Top 10 Best Day Trading Software Platforms Review 2021

In-depth Testing & Review Of The Best Day Trading Platforms. Powerful Charting, Backtesting, Forecasting +Real-time Data, News & Chart Trading

As a certified financial technical analyst with over two decades of using and testing stock market software, I believe I can help you choose the best day trading software to match your trading style.

Each day trading software platform offers a unique mix of pricing, services, and software to try to meet the needs of the day trader.  Read carefully through each review to see which one best fits your requirements as an active trader.

Trading costs are also a critical factor; choosing a very low cost or zero commissions brokers can literally save you thousands of dollars per year.

What Is The Best Day Trading Software?

Our extensive testing shows that Trade Ideas provides the best software platform for helping you become a successful day trader. Powered by artificial intelligence, Trade Ideas provides clear, specific, audited, high probability trading signals which give you the best chance of being profitable.

The Best Day Trading Software Review Summary

Choosing the best day trading platform depends on how you want to trade. If you want to learn trading from a vast community, then TradingView is perfect. If you wish to develop backtested day trading strategies, then MetaStock is ideal.  If you want to trade real-time news, then Benzinga Pro wins.

Best Day Trading Platforms & Software
Best Day Trading Platforms & Software Review & Comparison

12 Best Day Trading Platforms Summary

  1. Trade Ideas: Day Trading A.I. Buy & Sell Signals Providing Market-Beating Profits
  2. MetaStock: Best Software for Day Trading Systems, Forecasting & Backtesting
  3. TradingView: Best Platform for Day Trading Stocks, Forex & Crypto Internationally
  4. Benzinga Pro: Best Real-time News Feed for Day Traders
  5. TC2000 Brokerage: Best for Day Trading from Charts US & Canada
  6. Firstrade: Best Zero Commission Broker for Day Traders
  7. Interactive Brokers: Most Powerful Global Trading Platform & Best Margin Rates
  8. Scanz: Good Day Trade Scanning, News & Broker Integration
  9. SpeedTrader: Direct Market Access for Day Traders
  10. LightSpeed: Fast Execution for Day Traders
  11. ZACKSTrade: Good Research Platform for Day Trading
  12. TradeStation: Best Automated Trade Execution

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trade-ideas-stock-trading-software

1. Trade Ideas: AI-Powered Day Trading Software That Beats The Market 

Founded in 2003, Trade Ideas is a web & desktop-based software platform for finding day trading opportunities. Historically specializing in real-time scanning for trade opportunities, Trade Ideas now incorporates cutting edge AI algorithms that backtest every stock in the USA & Canada for high probability trading opportunities.

Price: $118 – $228/mPros
Trade Commissions: IB★ 3 A.I. Trading Algorithms That Beat the Market
Rating ★★★★★★ Fully Automated Backtesting
Special Deal: Use Code “Liberated” for a 15% Discount★ Exceptional Stock Scanning
Get 15% Off Trade Ideas Now★ Specific Audited Trade Signals
★ Auto-trading With AI Signals
Get A Free Holly AI Stock Trade Every WeekFree Live Trading Room Access
Cons
✘ Old School User Interface

Trade Ideas Platform Cost/Pricing

Liberated Stock Trader Review Winner
Review Winner – Best AI Trading Software & Backtesting

To understand the platform, we first need to look at the pricing structure and what you get for your money. There are essentially two tiers of product, Standard & Premium.

Trade Ideas Standard costs $118 per month, or you can save $348 by going for an annual subscription costing $1068, a 25% discount. For this investment, you get:

  • Live Trading Room – Full access to the live trading room.
  • Real-time Streaming Trade Ideas – Scanner providing access to 40 pre-configured scans.
  • Simultaneous Charts – The ability to have 10 chart windows open.
  • Chart Based Visual Trade Assistant – The ability to trade directly from charts.
  • Up to 500 Price Alerts – Price alerts to notify you when a stock meets your criteria.
  • Channel Bar Curated Workspaces – Access to 30+ channels of ideas.

