Day trading is commonly associated with the real big shots of Wall Street. Whether you're just looking to get started or you're already a pro, we collected for you the best online brokers for day trading in 2021 for American citizens. After thorough research and discussions with experienced day traders, we put together a list of the top 5 brokers. We highly recommend all 5 to you. And now, without further ado...
Our top 5 picks for the best brokers for day trading in 2021 in the US are:
- Interactive Brokers - the best broker for day trading in 2021. Low trading fees. Wide range of products. Many great research tools.
- NinjaTrader takes second place. Low trading fees. Great platform and research. Quality educational materials.
- TD Ameritrade rounds out the top three. Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
- Fidelity came in at number four. Commission-free US stocks and ETFs. Great trading platforms and research. US and international stocks.
- tastyworks just made it to the list in fifth place. Low trading fees. Great educational materials. Good research tools.
| Name | Info | Score | |
|---|---|---|---|
| #1 | Interactive Brokers | US discount broker | 4.9 |
| #2 | NinjaTrader | Global platform provider focusing on futures trading | 4.4 |
| #3 | TD Ameritrade | US-based stockbroker | 4.9 |
| #4 | Fidelity | US stockbroker | 4.9 |
| #5 | tastyworks | US options and stockbroker | 4.7 |
What makes a broker good for day trading? Their fees for complex products are essential to consider. A good desktop trading platform and powerful charting tools are also crucial for monitoring the minute-by-minute changes on the market. Withdrawal conditions are an important factor as well. And finally, the product offering and the expertise in these products should also be strong.
Trading on a daily basis can be exciting and there is a possibility for winning big with it. However, 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 suffer big losses. We advise you to start day trading only if you consider yourself an experienced trader. If you want to learn more about trading in general, check out our articles on becoming a trader and managing your own portfolio.
Not sure which broker is best for you? For a tailored recommendation, check out our broker finder tool. You can enter your country and it will narrow down the list of brokers to those that are available where you live. Want more details? Compare brokers with our in-depth comparison tool.
And now, let's go over the best online brokers for day trading in 2021 for American 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.
#1 Interactive Brokers
Fees
Interactive Brokers has low trading fees; 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 |
| • Free stock and ETF trading for US clients | |
| • Low margin rates |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| US futures | $2.5 | $3.5 | $22.5 | - | $8.5 |
| US options | $6.5 | - | $6.5 | $6.5 | $12.5 |
| EURUSD | $2.4 | - | $2.7 | - | - |
#1 Interactive Brokers
Desktop trading platform
Interactive Brokers offers a desktop platform for PRO accounts, with great customizability and advanced order execution, but it's not user-friendly and caters more to advanced traders.
| Pros | Cons |
|---|---|
| • Clear fee report | • Not user-friendly |
| • Good customizability (for charts, workspace) | • Poor search function |
| • Good variety of order types | • Too complex for beginners |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 125 | 400 | 37 | 100 |
#1 Interactive Brokers
Deposit and withdrawal
Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawback is that you can only use bank transfer.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | |
| • First withdrawal each month free |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | Yes | No |
| Withdrawal fee | $0 | $40 | $0 | $0 | $0 |
| Withdrawal time | 2 days | 1 day | 2 days | 2 days | >3 days |
#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 | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | Yes | No | Yes | No | No |
| Fund | Yes | No | Yes | Yes | No |
| Bond | Yes | No | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No | Yes |
| Crypto | Yes | Yes | Yes | No | 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 mainly for advanced traders.
On the plus side, IB has low fees, a vast range of available markets and products, and diverse research tools.
There are some drawbacks, though: there is a high forex fees, 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.
Below you can find links to all aspects of Interactive Brokers in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our Interactive Brokers fees article.
What about the minimum deposit?
Our ultimate guide to the Interactive Brokers minimum deposit is updated regularly.
How to start your Interactive Brokers account?
Look no further than our evaluation of the Interactive Brokers account opening.
How's their trading app?
Here's our expert view after checking the Interactive Brokers trading app.
Is the quality of customer service satisfactory?
All you need to know about the Interactive Brokers customer service.
Legit or scam?
Is Interactive Brokers legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether Interactive Brokers is really free.
Is this broker good for beginners?
We checked it in Is Interactive Brokers good for beginners.
Should you buy your silver bullets on Interactive Brokers?
Research for silver bugs in the Silver buy on Interactive Brokers guide
I want to trade options, are they available at Interactive Brokers?
