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Best Day Trading Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co

April 24, 2023

How to Find the Best Day Trading Broker

Until recently, day trading had been an exclusive form of trading only available to large financial institutions and professional speculators. However, electronic and margin trading has since lowered the necessary financial requirements and opened up the doors to day trading to almost anybody with an internet connection.

With day trading, one of the primary concerns should always revolve around the online broker itself. It is paramount to always use a trustworthy and reputable broker that is regulated by a respected authority such as the FCA in the UK and CySEC in Cyprus. As a general rule, brokers who are regulated by a trusted regulatory body will clearly state this fact on their website.

Deze gids in het Nederlands lezen? Klik hier

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Day Trading

Here are the best forex brokers for day trading.

  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • TD Ameritrade - 9.5/10 Overall
  • FOREX.com
    - 9.3/10 Overall
  • City Index - 9.2/10 Overall
  • XTB - 9/10 Overall
  • eToro - 8.8/10 Overall

Overall Rating

9.9 / 10

Minimum Deposit

£250.00

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.86
All-in Cost EUR/USD - Active0.5957
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)33
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.7 / 10

Minimum Deposit

€2,000

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.9
All-in Cost EUR/USD - Active0.7
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1992
Publicly Traded (Listed)No
BankYes
Tier-1 Licenses6
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)60000
Forex Pairs (Total)190
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)62
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.7 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6
All-in Cost EUR/USD - Active0.6
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1977
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses8
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)8500
Forex Pairs (Total)90
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)128
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.6 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.51
All-in Cost EUR/USD - Active0.51
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1989
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses5
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12377
Forex Pairs (Total)158
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)84
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.5 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.25
All-in Cost EUR/USD - Active1.25
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1955
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses4
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)0
Forex Pairs (Total)73
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)360
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.3 / 10

Minimum Deposit

$100

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0
All-in Cost EUR/USD - Active1.0
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)5500
Forex Pairs (Total)91
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)203
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.2 / 10

Minimum Deposit

£100.00

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0
All-in Cost EUR/USD - Active1.0
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1983
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)13500
Forex Pairs (Total)84
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)88
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.07
All-in Cost EUR/USD - Active1.04
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2002
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses1
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12000
Forex Pairs (Total)57
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)39
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

8.8 / 10

Minimum Deposit

$10-$10,000

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)3458
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes

On top of being a regulated broker, there are some fundamental factors that need to be taken into account when finding the best day trading broker:

1. Customer Care

The levels of customer support offered by the broker can a useful barometer of the reliability of their website and services. Is there only a static “info@” contact email available or are there options such as telephone contacts and a live chat widget? Those platforms that offer multiple avenues of customer care can often be seen as being a more practical choice.

2. Navigability

Day trading is an extremely fast-paced system. Therefore, not only should the broker’s platform be constantly updated, but the trader also needs to be able to enjoy an extremely streamlined service. All values should be clearly displayed and the “buy” and “sell” options should always be present. The trader’s account balance and current profits need to be clear and every position needs to be quickly accessible. This can normally be determined by opting for a demo account (see below) before the trader begins day trading for real.

3. Trial Accounts

Also known as demo account, these are excellent ways for the user to understand the functionality of the site. While most of the larger day trading brokers will provide demo accounts as an option, it is wise to note that not all features (such as advanced analytical tools) may be available to trial.

4. Trading Presets

Due to the fluid nature of day trading, many users will opt for automated trades as opposed to manually following many disparate positions. In other words, once a certain level is reached (or the resistance is crossed), the position will automatically be opened or closed. These levels can be preset by the trader and both novices and professionals alike use this tool frequently.

5. Historical Data

One of the best ways to hone one’s skills is to appreciate past performance. Day trading brokers should be able to supply longitudinal data as a standard feature, along with charts and graphs. The trader can then select the time period that they wish to analyze, with most traders able to provide the ability to see back at least as far as one year of trading.

6. Money Options

When determining how capital can be deposited or withdrawn from the trading account, some of the most trusted payment methods include PayPal, TransferWise, credit cards and direct deposits. As all of these (and others) will employ SSL encryption, the trader’s personal details should remain secure. It is also wise to be aware of the withdrawal fees that will be taken by the broker. These will differ from broker to broker and comparing these charges will enable the potential day trader to better manage their potential profits and losses.

7. Access to Diverse Indexes

Even novice traders should have access to a large number of indices. While major ones such as the Dow, the FTSE, and the NASDAQ should all be present, others including the CAC 40, the FTSE 250, the FTSE All-Share and even the OTC markets are considered important to view. This will enable the trader to diversify their portfolio in order to manage their aggregate risk.

