Best Day Trading Forex Brokers
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
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 - Standard | 0.86 |
All-in Cost EUR/USD - Active | 0.5957 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
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 - Standard | 0.9 |
All-in Cost EUR/USD - Active | 0.7 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
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 - Standard | 0.6 |
All-in Cost EUR/USD - Active | 0.6 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | No |
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 - Standard | 0.51 |
All-in Cost EUR/USD - Active | 0.51 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
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 - Standard | 1.25 |
All-in Cost EUR/USD - Active | 1.25 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | No |
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 - Standard | 1.0 |
All-in Cost EUR/USD - Active | 1.0 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
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 - Standard | 1.0 |
All-in Cost EUR/USD - Active | 1.0 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
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 - Standard | 1.07 |
All-in Cost EUR/USD - Active | 1.04 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
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 - Standard | 1 |
All-in Cost EUR/USD - Active | N/A |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
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.
More Forex Guides
Popular Forex Reviews
Forex Risk Disclaimer
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.
About the Editorial Team
BrokerNotes.co
BrokerNotes is powered by a dynamic team of writers, researchers, content strategists, data analysts, editors, traders, and investors. We are obsessed with creating the best finance content on the internet, and we are dedicated to helping our readers make great choices for their money.