We explored the topic in Can you trade options on Interactive Brokers?
| 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 | 4.2 stars |
| Recommended for | Traders looking for low fees and a professional trading environment |
#2 Best online broker for day trading
NinjaTrader
NinjaTrader is a US-based software company that provides a great trading platform with advanced research tools. The company was founded in 2003.
Besides providing the software, NinjaTrader is a registered NFA (National Futures Association) company and an introducing broker of brokers like Phillip Capital and Dorman Trading. The introducing broker status means that your assets and cash are held with a broker, like Phillip Capital, but the platform, fees and customer support are provided by NinjaTrader.
In our review, we tested NinjaTrader's platform and brokerage services through an account opened with Phillip Capital. Phillip Capital is a global broker, regulated by top-tier financial authorities such as the US Commodity Futures Trading Commission (CFTC) and the UK's Financial Conduct Authority (FCA).
You can also connect the following brokerage accounts to NinjaTrader platforms: Interactive Brokers, TD Ameritrade, Oanda, Forex.com, FXCM and City Index. The advantage of connecting these accounts is that you can trade other popular asset classes, like stocks, on NinjaTrader's great platform.
#2 NinjaTrader
Fees
NinjaTrader has low trading fees for futures and options on futures. The fee structure is transparent. On the negative side, there is a high withdrawal fee.
| Pros | Cons |
|---|---|
| • Low trading fees | • High withdrawal fee |
| • Transparent fee structure |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| US futures | $2.5 | $3.5 | $22.5 | - | $8.5 |
| US options | $6.5 | - | $6.5 | $6.5 | $12.5 |
| EURUSD | $2.4 | - | $2.7 | - | - |
#2 NinjaTrader
Desktop trading platform
NinjaTrader's desktop platform is great for active traders: highly customizable with many advanced features. However, it might feel complicated at first, and also lacks a two-step login.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Available only on Windows |
| • Good variety of order types | |
| • Many great tools for technical analysis |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 125 | 400 | 37 | 100 |
#2 NinjaTrader
Deposit and withdrawal
NinjaTrader's deposit and withdrawal services could be better. You can use only bank transfer and check, and there is a high fee for bank withdrawals. As a plus, there is no deposit fee and withdrawals are quick.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Quick withdrawal, less than 1 business day | • High withdrawal fee |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | Yes | No |
| Withdrawal fee | $0 | $40 | $0 | $0 | $0 |
| Withdrawal time | 2 days | 1 day | 2 days | 2 days | >3 days |
#2 NinjaTrader
Markets and products
At NinjaTrader Brokerage you can trade only futures and options on futures. To trade popular asset classes like stocks or spot forex, you have to connect your existing brokerage account to NinjaTrader.
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | Yes | No | Yes | No | No |
| Fund | Yes | No | Yes | Yes | No |
| Bond | Yes | No | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No | Yes |
| Crypto | Yes | Yes | Yes | No | No |
#2 NinjaTrader
Verdict
NinjaTrader is a great platform for futures trading.
On the plus side, we liked the low commissions. Its advanced platform is great for experienced traders, especially for futures traders. The educational material provided by Ninja is well structured and they have an active user forum as well.
NinjaTrader Brokerage has some drawbacks though. The fees for withdrawal are high, at $30-40 per withdrawal. There is no mobile platform and the desktop platform is available only on Windows. Lastly, the product portfolio covers only futures and options on futures.
As there is no fee for the demo account and you can open it within a few minutes, feel free to try NinjaTrader.
Below you can find links to all aspects of NinjaTrader in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our NinjaTrader fees article.
What about the minimum deposit?
Our ultimate guide to the NinjaTrader minimum deposit is updated regularly.
How to start your NinjaTrader account?
Look no further than our evaluation of the NinjaTrader account opening.
How's their trading app?
Here's our expert view after checking the NinjaTrader trading app.
Is the quality of customer service satisfactory?
All you need to know about the NinjaTrader customer service.
Legit or scam?
Is NinjaTrader legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether NinjaTrader is really free.
Is this broker good for beginners?
We checked it in Is NinjaTrader good for beginners.
Should you buy your silver bullets on NinjaTrader?
Research for silver bugs in the Silver buy on NinjaTrader guide
I want to trade options, are they available at NinjaTrader?
We explored the topic in Can you trade options on NinjaTrader?
| NinjaTrader | |
|---|---|
| Summary | NinjaTrader is a US-based software company that has an excellent desktop application for advanced users, particularly futures traders. NinjaTrader is an NFA-registered company and an introducing broker of brokers like Phillip Capital and Dorman Trading. |
| Fees score | 4.2 stars |
| Recommended for | Active traders focusing on futures |
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#3 Best online broker for day trading
TD Ameritrade
This TD Ameritrade Review concludes that it is recommended for investors and experienced traders looking for solid research and a well-equipped desktop trading platform, the Thinkorswim platform.