Trade Ideas Premium costs $228 per month, or you can save $468 by going for an annual subscription costing $2268. For this extra cash, you get access to everything above, but also the robust backtesting and the Holly Artificial Intelligence System. Features include:

  • A.I. Virtual Trading Analyst Holly – 4 different constantly evolving A.I. algorithms.
  • Chart Based A.I. Trade Assistance & Entry and Exit Signals.
  • Risk Assessment – Detailed information on the backtested performance of the recommended trade.
  • Build and Backtest any Trade Idea – Extremely powerful point & click backtesting system.
  • Autotrade w/ Brokerage Plus and A.I. – Advanced auto trading using Interactive Brokers.

Now that you understand the platform pricing and benefits let’s jump into the key features.

Trade Ideas Platform Review

To be honest, when you first open Trade Ideas on your desktop, the software feels extremely clunky and not very user friendly. Every pane in the above screenshot is actually its own separate individual window, so if you want to resize the view, you need to resize all 8 windows. This seems such a hassle initially and seems to hark back to the age of Windows 98.

But, there is a good reason for this design. Like I, if you operate multiple monitors and large screens, you have endless flexibility and window configuration options.  Also, even though they are fully separate windows, they can be linked and unlinked together to provide a fluid experience.

Trade Ideas Platform, Channels & Charts
Trade Ideas Platform, Channels & Charts. (Note the Channel Bar on the Left)

So although it is clunky and some of the most important functions are hidden behind right-click menu’s in certain windows, you start to get used to the design after a few hours.

Trade Ideas Scanner

At the heart of the platform is the Trade Ideas scanner system, and it is absolutely unique. By clicking New -> Alerts, you get access to the Alert Config Window, which gives you immediate access to over 40 different trading scans. In the screenshot below, you can see all the in-built scans categorized into Bullish, Bearish, or Neutral. Depending on the overall market direction, you can easily select a potential strategy for the day.

Trade Ideas Scanner
The Excellent Trade Ideas Scanner & Strategy Engine
Get 15% Off Trade IdeasTry the Live Trade Ideas Trading Room Free

One scan I find particularly impressive and innovative is the “Unusual Social Mentions Scan.” The Trade Ideas AI engine is constantly scanning StockTwits for surges in mentions of particular stocks, so if you click load settings, you will be immediately presented with a list of stocks spiking on social media.

Of course, you can customize any of the scans featured here or even create your own alerts from scratch.

Trade Ideas Channels

One thing I really love about Trade Ideas is the fact that it has 30+ curated channels. These channels highlight theme-based trading opportunities, and they change over time. Here is a list of the more exciting channels.

  • EV Related: Trading strategies in the Electric Vehicle Industry.
  • The Small Exchange: interested in small-cap businesses, then this is your channel.
  • Social Media: Stocks buzzing with both positive and negative sentiment on social media. You can go with the crowd or against it.
  • Earnings Plays: The channel to play the very lucrative earnings announcement momentum.
  • Weed Watchers: For those interested in the fast-growing medicinal cannabis market.
  • Enjoy the Show: A Channel that cycles through all the hottest trade setups of the day.
  • Trade the Gaps: Highlighting trades exhibiting the compelling technical analysis signal that is the gap.
  • Many Other Channels; China, Biotech’s, Penny Movers, ETFs, Defense, Banks

Trade Ideas Pro AI

The AI algorithms developed by Trade Ideas are the main reason you would want to sign up. I had a lengthy zoom session with Sean Mclaughlin, Senior Strategist over at Trade Ideas, to delve into how the AI works, and I was very impressed. This company is laser-focused on providing traders with the very best data supported trading opportunities. There are currently four AI systems in operation.

Holly is 4 AI Systems Applying Over 70 Strategies Differently.

Holly AI

Holly AI is the original incarnation of the algorithms. Holly applies 70 different strategies to all the stocks on the US & Canadian stock exchanges, including pink sheets & the counter (OTC) markets. 70 strategies multiplied by 10,000+ stocks means millions of backtests every day.  Only the strategies with the highest backtested win rate over 60% and an estimated risk-reward ratio of 2:1 will be suggested as potential trade the following day.

