Best Brokerage Firms For Day Trading

Best Brokers For Day Traders


2020 review of the best brokerage firms for day trading. Top day trading accounts for stocks, options, and futures markets.



A lot is needed to make a living out of day trading on the markets with knowledge, experience, and right trading tools being the most important factors. It is also imperative to minimize the cost of trading as it might eat out large portion of a trader profits. In an ideal world, there is a brokerage firm that offers both the lowest possible pricing and the best trading platform and research tools for active traders. Unfortunately, in the reality the best tools and the lowest costs will be in different companies.

We believe that a successful day trader needs two brokerage accounts. First account should be with a company offering very low, preferably $0 commission pricing. Second account will provide access to the best trading, research and charting tools which are usually found in the more expensive brokerage houses.

Below we list our picks for 2020 best brokers for day-trading. All of these firms are offering fast trade executions.

- WeBull for the cheapest commissions - $0.00 per trade.

- Tradestation for fantastic set of trading platforms and research tools.

It takes 10 minutes to open a day-trading account at WeBull ($0 minimum opening deposit) or Tradestation ($0 minimum opening deposit).


Webull
WeBull

InvestmentsCommissions
Stocks and ETFs $0
Options $0
Mutual funds not offered
Treasury Bills, Notes, Municipal and Agency Bonds, Zeros & Strips not offered

Investments stocks, options, ETFs
Minimum deposit to open account $0 for cash account, $2,000 for margin account
FeesWeBull fees
Promotion WeBull promotions


With rock bottom $0 commission on all stock and ETF trades, WeBull is now top broker for day traders looking for the lowest pricing. They also offer some of the lowest margin rates in the industry.

WeBull's mobile app is already among the best on the market, and they have a desktop trading platform that is improving fast.


Full WeBull Review

WeBull rating

WeBull Review


WeBull Promotion Code

Get 2 FREE stocks valued up to $1,400 + $100 in ACAT reimbursement.

Open WeBull Account



TradeStation
TradeStation: Best Broker For Day Trading

InvestmentsCommissions
Stocks and ETFs flat-rate plan$0
Options $0.60 TS Select plan; $0.50 TS Go plan
Futures $1.50 TS Select plan; $0.85 TS Go plan
Mutual funds $14.95
Bonds $14.95 + $5 per bond
Forexcommission-free with tight spreads and fractional pips

Investments stocks, options, mutual funds, bonds, futures, forex, ETFs
Tradestation minimum deposit to open account $2,000 for cash TS Select account, $0 for cash TS Go account, and $2,000 for margin account
FeesTradestation fees
Promotion linkTradestation promotions


TradeStation's commissions is $0 per trade. What we really like about the firm is their trading platform, that allows trading stocks, options, forex and futures. The platform is the best in the industry for day traders, and it is free of charge. It is a must-try for any day trader.

Thanks in part to fast trade executions, TradeStation got the highest score in Best for Frequent Traders and Best for International Traders categories in online broker survey. We rated the firm Best for Futures Traders and Best for Day Traders for the third year in a row.


Detailed TradeStation Review

Tradestation rating

TradeStation Review


TradeStation Promotion Offer

Get $0 stock/ETF commissions + best trading tools.

Open Tradestation Account





Becoming A Daytrader: It's Simple, But It's Not Easy


When people discover that I am a professional trader, they usually want to know “what's the secret?” and they are inevitably disappointed with my answer. I always respond that there is no secret; in fact, trading is simple. Simple, but not easy.

Through discussions and interactions with other traders, I've concluded that everyone goes through a similar process on the way to becoming a person who derives their income from trading the market. Not the exact same in terms of time and effort, but the stages correspond. I'll share the steps I went through with the hope that others can recognize where they are and also see that there is light at the end of the tunnel.


Best brokerage for active traders


Nothing To It


When I first started trading, it looked as though there should be nothing to it. Price either goes up or it goes down, doesn't seem like rocket science, lets get at it. I placed a lot of trades and took a lot of risks...if a trade started to go against me, I would reverse my position. Then the price would reverse and I'd go back to my original position only to see the price reverse again. Ten days of this tail-chasing and money losing exercise was enough to convince me that perhaps there was more to this than I had first thought.


The Search


I spent the next 2 years reading countless books, visiting websites and chat rooms, purchasing systems and basically immersing myself in anything and everything market related. I toyed with every indicator under the sun, from Fibonacci lines to moving averages. I would test a system for a week and if it didn't produce results, I'd move on to the next one. I would try to pick the exact turning points in the market and would chase losing trades. Basically, I tried everything, but no one thing long enough to see if it actually worked.

After committing more time and effort than I ever thought I'd have to and blowing out 2 fully funded brokerage accounts, I was on the verge of packing it in.


Epiphany


One day I looked at the littering of notes on my desk and realized that I had tried no less than 5 different systems in the last 8 days. The proverbial light bulb came on over my head: maybe it's not the system that is making the difference. Perhaps no one and no thing can predict what the market will do in the next few seconds or the next half an hour. This revelation led me to delve in to the psychology of trading and I began to work on my own system and develop my own method of trading.

I stopped looking at results on a trade by trade basis and took a longer view, I no longer got frustrated when a trade lost, I just closed it and went on to the next one. I actually truly accepted that I could not predict the market and things began to fall into place.


Best day trader brokerage


Rolling


The next year was a slow but sure climb to the ranks of profitability. I was making trades whenever they fit my criteria. I was taking losses just as freely and easily as I was taking wins. My winning trades were finally allowed to run to their conclusion and my losers were closed quickly. I began to break even most days and most months...I was growing more confident with my system and was conscious that I was on the right path. I was still working hard and thinking through every trade and slowly I began to make more money than I would lose on a consistent basis.


Boredom


Once I saw my account growing steadily month after month, the boredom started to creep in. Trading became no longer exciting, it was just like anything else in life that a person is good at or does as a job, it gets boring. Once you have a proven method of trading that is profitable, it tends to become mundane.

I guess in conclusion, the more appropriate answer to the “what's the secret?” question is that the journey to becoming a successful trader is simple, but it's not easy.