor accounts lose money when trading CFDs
86% of retail investor accounts lose money when trading CFDs with this provider.
Fidelity
Fidelity, a multinational services corporation, provides an extensive array of services designed for swift and efficient trading. Their offerings encompass stocks, ETFs, options, mutual funds, and various other assets.
Noteworthy features that stand out include commission-free trading and the ability to trade fractional shares, making Fidelity an appealing choice for investors.
| PROS | CONS |
|---|---|
| Fractional share trading on offer | Fidelity is a better option for experienced traders, but it can be difficult for beginner day traders to navigate |
| Advanced decision-making tech | Difficulty for novice day traders in navigating the platform. |
| Diverse investment options |
Tastyworks
Tastyworks is a versatile application suitable for investors of all experience levels. One standout feature of Tastyworks is its robust following feature, enabling users to stay informed about the strategies of accomplished investors, akin to eToro's copy trading solution. Additionally, Tastyworks offers a range of valuable tools designed to elevate your investing experience.
| PROS | CONS |
|---|---|
| Low trading fees | Limited deposit and withdrawal options |
| Abundant research tools | Limited range of investment options |
| User-friendly platform |
SoFi
In the realm of mobile trading, SoFi stands out as a top-notch choice. Its app caters to active traders, offering a diverse range of financial products. Additionally, active traders can benefit from complimentary stocks and ETFs. Opening an account and navigating through the platform is a straightforward and user-friendly process.
| PROS | CONS | |
|---|---|---|
| Wide range of low-cost investments | Limited availability, only for US investors | |
| Access to financial advisors | ||
| Free management with automatic rebalancing |
TD Ameritrade
TD Ameritrade provides a diverse array of investment options, including common and preferred stocks, forex, exchange-traded funds, futures contracts, cryptocurrencies, mutual funds, margin lending, fixed-income investments, and cash management services. This platform is known for its exceptional versatility in the realm of stock trading.
| PROS | CONS |
|---|---|
| Commission-free trading for stocks, ETFs, and options | Limited to US investors and account holders |
| No minimum account balance required | |
| Advanced customer support |
Trading 212
Trading 212 stands out as an excellent and straightforward trading platform tailored for day traders. It offers efficient access to global stocks and ETFs without any commission fees.
Furthermore, Trading 212 is exceptionally user-friendly, making it an ideal choice for beginners. The minimum account requirement is merely $1, and they provide a demo mode to help users get started.
| PROS | CONS |
|---|---|
| Low trading fees | Limited range of investment options |
| User-friendly trading platform | More geared towards beginners |
| Easy account opening and start-up |
Robinhood
Robinhood stands out as an immensely popular and highly regarded trading platform. It offers a wide range of commission-free trading options, including stocks, funds, options, cash management, gold, and cryptocurrencies.
One of Robinhood's strengths lies in its wealth of useful tools and the absence of any account minimum requirements. Additionally, they provide a unique Robinhood debit card, which can be used at their fee-free ATMs, making it particularly attractive for active traders.
| PROS | CONS |
|---|---|
| No account minimum or monthly fees | May not be the most advanced platform for experienced traders. |
| User-friendly and accessible investing | |
| Provides a good range of options for day traders |
Merrill Edge
Merrill Edge is a flexible trading platform suitable for a wide range of investors. This online brokerage provides options for those seeking guidance or complete freedom in their investments.
With Merrill Edge, you can access various types of investment accounts, and they also offer free trade options.
| PROS | CONS |
|---|---|
| Low trading fees | High fees for mutual funds /td> |
| Diverse range of investment options | Short-term redemption fees |
| Excellent analysis tools | Elevated margin rates |
TradeStation
TradeStation proves to be an attractive choice for active day traders, owing to its highly efficient and user-friendly mobile platform. This brokerage stands out with its competitive pricing for stocks and ETFs, along with a comprehensive education section.
However, it's worth noting that TradeStation does not provide access to forex trading, and its deposit and withdrawal options are somewhat limited.
| PROS | CONS |
|---|---|
| Low fees for ETFs and stocks | No forex trading available |
| Excellent educational resources | Limited withdrawal and deposit options |
| Highly intuitive mobile platform |
Webull
Webull distinguishes itself as one of the premier mobile trading apps, with a strong focus on catering to the needs of traders on the go.
This platform provides a fully customizable trading environment and extends trading hours, which is particularly advantageous for active day traders.
Furthermore, Webull offers both individual brokerage accounts for asset management and IRA retirement accounts, providing versatility in investment choices.
| PROS | CONS |
|---|---|
| Free stock, options, and ETF trading | Limited portfolio options for day traders |
| Easy and simple account opening | More suitable for long-term trading |
| Excellent mobile trading platform |
E*TRADE
E*TRADE proves to be an excellent choice for beginners, primarily due to its user-friendly mobile platform, wealth of helpful tools, and informative investor guidance.
Within the platform, users can access a wide range of investment options, including stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed-income investments. E*TRADE also stands out with its comprehensive set of research tools.
| PROS | CONS |
|---|---|
| Commission-free trading for ETFs and stocks | Limited to US market trading |
| Large and versatile selection of investments | |
| Abundant and valuable resources available |
Charles Schwab
Charles Schwab presents a contemporary approach to investment and retirement planning via its platform. They provide versatile and secure brokerage accounts that cater to a variety of needs.