Trade Ideas - Holly Grail's Trade History
Trade Ideas – Holly Grail’s Trade History / Strategy & Exits.

Holly 2.0

Holly 2.0 is a more aggressive version of Holly AI, presenting more aggressive day trading scenarios for you to choose from. Trade Ideas operates 3 key trading styles with each AI engine, Conservative, Moderate & Aggressive.  Holly 2.0 is aggressive.

Holly Neo

Holly NEO is a newer AI, which seeks to trade real-time chart patterns. It utilizes a mix of the following strategies.

  • Pullback Long – Seeks to identify trades where the stock price is down and is seeking to start moving up on higher volume.
  • Breakout Long – Where stock price breaks out up through a key resistance or to new highs.
  • Pullback Short – identifying a short pullback opportunity in price.
  • Breakdown Short – a shorting opportunity where upward momentum breaks down.

Omni AI

Omni AI is also a real-time AI ideas engine, but it combines all of the above strategies into a straight short or long trade recommendation. It is a new development and does not yet have a proven track record, but on viewing the recent trades, the performance looks good.

Trade Ideas Buy & Sell Signals

One thing I really like about TI is that it visually shows you every signal buy and sell signal on a chart. In the chart below, I have highlighted a trade recommended by Holly AI (Holly Grail). This trade for Cleveland Biolabs (Ticker: CBLI) made a 25% profit within a 4 hour period. Not how the buy and sell signals are depicted on the chart.

Trade Ideas - Trades & Buy & Sell Signals
Trade Ideas – Trades & Buy & Sell Signals By Holly A.I.

Trade Ideas Facts

  • Trade Ideas has large institutional clients, such as Schwab, and is a legitimate business.
  • Trade Ideas recommends, on average, about 3 to 10 trades per day.
  • Each trade last duration is from a few minutes to a few hours.
  • Upon downloading and analyzing 65 days of trades, I can confirm the performance numbers claimed by trade ideas.
  • You need to be an active day trader to take advantage of Trade Ideas.

Is Trade Ideas Worth The Money?

Trade Ideas are a professional company developing strategies to enable traders to beat the market for close to two decades. The question, of course, is “Is Trade Ideas Worth The Money For You.” Trade Ideas is worth the subscription if:

  1. You are an active day trader.
  2. You want to become a full-time day trader.
  3. You can maintain a minimum trading account balance of $25,000 (if you are a  US resident).
  4. You have a $0 Zero Commissions Broker.
  5. You want to have the power of AI on your side to be able to beat the market.
Get 15% Off Trade IdeasRead the Full In-Depth Trade Ideas Review

As a partner of Trade Ideas, I requested a discount for all our readers. Use the discount code “Liberated” to get 15% off your first purchase, worth $340 when going for the premium service.

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MetaStock Review Winner

2. MetaStock: Best For Day Trading Systems, Forecasting & Backtesting

Best for powerful charting & trading system analysis, excellent real-time news with global data coverage.

Price – Software $99 per monthPros
Trade Commissions – N/A★ The Best Charts & Indicators Selection
Rating ★★★★★★ The Best System Backtesting
Special Deal – 3 Months for the price of 1★ Real-time News from Reuters (Refinitiv Xenith)
Open An Account★ Global Real-time Exchange Data
Cons
✘ PC Only
✘ No Mobile App
✘ No Broker Integration

 

Liberated Stock Trader Review WinnerIf you are a trader that needs to experiment with building a system that works like clockwork, giving you an edge in trading, then MetaStock is the product for you.  You cannot execute trades directly from charts, but the systems backtesting and forecasting are a considerable edge in day trading.

The latest release of Metastock has been a big hit with improvements across the board. Huge advances in scanning, Back-testing, and forecasting, making this one of the best offerings on the market. MetaStock is one of the biggest fish in the sea of stock market analysis software.  Backed up by the mighty Thomson Reuters, you can expect excellent fast global data coverage and broad market coverage, including equities, futures, forex, ETF’s and options.

