Best Stock Brokers For Day Trading (2024)

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Written By

Michael MacKenzie

Written By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

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Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks.James authors, edits and fact-checks content for a series of investing websites.

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Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Top 5 Stock Brokers for Day Trading

Our comprehensive analysis of over 490 brokers, conducted as of February 2024, reveals the following day trading platforms as the top choices for stock traders. Every stock broker listed we evaluated using a real money or test account.

AvaTrade - AvaTrade offers hundreds of shares on leading exchanges including the NYSE and FTSE. You can take positions on leading tech firms like Tesla, Apple and Microsoft with no restrictions and 24/5 support. There is also an above-average selection of 45+ indices and 60+ ETFs.
Eightcap - You can trade 500+ US, Australian, and European shares with decent stock market research available in the Labs section. On the downside, fractional shares aren't offered which puts the broker behind top alternatives like ThinkMarkets.
InstaForex - There are hundreds of major global shares and indices available. You can also trade IPO shares and ETFs in the MT4 platform, depending on jurisdiction. You can expect a reasonable 0.025% commission on US shares, plus a range of analysis features to help you stay ahead of stock market news.
XM - You can trade hundreds of shares in major markets, including the US, UK, Europe and Asia. Commissions are as low as $1 per transaction while fractional shares reduce the entry barrier for beginners. There's also a dedicated stock market analysis section on the broker's website.
OANDA - Over 1600 shares are available from leading stock exchanges, including blue chip firms like Apple and Meta. There are also no commissions on US stocks and day traders benefit from free insights and market reports from Dow Jones and Oanda’s MarketPulse research tool.

Best Stock Brokers For Day Trading Comparison

Best Stock Brokers For Day Trading Comparison
Minimum Deposit	Stock Trading App	Stock Fee	Extended Hours	Financial Regulator	Visit
$100	iOS & Android	0.13	✘	ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM	Visit
$100	iOS & Android	0.03 (Apple Inc)	✘	FCA, ASIC, CySEC, SCB	Visit
€200	iOS and Android + browser based platform	Commissions as low as 0.1%	✘	CySEC	Visit
$5	iOS, Android & Windows	0.002	✘	ASIC, CySEC, DFSA, FSC, FSCA	Visit
$0	OANDA Trade, MT4	12 (Apple Inc)	✘	FCA, ASIC, KNF, MAS, CIRO, FFAJ, BVI	Visit
$50	iOS & Android	0.57 (Apple)	✔	FCA, ASIC, CySEC, FSA, FSRA, MFSA	Visit
$100	iOS & Android	Variable	✘	FCA, CySEC, FSCA, SCB, FSC	Visit
$0	iOS & Android	NA	✘	CySEC	Visit
$100	iOS, Android & Windows	0.08	✘	FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA	Visit
$100	iOS, Android	4 pips	✘	FCA, CySEC, ASIC, FSCA, FSC	Visit
$0	iOS & Android	Variable	✘	FCA, ASIC, DFSA, FMA	Visit
$0	iOS & Android	0.02	✔	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
$250	Android	NA	✘	-	Visit
$5	iOS, Android	-	✘	MGA, SC	Visit
$0	iOS & Android	0.02	✔	FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA	Visit

#1 - AvaTrade

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Review

Why We Chose AvaTrade

AvaTrade offers hundreds of shares on leading exchanges including the NYSE and FTSE. You can take positions on leading tech firms like Tesla, Apple and Microsoft with no restrictions and 24/5 support. There is also an above-average selection of 45+ indices and 60+ ETFs.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team

Demo Account: Yes
Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM
Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Min. Deposit: $100
Automation: Yes
Bonus: None

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
Day traders can access stable spreads and zero commissions with no hidden fees
There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill

Cons

There is no ECN account with raw spreads
Traders from the US are not accepted
A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

Visit AvaTrade

#2 - Eightcap

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Review

Why We Chose Eightcap

You can trade 500+ US, Australian, and European shares with decent stock market research available in the Labs section. On the downside, fractional shares aren't offered which puts the broker behind top alternatives like ThinkMarkets.

"Eightcap is great for day traders familiar with MT4 and MT5 and looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits."
- DayTrading Review Team

Demo Account: Yes
Regulator: FCA, ASIC, CySEC, SCB
Platforms: MT4, MT5, TradingView
Min. Deposit: $100
Automation: Yes
Bonus: None

About Eightcap

Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular with serious day traders for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes.

Pros

Raw spreads from 0.0 pips and a low $3.5 commission will appeal to active traders
Flexible and fee-free payment methods including cryptocurrencies
Sophisticated platforms built for short-term strategies, including TradingView which offers 50 drawing tools and 12 chart types

Cons

There are several frustrating jurisdictional restrictions - for example, the Crypto Crusher tool is not available for UK or Australian clients
There are only four commodities available, which may disappoint experienced day traders looking to diversify their portfolios
The demo account can only be extended upon request

Visit Eightcap

#3 - InstaForex

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Review

Why We Chose InstaForex

There are hundreds of major global shares and indices available. You can also trade IPO shares and ETFs in the MT4 platform, depending on jurisdiction. You can expect a reasonable 0.025% commission on US shares, plus a range of analysis features to help you stay ahead of stock market news.

