Day trading can be an exciting yet risky endeavor for investors looking to capitalize on short-term market moves. With the rise of commission-free trading apps, day trading is more accessible than ever. However, with so many trading platforms and apps now available, it can be tough to determine which ones are best suited for active day traders.
This comprehensive guide will explore the top 10 best apps for day trading in2023 based on fees, tools, research capabilities and more. By the end, you’ll have all the information needed to select the ideal day trading app to fit your investing style and goals.
Introduction
Day trading involves buying and selling securities within the same trading day, profiting off small intraday price movements. It demands speed, agility and access to robust research and analysis.
With mobile trading apps, investors can monitor the markets, place trades and manage positions seamlessly on the go. The top day trading apps provide powerful trading tools along with low fees and commissions.
Choosing the right day trading app depends on your needs and preferences as a trader. Key factors include costs, trading options (stocks, options, futures), platform speed and usability, research capabilities, charting and technical analysis tools, level II quotes and order execution quality.
This guide covers the 10 best day trading apps based on:
- Fees – Commission rates and fees per trade or contract
- Trading Platform – Usability, speed, reliability
- Tools – Charting, screening, alerts, Level II quotes
- Research – News, analyst ratings, fundamentals data
- Mobile Experience – Intuitive mobile app, real-time streaming
- Order Execution – Speed and price improvement
Let’s dive into the top apps for day trading and how to choose the best one for your needs.
The 10 Best Apps for Day Trading
1. TD Ameritrade – Thinkorswim
For advanced traders, TD Ameritrade’s Thinkorswim platform is a powerhouse for active day trading. Thinkorswim offers $0 commissions on online stock, options and ETF trades along with a customizable trading experience.
The Thinkorswim mobile app provides robust tools for charting, options analysis, screeners and Level II quotes. Traders can monitor positions, place complex multi-leg option trades, set advanced orders and analyze charts seamlessly from their smartphone.
With its extensive educational resources and ability to customize layouts and trading tools, Thinkorswim caters to advanced derivatives traders. However, the platform’s complexity can be a turnoff for beginner investors.
2. E*Trade Pro
E*Trade Pro offers a full-featured trading platform with $0 stock and options commissions, making it a great choice for active, high-volume traders.
The ETrade Pro app allows traders to monitor the markets, conduct research, analyze charts, place option spreads and manage open positions from anywhere. Real-time streaming data and advanced options analysis tools make ETrade Pro ideal for derivatives trading.
The downside of ETrade Pro is that its market data, platform and tools cater primarily to short-term traders rather than long-term investors. But for traders seeking an advanced trading app, ETrade Pro is a top choice.
3. Webull
Webull offers zero-commission trading along with powerful trading tools, making it a popular choice for day traders. Webull provides $0 stock and ETF trades along with low margin rates.
The Webull app offers an advanced suite of customizable charts with over 100 technical indicators.Traders can analyze candlestick, line or bar charts across multiple timeframes. Real-time news, Level II quotes, price alerts and detailed SEC filings provide helpful data for day traders.
While Webull excels at low-cost stock and options trading, the app is not ideal for active futures or forex trading. But for stock and options day traders seeking solid trading tools without heavy commissions, Webull delivers.
4. Robinhood
Robinhood made its name by pioneering zero-commission trading, making the app popular among millennial investors and day traders. The app supports trading in stocks, ETFs, options and cryptocurrencies with no commissions.
The Robinhood app has an intuitive, easy-to-use interface. While the app lacks some of the advanced trading tools and charting seen on Thinkorswim or Webull, it offers a streamlined trading experience. Seamless watchlist creation, price alerts, earnings calendars, analyst ratings and Level II quotes cater to day traders.
However, outages and other technical issues have created frustration with Robinhood’s platform. And serious derivatives traders may desire more advanced options analysis and charting compared to other platforms. But its zero-fee model and mobile convenience are ideal for newer day traders.
5. SpeedTrader
As its name suggests, SpeedTrader focuses on fast trade execution along with a full suite of trading tools. SpeedTrader offers stocks, options, futures and forex trading with low per-share and per-contract commissions.
SpeedTrader’s mobile app provides real-time Level I and II quotes, streaming charts, news and watchlist capabilities. The app focuses heavily on quick order execution for active day traders.
