Top 10 US day trading brokers (2024)

As the name suggests, day trading refers to trading where positions are opened and closed within a single day before the market closes. This type of trading is easily distinguished from swing traders who may hold positions for days or weeks, or long-term investors who hold positions for months or even years.

Day traders can open positions on various currency pairs each day based on trading signals generated from technical indicators, price movements, and fundamental news releases. They typically operate within timeframes ranging from 15 minutes to 1 hour. With this unique strategy, day traders often have their own criteria and specific requirements when selecting brokers.

Key criteria for day traders

Several factors need to be considered when choosing a broker for day trading, as day trading requires consistent and rapid responses to identify and seize opportunities. Compared to position trading or swing trading, day trading involves much higher trading frequency. Here are some criteria that your chosen broker should meet:

• Commission per trade: Day traders often opt for brokers offering low commissions, which may help ensure higher profits for day traders.
• Quality of trading platforms: Since day traders frequently open and close positions, even differences in order execution speed measured in seconds can impact the price levels of orders, thereby affecting the profitability or loss of trades.
• Customer support: Sometimes, even the most reliable brokers may experience network interruptions and other issues. Therefore, day traders need to be able to contact customer support directly to resolve any problems.

Interactive Brokers (IB)

• Commission: 0.1 pip for currencies, $0 per share for US residents.
• Trading platforms: Trader Workstation (TWS), IBKR GlobalTrader, IBKR Mobile, IBKR EventTrader.
• Customer support: Email, phone support, chat rooms, document submissions, community forums, customer voting, etc.

Overall, for those seeking reliable and regulated brokers for trading, Interactive Brokers has consistently been a good choice. Interactive Brokers provides a plethora of trading platforms, committed to offering the best services for both beginners and professionals, catering to the needs of every client.

2. Thinkorswim (by TD Ameritrade)

• Commissions: Options trades incur a fee of $0.65 per contract; over-the-counter (OTC) stock trades are charged a commission of $6.95, including stocks not listed on U.S. exchanges.
• Trading platforms: Web platform, thinkorswim Web, thinkorswim Desktop, thinkorswim Mobile App.
• Customer support: Phone, Facebook Messenger, Twitter DM, fax, email, and mail.

In addition to serving as a broker, Thinkorswim also offers learning courses about investments. The company was initially founded in 1983 as Telescan, Inc., headquartered in New York with branches in Chicago, Draper, and Palo Alto.

Thinkorswim not only offers forex trading but also stocks, options, and futures trading. The proprietary trading platform offered by the company is renowned for its functionality, particularly in technical analysis support.

Currently, in terms of service variety, Thinkorswim stands as one of the most comprehensive trading services among other brokers. Some major benefits include free access to Federal Reserve economic data and other features that allow day traders to customize charts, conduct backtesting, or receive constant updates.

Furthermore, the broker also provides a voice mailbox with real-time commentary on the S&P 500 index and Chicago Mercantile Exchange.

3. Lightspeed Trading

• Commissions: Discounted options commissions start at $0.60 per contract (minimum $1).
• Trading platforms: Eze EMS Pro, Eze EMS Express, Sterling Trader Pro, Sterling Vol Trader, SILEXX OEMS, Wex.
• Customer support: Email, phone, scheduled calls, FAQs, video tutorials, documentation center, face-to-face meetings.

Established in 2006, Lightspeed Trading is headquartered in New York City. They offer stock, options, futures, and ETF trading through customizable platforms.

There are many features beneficial to U.S. day traders, such as low commissions, educational resources, Level II quotes, and direct access routing. The only drawback is the broker's adherence to SEC day trading pattern rules, requiring a minimum balance of $25,000 for day traders.

4. Advantage Futures

• Commissions: Commissions and fees are based on trading volume and margin utilization.
• Trading platforms: TT (Trading Technologies) Web, apps, desktop.
• Customer support: Email, phone, Market Knowledge Center, Seminar Center, Economist Series, Industry Insight Series, etc.

Advantage Futures was founded in Chicago in 2004. The broker is known for futures trading and, according to its official website, requires a minimum deposit of $10,000 to open an account, accepting international clients (not just from the U.S.).

One of the main advantages for day traders is the supportive customer service. If you wish to exit a trade, you can contact the 24-hour global execution desk to execute orders immediately.

5. OptionsXpress

• Commissions: If you execute fewer than 35 options trades in a quarter, you pay $1.50 per contract, with a minimum of $14.95 per trade. If you execute more than 35 options trades in a quarter, fees drop to $1.25 per contract, with a minimum of $12.95 per trade.
• Trading platform: XTend.
• Customer support: Phone, email, live chat.

OptionsXpress is a U.S.-based broker affiliated with Charles Schwab Corporation, headquartered in Chicago. The broker is suitable for traders interested in stocks, options, ETFs, and more.

OptionsXpress uses a free trading platform called Xtend, offering streaming quotes and market data, charts, scanners, time and sales, and order booking.

Another feature that might interest day traders is the virtual trading platform, providing real-time streaming charts to practice orders and fine-tune strategies without any risk.

6. TradeStation

• Commissions: $0 commission trades and various tradable securities, including cryptocurrencies.
• Trading platforms: Desktop, web trading, mobile app, Futures Plus, TSCrypto.
• Customer support: Virtual assistant, FAQs, support via online forums, live chat, phone, email.

TradeStation Group Inc. is a trading analysis broker and software company, founded in 1982 as Omega Research Inc., headquartered in Plantation, Florida.

The broker offers stocks, forex, options, and futures products, and its TradeStation trading platform has won numerous awards for its comprehensive analysis and automated trading capabilities suitable for day traders.

7. OptionsHouse LLC

• Commissions: Fixed fee of $5 for up to five options contracts, with an additional $1 per contract; fixed fee of $8.50, plus $0.15 per contract.
• Trading platforms: OptionsHouse trading platform, Trade Generator.
• Customer support: Phone, email, etc.

Despite merging with TradeMonster in 2014, the broker still retains its original name, OptionsHouse. The broker provides options and stock products with scanner features on its trading platform to help day traders find good trading opportunities in the market.

8. SpeedTrader

• Commissions: Starting at $0.0009 per share.
• Trading platforms: SpeedTrader Pro, SpeedTrader ActiveWeb, iSpeedTrader.
• Customer support: Phone, live chat, email.

As the name suggests, SpeedTrader excels in speed. The broker offers high-speed trading platforms with large order volumes (up to millions), headquartered in New York.

For day traders, the broker provides stocks and options with relatively low commissions.

9. Infinity Futures

• Commissions: $2.25 per buy/sell contract (negotiable for active traders).
• Trading platform: InfinityAT
• Customer support: Phone, email, etc.

Infinity Futures was founded in 1995, headquartered in Chicago. Currently, the broker offers futures and options products solely through a trading platform called InfinityAT.

Day traders can benefit from many advantages with this broker, including a stable and high-speed trading platform, low commissions, flexible leverage, weekly webinars, and phone support services.

10. OANDA

• Commissions: Commissions are calculated based on your account type and trading volume, starting from $0, with commissions as high as $50 per million transactions.
• Trading platforms: OANDA Trade Web, mobile and tablet apps, TradingView, MT4.
• Customer support: FAQs, OANDA Assistant, phone, email, live chat, webinars, etc.

OANDA is globally recognized as a broker with user-friendly web and low-cost services, founded in 1995 and headquartered in Toronto, Canada.

Its primary products are forex and financial market information services. OANDA offers various trading platforms to choose from. One of them, fxTrade, is reputed for its high-speed execution, which is crucial for day traders.