Trade on IBKR
Day trading is commonly associated with the real big dogs of Wall Street. Whether you're just looking to get started, or if you're already a pro, we collected the best online brokers for day trading in 2020 for European citizens. After thorough research and discussion with experienced day traders, we picked the top 5 brokers. We highly recommend all 5 to you. And without further ado:
Our top 5 picks for the best brokers for day trading of 2020 for Europeans:
- Interactive Brokers is the winner. Low trading fees. Wide range of products. Many great research tools.
- TradeStation Global in the second place. Low trading fees. Wide range of products. Fast customer service.
- XTB rounded out the top three. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
- City Index, numero quatro. Low fees for forex and index CFDs. Fast and smooth account opening. Diverse research tools.
- Oanda. Generally low fees. Easy-to-use web trading platform. Easy and digital account opening. Just made it to the list with being number five.
| Name | Info | Score | |
|---|---|---|---|
| #1 | Interactive Brokers | US discount broker | 4.9 |
| #2 | TradeStation Global | UK-based global stockbroker | 4.6 |
| #3 | XTB | Global CFD and forex broker | 4.7 |
| #4 | City Index | Global CFD and forex broker | 4.6 |
| #5 | Oanda | US forex broker | 4.6 |
What makes a broker good for day trading? The fees for complex products are essential to consider. A good desktop trading platform is also crucial for monitoring the minute-by-minute changes on the market. Withdrawal conditions should not be neglected either. And finally, the product offering and the expertise in these products is essential as well.
Trading on a daily basis can be exciting and you can reap big money with it. But it's important to note that whether you trade with your own money, or with leverage, day trading is highly risky and you can also make quite big losses. We advise you to do it if you consider yourself an experienced trader. If you wanna learn more about trading in general, check out our articles on becoming a trader and managing your own portfolio.
Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.
(Boring, but important stuff: some of these brokers offer CFD products. They are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money. If you don't have a clue what a CFD is, start with these CFD trading tips.)
And now, let's go over the best online brokers for day trading in 2020 for European citizens one by one. Starting with the winner, Interactive Brokers.
#1 Best online broker for day trading
Interactive Brokers
Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
As it has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. Having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.
| Pros | Cons |
|---|---|
| • Low trading fees | • Complicated account opening process |
| • Wide range of products | • Complex desktop trading platform |
| • Many great research tools | • High inactivity fee |
#1 Interactive Brokers
Fees
Interactive Brokers has low trading fees; while for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
| Pros | Cons |
|---|---|
| • Low trading fees | • Inactivity fee |
| • Low stock and ETF fees | |
| • Free stock and ETF trading for US clients | |
| • Low margin rates |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| US futures | $2.5 | $5.0 | - | - | - |
| US options | $6.5 | $15.0 | - | - | - |
| EURUSD | $2.4 | $2.4 | $1.1 | $0.6 | $1.1 |
| US stock CFD | $1.1 | $1.6 | $8.1 | $10.1 | - |
#1 Interactive Brokers
Web trading platform
Interactive Brokers's web platform is simple and easy to use, even for beginners. On the negative side, it is not customizable.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 170 | 37 | 90 | 81 |
#1 Interactive Brokers
Deposit and withdrawal
Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer, and the process is not user-friendly.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • Not user-friendly |
| • First withdrawal each month free |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | Yes | Yes |
| Electronic wallets | No | No | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
| Withdrawal Time | 2 days | 1 day | 1 day | >3 days | 1 day |
#1 Interactive Brokers
Markets and products
Through Interactive Brokers you can access an extremely wide range of markets and all product types are available.
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | No | No |
| ETF | Yes | Yes | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | Yes | Yes | No | No | No |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | No | No |
| Futures | Yes | Yes | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | No |
#1 Interactive Brokers
Verdict
Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.
On the plus side, IB has low fees, a vast range of markets and products available with diverse research tools.
There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard to get a handle on, especially for beginners.
If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers could be a great fit for you.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. |
| Fees score | 4.3 stars |
| Recommended for | Traders looking for low fees and a professional trading environment |
#2 Best online broker for day trading
TradeStation Global
TradeStation Global is the brand of TradeStation International Ltd, which is based in the UK and is regulated by the top-tier Financial Conduct Authority (FCA).
TradeStation Global is a combined product offered by Interactive Brokers (IB) and TradeStation. Here are its most important elements:
- The account opening, deposit/withdrawal options, and available products are the same as at Interactive Brokers.
- You can use both Interactive Brokers's and TradeStation's own desktop platform.
- TradeStation Global charges its own fees, and offers its own customer support and educational tools.