While SpeedTrader caters to short-term traders, its emphasis on speed over other features may not benefit investors with a longer timeframe. But for penny stock traders and others requiring lightning-fast order fills, SpeedTrader delivers.
6. DAS Trader Pro
DAS Trader Pro from DAS Trader offers an advanced trading platform tailored towards savvy day traders. Along with stocks and options, DAS Trader Pro provides futures and forex trading.
As an HTML5 web-based platform, DAS Trader Pro works across devices without installs. Active traders can benefit from the platform’s customizable hotkeys, Level II quotes, historical replay abilities and advanced charting. DAS Trader Pro also connects directly to TD Ameritrade for trade execution and data.
However, the platform’s technical complexity may present a steep learning curve. DAS Trader Pro remains a powerful choice for the advanced day trader.
7. Lightspeed Trader
Lightspeed Trader lives up to its name by focusing heavily on order execution speed. The app offers stock, options and futures trading with competitive commission pricing.
Lightspeed Trader’s customizable trading platform aims to provide pro-level tools while remaining intuitive. Charting with over 100 technical indicators, screening tools, Level II quotes and detailed watchlists benefit short-term traders. The emphasis remains on rapid order execution for taking quick profits.
While Lightspeed focuses on active traders, longer-term investors may desire more fundamental research capabilities. But the app’s convenience and speed make it a top contender for day traders.
8. TradeStation
TradeStation offers an institutional-grade trading experience designed for the advanced trader. TradeStation’s web-based platform provides trading in stocks, options, futures and crypto with competitive pricing.
TradeStation packs an arsenal of tools like strategy backtesting, automated trading, chart pattern recognition, screeners and options analysis. Real-time news and Level II quotes compliment the robust toolset. TradeStation also focuses heavily on education for new traders.
However, TradeStation’s emphasis on advanced tools results in a complex platform with a steep learning curve. But for sophisticated traders, TradeStation brings institutional-level power.
9. NinjaTrader
NinjaTrader focuses heavily on futures and forex trading, making it ideal for short-term traders of derivatives and currencies. The app provides advanced charting, backtesting and analytics tailored to futures trades.
The NinjaTrader platform aims to combine power with simplicity by emphasizing an intuitive interface. Traders can create complex strategies and analyze futures markets across asset classes. Customizable workspaces allow tailoring the app to your trading style.
While NinjaTrader excels at derivatives trading, its stock and options capabilities remain limited compared to all-purpose brokers. But for focused futures and forex trading, NinjaTrader delivers a robust toolset.
10. DRCTprime
DRCTprime appeals to traders seeking to combine the capabilities of a Bloomberg terminal with a convenient mobile experience. DRCTprime offers real-time Level I and II quotes, customizable charts, screeners and news aggregation.
DRCTprime provides strong price data and information tailored to day traders. However, the app does not currently support live trading. Instead, it serves as a powerful market data terminal for informing your trades on other platforms.
For traders willing to compile information across apps, DRCTprime makes an excellent addition for its convenient charts, screeners and data analysis. The app provides a robust toolset without the high costs of a Bloomberg terminal.
How to Choose the Best Day Trading App
With numerous trading apps now available, it’s vital to choose one aligned with your day trading strategies and preferences. Consider these key factors when selecting your platform:
- Costs – Commissions, fees and account minimums impact profitability. Look for $0 stock/ETF trades.
- Trading Products – Support for stocks, options, futures, forex.
- Tools – Charting, screeners, risk management and trading performance analytics.
- Technology – Speed, reliability, order execution and mobile optimization.
- Research – Fundamentals, technicals, news and SEC filings.
- Interface – Customizable, intuitive, mobile-friendly.
- Customer Service – Reliable support via phone, email and chat.
- Education – Videos, guides, webinars and virtual workshops for new traders.
Analyze your trading goals, strategies, markets and volumes to determine an optimal fee structure. Choose advanced tools, research and order execution speed suitable to your day trading timeframe and techniques.
Prioritize an intuitive, mobile-friendly interface for monitoring the markets on the go. Seek robust education resources if you’re a newer trader. Finding the ideal blend of features catered to your day trading style is key in choosing the best app.
