Overview
Day trading is a popular trading strategy where traders buy and sell financial instruments in short periods, often during a trading day or session.
When traders use this trading strategy, they are not concerned with the overall market moves either up or down, but they purely focus on the market volatility that is experienced in the financial market.
Day traders buy instruments as they rise in value and sell when they decrease, or they enter sell positions when the value decreases and buy when they rise.
Many active traders around the world use day trading to make quick, small profits in a wide range of financial markets. While there are many forex brokers and trading applications that offer comprehensive trading solutions, the following 15 are considered the best in the industry.
eToro
Features
Of all the different day trading apps that are available to traders of all experience levels today, eToro offers the overall best day trading app. eToro is regulated by several entities and the app is used by more than 20 million active traders worldwide.
When traders register an account with eToro, it takes them minutes to complete the process, and they are given access to more than 50 currency pairs, and 2,400 shares spread across 17 international exchanges, metals, energies, indices, cryptocurrencies, and more.
A benefit that eToro offers its clients is that trading is commission-free and there are no fees to register with the broker. The eToro day trading app is perfect for both beginner traders as well as professional investors.
The eToro app also offers a comprehensive copy trading feature and the broker is overall considered the best social online trading platform, featuring a large online community and innovative social trading technologies.
Pros and Cons
| PROS | CONS |
| User-friendly platform | Not suitable for advanced traders that want to perform technical analysis |
| Commission-free trading | |
| Wide range of tradable instruments | |
| Flexible funding methods including credit cards, debit cards, bank transfers, and electronic payments | |
| Copy-trading supported | |
| Well-regulated by several entities |
TradeFOREX.com
Features
The FOREX.com day trading app is perfect for traders who want to use their day trading strategies while on the move. FOREX.com offers comprehensive access to the forex market, giving traders access to more than 80 forex pairs.
The FOREX.com application can be downloaded on either Android or iOS platforms free of charge. FOREX.com is also known for offering support to third-party application providers such as MetaTrader 4.
In addition to this, FOREX.com also offers a 30-day paper trading account and day trading simulator that can be used until traders want to start trading real money, which is the ideal solution for novice and experienced traders alike.
FOREX.com also offers a comprehensive in-depth analysis of markets, a news feed with business news, financial news, and a variety of other components ideal for fundamental analysis. The charts offered by FOREX.com can be viewed in a range of time frames, and traders have access to real-time data on which they can base their trading decisions.
Pros and Cons
| PROS | CONS |
| Specialist forex day trading app | The “Know Your Client” process can be tedious and time-consuming |
| A wide range of currency pairs offered | |
| No initial minimum investment when using bank wire transfer | |
| Also offers CFD trading | |
| Well-regulated |
CedarFX
Features
CedarFX is a CFD trading site that is rapidly growing and expanding, offering access to a wide range of financial instruments that can be traded, and spread across different financial markets.
CedarFX does not charge any trading fees and traders can expect super-tight spreads and extremely high leverage ratio limits. When trading instruments such as forex and precious metals, traders can expect leverage ratios of up to 500x or 1:500.
Traders can opt for either a commission-free trading account or one where commissions are charged. These commissions are used to plant trees, giving traders a sense of being part of a larger movement.
CedarFX offers MetaTrader 4, which means that retail investor accounts are linked to third-party mobile apps that can be downloaded on Android and iOS devices.
Pros and Cons
| PROS | CONS |
| Green project initiative | Favours Bitcoin deposits over fiat |
| Commission-free trading | |
| Wide range of tradable instruments | |
| Ultra-fast withdrawals | |
| Fast and reliable trade execution | |
| Low minimum investment |
AvaTrade
Features
AvaTrade is considered one of the best online forex and CFD trading brokers in the world that offers the trade of a wide range of trading instruments from forex, stocks, and commodities, to cryptocurrencies, bonds, futures, and several more.
The account registration process with AvaTrade can be completed in minutes, and traders have the best trading apps to choose from. AvaTrade is a mobile trading app that was designed by the broker and is perfect for day trading by day traders, swing traders, novice traders, experienced investors, and all other types of traders.
Experienced traders who want to conduct technical analysis and who want a more in-depth analysis of markets may want to consider the MetaTrader 4 and MetaTrader 5 trading platforms, also offered by AvaTrade.
