Open a Real Trading Account 2023
No matter your level of expertise or experience, finding a trustworthy brokerage that offers an array of products and research tools is key. Interactive Brokers stands as our top pick for best online day trading platform because it offers comprehensive charting and drawing tools across markets worldwide through both desktop and mobile apps.
eToro
eToro is an online platform where traders can trade stocks, cryptocurrencies, commodities and ETFs. With over 20 million users and a strong social trading reputation, eToro has earned itself a place of prominence within the trading community.
Traders can open an eToro account using their Facebook or Google credentials, along with some personal information. Once verified, traders are free to start trading immediately.
eToro's social investing capabilities are its greatest appeal, allowing you to copy other investors' trades without needing to learn all the intricacies yourself. This makes it a beneficial tool for both you and the investor you are copying, as it allows both of you to benefit from their expertise without needing to reinvent the wheel yourself.
This is an invaluable opportunity to learn from others and make money. However, it's essential to note that the platform does not actually own or hold any of the assets you purchase; rather, eToro holds CFDs on those assets (contract for difference), and you enter into an agreement with eToro about its price.
You can purchase and sell a variety of other assets, such as exchange-traded funds (ETFs) and mutual funds. Although these are less popular than cryptocurrencies, they do provide diversification.
Cryptocurrency traders will find a vast selection of coins and tokens at eToro, including all major coins and tokens as well as smart contract cryptos, gaming tokens, metaverse and DeFi tokens. This puts them ahead of Coinbase which only offers about 75 cryptocurrencies to non-U.S residents and does not allow users to trade stablecoins like Tether or USD Coin.
eToro's crypto trading fees are quite competitively priced compared to those charged by many other exchanges, at just 1% per trade.
Additionally, eToro offers the CopyTrader copy-trading feature that lets you automatically mirror other traders' trades. This is especially advantageous for crypto investors since it enables you to copy successful investor moves while limiting your losses.
The website and app are user-friendly and intuitive. Traders can utilize the search bar, discovery page and home screen to locate assets they wish to trade or browse a portfolio of other traders.
TD Ameritrade
By opening a trading account with TD Ameritrade, you'll gain access to their top-rated platforms and extensive investment research. With your smartphone or desktop computer, you can trade stocks, ETFs, mutual funds as well as options contracts.
The broker provides a comprehensive selection of investing tools and education, such as courses, articles, and videos for both novice and advanced investors alike. Furthermore, its paper trading feature allows you to test out your strategy without risking actual funds.
TD Ameritrade's web platform provides an intuitive and straightforward way to trade stocks, bonds, ETFs and mutual funds. Additionally, it includes streaming news, third-party research and watch lists.
iOS, Android and Windows platforms make this platform an ideal choice for traders who use smartphones or tablets. It provides level II quotes, conditional orders and even complex options trades that require advanced knowledge to execute successfully.
Online stock and ETF trades with TD Ameritrade are free from commissions, making them a great opportunity for novice investors. However, it's important to remember that TD Ameritrade charges fees for automated phone trades as well as broker-assisted trades.
Clients can conveniently monitor their portfolio with TD Ameritrade's web-based interface, which displays positions and balances in one screen. Furthermore, the mobile app provides real-time market information so users can make adjustments as needed.
The website also offers a doc tool that allows users to customize their dashboard. They can add and remove modules, select which watchlists and accounts should be visible, as well as include any other relevant data like RSS feeds or market news.
Investors can search a vast selection of mutual funds and ETFs by category, making it simple to identify the ideal funds for any market or strategy.
Trade stocks and options with TD Ameritrade to get exposure to volatile markets without risking too much of your capital. Unlike many other brokerages, they don't charge fees for options trades, helping reduce overall trading expenses.
Though TD Ameritrade may not be as well-known as Schwab, it offers an attractive choice for those seeking to diversify their portfolios and invest in various asset classes. Plus, there's a wide selection of no-load, no-fee mutual funds and exchange-traded funds (ETFs).
Lightspeed
Lightspeed provides a range of platforms for stocks and options trading, from its flagship Lightspeed Trader desktop app to downloadable Web and mobile versions. The company caters to active day traders, professional investors, trading groups and hedge funds interested in the equity, options and futures markets.
Platform features include real-time data and quotes for over 100 order routing destinations, flexible screeners, trade idea generators, charting, research and fundamental data access. Furthermore, it supports several specialty third-party platforms that provide additional tools for trading a range of market instruments such as futures and exchange-traded funds (ETFs).
The broker's per-contract fees are competitive: $0.0045 per share or $4.50 for stock and ETF transactions, as well as $0.60 per contract for options deals. Discounted commissions are available to those who meet volume thresholds - less than 500 contracts per month or 100,000 in a year - regardless of size.
Though the platform has its shortcomings, it's worth exploring for experienced day traders looking to expand their portfolios. TipRanks, a tool for tracking stock trends and real-time quotes, as well as access to six providers of market data and research, make this platform worth checking out.
Setting up a demo account is easy for new investors, as all that needs to do is provide your name and email address. That way, you can test out the platform's features without opening an actual account.
Lightspeed provides a number of educational resources to its customers, similar to other brokers. Its trading glossary, FAQs and product tutorials offer basic knowledge about trading strategies as well as stock and option fundamentals. Plus, the company hosts one to two live webinars per month for added educational value.
The company's customer support is impressive, with knowledgeable agents ready to assist you whenever it is necessary. You can reach them online or over the phone and receive personalized responses in your communications.
Traders can save money by taking advantage of a promotion that grants them 50% rebates on equity and options commissions for the first three months, up to $10,000. The offer is valid only for customers using Lightspeed Trader, Sterling or Eze EMS (formerly RealTick) platforms who have at least $25,000 in equity at the beginning of the promotional period.
Interactive Brokers
Interactive Brokers is an online stock and financial services firm that provides a range of trading instruments including stocks, CFDs, indices, forex, ETFs and futures. It's regulated by the US Securities and Exchange Commission, UK Financial Conduct Authority as well as other international regulators.
Its competitive margin rates and vast selection of trading instruments are some of the best in the industry. Additionally, it provides a range of services tailored towards investors with various levels of expertise.
To help investors uncover undervalued companies and new investment opportunities, IBKR GlobalAnalyst and PortfolioAnalyst provide analytical tools. These applications enable investors to monitor their portfolios and identify potential investment ideas.
Investors may benefit from the Stock Yield Enhancement Program, which offers them additional income on fully paid stock shares. This feature is especially advantageous for investors with large stock portfolios and frequent trades.
For traders with lower volume needs or who require fewer advanced features, the firm's Lite account is an attractive option. Not only does it come with no-commission tiers, but users also get unlimited free trades and access to the company's robust platform.
If you want to maximize your potential profit in the stock market, a reliable brokerage is essential. Interactive Brokers is one of the best in this space and has earned itself an excellent reputation for offering low margin rates.
Another reason why it's popular with professional traders is that, unlike many other brokers, there isn't a minimum deposit to open an account. Furthermore, its pricing structure makes sense for high-volume traders and investors who need to borrow shares - saving them money in the long run!
Its website is user-friendly, and customers can get answers to their queries through chat or email customer service. Phone support is available 24/7 and emails are responded to within 24 hours of receipt.
Interactive Brokers provides a wide selection of trading instruments, as well as mutual funds suited for both novice and experienced investors. Furthermore, the broker offers tools to analyze stocks and other markets like its Market Snapshot service which provides real-time updates on changes in a company's stock price and other key metrics.