It is one of the biggest US-based stockbrokers founded in 1975. As an online broker it is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).
It is considered to be a safe broker as it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials, and is overseen by top-tier regulators.
#3 TD Ameritrade
Fees
TD Ameritrade offers free stock and ETF trading, while forex, bond and options fees are also low. On the other hand, it charges high fees for futures.
| Pros | Cons |
|---|---|
| • Low trading fees | • High fund fees |
| • Low non-trading fees | |
| • Free stocks and ETFs |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| US futures | $2.5 | $3.5 | $22.5 | - | $8.5 |
| US options | $6.5 | - | $6.5 | $6.5 | $12.5 |
| EURUSD | $2.4 | - | $2.7 | - | - |
#3 TD Ameritrade
Desktop trading platform
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | |
| • Good variety of order types | |
| • Trading support functions | |
| • Great learning materials |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 125 | 400 | 37 | 100 |
#3 TD Ameritrade
Deposit and withdrawal
The account funding is user-friendly with no deposit fees, but USD is the only available base currency, and wire transfers incur a high fee.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | • Only one account base currency |
| • User-friendly | • High withdrawal fee for wire transfers |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | Yes | No |
| Withdrawal fee | $0 | $40 | $0 | $0 | $0 |
| Withdrawal time | 2 days | 1 day | 2 days | 2 days | >3 days |
#3 TD Ameritrade
Markets and products
You can trade many asset classes, from stocks to futures and forex, while nice extras include social trading and robo-advisory. On the other hand, only the US market is covered.
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | Yes | No | Yes | No | No |
| Fund | Yes | No | Yes | Yes | No |
| Bond | Yes | No | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No | Yes |
| Crypto | Yes | Yes | Yes | No | No |
#3 TD Ameritrade
Verdict
It is one of the biggest US online brokers. It charges no commission on stock and ETFs.
Research and education are outstanding, the Thinkorswim desktop platform is one of the best on the market. Customer service is great.
The drawbacks are that it charges high financing (margin) rates, and it doesn't accept credit/debit cards and electronic wallets for money transfers. Furthermore, the product portfolio covers only the US markets.
We definitely recommend giving it a try, especially as their education tools include a demo as well.
Below you can find links to all aspects of TD Ameritrade in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our TD Ameritrade fees article.
What about the minimum deposit?
Our ultimate guide to the TD Ameritrade minimum deposit is updated regularly.
How to start your TD Ameritrade account?
Look no further than our evaluation of the TD Ameritrade account opening.
How's their trading app?
Here's our expert view after checking the TD Ameritrade trading app.
Is the quality of customer service satisfactory?
All you need to know about the TD Ameritrade customer service.
Legit or scam?
Is TD Ameritrade legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether TD Ameritrade is really free.
Is this broker good for beginners?
We checked it in Is TD Ameritrade good for beginners.
Should you buy your silver bullets on TD Ameritrade?
Research for silver bugs in the Silver buy on TD Ameritrade guide
I want to trade options, are they available at TD Ameritrade?
We explored the topic in Can you trade options on TD Ameritrade?
| TD Ameritrade | |
|---|---|
| Summary | TD Ameritrade is a US stockbroker regulated by top-tier authorities SEC and FINRA. The company is listed on NASDAQ and has a banking background as part of the TD Group. |
| Fees score | 4.3 stars |
| Recommended for | Investors and traders looking for solid research and a well-equipped desktop trading platform |
#4 Best online broker for day trading
Fidelity
Fidelity is a US stockbroker founded in 1946. It is regulated by top-tier authorities like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Fidelity is considered safe because it has a long track record and is regulated by top-tier financial authorities.
#4 Fidelity
Fees
Fidelity has low trading and non-trading fees, including commission-free stock trading. On the negative side, margin rates and fees for some mutual funds can be high.
| Pros | Cons |
|---|---|
| • Free stock and ETF trading | • High fees for non-free mutual funds |
| • Low bond fees | • High margin fees |
| • No inactivity fee |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| US futures | $2.5 | $3.5 | $22.5 | - | $8.5 |
| US options | $6.5 | - | $6.5 | $6.5 | $12.5 |
| EURUSD | $2.4 | - | $2.7 | - | - |
#4 Fidelity
Desktop trading platform
Fidelity's desktop platform is highly customizable, offers many order types and has a clear fee report. However, there is no two-step login and in some cases the platform was slow.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Loads bit slowly |
| • Good variety of order types |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 125 | 400 | 37 | 100 |
#4 Fidelity
Deposit and withdrawal
Fidelity offers an exceptionally wide range of base currencies. On the negative side, credit/debit cards are not accepted.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | |
| • Several account base currencies |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | Yes | No |
| Withdrawal fee | $0 | $40 | $0 | $0 | $0 |
| Withdrawal time | 2 days | 1 day | 2 days | 2 days | >3 days |
#4 Fidelity
Markets and products
Fidelity offers a lot of different trading products, from stocks to options, including international stocks. However, forex and futures trading is not available.
