Best Day Trading Platform – Top Online Brokers For Day Trading In India
Day trading can be risky but rewarding, and when you’re first getting into this “hobby” it can be overwhelming to find that there are tons of apps providing a trading platform for day traders. How do you choose the best one? We’ve reviewed the best of the best day trading apps to help you pick the best one for your needs.
What Is Day Trading?
Day trading involves quickly buying and selling investments (trading during the day). It involves many risks and therefore the possibility of many rewards. The goal of day trading is buying an investment, watching it rise, and selling it to make a profit before the stock market closes for the day.
Benefits and Drawbacks of Day Trading In India
As we mentioned before, day trading can be quite risky. Many use borrowed money to put in quick trades, so it might cause you to go into debt. You also might lose money on your investments and wind up with less than you started the day with. This type of investment is more like gambling than investing since it’s so short-term.
Best Day Trading Platforms In India 2024
- Interactive Brokers: Best Stock Information
- Fidelity: Best for Beginners
- E-Trade: Best New Account Offer
- TradeStation: Best Trade Simulations
- TD Ameritrade: Best for Pattern Day Traders
- Charles Schwab: Best for Analytics
Best Day Trading Platforms In India April 2024
Interactive Brokers
Interactive Brokers are a popular stock trading company that offers day traders an excellent platform for stock and ETF trades as well as other investments. We love their IB SmartRouting feature, which day traders can use to vet possible day trades to see if they’d be recommended by experts.
- No commissions on stocks or ETFs
- “IB SmartRouting” is an intuitive program to help day traders choose the right investments
- Desktop and mobile trading are available
- Great for advanced traders
- Several tiers of features are available
- Low-interest rates for borrowing
- Free version available
- Some research features have a la carte pricing
Along with this awesome feature, Interactive Brokers has a desktop platform as well as mobile, and they have several tiers of pricing and features available. Their free version provides a lot of insight into day trading and the risks or benefits of investments you’re considering, but some customers have complained that they notice some research features cost extra.
Fidelity
Fidelity is our favorite trading platform for day trading beginners. Their services include several different views, so the trading novice can understand the dashboard just as well as a pro. We love that this allows anyone and everyone to try their hand at day trading.
- No commission for stocks, options, and ETFs
- No minimum account balance
- No fees to use their services
- Great for beginners
- Benzinga’s newswire included news updates
- 5 layouts available for different trading backgrounds
- Can trade in after market hours
- Cloud-based
- Some after-market trading is not reliable
- Some users report frequent bugs
ActiveTraderPro is Fidelity’s day trading platform, and it includes real-time news updates pertinent to your investments, after-market day trading, and cloud-based day trading software. For those new to making day trades, their services might just be the best option. We will note that some users reported frequent bugs and less than-optimal aftermarket options trades.
E*TRADE
Opening a new investment account with E-Trade gets customers an awesome perk: $600. We haven’t found a deal like this with many other trading accounts, but make sure you reach the account minimum to get the deal. Many investment accounts have an account minimum, but most don’t offer a sign-on deal like this.
- Company information and insight provided
- No setup fees
- No commissions on options, mutual funds, and ETFs
- Quick account opening
- $600 for opening and funding a qualified trading account
- Some customers say the screen is crowded
- Customers complain that trades and withdrawals take too long
On top of this sign-on deal, we love that E-Trade gives insight into each investment you’d like to make, and they have comparable low trading costs. Their day trading app is great for beginner and experienced traders alike, but some customers say that their services can be slow.
TradeStation
Our favorite feature offered by TradeStation is their day trading strategy simulation. This allows users to practice trading without any of the risks typically involved in making a day trade. Trading simulation can really change the game for day trading stocks and options – it allows day traders to test the waters (and the trading platforms) involved so they can make informed decisions when they start using day trading platforms for real.
- Trading simulator offered for trading practice
- Desktop, mobile, and web platforms are available
- Design, test, and enact trading strategies
- FuturesPlus program for futures trading
- Customer support doesn’t have great reviews
In addition to simulations, TradeStation also boasts several different trading platforms and a program designed specifically for trading futures. On the other hand, customers aren’t always happy with the support they receive from TradeStation.
TD Ameritrade
TD Ameritrade’s platform is called “thinkorswim,” and it’s definitely one of the best platforms out there. We love their thorough analysis of each potential investment you might consider, so day traders can make well-informed decisions that are in line with their trading strategy. The only complaint we could find about their trading platform is that active traders wish that more news sources could be included in their real-time information lineup.
- Web, desktop, and mobile apps available
- Chat and phone support are available 24/7
- Trade all major assets
- An excellent and thorough analysis of potential investments
- Offers a “paper trading” or simulation version to practice day trading
- No fees to trade stocks and ETFs
- 0$ commission and no fees to use the platform
- No other news streaming platforms integrated or hints available
On top of this incredible information available in their platform for day trading, Ameritrade has a mobile, web, and desktop platform available. They also offer the option to simulate trades to see if they might indeed be a good idea (no guarantee, you might lose money regardless).
Charles Schwab
Charles Schwab comes highly recommended for their technical analysis tools. Day traders can rest assured that their day trading tools are top-of-the-line, and active day traders can use these tools to make the most informed day trade possible.
- Tools to help keep your day trading compliant
- StreetSmart Edge offered advanced trading analytics
- Trade & Probability calculator helps you to simulate and identify potential risks and payoffs
- Robo advisory services are available
- Built-in stock screener information
- Trade stocks, treasuries, and ETFs without fee
- Great customer service
- Their services are better suited for long-term investing
On top of the analytics, Schwab has stock screening information, robo advisors, great customer service, and a top-notch probability calculator to help you make the most informed day trade. It’s one of the best online brokers, to begin with, and as a broker for day trading, we love Charles Schwab.
How To Choose The Best Brokers for Day Trading In India
Online brokers are all the rage right now since it’s now possible to put in a trade and have it done on the same trading day from your couch. The best brokers at this point are household names, and they’ve come to be trusted by their customers over the years. A good online broker should have registration with major financial institutions like the SEC (Securities and Exchange Commission). They should also provide customer support for their customers involved in active trading. We’ve also found that the best trading platforms have transparency and helpful trading tools available to their users.
Final Thoughts
In the end, day traders lose money at some point or another. There is risk in making a day trade, and you should proceed with caution. However, it can be quite lucrative. Some day traders learn how to read the market and capitalize on low prices to make their investments count. It is helpful to think of day trading as an art to learn, and as risky as gambling. If you’re just getting started with investing, we don’t recommend starting day trading. But if you’ve had your hand in investments for a while now, you might want to try this form of investing.
If you want to get into day trading, having a great trader workstation platform can make all the difference in your success. Consider these 6 options and weigh them before deciding which trading platform you should go with.
Frequently Asked Questions (FAQs)
ETFs are like mutual funds in that they might include many different investments. Sometimes, they represent a certain sector or commodity.
Penny stocks are typically stocks that cost under $5 to invest in.
Trading with a margin account means that you have borrowed money for trading.
Short selling is selling an investment that you don’t actually own, hoping to be able to buy it at a lower price than you sold it in the near future.
In our experience, any of these 6-day trading brokers offer applications that stand out above the rest.
Volatility is just the movement of different stocks. So a more volatile stock would have more movement, and less assumed predictability and stability.
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