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Written By
James Barra
Written By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks.James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
Updated
Feb 6, 2024
The best brokers for day trading offer low fees, excellent charting platforms, fast execution, access to global markets, support trading with leverage, and provide accessible minimum deposits. They are also trusted. Every brokerage we recommend in this guide meets these criteria.
Top 5 Platforms For Day Trading
We have reviewed over 490 brokers as of (February 2024) and found that these are the 5 best platforms for day trading in the United Kingdom. Every day trading broker we evaluated using real money or a test account.
- AvaTrade - AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit.
- XTB - XTB is a great option for beginners with a user-friendly platform, no minimum deposit and low short-term trading fees. The free education center is also a bonus, as well as the straightforward account opening process.
- CMC Markets - With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels.
- Eightcap - Eightcap is great for day traders familiar with MT4 and MT5 and looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits.
- FXCC - FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account.
Best Day Trading Platforms and Brokers in 2024 Comparison
| Broker | Minimum Deposit | Markets | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
| | $100 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) | Visit |
| | $0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | xStation | 1:30 | Visit |
| | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | Web, MT4 | 1:30 (Retail), 1:500 (Pro) | Visit |
| | $100 | CFDs, Forex, Stocks, Indices, Commodities | MT4, MT5, TradingView | 1:30 | Visit |
| | $0 | CFDs, Forex, Indices, Commodities, Crypto | MT4 | 1:500 | Visit |
| | £0 | Forex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread Betting | Spreadex Platform, TradingView | 1:30 | Visit |
| | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto(only Pro clients), Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | 1:30 (Retail), 1:500 (Pro) | Visit |
| | $0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | 1:50 | Visit |
| | $5 | Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures | MT4, MT5 | 1:30 | Visit |
| | $0 | CFDs, Forex, Stocks, Options, Commodities, Bonds | MT4, TradingView, TradingCentral | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. | Visit |
| | $100 | CFDs, Forex, Indices, Commodities, Stocks, Crypto | MT4, MT5 | 1:500 | Visit |
| | £0 | Stocks, Funds, Trusts, ETFs, Bonds, Gilts, VCTs | Own | - | Visit |
| | $0 | CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, ETFs, Spread Betting | OANDA Trade, MT4, TradingView, AutoChartist | 1:30 | Visit |
| | $20 | Forex, CFDs, Stocks, Indices, Commodities, Crypto | MT4 | 1:1000 | Visit |
| | $0 | Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) | MT4 | 1:500 (entity dependent) | Visit |
#1 - AvaTrade
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Review
Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
Cons
- Traders from the US are not accepted
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
Visit AvaTrade
#2 - XTB
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Review
Why We Chose XTB
XTB is one of the largest stock exchange-listed forex and CFD brokers in the world, offering access to over 5800 day trading markets on their xStation platform. They boast 700,000 active traders, 20 years experience and authorization from tier-one regulators, including the UK's FCA.
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: FCA, CySEC, IFSC, KNF, DFSA
- Platforms: xStation
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30
Pros
- Day traders and stock investors can access a huge range of 5800+ markets via CFDs and real stocks
- The broker is FCA, KNF, CySEC, and IFSC-regulated and has been in operation for over 20 years
- There's a wide range of useful educational resources for beginners, including platform tutorials and forex guides
Cons
- Withdrawals below $50 incur a $30 fee at the international entity
- The broker's single platform offering is very limiting compared to the multiple terminals offered by many competitors
- There are no third-party research tools available, such as AutoChartist or Trading Central
Visit XTB
#3 - CMC Markets
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Review
Why We Chose CMC Markets
Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting
- Regulator: FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA
- Platforms: Web, MT4
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- The web platform delivers a fantastic user experience with advanced charting tools for day trading and customizable features, catering to both beginners and experienced traders. MT4 (but not MT5) is also supported.
- CMC offers excellent pricing, including tight spreads and low trading fees for all but stock CFDs. The Alpha scheme also offers perks for high-volume traders with up to 28.6% discounts on spreads.
Cons
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
- Trading stock CFDs incurs a relatively high commission, especially compared to the cheapest brokers like IC Markets.
Visit CMC Markets
#4 - Eightcap
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Review
Why We Chose Eightcap
Eightcap have a global presence and are FCA regulated. They boast low day trading fees and are the highest rated brand by TradingView users - and users can trade directly from TradingView. New traders can also sign up for a live account in just a few minutes with £100.