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | Yes | No | Yes | No | No |
| Fund | Yes | No | Yes | Yes | No |
| Bond | Yes | No | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No | Yes |
| Crypto | Yes | Yes | Yes | No | No |
#4 Fidelity
Verdict
Fidelity is one of the biggest US stockbrokers and is regulated by top-tier authorities.
Fidelity offers commission-free US stocks and ETFs. The trading platforms and research are outstanding, with many tools including trading ideas and detailed fundamental data. The offered range of products includes international stock exchanges in addition to the US market, which is not common among US brokers.
Fidelity has some drawbacks, though. Some mutual funds have high fees, and the margin rates are high as well. The account verification process and live chat support are both a bit slow.
As it has great research tools, a user-friendly web trading platform, and charges no inactivity fee, feel free to try Fidelity's services.
Below you can find links to all aspects of Fidelity in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our Fidelity fees article.
What about the minimum deposit?
Our ultimate guide to the Fidelity minimum deposit is updated regularly.
How to start your Fidelity account?
Look no further than our evaluation of the Fidelity account opening.
How's their trading app?
Here's our expert view after checking the Fidelity trading app.
Is the quality of customer service satisfactory?
All you need to know about the Fidelity customer service.
Legit or scam?
Is Fidelity legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether Fidelity is really free.
Is this broker good for beginners?
We checked it in Is Fidelity good for beginners.
Should you buy your silver bullets on Fidelity?
Research for silver bugs in the Silver buy on Fidelity guide
I want to trade options, are they available at Fidelity?
We explored the topic in Can you trade options on Fidelity?
| Fidelity | |
|---|---|
| Summary | Fidelity is a US stockbroker. It is regulated by top-tier authorities SEC and FINRA. |
| Fees score | 4.2 stars |
| Recommended for | Investors and traders looking for solid research and great trading platforms |
#5 Best online broker for day trading
tastyworks
tastyworks is a young, up-and-coming US broker focusing on options trading. It is regulated by the top-tier Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Australian Securities and Investments Commission (ASIC) for Australian clients
The people behind tastyworks are the same experts who built thinkorswim, now operated by TD Ameritrade. tastyworks is privately owned; it was established in 2017 and is headquartered in Chicago.
#5 tastyworks
Fees
tastyworks has low trading fees and there is no inactivity fee. On the other hand, you have to pay a high withdrawal fee for wire transfers.
| Pros | Cons |
|---|---|
| • Low trading fees | • Withdrawal fee for bank (wire) transfers |
| • Low stock and ETF fees / Free stock trading | |
| • No inactivity fee |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| US futures | $2.5 | $3.5 | $22.5 | - | $8.5 |
| US options | $6.5 | - | $6.5 | $6.5 | $12.5 |
| EURUSD | $2.4 | - | $2.7 | - | - |
#5 tastyworks
Desktop trading platform
The desktop platform is very similar to the web trading platform and has extra features such as good customizability. On the other hand, it is likewise not well suited for beginners.
| Pros | Cons |
|---|---|
| • Clear fee report | • Not suited for beginners |
| • Good customizability (for charts, workspace) | |
| • Price alerts |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Charting tool quality | Great | Great | Great | Great | Great |
| Number of technical indicators | 120 | 125 | 400 | 37 | 100 |
#5 tastyworks
Deposit and withdrawal
tastyworks's deposit and withdrawal functions are easy to use and there's no deposit fee, but you can use only bank transfer, and withdrawals can be expensive especially for non-US clients.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • User-friendly | • Only one account base currency |
| • Free ACH withdrawals in the US | • High fee for wire withdrawals |
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | Yes | No |
| Withdrawal fee | $0 | $40 | $0 | $0 | $0 |
| Withdrawal time | 2 days | 1 day | 2 days | 2 days | >3 days |
#5 tastyworks
Markets and products
At tastyworks, you can trade US stocks, ETFs, options and some futures. Other popular asset classes like mutual funds or bonds are missing, as are international assets.
