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When determining how capital can be deposited or withdrawn from the trading account, some of the most trusted payment methods include PayPal, TransferWise, credit cards and direct deposits.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.
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Methodology
At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.
Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.
Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.
Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.
When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.
All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.
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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.
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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.
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