8. Account Types

Not everyone will have ten thousand pounds to invest in order to open a VIP account. Thankfully, reputable providers will normally offer a number of different accounts. These can range from a basic platform to a “silver”, “gold” or platinum” status. While these names sound impressive, it is critical to ascertain which benefits each level can offer. For example, automated trades are likely to be possible with every account, but only upper-level positions may be able to enjoy the free use of analytical tools.

While each of these features needs to be considered alongside all of the others, there is no one single metric that can determine how reputable and reliable a day trading broker will be.

Other variables such as how long the site has been in operation, as well as its recent financial performance, should be taken into account, as well as the level of protection offered by the local regulator.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 £250.00 0.86 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 99 60000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets 9.6 $0 0.51 99 12377 CMC Markets Review
TD Ameritrade logoTD Ameritrade 9.5 $0 1.25 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com 9.3 $100 1.0 99 5500 FOREX.com Review Visit Site
City Index logoCity Index 9.2 £100.00 1.0 99 13500 City Index Review
XTB logoXTB 9 $0 1.07 95 12000 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 93 3458 eToro Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 466 Swissquote Review
AvaTrade logoAvaTrade 8.6 $100 0.92 93 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 96 440 FXCM Review Visit Site
Plus500 logoPlus500 8.5 €100 0.8 98 2800 Plus500 Review
Capital.com logoCapital.com 8.4 $20 0.65 85 3152 Capital.com Review
XM Group logoXM Group 8.4 $5 1.6 90 1429 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 93 2342 Pepperstone Review
OANDA logoOANDA 8.4 $0 1.26 92 124 OANDA Review
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 88 6942 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 86 10000 FP Markets Review
IC Markets logoIC Markets 8.2 $200 0.62 86 3583 IC Markets Review
Markets.com logoMarkets.com 8.2 $100 1.9 98 2179 Markets.com Review
FxPro logoFxPro 8.1 $100 1.51 90 2249 FxPro Review
Tickmill logoTickmill 8.0 $100 0.51 82 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A 92 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 74 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 N/A 84 10000 DooPrime Review
Vantage logoVantage 7.8 $50 1.30 89 1000 Vantage Review
BDSwiss logoBDSwiss 7.8 $100-$5000 1.6 83 1081 BDSwiss Review
TMGM logoTMGM 7.8 $100 0.96 79 12000 TMGM Review
HFM logoHFM 7.8 $0 1.2 85 3500 HFM Review
FlowBank logoFlowBank 7.7 $0.00 N/A 77 408600 FlowBank Review
HYCM (Henyep) logoHYCM (Henyep) 7.7 $100 0.6 86 362 HYCM Review
Trading 212 logoTrading 212 7.6 EUR 10 N/A 77 1785 Trading 212 Review
Eightcap logoEightcap 7.6 $100 1.0 87 736 Eightcap Review
Trade Nation logoTrade Nation 7.5 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 71 965 Moneta Markets Review
ThinkMarkets logoThinkMarkets 7.4 $250.00 N/A 86 1674 ThinkMarkets Review
VT Markets logoVT Markets 7.4 $200 1.2 71 168 VT Markets Review
ACY Securities logoACY Securities 7.4 $50 1.2 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $100 0.9 84 199 a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 69 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.2 $1 0.9 74 112 Exness Review
Spreadex logoSpreadex 7.2 $0 N/A 70 2000 Spreadex Review
Trade360 logoTrade360 7.1 $250 N/A 75 1062 Trade360 Review
AxiTrader logoAxiTrader 7.1 0 N/A 83 175 Axitrader Review
GKFX logoGKFX 7.1 $0 N/A 66 354 GKFX Review
Vestle logoVestle 7.1 -1 N/A 79 750 Vestle Review
OctaFX logoOctaFX 7 $25 0.9 69 229 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade 7 $100 N/A 67 500 Teletrade Review
FXPrimus logoFXPrimus 6.9 $100 N/A 69 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A 62 150 Forex4you Review
LegacyFX logoLegacyFX 6.9 $500 N/A 66 425 LegacyFX Review
GBE brokers logoGBE brokers 6.8 $500 N/A 69 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A 67 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A 72 300 Libertex Review
ATFX logoATFX 6.6 $500 N/A 70 150 ATFX Review
UFX logoUFX 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade 6.5 $250 N/A 80 142 Xtrade Review
Tradeo logoTradeo 6.4 $200 N/A 67 256 Tradeo Review
View More

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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

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