The Bottom Line
Day trading offers exciting opportunities to profit from intraday market swings – but a poorly chosen trading platform can hinder your success. The best day trading apps provide the features, tools, speed and reliability needed to capture short-term gains.
For most active day traders, commission-free trading from apps like Webull, SpeedTrader and Robinhood creates an accessible entry point. More advanced traders can benefit from robust tools and API access on TradeStation and Thinkorswim. NinjaTrader excels at forex and futures trading.
No app will be perfect across all metrics. Analyze your trading strategies, technical needs and costs to select the ideal platform tailored to your day trading requirements. The right day trading app provides a powerful advantage in navigating volatile intraday market moves.
Frequently Asked Questions on Day Trading Apps
What makes a good app for day trading?
The best day trading apps provide low commissions, fast order execution, advanced charting and analysis tools, Level II quotes, screeners, and robust mobile capabilities. Top apps cater to active traders through responsive design, real-time data, and a customizable interface.
How much does a decent day trading app cost?
Many excellent day trading apps are now available commission-free. Leading choices like Robinhood, Webull, and TD Ameritrade offer $0 stock, ETF, and options trades. Paying for market data, faster execution, and margin access can enhance platforms like E*Trade Pro, Lightspeed, and SpeedTrader. Expect to pay $4.95-$9.95 per trade at traditional brokers or up to $1/contract for options.
What platform is best for beginners?
Beginner day traders should look for an intuitive, mobile-optimized app that offers education content, virtual workshops, and transparent pricing. User-friendly choices include TD Ameritrade, E*Trade, Fidelity, Charles Schwab, and Merrill Edge. Focus on learning the markets before seeking advanced tools offered by platforms like Thinkorswim.
Is Thinkorswim good for active trading?
With robust charting capabilities, real-time Level II quotes, options analysis tools, a fully customizable interface, and API access, Thinkorswim delivers an institutional-grade experience great for active traders. However, its complexity may overwhelm new investors. Thinkorswim excels at derivatives trading but carries a steep learning curve.
What professional day traders use?
Experienced day traders utilize direct market access (DMA) brokers like Lightspeed, SpeedTrader, and Cobra Trading for the fastest order execution. DMA bypasses market makers for direct routing to exchanges. Professionals also use Bloomberg terminals for real-time data and analytics. Thinkorswim and TradeStation offer advanced tools, but many professionals code their own software.
Is Robinhood good for day trading?
Robinhood offers an accessible entry point into day trading with commission-free stocks, ETFs and options. Its mobile convenience and user-friendly interface benefit newer traders. However, limited screening tools, basic charting, and periodic outages show Robinhood lacks capabilities for advanced day traders. But its zero-fee trading makes it a top starter app.
Can I make consistent profits day trading?
Achieving consistent profits via day trading requires substantial knowledge and experience. Most active day traders lose money in their first year. To succeed, traders must employ disciplined strategies based on technical and statistical analysis while managing risk through prudent position sizing, stops and limiting leverage.
Day trading offers exciting potential but requires extensive skills. Take time to thoroughly educate yourself through virtual workshops and paper trading before risking real capital. Focus on steady, methodical gains instead of rapid profits.
What should I look for in a day trading broker?
The best day trading brokers offer low commissions, fast order execution, Level II quotes, and advanced trading platforms. Seek robust mobile apps, education resources, and trading tools like screeners, scanners, charting, and risk analysis. Top brokers cater to active traders through direct market access, API connections, and customizable interfaces.
How do I choose the best day trading platform for me?
Consider your trading style, markets, volume, and timeframe to select the ideal trading platform. Analyze costs, speed, tools, research capabilities, supported asset classes, order types, and customer service when choosing an app. Optimize for your specific needs – casual traders may prefer Robinhood’s simplicity while professionals desire Lightspeed’s speed.
Conclusion
Today’s trading apps provide active day traders with greater access and capabilities than ever before. Take time to thoroughly analyze your goals and technical requirements before selecting a platform. Seek an optimal blend of usability, trading tools, research, costs, speed, education, and mobility to match your day trading style. By choosing the right app for your needs, you’ll gain a powerful advantage for seizing short-term trading opportunities.
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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