methodology
NerdWallet’s comprehensive review process reviews and ranks the top US brokers and robo-advisors. Our goal is to provide you with an independent evaluation of service providers, giving you the information to make an informed decision about which provider best suits your needs. We adhere to strict rules of editorial integrity.
We collect data directly from service providers through in-depth research, testing, and direct monitoring with provider demos. Survey responses, demonstrations, interviews with supplier employees, and expert case studies ensure the effectiveness of our evaluation process, which evaluates each supplier’s performance based on over 20 factors. The final score gives a star rating from poor (1 star) to excellent (5 stars). For more information on the categories considered when evaluating service providers and our activities, please refer to the overall broker evaluation methodology and the overall robo advisor evaluation methodology.
To summarize our selection.
Best NerdWallet Trading Platforms for Day Trading May 2023
dedication
e-commerce
Autonomous Driving Merrell Edge®
Interactive Brokers IBKR Pro
TD Ameritrade
trading post
JP Morgan Sole Investment
sack trade
pioneer
investment allies
Charles Schwab
Day trading is buying a stock and selling the same stock before the market closes. Intraday traders trade far more than the average investor, so keeping costs down is almost as important as working in the right direction at the right time.
Day traders need specialized tools to provide them with the information they need and to react quickly to it. Having completed thousands of trades, we know firsthand that choosing a reliable intraday trading platform with the necessary trading tools is very important and each trader has unique requirements. I’m here. That is why we are so detailed in our broker review.
We tested and evaluated 17 online brokers during our 2023 Annual Stock Broker Review. To find the best intraday trading platform, we focused on both web and desktop platforms, evaluating dozens of features, design and user appeal for each platform.. Naturally, we also estimated transaction costs such as commissions and order execution. We prefer brokers that combine easy-to-use tools with affordable (or even low) costs.
What is day trading?
Day trading is a strategy in which traders buy and sell stocks on the trading day. The goal is to end each trading session with a net profit after deducting costs. Day traders typically take 60 minutes at the beginning (9:30 a.m. to 10:30 a.m. ET) and 30 minutes at the end (3:30 p.m. to 4:00 p.m. ET) of each market session when price movements peak. 00 minutes).
Regulators require intraday traders to maintain higher levels of shares in their accounts than other investors. If you make 4 or more trades (buying or selling the same security) within a 5 business day period, your broker must establish a “day trader model”.