Both Interactive Brokers and TradeStation are reputable brokers, regulated by top-tier financial authorities. While Interactive Brokers is listed on the NASDAQ, TradeStation itself is not: only TradeStation's parent company Monex is listed, on the Tokyo Stock Exchange.
| Pros | Cons |
|---|---|
| • Low trading fees | • Only bank transfer allowed for deposit and withdrawal |
| • Wide range of products | • Complicated account opening |
| • Fast customer service | • Limited education materials |
#2 TradeStation Global
Fees
TradeStation Global has low trading fees, especially for stocks and ETFs. It's also great that there is no inactivity fee and the first withdrawal each month is free of charge. On the other hand, mutual fund fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High fund fees |
| • Low non-trading fees | |
| • Low stock and ETF fees |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| US futures | $2.5 | $5.0 | - | - | - |
| US options | $6.5 | $15.0 | - | - | - |
| EURUSD | $2.4 | $2.4 | $1.1 | $0.6 | $1.1 |
| US stock CFD | $1.1 | $1.6 | $8.1 | $10.1 | - |
#2 TradeStation Global
Web trading platform
You can use your TradeStation Global account to log in to the Interactive Brokers web trading platform. The TSG Client Portal is simple and easy to use even for beginners. On the negative side, it is not customizable.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 170 | 37 | 90 | 81 |
#2 TradeStation Global
Deposit and withdrawal
TradeStation Global offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • Not user-friendly |
| • No charge for the first withdrawal each month. |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | Yes | Yes |
| Electronic wallets | No | No | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
| Withdrawal Time | 2 days | 1 day | 1 day | >3 days | 1 day |
#2 TradeStation Global
Markets and products
With TradeStation Global, you can access the same range of product types and exchanges as at Interactive Brokers. This selection is one of the widest among online brokers.
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | No | No |
| ETF | Yes | Yes | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | Yes | Yes | No | No | No |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | No | No |
| Futures | Yes | Yes | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | No |
#2 TradeStation Global
Verdict
TradeStation Global has low trading fees, provides access to a lot of products and markets and has great customer support. The TradeStation Global desktop platform has great charting tools, plenty of indicators, highly customizable watchlists (Radar Screen) and a great programming tool (EasyLanguage).
On the other hand, the deposit and withdrawal process is not user-friendly and you can use only bank transfer. The account opening is complicated and for full account verification to use the TSG desktop trading platform, a minimum deposit of $1,000 is required. Margin rates are higher than at Interactive Brokers (IB). Lastly, the education section could be expanded with more materials, as it is quite limited.
If you want access to IB's product range and an account without inactivity fees, feel free to try TradeStation Global.
| TradeStation Global | |
|---|---|
| Summary | TradeStation Global is an introducing broker of Interactive Brokers. It practically means that assets and cash are held with Interactive Brokers, but services, like the fees or customer support are provided by TradeStation Global. TradeStation Global is regulated by the top-tier UK FCA. |
| Fees score | 4.0 stars |
| Recommended for | Traders and investors looking for low fees and a wide selection of products |
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#3 Best online broker for day trading
XTB
XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.
XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Pros | Cons |
|---|---|
| • Low forex and stock index CFD fees | • High fees for stock CFDs |
| • Free and fast deposit and withdrawal | • Product portfolio limited mostly to CFDs and FX |
| • Easy and fast account opening | • Limited fundamental data |
#3 XTB
Fees
XTB has low forex and stock index CFD fees. There is also no withdrawal fee for most transfers. On the other hand, stock CFD fees are high, and XTB also charges an inactivity fee.
| Pros | Cons |
|---|---|
| • Low forex fees | • High stock CFD fees |
| • Low stock index CFD fees | • Inactivity fee |
| • No withdrawal fee for transfers above $100 |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| US futures | $2.5 | $5.0 | - | - | - |
| US options | $6.5 | $15.0 | - | - | - |
| EURUSD | $2.4 | $2.4 | $1.1 | $0.6 | $1.1 |
| US stock CFD | $1.1 | $1.6 | $8.1 | $10.1 | - |
#3 XTB
Web trading platform
XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, two-step login is not available.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 170 | 37 | 90 | 81 |
#3 XTB
Deposit and withdrawal
XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Few minor account currencies accepted |
| • Free withdrawal | |
| • No deposit fee |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | Yes | Yes |
| Electronic wallets | No | No | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
| Withdrawal Time | 2 days | 1 day | 1 day | >3 days | 1 day |
#3 XTB
Markets and products
XTB's default product selection includes only CFDs, forex and crypto. Some European clients can also trade real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | No | No |
| ETF | Yes | Yes | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | Yes | Yes | No | No | No |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | No | No |
| Futures | Yes | Yes | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | No |
#3 XTB
Verdict
XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA. The company is listed on the Warsaw Stock Exchange.