With Charles Schwab, you can benefit from commission-free trades, exceptional educational resources tailored for beginners, and a suite of powerful tools designed to support active traders.
| PROS | CONS |
|---|---|
| No fees or account minimum requirements | Low default cash sweep rate |
| Extensive selection of funds to choose from | |
| Commission-free trading for ETFs and stocks |
What is Day Trading?
Day trading is an investment strategy that involves buying and selling financial assets within a single trading day. Utilizing online trading platforms, investors engage in continuous transactions throughout the day with the goal of closing all positions by the day's end. Successful day trading offers numerous advantages and can be highly profitable when executed effectively. Typically, day traders deploy substantial capital in a single day.
Selecting the Right App for Day Trading
Regulation
Prioritize platforms that are well-regulated for enhanced safety, transparency, and efficiency. Regulatory oversight ensures compliance with financial standards and offers a higher level of security.
Available Assets
Consider the range of investment options available on the platform, aligning them with your investment strategy. Assets can include stocks, cryptocurrencies, forex, ETFs, commodities, and more, and their availability varies among platforms.
Device Compatibility
For active day traders, mobile trading platforms are essential. Ensure that the chosen trading app is compatible with your devices to facilitate seamless trading on the go.
Fees & Commissions
Pay close attention to the fee and commission structures, as they significantly impact your potential earnings. Different platforms may have varying fee models, so select one that aligns with your investment strategy and capital.
Research
A robust day trading app should offer comprehensive research tools, including market news, investment calendars, trading data, and analysis. Quality research aids in informed decision-making, particularly for novice traders.
Education
Evaluate the platform's educational resources. A good trading app should provide learning materials about the market and day trading to enhance your knowledge and strategy, making it especially beneficial for beginners.
Account Minimums
Account minimums can affect your trading capabilities. Some platforms have no minimum requirements, while others may impose higher thresholds, such as $100. Choose a platform that suits your trading budget and strategy.
Usability and Functionality
Seek a trading app that offers a user-friendly experience, intuitive interface, and helpful features. Functions like investment alerts, notifications, price alerts, watch lists, order types, and quick execution speeds are crucial, particularly for real-time trading.
Payment Methods
Ensure that the platform's payment methods align with your banking options and don't incur high fees. This consideration is essential for active day traders making frequent transactions.
Customer Support
A responsive and helpful customer support team is crucial for a smooth trading experience. Look for platforms that offer 24/7 support and readily assist with inquiries or issues.
Demo Accounts
Some trading platforms provide the option of using a demo account, allowing users to practice trading with virtual money at real market prices. This is an excellent tool for learning and gaining familiarity with the platform without financial risk.
In summary, selecting the right day trading app involves a careful evaluation of various factors, including regulation, asset selection, compatibility, fees, research and education resources, account minimums, usability, payment methods, customer support, and the availability of demo accounts. Tailoring your choice to your trading goals and preferences will contribute to a successful day trading experience.
Pros and Cons of Day Trading Apps
Pros
- Complete Market Access: After selecting a brokerage firm and setting up your account, you gain access to various financial markets, including stocks, commodities, cryptocurrencies, forex, and more. Trading only requires an internet connection.
- You can trade anytime, anywhere: Mobile trading platforms allow you to gain market access at any time from anywhere with a connection.
- 24/7 Trading: Mobile trading platforms enable you to trade round the clock, providing flexibility to access the market at your convenience from anywhere with an internet connection.
- Unlimited Profit Potential: Skilled investors have the potential to achieve substantial profits through day trading, provided they make well-informed investment decisions.
- Limited Transaction Costs: Many top trading platforms offer low fees and commissions, making day trading a cost-effective option.
- Leverage: Day traders can utilize leverage to access higher trading power with a relatively small capital investment.
- Accessibility for All: Day trading apps cater to both experienced investors and beginners, offering excellent educational resources to facilitate easy entry into the world of investing.
- Complete Control: These platforms empower you to take full control of your investment decisions and craft your own investment strategies.
Cons
- Volatility: Day trading is characterized by rapid market changes and significant risks. Investors must stay vigilant and make informed decisions to mitigate potential losses.
- Lack of Control: Access to numerous markets and investment opportunities can make it challenging to maintain discipline and control when trading online.
- App Limitations Not all trading apps provide the same features and market access. Some may limit your options to specific asset classes like forex or stocks. Choose an app that aligns with your trading strategy and preferences.
Risks of Day Trading
While day trading can be a profitable business, it also holds plenty of risks. Beginner day traders need to be prepared for big losses, as this is the reality of this type of investment style.
Unlike traditional long-term investments, where your returns steadily grow over time, day trading can be a bit of a roller coaster.
Yes, there is room for large success, but there is also room to lose capital. Day traders typically work with larger amounts of capital too, which also increases the room for losses.
Conclusion
In conclusion, Interactive Brokers stands out as the top choice for a day trading app, recommended for its reputable status, low fees, stringent regulation, comprehensive trading tools, and extensive market access. If you're seeking a user-friendly CFD day trading app, AvaTrade is a solid option.
