Best brokers for day trading of 2020 in the US

Written by Author

On June 27, 2020
Best brokers for day trading of 2020 in the US

Best brokers for day trading of 2020 in the US

Okay so this will just be a quick article of my recommended and not recommended, brokers and platforms now I’m coming, from the perspective of a day trader so, for me what’s important is being able to, get in and out of stocks fairly quickly, and also I would say if a decent, platform you know one that is fair, quick and responsive and customizable, the ability to program hotkeys or even, custom buttons you know anything to help, me to get in and out of trades quicker, that’s that’s important to me so that’s, that’s kind of where I’m coming from, also I want to note that I’m just, listing here what I’ve had personal, experience with so these are the platforms that I can speak about because, I’ve either tested them myself or have, seen or heard of reports from other, people about them okay so with that in, mind let’s dive right in

Best day trading broker

So first on our list here is sure trader what I like an about Sure Trader, first of all, are their fast, executions and their data feed it’s, basically lightning-fast and I really, like that as a day trader executions are, pretty much instantaneous I would I, would say it’s at the same level of, light speed. what’s nice about sure trader are they, use the – trader platform what I like, about this platform, is its customizability it’s kind of an, older platform so one caveat about it is, then there’s a high learning curve too, learn this platform but it’s low, overhead it’s customizable you can, program hotkeys you can even make custom, buttons.

Being an offshore, company there’s no PDT with sir trader, either now that’s a good thing and a bad, thing being an offshore company there’s, no regulations so I would not use sure trader as a long-term broker but for, your short-term needs I don’t see any, problem with them as long as you’re, willing to shell out the monthly fees, and you don’t mind pain a,higher-than-average, feeds per trade that’s the only downside, to the – trader platform is usually, there’s a monthly fee associated with, with the data feed no right so that’s, your trader.

best day trading broker

Best brokerage for day trading

The next one is TradeStation, now TradeStation I’ve been with for a couple of months now and I’ve been very, very impressed by them their executions, are fast data feed is quick and their, platform is really very impressive, especially the latest update it’s very, modern very intuitive very easy to use, and just as customizable as the – trader, platform, I can show you a quick,, just a quick view of the montage here, the buttons I just programmed just been, testing and testing them out this is a, demo a when you log into TradeStation. What’s nice is you can log,in to your main account or you can log,into a paper trading account so you can,you can paper trade and all you want and,get used to the get used to the platform,and unfortunately I mean with with the,fast executions and the data feed,there’s going to be monthly fees so it’s,kind of a trade-off,same thing with sure trader you know,you’re getting a decent data feed with,these two brokers but you’re also going,to have to shell out some money on a,monthly basis for that now with,TradeStation it’s a little bit cheaper I,mean depending on if you just get basic,level 2 or if you want the full depth,full market depth it’s going to be a,little bit more expensive but it’s,definitely cheaper than that the -,trader platform which if you want level,2 and in full market depth you’re,looking at upwards of over $100 per,month and especially if you want to,trade OTC stocks you know then there’s,more fees associated with that, now for ot C’s of course executions are,going to be slower across the board,the only broker I’ve heard that has been,faster with OTCs I think his speed,trader but I don’t know if that’s still,the case or not so when I when I talk,about fast executions I’m mainly talking,abouts Nasdaq and anise & ysc listed,stocks alright so next one down to,fidelity now fidelity what’s nice about,them there’s no monthly fees you do get,full market depth in level two and their,executions are decent not as fast as,tradestation or search raider but,they’re decent I would say for for being,a day chief for day trading so there’s,there’s a trade-off as I said you know,you’re not paying any monthly fees but,the trade-off is your your data feed is,just gonna be a hair slower and your,executions are gonna be a hair slower so,whatever you’re willing whatever’s most,important to you,and you can trade OTCs too with fidelity,now a downside here to this platform,it’s it’s very limited and in terms of,the odd key customization basically you,can only,you can only program in buttons to buy,and sell a certain number of shares and,that’s pretty much it,here’s a here’s a quick view of the,platform it’s on the weekend now so you,can’t see the level two but but it’s not.