Broker Integration. MetaStock does not natively provide broker integration, execution of trades from charts, or live integrated P&L analysis; it is designed as a broker independent desktop application.

Fundamental Scanning and Screening. Using Refinitiv Xenith, you can see a really in-depth analysis of company fundamentals from debt structure to top 10 investors, including level II.  Excellent watch lists featuring fundamentals and robust scanning of the markets gets a perfect 10

Real-time News (Winner) – MetaStock Refinativ gives you get integration with institutional level news, analysis, and outlook.  This is the fastest global news service available on the market, including translations into all major languages.

MetaStock Screens
MetaStock in Action

Technical Analysis (Winner) – Forex forecasting based on sentiment is an absolutely exceptional feature.  Never mind the broadest selection of technical analysis indicators on the market today. MetaStock is the king of technical analysis, warranting a perfect 10 out of 10.

Stock Systems and Back Testing (Winner)  Another area where MetaStock excels is what they call the “expert advisors.”  MetaStock harnesses a huge amount of inbuilt systems that will help you as a beginner or intermediate trader understand and profit from technical analysis patterns and well-researched systems.  This is really a key area of advantage.  The biggest addition to the MetaStock arsenal is the forecasting functionality, which is absolutely fantastic.

MetaStock Video

What is MetaStock? - 2020

 

Try MetaStock With a 3 Months for 1 Month DealRead the Full MetaStock Review

 

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TradingView

3. TradingView: Best Platform for Trading Stocks, Forex & Crypto Internationally

Best for beginners needing great social integration to learn from other traders and the best ease of use.  Includes trading from charts for Europe and Asia.

Price – Software $9.95 per monthPros
Trade Commissions – See Broker★ Social First, Chat, Publish, Follow
Rating ★★★★★★ Easy System Development
Special Deal – None★ Ease of use, perfect for beginners
Open An Account★ Global Real-time Exchange Data
★ Trade Cryptocurrency, Forex, Stocks – USA & Globally
★ Great Stock Screening
Cons
✘ No Real-time News

 

Liberated Stock Trader Review WinnerThere is no doubt about it; I love TradingView and use it every single day.  I post charts, ideas, and analysis regularly and chat with other traders. Follow me on TradingView.  Many of the communities on TradingView are focused on day trading, and the service is first class.

Pricing & Software. You can have TradingView for free; it is a review winner for our Best Free Charting Software Review.  However, there are limitations.  I would recommend going for the PRO+ at $19 per month or the Premium at $39 per month; the benefits are extensive, including priority customer support and unlimited everything.  Also, a huge benefit is that the data speed and coverage are mind-blowing, covering literally every stock market on the planet and not just stocks but ETF’s, mutual funds, futures, forex, bonds & cryptocurrencies AT NO EXTRA COST.

Trade Management Score – 8/10 – with TradingView, you get full broker integration, you can place trades on charts, and it will take care of profit & loss reporting and analysis for you.  The only thing it does not cover is Stock Options trading or US Trading.

Fundamental Scanning & Screening – 10/10 – Another perfect 10 for TradingView as they hit the mark on real-time scanning and filtering, and fundamental watchlists also.  The list of fundamentals you can scan & filter on is genuinely huge.  Any idea you have based on fundamentals will be covered.

Moving Averages Ribbon - Beautifully Implemented In TradingView
Moving Averages Ribbon – Beautifully Implemented In TradingView

News & Social Community. As soon as you connect to TradingView, you realize this is also developed for the community.  You can look at community ideas, post your charts and ideas, and join limitless numbers of groups covering everything from Bonds to Cryptocurrencies.  The news feeds are fully integrated, including Kiplinger, DailyFX, Futures Magazine, FXStreet, and StockTwits.  Add that to the social network, and you have a great solution.  The news service is only second to MetaStock with their Reuters Feeds.

Technical Analysis & Charts.  With over 160 different indicators, and unique specialty charts such as LineBreak, Kagi, Heikin Ashi, Point & Figure, and Renko, you have everything you will need as an advanced trader.  With the Premium membership, you also get Level II insight, fully integrated.