"InstaForex maintains its position as a top forex broker, with more currency products than most rivals. The tight spreads and low minimum deposits make it accessible to all experience levels, especially those familiar with the MT4 and MT5 platforms."
- DayTrading Review Team

Demo Account: Yes
Regulator: CySEC
Platforms: MT4, MT5
Min. Deposit: €200
Automation: Yes
Bonus: None

About InstaForex

InstaForex is a forex and CFD broker founded in 2007. The broker offers diverse market coverage to over 7 million clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs. Traders can also access copy trading services, PAMM accounts and investment opportunities. InstaForex is regulated by the BVI FSC and CySEC.

Pros

InstaForex has a strong industry reputation, with a 15+ year history and serving over 7 million clients
InstaForex delivers a superb day trading environment, with the powerful MT4 and MT5 platforms offering dozens of technical analysis tools, automation capabilities and multiple order types
There’s a copy trading service available with just a $10 minimum deposit, allowing clients to become both followers and providers

Cons

The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
The broker’s global branch offers weaker regulation via the offshore jurisdiction of the British Virgin Islands, which means non-EU traders will receive limited safeguards
Market coverage and account conditions vary significantly between the global and EU entities - for example, only 300+ instruments are available for global clients, whilst European traders can access 2500+

Visit InstaForex

#4 - XM

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Review

Why We Chose XM

You can trade hundreds of shares in major markets, including the US, UK, Europe and Asia. Commissions are as low as $1 per transaction while fractional shares reduce the entry barrier for beginners. There's also a dedicated stock market analysis section on the broker's website.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
- DayTrading Review Team

Demo Account: Yes
Regulator: ASIC, CySEC, DFSA, FSC, FSCA
Platforms: MT4, MT5
Min. Deposit: $5
Automation: Yes
Bonus: None

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Pros

Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools, respectively
Accessible trading accounts with a $5 minimum deposit and fast account opening
XM provides a no re-quotes and no rejections policy

Cons

PayPal deposits are not supported
There's $5 inactivity fee after only 3 months, though this won't affect active traders
There is weak regulatory oversight through the global entity

Visit XM

#5 - OANDA

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Review

Why We Chose OANDA

Over 1600 shares are available from leading stock exchanges, including blue chip firms like Apple and Meta. There are also no commissions on US stocks and day traders benefit from free insights and market reports from Dow Jones and Oanda’s MarketPulse research tool.

"OANDA will serve day traders looking for a trustworthy broker with a beginner-friendly platform, superb research and straightforward account opening. The $0 minimum deposit and excellent customer support makes it especially attractive to newer traders."
- DayTrading Review Team

Demo Account: Yes
Regulator: FCA, ASIC, KNF, MAS, CIRO, FFAJ, BVI
Platforms: OANDA Trade, MT4, TradingView, AutoChartist
Min. Deposit: $0
Automation: Yes
Bonus: None

About OANDA

OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.

Pros

With 68 forex pairs and access to a premium MT4 upgrade, the broker will serve active forex traders
The guaranteed stop loss order (GSLO) is a useful risk management tool not available at many alternatives
The $0 minimum deposit will appeal to newer traders

Cons

High-volume day traders get limited fee rebates or perks compared to leading brands
The range of payment methods trail competitors, only offering a handful vs the 10+ available at alternatives like AvaTrade
It's a shame that social and copy trading tools aren't supported for traders who want to explore other ways to trade

Visit OANDA

We exhaustively evaluated each stock broker, assigning them an overall rating that served as the basis for our platform rankings. This rating is a culmination of:

Quantitative metrics: We scrutinized over 200 data points across 8 core categories, carefully documented by our experts.
Qualitative insights: Our extensive testing process yielded valuable observations that further informed our evaluation.

Below are the key considerations that shaped our stock broker ratings. We recommend you take these factors into account when choosing an online stock broker.

Regulation and Trust

We prioritized online stock brokers that are authorized by trusted financial regulators like the US Securities & Exchange Commission (SEC), UK Financial Conduct Authority (FCA), and Australian Securities & Investments Commission (ASIC).

That’s because top-tier regulators ensure stock brokerages provide measures that can help protect your capital from business failure. The UK’s Financial Services Compensation Scheme (FSCS), for example, protects investments up to £85,000.

Leading regulators also enforce restrictions on leveraged stock trading for retail investors, typically set at 1:5. Leveraged trading is particularly common among short-term traders and it’s regulated to curb potential losses, offering protection in case the stock markets move against you.

Plus500 maintains its position as one of the most heavily regulated stock brokers (via CFDs) we’ve tested with real money, earning our trust with 7 licenses and a listing on the London Stock Exchange.