best brokerage for day trading

Best brokers for day trading

All right so next one down you stock, trade now this is a little bit different, it’s just a web-based platform – Fidelity. A very, very simple interface no hotkeys but, what’s nice about them is it’s $1.00 per, trade no monthly fees so very very low, the cost for beginners you know if you’re, just getting into trading very very easy, to just jump in and start trading, right away, now one thing to note here when I, the stock is volatile you won’t be able to, trade it through you stock trade when you bring up the stock you’ll get it, you’ll get a notice that says limited, liquidity and that just means basically, you won’t be able to trade it and you’ll, have to wait so the stock settles down, maybe after the first 15 minutes of the, open before you’ll be able to begin, trading that stock so one caveat there, with you stock trade but in most cases, you can trade most stocks, okay now on to the not recommended, brokers like the others

best brokers for day trading

Best online brokers for day trading

I also opened up,it opened up accounts with these and,just funded that the minimum necessary,first one here Charles Schwab so I would,say Schwab is very similar to fidelity,in many ways there’s no monthly fees,you get free full market depth in level,two you can trade OTCs,everything that fidelity offers,basically and the platform is kind of,similar as well,no hotkeys though no no custom buttons,but the one glaring issue that I found,are the very slow executions on my very,first trade with Charles Schwab I placed,a market order for an NY a Nasdaq stock,and it took 45 seconds to fill now I’ve,never had that problem before in my,trading career so that really really,surprised me never has it took taken 45,seconds to fill a stock that when volume,was was coming in on it so I just,immediately closed down my account with,Charles Schwab I just I didn’t want to,risk losing any more money trading with,that with that with them so just to keep,that in mind that’s why I don’t,recommend Charles Schwab now that may,change in the future this is only my,experience as of 2018,now with each raid similar deal I would,say each raid is also similar to,fidelity in many ways and Charles Schwab,you get free full market depth you can,trade OTCs nice level to no monthly fees,all of that but again there’s that,trade-off the data feed so I’ve found,with each raid the data feed tends to be,kind of laggy in my testing each raid,was one of the slowest so when you’re,watching the level two and you’re,watching the chart there’s going to be a,few hundredths of a second of a delay,between on the price action on the chart,and on your level two and if you’re a,day trader and especially if you’re a,scalper that’s that’s going to be that’s,going to affect your ability to get in,and out of stocks quickly now if you,take longer positions like if you if,you’re maybe holding four hours you know,then maybe that might not be as poor as,important to you but if your scalper,then I would not have I’d advise a trade,and and lastly regarding there’s just,one little issue I noted here about,shorting I’ve heard that each trade is,able to get borrows very easily however,when I was asking a rep about this she,did note that you won’t know if a stock,is short able until you actually try,placing the trade which to me doesn’t,seem logical I would want to know,beforehand you know before I do all the,all my my legwork and forming of a plan,whether I can actually short that stock,but with each trade apparently you won’t,know until you actually try shorting the,stock,you know whether it’s sortable so just,one caveat about that I don’t know maybe,things will change in the future but,that’s what the rep told me so that’s,what I’m reporting here.

best online brokers for day trading

The best platform for day trading

Interactive Brokers is the next one now I, have not used I will be myself but I have seen other people use them and I’ve, heard reports and that’s why I also, can not recommend them because of their, apparent slow executions a number of, people have reported this so that’s why I’m including them here on this list now, it’s nice about IB as they do offer the,- trader platform so you do get all the, customizability all the hotkey, functionality custom buttons all of that, but again slow executions are,deal-breaker for me so so that’s why I, can’t recommend them and again things, may change in the future and I know I’d, be it’s they’re a very large company and, they’re affiliated with a lot of other, platforms but come at being one of them, I don’t know if the data feed is, different with book map but I know from, what I’ve seen they’ve had execution, issues.

best platform for day trading

Best online broker for day trading

RobinHood now again I have not opened up an, account with RobinHood but just the, the sheer number of reports that I’ve seen, of people having issues with their, executions that’s why I’m including them, here on this list what’s nice about them, is they do offer free trading, free day trading and there’s no monthly, fees but and you do you can get, around the PDT in a cash-only account, but again the slow executions are,just a deal-breaker for me so that’s why I can’t recommend them.

best online broker for day trading

Day trading brokers

Robin Hood is, very similar to you stock trade these, two are like cousins in a certain sense, but there is a big difference and their, executions and with you, stock trade you, get an immediate settlement which is nice, so as soon as you’re you exit a trade, those funds are available to trade, whereas with Robin Robin Hood they’re, not okay, so that is that’s all I have again these, are only the ones that I’ve either, tested myself or have a direct, experience with other people and, and I’ve seen other people’s reports, about them, all right so hopefully this has been, helpful to you guys and let me know if, you have any more questions all right, take care.

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