- Instruments: CFDs, Forex, Stocks, Indices, Commodities
- Regulator: FCA, ASIC, CySEC, SCB
- Platforms: MT4, MT5, TradingView
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30
Pros
- Flexible and fee-free payment methods including cryptocurrencies
- AI-powered economic calendar with top-level insights, in partnership with Acuity
- Raw spreads from 0.0 pips and a low $3.5 commission will appeal to active traders
Cons
- The demo account can only be extended upon request
- There are only four commodities available, which may disappoint experienced day traders looking to diversify their portfolios
- There are several frustrating jurisdictional restrictions - for example, the Crypto Crusher tool is not available for UK or Australian clients
Visit Eightcap
#5 - FXCC
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Review
Why We Chose FXCC
FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.
- Instruments: CFDs, Forex, Indices, Commodities, Crypto
- Regulator: CySEC
- Platforms: MT4
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:500
Pros
- The free education section, including the 'Traders Corner' blog, offers a large selection of materials that will serve all experience levels
- Competitive and transparent ECN spreads from 0.0 pips with zero commissions, making FXCC one of the cheapest forex brokers
- FXCC is trusted and licensed by the CySEC, a top-tier European regulator offering high standards of safeguarding
Cons
- Although MetaTrader 4 continues to shine for technical analysis, the subpar design dampens the trading experience, especially compared to modern alternatives like TradingView
- High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
- While the range of currency pairs exceeds most alternatives, the selection of additional assets is narrow, and notably, there are no stocks
Visit FXCC
How We Rate Day Trading Brokers
Below, we explain the key factors our team consider when comparing day trading platforms.
Trust
Choosing a trustworthy day broker is the most important consideration. This will help protect you from scams and unfair trading practices, while safeguarding your funds.
We only recommend day trading platforms that we trust, an assessment we continuously make by considering the quality of regulatory licenses, the broker’s years in the industry, and their reputation.
You can see which bodies regulate our best brokers below.
| AvaTrade | XTB | CMC Markets | Eightcap | FXCC | |
|---|---|---|---|---|---|
| Trust Rating | |||||
| Regulators | ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM | FCA, CySEC, IFSC, KNF, DFSA | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA | FCA, ASIC, CySEC, SCB | CySEC |
Fees
Choosing a broker with low fees is critical when you are day trading because a large volume of trades can lead to significant costs, impacting overall profitability.
Our recommended platforms offer low day trading fees, an evaluation we make year-on-year by recording and comparing trading and non-trading fees.
Importantly, we also weigh costs with the quality of the services provided – if you simply pick the broker with the lowest fees, you might compromise on platform features or face hidden costs later.
You can compare the typical fees you will incur at our best brokers below.
| AvaTrade | XTB | CMC Markets | Eightcap | FXCC | |
|---|---|---|---|---|---|
| Fee Rating | |||||
| EUR/USD Spread | 0.9 | 0.2 | 0.7 | 1.0 | 0.2 |
| Oil Spread | 0.02 | 0.03 | 3.5 | 0.03 | 0.03 |
| Stock Fee | 0.13 | 0.2% | 0.02 | 0.03 (Apple Inc) | NA |
| Inactivity Fee | $50 | $0 | $10 | $0 | $5 |
Platforms
Choosing a broker with a high-quality charting platform is essential for day trading because most intraday traders use technical analysis to identify trading opportunities.
Most brokers offer several platforms to choose from, some will tick the boxes for the average day trader with an intuitive design and user-friendly interface, while others offer more advanced charting packages and analysis tools for the veteran trader.
I recommend using a demo account to make sure the platform works for you.
A demo account will allow you to explore the platform risk-free and assess the broker’s reliability before trading with real money.
James Barra
Author
Our recommend brokers offer top-rate platforms, an assessment we routinely make by testing the software available and evaluating their usability, charting packages and trading tools.
You can compare the platforms and apps available at our best brokers below.
| AvaTrade | XTB | CMC Markets | Eightcap | FXCC | |
|---|---|---|---|---|---|
| Platform Rating | |||||
| Charting Platforms | WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | xStation | Web, MT4 | MT4, MT5, TradingView | MT4 |
| Mobile App | iOS & Android | iOS & Android | iOS & Android | iOS & Android | iOS & Android |
| Automated Trading | Expert Advisors (EAs) on MetaTrader | Open API | Expert Advisors (EAs) on MetaTrader | TradingView Bots | Expert Advisors (EAs) on MetaTrader |
Markets
Choosing a broker that provides trading opportunities on the markets you are interested in is critical, as not every firm offers every asset type.
Our recommended brokers provide access to popular global markets, such as stocks, forex and commodities, something we confirm by signing in to brokers’ platforms to record the assets available.
We also consider the availability of trading vehicles that cater specifically to day traders, such as contracts for difference (CFDs). This derivative allows you to speculate on rising and falling prices without owning the underlying asset.
