Professional traders have high expectations, and because the difference between success and failure in the markets can be razor-thin, choosing the correct trading platform is critical. Day traders benefit by opening and closing a large number of trades each day in the hopes of making money. As a result, this necessitates dependable transaction execution, cheap commissions, and easy customer service access should things go wrong. To evaluate the finest trading platforms, this article prioritizes minimal commissions and costs, as well as efficient customer assistance.

TOP 8 BEST INVESTING SOFTWARE FOR DAY TRADING

  1. INTERACTIVE BROKERS – Best investing software for day trading overall
  2. TD AMERITRADE – Best investing software for day trading for beginners
  3. LIGHTSPEED TRADING – Best investing software for day trading for pros
  4. COBRA – Best investing software for day trading with best customer support
  5. TRADESTATION – Best investing software for day trading with best analytical tools
  6. FIDELITY – Best investing software for day trading for mobile trading
  7. CHARLES SCHWAB – Best investing software for day trading in transparency
  8. MERRILL EDGE – Best investing software for day trading for personalization

1. INTERACTIVE BROKERS – BEST INVESTING SOFTWARE FOR DAY TRADING OVERALL

PRICING: No platform fee

Interactive Brokers is the best investing software for day trading overall. There is easy access to a huge number of global marketplaces and their trading commissions are small. Interactive Brokers is the favored trading platform for experts at hedge funds and investment businesses because of these and other advantages.

KEY FEATURES:

  • Smart Routing
  • Mobile apps
  • Accumulate/Distribute Algo
  • Per-share pricing
  • Impact Dashboard

REASONS TO BUY:

  • The Trader Workstation platform is powerful and loaded with features
  • Volume discounts
  • Large investment selection
  • Interactive Brokers offers highly reliable trade execution

REASONS TO AVOID:

  • Customer service can be hard to reach

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2. TD AMERITRADE – BEST INVESTING SOFTWARE FOR DAY TRADING FOR BEGINNERS

PRICING: No platform fee

TD Ameritrade is the best investing software for day trading for beginners. TD Ameritrade is known for its user-friendly mobile app and beginner-friendly guides since it has the most comprehensive teaching resources of any day trading platform. This is what enables new day traders learn the ropes and become successful in their endeavors. Technical analysis and several day-trading tactics are covered in depth by TD Ameritrade’s education center.

KEY FEATURES:

  • Bonds (corporate, municipal, Treasury, and CDs)
  • Futures/commodities
  • PaperMoney simulator
  • Bitcoin futures
  • Advanced order routing technology
  • Single and multi-leg option contracts

REASONS TO BUY:

  • Free research
  • Day traders who are just starting out have access to a wealth of comprehensive educational tools
  • The Thinkorswim platform is available at no cost
  • No account minimum
  • Good customer support
  • Paper trading is available
  • Large investment selection

REASONS TO AVOID:

  • For stocks, there is no direct access trading

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3. LIGHTSPEED TRADING – BEST INVESTING SOFTWARE FOR DAY TRADING FOR PROS

PRICING: The commission depends on the volume of shares traded in a month

Lightspeed Trading is the best investing software for day trading for pros. Without superfluous bells and whistles, the Lightspeed Trader platform is only focused on data and order execution. The platform has extremely low latency, is extremely stable, and is highly customizable. Lightspeed Trading’s technology and features are designed to allow traders to react quickly to market opportunities.

KEY FEATURES:

  • SRI/ESG Research Amenities
  • ETF and Mutual Fund Screener
  • Fixed Income Screeners
  • News
  • Charting
  • Tools and Calculators
  • Trading Idea Generator

REASONS TO BUY:

  • Futures trading
  • Powerful scanners geared to day trading
  • Advanced trading platforms
  • Low options trading costs
  • Dependable customer service

REASONS TO AVOID:

  • High commissions

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4. COBRA – BEST INVESTING SOFTWARE FOR DAY TRADING WITH BEST CUSTOMER SUPPORT

PRICING: The platform fee is $100/month. Waived if you trade 200,000 shares/month

Cobra is the best investing software for day trading with best customer support. They respond quickly and efficiently over the phone, over email, and via live chat. It is not necessary to navigate through a succession of automated options before being connected to a real employee, in contrast to the practices of other huge firms. It is aimed for institutional and professional traders. Short selling, commission rates, and customer service are all areas where Cobra Trading excels.

