Success in day trading depends on several factors. Traders must learn the skills needed to successfully open, manage, and exit day trades. At DayTradeSafe novices become benchmarked professional day traders. Then a trader needs to choose a trading platform that provides real-time data for futures, advanced charting, a trade simulator, unlimited real-time forex data, and the ability to develop strategies and back test. When all of these factors are in place the next question is what is the best broker for day trading?

Choosing a Broker for Day Trading

When choosing a day trading platform make certain to choose a platform that provides the ability to connect to the broker of your choice. That brings us to ask, what is the best broker for day trading? Start with the essentials. The broker should be a member of the Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA) and it is covered by the Federal Deposit Insurance Corporation (FDIC) for any sorts of investing products that it offers. Check and compare fees and commissions and if their trading platform is compatible with the platform that you use and how you trade. Then look at the specifics to see where the strengths or potential weaknesses of a broker lie.

Best Direct Access Broker for Day Trading

When you want a broker that emphasizes order execution and speed over investment advice and research. A direct access broker uses advanced computer software to let you trade directly via electronic communication networks. Markets have become increasingly efficient as technology advances which, in turn, has made fast and efficient trade execution more and more important. Be careful in picking a direct access broker in that you do not give up essential trading tools in return for raw speed.

Best Broker for Day Trading Futures

Contracts for futures provide the ability to either buy or sell a commodity or security at a fixed price on a future date. Such contracts were originally used to provide protection for farmers and others who produce commodities from market risk in the future. Thus they have always been called futures. When looking for the best broker for day trading futures you want to compare trading tools from broker to broker, pricing, and ease of use of their system. A common complaint about Interactive Brokers is that while their pricing is attractive their platform requires a high degree of professional skill which reduces its practical usefulness.

Best Broker for Options Day Trading

Options contracts can be used to leverage trading capital and hedge risk when trading commodity futures, stocks, and foreign currencies. To find the best broker for options day trading take the same approach as for day trading in general. You will want attractive pricing but not at the cost of a difficult trading platform or lack of services. Fees and commissions are important but commission-free brokers often route orders in such a way as to negate the benefit of not charging commissions.

Best Online Broker for Day Trading

Day trading proceeds at a much more rapid pace than swing trading for which it is less important to have trades executed within minutes or even seconds. As such, day trading needs an online broker. Because speed of execution is important for day trading success, it should be high on the list of requirements when choosing the best online broker for day trading. However, a successful day trader still needs the full assortment of online trading tools in order to enter, manage, and exit trades successfully.

Best Broker Platform for Day Trading

At DayTradeSafe we suggest that a day trader choose their trading platform based on their specific trading needs. Once you have the platform that works best for you, find a broker whose services are compatible with your preferences. Real-time futures data is a basic requirement for most of our traders as we generally favor trading futures over stock or currencies.

Best Forex Broker for Day Trading

There are five things that your forex day trading broker needs to provide. They should be a member of the National Futures Association (NFA) and be registered with the Commodity Futures Trading Commission (CFTC). Consider what they offer in terms of initial deposit requirements, ease of deposits and withdrawals, and leverage and margin as well as commissions and spread. And make certain that the currency pairs for which they offer trading match those that you wish to trade.

Best Stock Broker for Day Trading

As with any day trading preference, make certain that your choice of stockbroker for day trading is reputable and provides the necessary tools for active day trading. Speed and efficiency must be balanced against trading tools, commissions, and fees. Make certain that the broker that you choose is compatible with your trading preferences and your trading platform. You have worked hard to learn how to profitably enter, manage, and exit trades. Choose a broker and platform that facilitates your day trading skills.