![]() To day trade, you must have at least a $25,000 minimum account balance and be approved as a Pattern Day Trader. If you do not have at least a $25,000 balance, margin approval, and Pattern Day Trader status, you can only place four day trades over a period of five business days before your account becomes restricted. Like poker, losing streaks can cause traders to take undisciplined risks, magnifying losses. What are the risks of day trading?īecause day trading involves actively buying and selling stocks throughout the day using margin (borrowed capital), it is inherently risky. Common reasons why traders use multiple platforms include having a backup in case of an outage, running dedicating trading strategies, or accessing specific trading tools not available elsewhere. It is not uncommon for day traders to have multiple brokerage accounts and use several trading platforms simultaneously. Popular day trading platform tools include ladder trading, level II quotes, trade hot keys, direct market routing, stock alerts, streaming time & sales, customizable watch lists, and backtesting, among many others. Read Full Review Day trading platforms comparison Webull - Webull offers a unique community experience and easy-to-use trading platforms that will satisfy most casual investors, but it can't compete with the vast amount of trading tools and research provided by traditional full-service brokers. ![]() But once you learn how to invest or want to day-trade, you’ll find its range of trading tools and features lags industry leaders. Robinhood - Optimized for individuals that are new to investing and want to start with the basics, Robinhood’s greatest strength is found in its simplicity. As far as day trading tools and functionality, Firstrade scores poorly compared to the best platforms. Read Full Reviewįirstrade - Firstrade Navigator is only available to Firstrade Premier customers, which requires an account balance of at least $10,000. But as a standalone broker, Ally Invest trails industry leaders in trading platforms and tools. Read Full ReviewĪlly Invest - For current Ally customers looking to invest in stocks, Ally's universal-accounts experience and easy-to-use website is a convenient solution. The primary drawback is the lack of one-click buy and sell buttons for speedy order entry. Merrill Edge - For active traders, Merrill Edge offers the MarketPro desktop trading platform, which is feature-rich but not optimal for day trading. It is easier to learn than TD Ameritrade and TradeStation, although the latter two provide a richer experience overall. To dive deeper, read our reviews.Ĭharles Schwab - Schwab's flagship downloadable trading platform, StreetSmart Edge, provides most of the bells and whistles day traders need to succeed. Here are our high-level takeaways for each. In addition to our top five day trading platforms for 2021, we reviewed six others: Charles Schwab, Merrill Edge, Ally Invest, Firstrade, Robinhood, Webull.
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