On the plus side, its forex and stock index CFD fees are low, and the deposit and withdrawal process is fast and mostly free. We also liked the seamless and hassle-free account opening process.
XTB has some drawbacks, though. Stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading is available in some European countries. Fundamental data offered by XTB covers only a few basics such as P/E.
We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options along with fast account opening. Feel free to test it using a demo account.
| XTB | |
|---|---|
| Summary | XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA, Poland's KNF, and Cyprus's CySec. |
| Fees score | 4.1 stars |
| Recommended for | Forex and CFD traders looking for low fees and great deposit/withdrawal service |
#4 Best online broker for day trading
City Index
City Index was founded in 1983 and it is a global CFD and FX broker. City Index is the trading name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS).
City Index is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Pros | Cons |
|---|---|
| • Low fees for forex and index CFDs | • Limited product portfolio |
| • Fast and smooth account opening | • High stock CFD fees |
| • Diverse research tools | • Not user-friendly desktop platform |
#4 City Index
Fees
City Index has low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high and they charge inactivity fee after one year.
| Pros | Cons |
|---|---|
| • Low forex fees | • Inactivity fee |
| • No withdrawal fee | • High stock CFD fee |
| • Low stock index CFD fees |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| US futures | $2.5 | $5.0 | - | - | - |
| US options | $6.5 | $15.0 | - | - | - |
| EURUSD | $2.4 | $2.4 | $1.1 | $0.6 | $1.1 |
| US stock CFD | $1.1 | $1.6 | $8.1 | $10.1 | - |
#4 City Index
Web trading platform
City Index's web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | |
| • Good variety of order types |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 170 | 37 | 90 | 81 |
#4 City Index
Deposit and withdrawal
City Index provides multiple options for deposit and withdrawal and they are free of charge. However, the withdrawal with some credit cards is not possible.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Problem with credit card withdrawal |
| • Free withdrawal | |
| • No deposit fee |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | Yes | Yes |
| Electronic wallets | No | No | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
| Withdrawal Time | 2 days | 1 day | 1 day | >3 days | 1 day |
#4 City Index
Markets and products
At City Index, you can only trade with CFDs, forex, and cryptos. Unfortunately, real stocks, bonds and ETFs are not available.
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | No | No |
| ETF | Yes | Yes | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | Yes | Yes | No | No | No |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | No | No |
| Futures | Yes | Yes | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | No |
#4 City Index
Verdict
City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK FCA.
On the bright side, it has low forex and stock index CFD fees, a smooth account opening process, and high-quality research tools.
It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform falls behind of its competitor's solutions.
As there is no minimum balance, no withdrawal fee and inactivity fee only kicks in after one year, feel free to try City Index out.
| City Index | |
|---|---|
| Summary | City Index is a global CFD broker, regulated by many financial authorities including the top-tier UK FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange. |
| Fees score | 4.1 stars |
| Recommended for | Forex and CFD traders looking for low forex fees and great research tools |
#5 Best online broker for day trading
Oanda
Oanda is an American forex broker founded in 1996.
It is considered safe because it has a long track record, discloses its financials, and is regulated by top-tier authorities, such as the US Retail Foreign Exchange Dealer (RFED) and the UK's Financial Conduct Authority (FCA).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Pros | Cons |
|---|---|
| • Generally low fees | • Only FX and some CFDs |
| • Easy-to-use web trading platform | • Poor customer service |
| • Easy and digital account opening | • High bank withdrawal fee |
#5 Oanda
Fees
Oanda charges low CFD and low forex fees. Non-trading fees are low, though the withdrawal fee is quite high for bank transfers.
| Pros | Cons |
|---|---|
| • Low trading fees | • High withdrawal fee for bank transfers |
| • Low forex fees | |
| • No withdrawal fee | |
| • No withdrawal fee in most cases |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| US futures | $2.5 | $5.0 | - | - | - |
| US options | $6.5 | $15.0 | - | - | - |
| EURUSD | $2.4 | $2.4 | $1.1 | $0.6 | $1.1 |
| US stock CFD | $1.1 | $1.6 | $8.1 | $10.1 | - |
#5 Oanda
Web trading platform
Oanda's web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • No price alerts |
| • Clear fee report | |
| • Two-step (safer) login |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 170 | 37 | 90 | 81 |
#5 Oanda
Deposit and withdrawal
There is no deposit fee and you can conveniently use your debit card for deposit. While withdrawal is free in most cases, it is expensive for bank transfers, and it involves a fee if you withdraw to your card more than once a month.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • High withdrawal fee for bank transfers |
| • No deposit fee | |
| • Withdrawal is free for PayPal and for the first debit card transaction each month |
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | Yes | Yes |
| Electronic wallets | No | No | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
| Withdrawal Time | 2 days | 1 day | 1 day | >3 days | 1 day |
#5 Oanda
Markets and products
At Oanda you can trade only forex and CFDs. It offers fewer forex pairs but more CFDs than its closest competitors.