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | Yes | No | Yes | No | No |
| Fund | Yes | No | Yes | Yes | No |
| Bond | Yes | No | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No | Yes |
| Crypto | Yes | Yes | Yes | No | No |
#5 tastyworks
Verdict
tastyworks is an excellent broker for options trading, but it is a bit complicated if you want to trade stocks only.
tastyworks's trading fees are low, with free stock and ETF trading fees. Its trading platform is aimed at experienced options traders, and can be intimidating for beginners. However, its educational and research tools are great for learning. Deposit and withdrawal processes could be better, and a demo account would also be great for practice purposes.
As there is no minimum deposit, no inactivity fee or monthly fee, and the account opening process is seamless, you should feel free to try it.
Below you can find links to all aspects of tastyworks in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our tastyworks fees article.
What about the minimum deposit?
Our ultimate guide to the tastyworks minimum deposit is updated regularly.
How to start your tastyworks account?
Look no further than our evaluation of the tastyworks account opening.
How's their trading app?
Here's our expert view after checking the tastyworks trading app.
Is the quality of customer service satisfactory?
All you need to know about the tastyworks customer service.
Legit or scam?
Is tastyworks legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether tastyworks is really free.
Is this broker good for beginners?
We checked it in Is tastyworks good for beginners.
Should you buy your silver bullets on tastyworks?
Research for silver bugs in the Silver buy on tastyworks guide
I want to trade options, are they available at tastyworks?
We explored the topic in Can you trade options on tastyworks?
| tastyworks | |
|---|---|
| Summary | tastyworks is a recently established US options and stockbroker. It is overseen by FINRA, a top-tier regulatory body. |
| Fees score | 4.5 stars |
| Recommended for | Options and futures traders focusing on US markets |
Best brokers for day trading in 2021 for American citizens
What makes a broker good for day trading
Now you know our top 5 brokers for day trading in the US. Let's go over how we arrived at this list by discussing three points:
- What is day trading?
- Why do we believe these brokers are safe?
- What were 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, sometimes even within minutes. It was once considered an activity suitable only for professionals and financial firms. However, the horizon 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 the stock price volatility experienced during the dot-com bubble around the year 2000.
Most day traders aim to close all their positions before the market closes for the trading day. To be an effective day trader, you must be flexible and adjust your techniques to match ever-changing market conditions. For example, you can employ a trend following strategy, where the trader assumes that financial instruments which have been rising (or falling) steadily will continue to trend in that direction. Another example is news playing, where you buy a stock when it announces good news, or sell when the news is negative.
Are these brokers safe?
As day trading is risky, it's very important to consider safety. The brokers on our list are all considered safe. You can be sure none of them is a scam. They are regulated by top-tier authorities. 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 along more than 300 criteria. Below, we show you the four most important criteria that we took into account.
| 1. Fees | As you're going to be making multiple trades within the same day, the lower the related fees and margins are the higher your profit can be. |
| 2. Desktop trading platform | The quality of a platform can affect things such as execution speed and price quotes. When you're making trades within the day, a trustworthy platform with good charting tools is essential. |
| 3. Withdrawal | The cheaper and faster you can withdraw your money, the better your day trading experience will be. |
| 4. Product range | Most day traders prefer complex products like forex or options. It's better to choose brokers that have expertise in a specific product. |
Best brokers for day trading in 2021 for American citizens
Bottom line
You've seen the details, now let's zoom out. Here are once again the best brokers for day trading in 2021 for American citizens:
| Interactive Brokers | NinjaTrader | TD Ameritrade | Fidelity | tastyworks | |
|---|---|---|---|---|---|
| Award | Best online broker | Best broker for futures | Best broker for ESG | Best broker for options | |
| Fees score | 4.2 stars | 4.2 stars | 4.3 stars | 4.2 stars | 4.5 stars |
| Desktop platform score | 3.0 stars | 4.8 stars | 4.5 stars | 3.8 stars | 3.9 stars |
| Deposit and withdrawal score | 3.5 stars | 1.6 stars | 2.2 stars | 3.8 stars | 1.9 stars |
| Markets and products score | 5.0 stars | 1.8 stars | 4.0 stars | 3.9 stars | 2.6 stars |
Interactive Brokers is our winner, the best broker for day trading in 2021 in the US. Low trading fees. Wide range of products. Many great research tools.
All the other brokers in the top five are considered great choices as well. Watch out, however, as day trading can be risky. If you feel 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 comment section.
Still unsure? Use our broker finder to find the best broker for you.