TradingView - Insanely Beautiful Chart, with a massive selection of indicators. This Chart Feature Moonphase and Darvas Boxes
TradingView – Insanely Beautiful Charts, with a massive selection of indicators. This Chart Feature Moon phase and Darvas Boxes

Did I mention the charts are fast and beautiful?

Systems, BackTesting & Automated Trading. Good but not perfect.   TradingView has an active community of people developing and selling stock analysis systems, and you can create and sell your own with the Premium-level service.  Also, there are a vast number of indicators and systems from the community for free.  The only thing you cannot do is forecast and implement Robotic Trading Automation.

Ease of Use.  Within 5 minutes, I was using TradingView, no credit card, no installation, no configuring data feeds; it was just there.

Why I Rate TradingView The Best. Tutorial & Walkthrough of TradingView's Best Features

Open An Account With TradingViewRead The In-Depth TradingView Review

★ Bonus: Sign Up For This Service & Get 5 Exclusive Investing Strategy & Research eBooks Valued at $99 ★

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Benzinga PRO - Real-time Actionable News for Traders

4. Benzinga Pro: Best Real-time News Feed for Day Traders

The best day traders news service, real-time news designed for traders

Price – $79 per monthPros
Trade Commissions – N/A★ The Fastest Real-time News Feed
Rating ★★★★★★ Squawk Box Feed from News Reporters
Special DealCrash Detector Gift★ Trade & Options Alerts
Open An Account★ Analyst Rating Calendar
Cons
✘ No Broker Integration

 

Liberated Stock Trader Review Winner
Benzinga Pro Review – Winner

Benzinga Pro – Superfast Real-time News & Trading Ideas on a Great Platform

Benzinga PRO is neither a brokerage nor a stock market analysis charting package.  It is simply the best real-time news platform for traders.  If you choose any of the packages in this list that do not have a real-time news integration or service included, then, as a day trader, you will want to consider Benzinga as your go-to-tool of choice.

Benzinga PRO is the premium real-time news service that is an upgrade from the regular free Benzinga news service.  It is a significant upgrade that obviously comes with a price.  What makes it unique is not just the fast delivery of news but the insider interviews and direct access to the reporters at the news desk.  They also have a considerable amount of news content not available to regular subscribers.  So what makes it unique?  The platform and content.

Benzinga PRO Day Trader News Platform

The news platform is exceptionally configurable and able to run in multiple windows on multiple monitors. In the screenshot below, you can see how I have my Benzinga Pro interface configured.

  • My Current Trades in the watchlist (middle white box)
  • Important news Only – Top right columns in red I have configured only to show me the critical potentially market-moving news, which is a great feature.
  • Instant Company Details Drill Down – Bottom Right for Financial News, Calendar & Charts
  • Quick Access to Powerful Features – Stock Screener, Custom Alerts, Squawk Box, and Chat (Left-hand side)

Benzinga Pro is extremely powerful yet easy to use, which is often a delicate balance to strike, and to top it all off, they have also now added real-time price quotes to the service, so you can see when news breaks the immediate impact on the stock price.

Screen Shot - Benzinga Pro News Platform Highlights - Important News, Watchlist - Price Quites
Screen Shot – Benzinga Pro News Platform Highlights – Important News, Watchlist – Price Quotes

Recommendation For Investors & Traders With A Smaller Portfolio.

If you have only $5,000 or $10,000 to trade or invest, it does not make sense to go for the Essentials Package for $117– per month; this would eat up too much of your investment, so choose the Benzinga Pro Basic Package.

Recommendation For Investors With Larger Trading Positions

If you have a larger portfolio with significant individual short-term trades in specific stocks, then you will want to know the news and sentiment before anyone else and have ringside seats to the corporate earnings announcements and rumors.  In this case, you will want to go for the Essentials Package.

If you are serious about trading in the stock market and need real-time access to the news that moves markets, then Benzinga Pro is a realistically priced and high-speed news service that is designed by traders for traders.

In this fast-moving world, this is an effective tool.