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | No | No |
| ETF | Yes | Yes | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | Yes | Yes | No | No | No |
| Bond | Yes | Yes | No | No | No |
| Options | Yes | Yes | No | No | No |
| Futures | Yes | Yes | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | No |
#5 Oanda
Verdict
Oanda is a good forex broker: its fees are great, and it has a good web trading platform where you will quickly feel comfortable. It provides a user-friendly and fully digital account opening process, as well as powerful research tools, especially API.
On the other hand, Oanda has a limited product portfolio, as only forex and CFDs are available. Customer support is slow, and bank withdrawal fees can be high.
Feel free to try Oanda: it is regulated by top-tier regulators, there is no minimum deposit, and the inactivity fee only kicks in after two years.
| Oanda | |
|---|---|
| Summary | Oanda is a US forex broker. It is regulated by top-tier authorities like the UK FCA and Australia's ASIC. |
| Fees score | 4.5 stars |
| Recommended for | Forex traders who value a user-friendly platform and great research tools |
Best brokers for day trading in 2020 for European citizens
What makes a broker good for day trading
Now you know the top 5 brokers for day trading for Europeans. Let's go over how we got this list with the help of three points:
- What is day trading?
- Why do we think these brokers are safe?
- What are the most important factors when selecting the best brokers for day trading?
What is day trading?
Day trading means buying and selling financial instruments within the same trading day, even within a couple of minutes. It was once considered an activity only for professionals and financial firms, but it opened up for enthusiasts like you with the 1975 deregulation of commissions in the US, the birth of online trading platforms in the 1990s, and with the stock price volatility of the dotcom bubble.
Most day traders aim to close all their positions before the market closes for the trading day. To be effective, you must be flexible and adjust your techniques to match the ever-changing market conditions. For example, you can use trend following, where the trader assumes that financial instruments which have been rising steadily will continue to rise, and vice versa with falling. Another example is news playing, where you buy a stock which has just announced good news, or selling the stock when they announce bad news.
Are these brokers safe?
As day trading is risky, it's a good shout to consider safety. These brokers are all considered safe. You can be sure none of them is a scam. They are regulated by top-tier regulators. Some of them are also listed on an exchange, and some have a banking background.
How did we pick the best brokers for day trading?
We tested brokers based on more than 100 criteria. Below, we will show you the 4 most important criteria to take into account.
| Fees | As you are going to be making multiple trades within the same day, the lower the related fees and margins are the higher your profit can be. |
| Desktop trading platform | This can impact things such as execution speed and price quotes. When you are making trades within the day, a trustable platform with good charting tools is essential. |
| Withdrawal | The cheaper and faster the withdrawal is, the more comfortable day trading experience you are going to have. |
| Products | Most day traders prefer a complex product, like forex or options. It's better to choose brokers with expertise on a specific product. |
Best brokers for day trading in 2020 for European citizens
Bottom line
You saw the details, now let's zoom out. Here are the best brokers for day trading in 2020 for European citizens:
| Interactive Brokers | TradeStation Global | XTB | City Index | Oanda | |
|---|---|---|---|---|---|
| Award | Best online broker | Best broker for buy and hold | Best CFD broker | Best mobile trading platform | |
| Fees score | 4.3 stars | 4.0 stars | 4.1 stars | 4.1 stars | 4.5 stars |
| Web platform score | 4.3 stars | 4.3 stars | 4.4 stars | 4.3 stars | 4.5 stars |
| Deposit and withdrawal score | 2.5 stars | 2.5 stars | 4.5 stars | 4.3 stars | 4.2 stars |
| Markets and products score | 5.0 stars | 5.0 stars | 2.8 stars | 2.0 stars | 1.5 stars |
Interactive Brokers is our winner, the best broker for day trading in 2020 for Europeans. Low trading fees. Wide range of products. Many great research tools
All brokers are considered a great choice. Watch out, day trading can be risky. If you know enough and are good to go, pick your winner and take the next step in your trading journey. Let us know what you think in the comments section.
Still unsure? Use the broker finder and find the best broker for you.
