What are the best platforms for day trading?

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For intraday traders, the right online share trading platform can bring a world of benefits. A robust intraday trading platform empowers day traders to execute orders swiftly in the course of a trading day.

At their best, these platforms are speedy, user-friendly, and easy to navigate. In the world of intraday trading for beginners, however, sifting through the available options can be a struggle. To help you make the right choice, here’s a quick look at some well-known trading platforms and the reasons traders like them so much:

TD Ameritrade

This trading platform has something for beginners and seasoned traders. TD Ameritrade charges no commissions on transactions of online stock, options, and exchange-traded funds (ETFs), which benefits active traders. Meanwhile, the absence of a minimum account balance makes it easy for beginners to enter the fray. Plus, you won’t have to worry about inactivity charges or limited access to research and analysis tools.

As a day trader, you can choose from a wide range of asset classes—right from mutual funds to bitcoin futures. Educational resources such as articles, quizzes, and online seminars ensure that you keep learning.

TradeStation

If your heart is set on options and futures trading, TradeStation is a great choice. It brings you access to extensive research and advanced analysis tools. Active traders could opt for their unbundled pricing offers while beginners could try out their flat-fee plans. The latter may come with fewer features but there’s the added benefit of zero commission fees. The zero-commission advantage does not extend to ETFs or mutual funds, however, and there is a minimum balance requirement.

Interactive Brokers

The low margin rates make this platform ideal for frequent traders. Those engaged in intraday trading can access a wide range of securities even in international markets. Low commissions are a further advantage. Though the trading platform is highly efficient, some negatives include high inactivity charges and the lack of educational material.

Zacks Trade

The Zacks Trade platform is suitable for traders who would like support from a representative without paying a bomb. Besides, this online share trading platform offers a great deal of research material to inform your trading decisions. You also gain access to international exchanges. But this is not the cheapest option as commissions tend to be on the higher side.

eOption 

Options traders who are looking to reduce expenses could give the eOption platform a go. Low margin rates and minimal fees on options contracts make this a great alternative. However, it may not be the best choice for active stock traders as the trading platform is basic and research resources are limited.

What should you look for in a trading platform?

When it comes to intraday trading for beginners, it helps to devote some time to looking for the right trading platform. Here are pointers to keep in mind:

  • Account fees: It is possible to sidestep some fees like inactivity fees and charges for access to research. Just ensure that by paying lower fees you are not missing out on key features.
  • Commissions: Transactions involving different types of securities may attract different commission charges. Compare the rates before you choose a platform.
  • Research and analysis tools: For a day trader, it helps to have access to updated technical research and advanced charts. Ensure that the platform offers a range of analytical tools.
  • Your trading style and needs: As a beginner, you would benefit from a platform that offers educational material and tutorials. You may not need advanced analysis tools and reams of data just yet, but it would be an advantage once you gain intraday trading

Summing up

The whole point of shopping around for the right trading platform is to make life simpler for you as a day trader. Whether you are a beginner or an experienced day trader, you don’t have a lot of time to execute your orders. So, think about opening an account with a reputed full-services broker like Kotak Securities to get the timely support that you need.