Open An Account + Get Our Crash Detector Course FreeRead the Full Benzinga Review

 

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TC2000 - Award Winning Analysis Software

5. TC2000 Brokerage: Best for Day Trading from Charts US & Canada Exchanges

The best day trading software for USA & Canadian Exchanges, powerful real-time screening, and excellent trading from charts.

Price – Software $89 per month (real-time)Pros
Trade Commissions – $4.99 per trade★ Fantastic Charts & Indicators Selection
Rating ★★★★★★ The Best Technical & Fundamentals Scanning
Special Deal – $125 worth of Bonuses★ Trade Directly From Charts
★ Real-time Exchange Data
★ Good Margin Rates
Cons
Get TC2000 Free✘ No Backtesting
✘ No Social

Recommended for long-term investors in the USA & Canada with a fundamental bias who need powerful screening and excellent charts on all platforms.

Telechart has long been one of my favorite tools; I have been a subscriber for over 17 years and find the latest release to be another step forward.  Endlessly customizable and scalable, the platform offers nearly everything an investor will need.
Recommended By Liberated Stock Trader - TC2000
Pricing and Software.  Telechart is a big hitter when it comes to software and pricing.  Telechart runs on everything – your iPhone, your Tablet, your Mac, and your PC.  It is also priced very reasonably with a simple pricing structure.  If you trade U.S. Stocks, ETF’s or Mutual Funds, then this is a great solution.  Worden Brothers also provide regular live training seminars across the USA, which are of very high quality.

Trade Management. Worden recently released TC2000Brokerage offering discount brokerage services $4.95 per trade.  This integration means a tight integration for trading stocks from the chart screen but also one of the best implementations of Stock Options trading visualization available.

Fundamental Scanning and Screening.  Make no mistake about it; if you want fundamentals screened in real-time layered with technical screens all integrated into live watch lists connected to your charts, TC2000 is a power player.

EasyScan Dashboards

Technical Chart Analysis.  Telechart has an excellent array of technical indicators and drawing tools; all the big ones are there, from OBV, RSI, and Bollinger Bands to Fibonacci Fans and Andrews Pitchfork.  With over 70 different indicators, you will have plenty to play with.  They have also introduced live alerts that you can configure to email or pop up if an indicator or trend line is breached, very useful indeed.

Ease Of Use 20/20 – One of the easiest to use and most potent packages available places the icing on the cake for the Worden Brothers.

Open An Account With TC2000 Get $129 Worth Of BonusesRead the Full TC2000 Review

 

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Firstrade Stock Broker Review

6. Firstrade: Best Zero Commission Broker for Day Traders

Best for commission free $0 trading, no hidden charges, the largest number of commission-free ETFs with excellent stock and options tools.

Price – Software Free Pros
Trade Commissions – $0★ ZERO Commissions
Rating ★★★★★★ 700+ Commission-Free ETF’s
Special Deal – Zero Commissions Always★ Free MorningStar Research
Open An Account★ International Broker
★ Mobile, Tablet, and Powerful Options Play Tools
Cons
✘ Slightly High Margin Rates

 

Liberated Stock Trader Review WinnerGreat for Day Traders & Investors Seeking FREE Stock & Options Trades + an Industry Best 700 Commission-Free ETF’s.

Firstrade is the outright winner in commissions with a $0 flat fee per trade and $0 per options contract.

Commissions are a crucial point for day traders; if you are making ten trades per week at $5 per trade, that can mount up to over $2,600 in trading costs per year.  That is a considerable saving.

Not to mention the core Firstrade set of excellent tools are free for brokerage clients.

But what also adds to the appeal with Firstrade is the 700+ commission-free Exchange Traded Funds on offer.  This is a vast selection, more than the total for all the other brokers reviewed in our Top 10 Brokers Review.

Firstrade Optionsplay Ratings
The Fantastic Firstrade Optionsplay Rating Software

You can also purchase Mutual Funds for $0, and Bond purchases are on a Net Yield Basis. The only thing you cannot trade with Firstrade is Forex.