Stock Trading Fees

We chose brokers that offer low stock trading and non-trading fees, taking into account commissions on popular shares, margin fees, plus any deposit/withdrawal and inactivity charges.

Picking a brokerage account with low trading fees is especially important if you are day trading stocks, as a large volume of transaction fees can cut into profit margins.

XTB continues to stand out for its low stock trading fees after introducing zero commissions on shares and charging a competitive 0.5% conversion fee. It’s also one of a limited number of stock brokers we’ve tested to offer high interest on uninvested cash (up to 4.9%).

Stock Market Access

We favored brokers with access to a wide range of stock exchanges, providing short-term trading opportunities across a selection of markets and industries.

Importantly, stock market trading is centralized, meaning that shares in most large companies are sold through national exchanges, such as the New York Stock Exchange (NYSE), National Association of Securities Dealers Automated Quotations (NASDAQ), and London Stock Exchange (LSE).

Companies will not be listed on all exchanges, therefore, you should look for a broker with a global reach, especially if you want to build a diverse portfolio.

Also, some brokers specialize in buying and selling company shares directly, while others only allow you to speculate on stocks as the underlying assets using products like CFDs. These derivatives can be an excellent option for day traders looking for leveraged vehicles to profit from shorter-term price movements.

Year after year, we’ve been impressed with CMC Markets, which offers an almost unrivalled suite of 10,000+ shares including major stocks in technology, banking, finance, plus consumer and retail sectors.

Stock Trading Platforms and Apps

We selected brokers with excellent stock trading platforms and apps that have clearly been designed with ease of use in mind for beginner traders, alongside helpful stock screeners and sophisticated analysis tools for advanced investors.

That’s because a user-friendly platform ensures smooth navigation, timely execution of trades, and provides valuable tools and insights to inform stock trading decisions.

eToro’s stock trading platform and app stood out during testing for its simple interface that will appeal to new traders. It also provides intuitive charting and in-built indicators that will serve day traders, as well as integrated research and news feeds, trading calendars and expert commentary.

What Is A Stock Broker?

An online stock broker allows you to purchase company stocks and shares, or trade related derivatives like CFDs, via a website, desktop platform or mobile app, using just the internet.

These brokers will have connections to the stock market and will purchase the stock on your behalf. Trades can be executed at the click of a button, in real-time via their online platforms.

How Do Stock Brokers Make Money?

Stock brokers make money through several avenues. Often you will pay a commission, which is a flat fee per transaction. That said, we’re increasingly seeing online stock brokers, such as XTB, move to commission-free models.

In these instances, stock brokers may make money through a markup on the spread, which is the difference between the price a buyer is willing to pay (bid) and the price a seller is willing to accept (ask) for a particular stock, representing the transaction cost and liquidity in the market.

Some stock brokers are also market makers meaning they create liquidity by taking the other side of your trade. Sometimes, brokers can make money this way if a stock trader makes a loss.

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Tip: Advanced traders should consider a firm like Interactive Brokers. Their IBKRO Pro plan provides access to the IB SmartRoutingSM system which offers excellent execution by looking for the best available prices on stocks.

How Do I Start Trading Stocks?

The first step is to open an account with a stock brokerage.

You will find a wide assortment of online stock brokers and trading platforms available online, but choosing the best one for you depends on the stocks you want to trade, your trading strategy and your personal preferences.

You will then need to deposit the minimum amount, which typically ranges from $0 to $500.We’ve learned that depositing more upfront can often provide access to better quality stock trading tools and market research.

After that, you can log into the stock trading platform or app to find opportunities and place trades.

If you are new to stock trading, I recommend starting with a demo account. They simulate real-life market conditions, but any orders placed are with ‘paper money’. This means you can explore a platform and practice day trading stocks before risking real money.

Michael MacKenzie

Author

FAQ

Are Online Stock Brokers Safe?

The best way to stay safe is to choose a trustworthy stock broker. The most reliable sign of a trustworthy stock broker is authorization from one or more respected regulators, such as the SEC in the US, the ASIC in Australia, the FCA in the UK, or the CySEC in Europe.

We regularly verify the licenses of our recommended stock brokers on the respective regulator’s database to ensure they are authorized by the financial bodies they claim to be.

Our team is also comprised of industry experts who keep abreast of major security incidents and unfair trading practices – marking such stock brokerages down where appropriate. This was the case with Robinhood when its trading practices were found to be harmful to retail investors.

Which Is The Best Stock Broker For Beginners?

Pepperstone, XTB and eToro are our top picks for beginner day traders. They all have minimum deposits of <$10, free demo accounts so you can practice stock trading, and useful educational materials that we’ve explored ourselves.

Both XTB and eToro also offer fractional shares, lowering the entry barrier on high-value stocks.

Which Is The Best Stock Broker For Advanced Traders?

Interactive Brokers, IG and City Index are our top picks for advanced day traders. They offer a huge range of stocks with professional-grade platforms for market analysis, excellent research and reliable execution.