Day trading involves transacting with securities. In simple terms, this means buying and selling within the same trading session (usually, the space of a day). Day traders usually perform an average of 5 trades in a typical trading day, relying on close monitoring of the volume of orders, breaking news, and the availability of volatile stocks that can be traded within minutes or hours. Day traders often make more sales and more profits than traditional traders.

Day trading has been seen to offer more advantages than normal stock transactions. For one thing, even if the market condition is bad, you will still make your profit as your trade will be closed on the very same day. You also won't be susceptible to overnight risks and can make decisions based on current market news. But remember, day trading is double-edged: if you don't get a good hang of it, you could lose a lot of money.

Different factors such as reliability, speed of transaction, and low cost contribute to making the best day trading platforms, as proven by the list below. Read on to discover the secrets of the trade.

The Top Performers

This list is the result of meticulous research. The results have been compiled to meet your needs as a broker.

1. Interactive Brokers

With a minimum balance of $0, you can keep your account active, even when you have absolutely nothing in it. Their fee per share is just $0.005, while their newly launched IBKR Lite is commission-free offering. If you are a beginner, or you are an experienced investor, you can make use of their tools and resources to enhance your day trading.

Pros

• Trading can be done in 23 different currencies
• Platform with lowest fees
• Improved market scanner

Cons

• Inactive accounts might be subjected to a small maintenance fee

2. Ameritrade Institutional

Customers have access to tools like charts which can help them make spontaneous trade decisions. This platform caters to all: those who go in for manual trading, as well as those who prefer automated trading; there are installed strategies (about 300) available on this platform. You can also design your own customized trading strategy, well-tailored to meet your needs with the help of technical indicators.

Pros

• Breaking news to keep you updated
• Support channels on all social media platforms
• Zero commissions

Cons

• Some tools are missing on this platform

3. Fidelity Investments

With very friendly commissions and access to a range of technical tools, research, and even a newsfeed, Fidelity is hard to beat. Their research rivals many of the other top trading platforms, boasting contributors such as Thomson Reuters and Ned Davis. Even a beginner can utilize their large storeroom of data to test which strategy works best for them.

Pros

• Little or no commission
• Effective customer support
• Expense-ratio-free index funds

Cons

• Trade fee may be high

4. TradeStation

Regulated by FINRA, Tradestation is a platform you can trust. If you are also interested in the American markets, this is the best trading platform for you. They have a mobile as well as a web platform for tech geeks. They boast a low trading-fee and you can choose from the many fee structures available.

Pros

• An array of research tools
• Listed under investor protection scheme

Cons

• Recommended for advanced traders

5. Tastyworks

This broker offers the current lowest fee for US options trading and stocks. With very rich research and educational materials, tasty works. is a FINRA regulated broker; your interests are safe with them.

Pros

• Good customer support
• Easy for trading in the US

Cons

• They are new in the business

6. E*Trade

This platform offers the best research in the industry with Moody's and Thompson Reuters among their contributors. Accessible via both web and mobile apps, E-Trade's wide range of research leaves you ready to start analyzing the market.

Pros

• Commission-free
• Easy to use for beginners
• Has a mobile app

Cons

The website might not be easy to navigate

7. SureTrader

Pattern Day stipulates that a trader must have $25,000 to remain active, but with SureTrader, even if you don't meet that target you can still trade. Since they are not based in the US, they are not regulated by FINRA.

Pros

• Excellent trading tools
• New accounts are only charged $50

Cons

• Customer care is below par

8. Lightspeed

This platform has been around for quite some time now, so you can be confident that you are safe and well regulated. If you are an active trader and a pro, well you can take advantage of both their web and mobile app. The availability of charts and quotes helps you analyze trades and decide on which strategy you will apply from the available technical quotes on the platform. It is the best online trading platform that is VPN-secured, protecting customers using Wi-Fi.

Pros

• Secure login guaranteed
• Order routing is flexible
• Customer service is excellent

Cons

• Minimum balance and inactivity fee is a little high
• Forex trade is not available

9. Charles Schwab

Beginners will love this platform as there are a number of educational resources and tools which has been designed to get them acquainted with the principles of investing. There is no minimum balance as well as a "commission-free" trade.

Pros

• Inactivity attracts no fee
• Beautiful mobile app

Cons

• Below standard customer service

10. Ally Invest

If your looking for a low-cost option, this broker is best, boasting a minimum balance of $0 and a trading-fee to match. It's an amazing deal, isn't it?

Pros

• Excellent research
• Little or no cost of the trade
• The web application is secure and strong

Cons

• They don't have branches
• Mutual funds are charged

Summary

If you are a day trader, speed, precision, and resources are essential. Since trades are placed every second, you need to come up with a flawless algorithm to eliminate the risk of losing money. By choosing a platform from this review of the best day trading platforms, you can be confident that you are trading at the top of your game.