Pros and Cons
| PROS | CONS |
| Partnered with MetaTrader 4 and MetaTrader 5 | Does not offer stock ownership, only offers CFDs |
| Commission-free trading | |
| Wide range of financial instruments | |
| Economic calendar offered | |
| Well-regulated in several jurisdictions |
Capital.com
Features
Traders who want to trade a wide range of instruments on their smartphones, but who do not have extensive experience in the wider investment markets, can use Capital.com.
Capital.com offers a CFD trading platform that is perfect for novice traders. Capital.com offers paper trading facilities that allow beginners to practice their trading and gain experience before they trade using real money.
It also allows traders to learn how the Capital.com app works in terms of order placement, performing technical analysis, and more. With Capital.com, traders have access to commission-free trading on stocks, indices, exchange-traded funds (ETFs), cryptocurrencies, and several others.
Pros and Cons
| PROS | CONS |
| Commission-free trading | There are no traditional investments, only CFDs |
| Low and competitive spreads | Not suitable for the average professional trader |
| Wide range of tradable instruments | |
| Spread betting offered to UK traders | |
| Low minimum investment requirement |
Libertex
Features
There are many day trading applications and providers who typically make money from the spread that they charge. However, there is one exception, Libertex, which is well-known for its zero-pip spreads.
The Libertex application is available for download on both iOS and Android devices, free of charge. Traders are also given access to a wide range of markets including forex, stocks, commodities, and several others.
As with AvaTrade, Libertex also offers access to MetaTrader 4 and MetaTrader 5 which can be used in combination with a Libertex retail investor account.
Pros and Cons
| PROS | CONS |
| Zero-pip spread trading | CFD trading only without ownership of assets |
| Decent educational materials offered | |
| Well-established broker | |
| Compatible with MetaTrader 4 and MetaTrader 5 |
Robinhood
Features
Robinhood is a popular and reputable US-based stock trading app that offers a simple, cost-effective manner to trade a wide range of stocks. Robinhood is known as a user-friendly trading platform that caters to investors of all experience levels.
Robinhood also supports fractional ownership, meaning that investors can buy stocks for small amounts of capital. Robinhood’s day trading app is available to Android and iOS devices free of charge.
Pros and Cons
| PROS | CONS |
| Popular trading platform | Only 250 international stocks offered |
| Wide range of stocks provided | No debit cards, credit cards, or e-wallet options |
| Commission-free trading | Margin rates can be confusing |
| No minimum deposit |
TD Ameritrade
Features
TD Ameritrade is the perfect solution for experienced traders who want to access global financial derivative markets. TD Ameritrade is well-established and trusted by millions of traders around the world, offering stocks, metals, mutual funds, interest rates, currencies, and several other tradable instruments.
TD Ameritrade is well-known for its competitive fees, and it is one of the top-rated day trading apps in the industry.
Pros and Cons
| PROS | CONS |
| Trusted US-based broker and platform | The app is not as user-friendly as other investing apps |
| App available to iOS and Android | The size of tradable markets can be overwhelming for inexperienced traders |
| Commission-free stocks and ETF trading | |
| There is a comprehensive paper trading account offered | |
| More than 11,000 mutual funds provided |
FXCM
Features
FXCM is one of the best fully automated trading systems available on the market, making the mobile app perfect for day trading. FXCM is a well-regulated and reputable online trading broker that offers CFDs spread across a variety of financial markets.
FXCM fully supports a variety of automated trading strategies and traders can even purchase third-party systems via the broker’s official website. Traders can easily link their strategies to a range of third-party platforms, including MetaTrader 4.
FXCM is well-known for its commission-free trading and competitive trading conditions, making FXCM perfect for low-margin scalping strategies.
Pros and Cons
| PROS | CONS |
| Well-regulated | There is a high minimum deposit for EU clients |
| A variety of currency pairs to trade | |
| Commission-free trading | |
| Tight and competitive spreads | |
| Supports automated trading, EAs, and forex robots |
Interactive Brokers
Features
Interactive Brokers is a large, well-known, and well-established forex and CFD broker that offers the use of a comprehensive, powerful day trading app in the form of its IBKR mobile app.