But what also adds to the appeal with Firstrade is the 700+ commission-free Exchange Traded Funds on offer.  This is a vast selection, more than the total for all the other brokers

reviewed in our Top 10 Brokers Review.  You can also purchase Mutual Funds for $0, and Bond purchases are on a Net Yield Basis. The only thing you cannot trade with Firstrade is Forex.

Finally, the margin commission percent is a little higher than with Interactive Brokers or Worden2000 Brokerage.  If you are not buying on margin, this is not a problem.

Open An Account With FirstradeRead the Full Firstrade Review

 

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Interactive Brokers IB Review

7. Interactive Brokers: Most Powerful Global Trading Platform & Best Margin Rates

Best for global exchange execution, low commissions & the best margin rates

Price – Software $0 Pro’sCons
Trade Commissions – $1★ Industry Leading Low Commissions
★ Lowest Margin Rates
✘ Less than perfect Customer Satisfaction
Rating ★★★★★ Great Trading Platform
Special Deal – N/A★ Direct Market Access
Open An Account★ All Markets & Vehicles

 

Liberated Stock Trader Review RecommendedIdeal for Active Investors and Day Traders seeking the LOW Trading Costs, Direct Global Market Access

Interactive Brokers: Ideal for Active Investors and Day Traders, seeking the absolute lowest trading costs, direct market access for fast execution, and best in class margin costs.

Interactive Brokers (IB) is the grandfather of online discount brokers.  Not only are they a long-established company, but it is also big.

It has a complete set of services, enabling you to trade practically anything on any market.  Stocks, Options, ETF’s, Mutual Funds, Bonds, Foreign Exchange, and even futures and commodities.

Usually, when a company is well established and large, it loses its competitive edge.  Not so with Interactive Brokers

Interactive Brokers Day Trading Platform

Interactive Brokers has a genuinely excellent trading platform based on Trader Workstation (TWS).  It is free to download and use as a client, and it is the single place to be able to trade any and every one of the vehicles on offer from IB.

Interactive Brokers Trader Workstation TWS
Interactive Brokers Trader Workstation TWS

It caters to everything Stocks, Options, Futures, Forex, Bonds, Mutual Funds & ETF’s.

Not only that, there are a considerable number of advanced add-on tools that plug into TWS, such as:

  • ChartTrader – for trading directly from charts.
  • Continuous Futures – for commodity futures scanning and analysis.
  • DepthTrader – for in-depth analysis of market liquidity
  • OptionTrader – more in-depth Options Analysis with specific Options strategies
  • ProbabilityLab – to test the Probability Distribution of a particular trade

In total, there are 27 different advanced trading tools to suit every possible approach to the market.

Overview Video of Interactive Brokers – Trader Workstation (7 mins)

Interactive Brokers offers by far the best free services in the area of research.  Here is a snapshot of some of the services you will get for free.

  • IB Market Signals
  • IB Traders Insight
  • Morningstar equity ownership
  • Thomson Reuters (in 10 languages), stock reports, news, fundamentals
  • Zacks Investment Research
  • Real-time News Streaming

In terms of customer service, they offer the full package of telephone, chat & email contact, so no issues there.

We could not find any evidence of negative tweets or reviews, so IB has a very good customer satisfaction score, particularly since they have by far the largest Twitter following of 233,000 people.

In any case, IB is a very high-quality company with the very best research included for free in your account.

Open An Account With Interactive Brokers Read the Full Interactive Brokers Review

 

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8. Scanz: Good Day Trade Scanning, News & Broker Integration

Good for real-time news & trade execution integration with TD Ameritrade & Interactive Brokers

Price – Software $200 per monthPro’sCons
Trade Commissions – See Broker★ Fantastic Granular Real-time News✘ Expensive
Rating ★★★★★ Great Broker Integration (IB, TDA, LightSpeed)
Special Deal – Free 7 Day Trial★ Integrated Technical Scans
Open An Account★ Level II & Market Depth Exceptional

Recommended for Day Traders, who want a super slick and straightforward workflow, real-time streaming charts & news and unique Level II data, Dollar Volume Information & excellent broker integration

With their slogan “Find It, Trade It, Profit,” Scanz is considered a gold standard for Day Traders.