KEY FEATURES

  • Advanced charting capabilities
  • News
  • Watch lists
  • Trading alerts

REASONS TO BUY:

  • The broker is regulated by three bodies: SIPC, FINRA, and NFA.
  • Contact support via online chat is available 24/7.
  • Client funds are reliably protected, and financial compensation is provided in case of force majeure circumstances.
  • The company offers trading accounts for investors with different needs: individual, general, corporate, etc.

REASONS TO AVOID:

  • There are few training materials

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5. TRADESTATION – BEST INVESTING SOFTWARE FOR DAY TRADING WITH BEST ANALYTICAL TOOLS

PRICING: $0 commission on trades

TradeStation is the best investing software for day trading with best analytical tools. Active stock, options, and futures investors like TradeStation because of the software’s high-octane trading interface, reams of research, and extensive analysis of data. 

KEY FEATURES:

  • OptionStation Pro
  • RadarScreen
  • Matrix
  • Chart Analysis
  • Hot List
  • Time & Sales
  • TradeManager

REASONS TO BUY:

  • Supports extensive research
  • trades in stocks, ETFs, and options are executed at $0 commission fee
  • High-quality trading platforms
  • Active trader community

REASONS TO AVOID

  • The price of the plans can be confusing at times

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6. FIDELITY – BEST INVESTING SOFTWARE FOR DAY TRADING FOR MOBILE TRADING

PRICING: $0 commission for U.S. stocks

Fidelity is the best investing software for day trading for mobile trading. Fidelity Investments is one of the greatest platform to trade because there are no trading commissions, it has more than 3,700 mutual funds that do not charge transaction fees, and it has an excellent research and trading platform. It beats out most trading platforms since it offers no-fee index funds and excellent customer service.

KEY FEATURES:

  • Options Screeners
  • Fixed Income Screeners
  • Stock Screeners
  • Portfolio analysis
  • ETF and Mutual Fund Evaluator
  • Charting
  • Trading Idea Generators

REASONS TO BUY:

  • Well-rated mobile application
  • Excellent customer support service
  • trades in stocks, ETFs, and options are executed at no additional cost
  • index funds do not have an expense ratio

REASONS TO AVOID

  • Commission on broker-assisted trades is high

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7. CHARLES SCHWAB – BEST INVESTING SOFTWARE FOR DAY TRADING IN TRANSPARENCY

PRICING: $0 per trade

Charles Schwab is the best investing software for day trading in transparency. Charles Schwab has built a solid reputation for itself: Exceptional customer service, three totally free trading platforms, a wide variety of mutual funds that do not charge transaction fees, and no commissions on stock trades, ETF trades, or option trades.

KEY FEATURES:

  • StreetSmart Edge
  • SRI/ESG Research Amenities
  • Portfolio Analysis
  • Cash Management
  • Dividend Reinvestment Program

REASONS TO BUY:

  • Extensive research
  • Large fund selection
  • Three platforms with no minimum or fees
  • Excellent mobile app
  • Commission-free stock, options and ETF trades

REASONS TO AVOID:

  • Cash sweep rate is not impressive

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8. MERRILL EDGE – BEST INVESTING SOFTWARE FOR DAY TRADING FOR PERSONALIZATION

PRICING: $0 per trade

Merrill Edge is the best investing software for day trading for personalization. Merrill Edge is known for its great customer service, thorough research, and reasonable fees. Its innovative integration allows Bank of America customers to access both accounts with a single login.

KEY FEATURES:

  • Merrill Edge Investing Classroom
  • SRI/ESG Research Amenities
  • Morningstar’s Portfolio X-Ray

REASONS TO BUY:

  • Comprehensive proprietary and third-party research
  • Connected to Bank of America
  • Self-directed accounts have no fees or minimums.

REASONS TO AVOID:

  • Narrow product line-up

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References

https://www.interactivebrokers.com/en/home.php

https://www.tdameritrade.com/

https://lightspeed.com/

https://www.benzinga.com/money/cobra-trading-review/

https://www.tradestation-international.com/

https://www.fidelity.com/trading/advanced-trading-tools/active-trader-pro/overview

https://www.bankrate.com/investing/brokerage-reviews/charles-schwab/

https://www.merrilledge.com/investing/online-trading