You can compare the financial markets available at our best brokers below.
| AvaTrade | XTB | CMC Markets | Eightcap | FXCC | |
|---|---|---|---|---|---|
| Markets Rating | |||||
| Day Trading Markets | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | CFDs, Forex, Stocks, Indices, Commodities, Crypto | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting | CFDs, Forex, Stocks, Indices, Commodities | CFDs, Forex, Indices, Commodities, Crypto |
Note market access may vary depending on jurisdictional rules.
Order Execution
Choosing a broker with fast execution speeds is crucial for day trading due to the rapid pace of market fluctuations. A delay in order execution could lead to you missing trades or less favorable prices.
Execution quality is also a critical consideration and encompasses factors like speed, price, and the probability of execution, helping to gauge whether you will secure the optimal trade.
Our recommended platforms offer fast and reliable execution, a judgement we make by reviewing execution policies and considering average execution speeds (where data is available).
You can see whether our best brokers meet our execution benchmarks below.
| AvaTrade | XTB | CMC Markets | Eightcap | FXCC | |
|---|---|---|---|---|---|
| Fast Execution | Yes | Yes | Yes | Yes | Yes |
Leverage & Margin Requirements
Choosing a broker with access to leverage trading is an important consideration for day trading, as it can magnify your profits by enabling control of larger positions with less capital.
However, it also escalates the risk of larger losses, so beginners in particular should be very careful. Effective risk management is crucial, alongside an awareness of your broker’s margin requirements which set the minimum capital you need.
You can compare the leverage available at our best brokers below.
| AvaTrade | XTB | CMC Markets | Eightcap | FXCC | |
|---|---|---|---|---|---|
| Margin Trading | Yes | Yes | Yes | Yes | Yes |
| Leverage Available | 1:30 (Retail) 1:400 (Pro) | 1:30 | 1:30 (Retail), 1:500 (Pro) | 1:30 | 1:500 |
Note leverage may vary depending on jurisdictional rules and the market being traded.
Minimum Deposit
Choosing a broker with a low minimum deposit will be particularly important for new day traders on a budget.
Our recommend day trading platforms have achievable entry requirements, an evaluation we make by weighing the minimum investment with the suitability of accounts for different traders, from beginners through to intermediate and advanced traders.
You can compare the account minimums at our best brokers below.
| AvaTrade | XTB | CMC Markets | Eightcap | FXCC | |
|---|---|---|---|---|---|
| Minimum Deposit | $100 | $0 | $0 | $100 | $0 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | 0.01 Lots | 0.01 Lots |
Methodology
To find the best brokers for day trading we considered quantitative data and qualitative insights gathered during our comprehensive reviews, focusing on 7 criteria:
- We verified that brokers are authorized by a trusted regulator
- We recorded and analyzed the fees you will encounter day trading
- We testedthe suitability of the platform for short-term traders
- We compared the markets available for day trading
- We investigated the speed of order executions
- We determined the level of support for leveraged trading
- We checked the minimum deposit required to start trading
Bottom Line
Choosing a broker for day trading is a personal decision that will depend on your individual needs. However, our selection of top-rated platforms is a great place to start. Our exhaustive evaluation process takes into account the key factors that determine a broker’s suitability for short-term trading.
FAQ
What Is Day Trading?
Day trading is a strategy where individuals buy and sell financial instruments within the same trading day, seeking to profit from short-term price movements.
What Are The Benefits Of Day Trading?
Day trading offers the potential for fast profits as traders take advantage of short-term price fluctuations. Additionally, day traders can operate with reduced overnight risk since they often close positions before the market closes.
What Are The Risks Of Day Trading?
Day trading entails several risks. Firstly, there is the risk of financial loss if you make losing trades because of market volatility and emotional decision-making.
There is also the risk of signing up with fraudulent brokers operating scams, making it important to choose a trusted and regulated day trading broker.
Do I Need A Broker To Day Trade?
Yes, you normally need a broker to day trade. Your broker will provide a platform and the infrastructure to execute intraday trades in financial markets.
What Brokers Do Day Traders Use?
We have ranked the best brokers for day traders. In conducting our comparison, we considered multiple factors, from regulatory credentials and fees to the quality of the platform for intraday trading, the speed of order executions, and the minimum deposit to open an account.
How Do I Open A Day Trading Account?
To open a day trading account you will need to sign up with a broker. You usually need to provide basic contact details and information about your trading experience and source of funds, a process which often takes around 15 minutes.
Most regulated day trading brokers also need to verify your identity and address before you can unlock all trading features.
How Much Money Do I Need To Start Day Trading?
Account minimums vary between day trading platforms. Some require thousands of dollars in return for sophisticated features that cater to advanced traders. Alternatively, many brokers have an accessible minimum deposit of less than $500. Some brokerages even have no minimum deposit.