Interactive Brokers offer access to thousands of markets from 33 countries worldwide, and the broker supports a wide variety of day trading strategies that can be sued.
Traders can adopt a short-term day strategy, find the market in which they wish to trade, and start trading with an Interactive Brokers account. The app caters perfectly to both beginner and professional traders.
Pros and Cons
| PROS | CONS |
| Wide range of tradable instruments | The fee structure can be confusing |
| Access to markets in 33 countries | |
| Comprehensive native app | |
| Well-regulated | |
| Supports a variety of trading strategies |
E*TRADE
Features
E*TRADE is a well-known name in the online trading industry and one of the first companies that moved away from Wall Street, into the hands of consumers who needed flexible trading solutions.
E*TRADE offers a comprehensive day trading app that has won many industry awards. Through this app, traders have access to ETFs, mutual funds, options, and stocks.
Traders can easily manage their capital without effort on the trading app and they can use a wide range of common features, useful tools, and more.
Pros and Cons
| PROS | CONS |
| Well-regulated | Restricted leverage |
| Wide range of tradable instruments | MetaTrader not supported |
| Advanced trading tools | Limited funding options |
| Educational material provided |
Fidelity
Features
Fidelity offers the perfect day trading investment application where traders can trade options, ETFs, forex, stocks, bonds, and several other instruments. Fidelity caters extensively for both professional and beginner traders by offering a wide range of useful educational resources.
Fidelity offers a comprehensive portfolio and watchlist management and offers a variety of useful trading tools.
Pros and Cons
| PROS | CONS |
| Well-regulated | Restricted leverage |
| Member of FDIC and SIPC | Limited funding options |
| Multi-currency accounts offered | Time-consuming account-opening process |
| Advanced trading tools | |
| Wide range of instruments |
TradeStation
Features
TradeStation offers a comprehensive and powerful day trading app for professional traders as well as novices. It is a feature-rich mobile app that seamlessly synchronizes with the trader’s retain investor account, offering them a wide range of tradable instruments spread across several asset classes.
Pros and Cons
| PROS | CONS |
| Well-regulated | Limited funding options |
| Free premium trading tools | Restricted leverage |
| Educational materials provided | |
| Powerful trading platform |
Plus500
Features
Plus500 is one of the most popular CFD providers in the world that offers a powerful proprietary trading platform. Plus500 offers traders a wide range of instruments, a free and unlimited paper trading account, and no commissions and tight spreads when using a live account and real money.
Plus500 also offers negative balance protection, real-time charts, and a wide range of funding options from debit cards, credit cards, electronic payment gateways, bank transfers, and more.
Pros and Cons
| PROS | CONS |
| Excellent 24/7 customer support | Fixed spreads not offered |
| Large range of instruments | Inactivity fee |
| No deposit or withdrawal fees | |
| No commissions and tight spreads | |
| User-friendly trading platform |
FxPro
Features
FxPro is a well-regulated and popular trading provider that offers competitive pricing, advanced trading tools, and access to a wide range of tradable markets.
FxPro offers an innovative and powerful native day trading platform that offers the use of advanced charting capabilities, technical indicators, a split-screen function, and more.
Pros and Cons
| PROS | CONS |
| Well-regulated | Managed accounts not offered |
| Premium trading tools | No social trading |
| VPS offered by Beeksfx | Spreads are not the tightest |
| NDD trade execution |
FAQ
What is a trading strategy?
A trading strategy is simply a set of objectives or predefined rules that indicate the conditions of entry and exit points for traders, and where they should place their stop-loss and take-profit orders, among other risk management protocols.
What is day trading?
Day trading is a trading strategy that is executed in short bursts within a trading day or session.
Can day trading be profitable?
Yes, it can be profitable, but traders make small profits with every trade.
Is mobile trading safe?
Yes, it can be safe if traders employ different security measures such as password protection, biometric safety, two-factor verification, and others.
How much capital is needed to start trading through these apps?
Some of these apps allow traders to start trading from as little as 140 ZAR or less.
Are these brokers and apps regulated?
Yes, these apps are regulated and safe to use.
Where can I download these apps and how much does it cost?
Most of these apps can be downloaded either from Google Play for Android or the App Store for iOS and they are often free of charge.
Top 4 Brokers