Pricing & Software.  Scanz (previously EquityFeed) specializes in providing real-time data and news fast directly to your screen.  With a medium price point, it is neither cheap nor expensive, but you do get a lot for your money, as we explore in this review.  Data speeds are excellent, and it has excellent US data coverage, including extensive Over The Counter markets (OTC: BB, OTCQX, OTCQB, OTCPINK, GREY)

In terms of trade management, EquityFeed has introduced the “Chart Montage” functionality, which enables an ultrapowerful way of trading off the charts.  This single window contains a wealth of critical trading information, including real-time streaming news, level 2 data, including time and sales.  Also, Equity Feed is the only software to offer the Dollar Volume data.

The EquityFeed Team has a fantastic set of integrations to your broker to enable this, which includes TD Ameritrade, Interactive Brokers, and LightSpeed for direct market access,  three of the powerhouses of the brokerage world.

Open An Account With ScanzRead the Full Scanz Review

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9. ZACKSTrade: Good Research Platform for Day Trading

Best for low margin rates (5.9%), solid tools, and very low commissions.

Price – Software $99 per monthPro’sCons
Trade Commissions – $3.00★ Great Margin Rates✘ $3 trade minimum
Rating ★★★★★ 20 Research Sources Included
Special Deal – $1 Trades To July 1st★ Stocks, ETF’s, Options, Bonds
Open An Account★ Good Tools Platform
★ Broker Assisted Trades No Extra Cost

 

ZACKSTrade offers a compelling addition to the competition for Day Trader customers.  They are offering great margin rates that offset your trading costs.  You can also buy stocks in North America, Europe, Asia, and Australia, which qualifies ZacksTrade as a fully international broker.

In terms of the platform offerings for day traders, you have three options.  BacksTrade Pro is the flagship offering that is very customizable and powerful.  Of course, it has the usual basket of technical analysis tools, but it also has something for more advanced traders; Algo Lab, Basket Trader, Spread Trader, and even a lab where you can test out your options strategies.

[Related Article: Best Brokers For Zero Commissions Trading]

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10. TradeStation – Best Automated Trade Execution

Best for US day traders wanting powerful tools, automated trading, and tight broker integration.

Price – Software $0 For ClientsPro’sCons
Trade Commissions – $5★ Powerful Charting Tools✘ $5 per Trade
Rating ★★★★★ Good Algo and Power Tools
Special Deal – N/A★ Free Software for Brokerage Clients
Open An Account★ Perfect Broker Integration

 

TradeStation is a leading brokerage house with excellent execution and low commissions, but did you know they have great software also.  Joint winner in the review TradeStation offers enough in its software and broker integration to stand tall with the other vendors.

TradeStation has real-time news, which is an excellent service but only fails to score top marks here because it does not provide market commentary or a chat community.  But do you need that?  Some people do; it’s a factor to consider.

TradeStation offers TradeStation University and a vast wealth of online videos to help you master their trading platform.  They also have a morning briefing that you can tune into online, and their selection of professional analysts will give an opinion on the market action and potential strategies.

TradeStation has also cultivated a systems and strategies marketplace called the “Strategy Network,” where you can purchase stock market systems from an ecosystem of vendors or even contract someone to develop your system for you in the “Easy Language” code.

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Summary: The Best Day Trading Software

Our extensive testing shows that Trade Ideas provides the best software platform for helping you become a successful day trader. Powered by artificial intelligence, Trade Ideas provides clear, specific, audited, high probability trading signals which give you the best chance of being profitable.

If you want to learn trading from a vast community, then TradingView is perfect. If you wish to develop backtested day trading strategies, then MetaStock is ideal.  If you want to trade real-time news, then Benzinga Pro wins.

Finally, best overall for social integration and community learning for beginners TradingView.

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Connect & Follow Me On TradingView For My Latest Trading Ideas & Chart Analysis
Connect & Follow Me On TradingView For My Latest Trading Ideas & Chart Analysis

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