Day trading platforms
To effectively follow a day trading strategy, you will need to choose an effective forex trading platform. In this list, we bring you the 17 best day trading brokers and platforms to choose from in 2020.
For day trading, you need a combination of low-cost trades, combined with a feature-rich trading platform, with excellent trading tools.
Price isn’t everything. Therefore, many day forex traders are willing to pay more to get the tools they need to trade more efficiently.
When deciding to use forex day trading strategies, it is very important to choose a day trading platform and broker that has a combination of great tools, multi-feature platforms, and inexpensive trades.
The list below is not in any particular order but is a comprehensive resource for comparison.
Alpari
Although Alpari was established in 1998, resumed operations in 2014, it is based and regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.
Alpari provides its traders with access to over 250 markets for currencies, stocks, indices, metals, and cryptocurrencies.
Offers MetaTrader 4 and MetaTrader 5 platforms in desktop, web, and mobile formats.
Beginners and seasoned day traders may find Alpari suitable for you, with its demo accounts and educational resources and a trading volume of over $ 1.3 trillion per year.
Characteristics
- Maximum leverage 1,000: 1
- Forex spot trading
- Over 60 currency pairs and crosses available for day trading
- Choosing between ECN Execution Models and Market Maker
- Online video resources
- Forex Signals: AutoChartist and Trading Central
- Forex analytics from various providers
pros
- Demo account and social trading
- Excellent copy-trading broker
- The diverse selection of traded assets
- Good support in over 30 languages
- Low minimum deposit
Minuses
- Limited educational resources
- Lack of resource tools
- High commissions
- Withdrawal fees
FXTM (ForexTime)
FXTM was founded in 2012 with offices in the UK, Germany, Poland, France, Spain, Italy, Turkey, China, Thailand, South Korea, Malaysia, India and Nigeria.
All central operations are managed from the five-story FXTM tower located in Cyprus.
The company provides a day trading simulator to practice strategies through their demo account.
FXTM is a globally licensed and well-regulated broker. It also boasts an impressive roster of rewards making day trading Forex with FXTM a safe journey.
FXTM offers tight spreads, trading in all currency pairs, and a wide range of other financial products and financial derivatives.
Characteristics
- Allows hedging
- Large selection of educational tools
- Low commissions for CFDs on stock indices
- Spreads from 0.1 pips for a standard account and 0 pips for ECN-based trading accounts
pros
- Low minimum deposit
- Excellent customer service
- Quick and easy account opening
- Well regulated broker
- Very competitive forex commissions
Minuses
- Withdrawal and inaction fees
- High commissions on CFDs
- Limited product portfolio
FP Markets
FP Markets was founded in 2005 and is an Australian CFD and Forex broker. Regulated by the Australian Securities and Investments Commission and the Cyprus Securities and Exchange Commission.
The broker offers MT4, MT5 platforms for trading, as well as more than 50 currency pairs, gold, silver, CFDs, indices, stocks, and cryptocurrencies.
Characteristics
- When trading currencies, the leverage is 500: 1
- Direct Market Access (DMA) offering
- Demo account for beginner traders
- Over 50 currency pairs to trade
pros
- Quick and easy account opening
- Low trading fees
- Fast conclusion of deals
- Low commissions in forex
- Good platform options
Minuses
- Limited product portfolio
- High commissions for CFDs
- High minimum deposit
- High commission for withdrawing funds through an international bank
XM
XM Global was founded in 2017 and is used by over 70,000 traders and is regulated by the International Financial Services Commission.
XM offers two trading platforms that are available from both live and demo accounts: MetaTrader 4 and MetaTrader 5, the most widely used trading platforms.
The broker offers over 1,000 financial instruments including Forex trading, Stock CFDs, Commodity CFDs, Equity Index CFDs, Precious Metals CFDs, and Energy CFDs.
More than 55 currency pairs are available for trading.
The company has won numerous awards, including Best Foreign Exchange Service Provider 2020, City of Wealth Management Awards 2020; Best Customer Service in the World 2019, according to Capital Finance International Magazine; Best Market Research and Education in the World 2019, Awarded by Capital Finance International Magazine; Best Foreign Exchange Provider, City of London Wealth Management Awards 2019.
Characteristics
- Allows scalping
- Offers negative balance protection
- Low minimum deposit
- Allows hedging
pros
- Low withdrawal fees
- Easy and fast account opening
- No withdrawal fees
- Excellent educational tools and resources
Minuses
- Inaction fee
- Average commissions in forex
