Best Trading Platform For Mac
While we can’t promise to turn you into the Wolf Of Wall Street, we can show you the best stock trading software for Mac in 2019 to set you on your way.
- If you intend to trade on your mac, you need to think about putting windows on it. Trading platforms for mac are very limited. TOS is way too expensive if you are going to trade futures.
- A study, done by EZ Trading Computers, found that 72% of the largest and most popular trading platforms for day traders and forex traders are Windows-compatible, while only 28% have native Mac versions of their trading platform.
- It is the best choice for the solid trading platform. Fees The fees for stock traders is $4.95 and for options traders, you pay a base fee of $4.95 plus a per contract fee is $0.50.
Stock charting software for home users has come a long way and powerful but accessible “social trading” style tools like TradingView are free and easy enough for anyone to use.
Firstly though, there’s an important distinction to make between stock charting software and stock trading platforms.
The apps featured here are principally for doing technical analysis of stocks and market trends on your Mac in order to make better trading decisions.
They don’t actually allow you to trade stocks. For that you need to sign-up with a broker and we recommend checking out our guide to the best stock trading platforms for Mac.
After reading these reviews, you may also find useful our guide to investment tools on Mac that make your hard earned profits work harder.
With this in mind, here is our list of the best stock trading software for Mac users in order of ranking.
Now trading easy on big screen 4k resolution through very lightweight and comfortable to use user interface, Share with us how was your experience with above best Stock Trading software for Mac running on OS X.
1. TradingView (Free)
TradingView is an amazingly powerful yet easy to use community driven stock charting software that combines user knowledge with sophisticated analysis to make you a better trader.
The remarkable thing about TradingView is that most of the features are free to use. You only have to upgrade to the paid plans if you want real-time information although this is essential if you’re going to trade seriously.
You can however currently get 50% off TradingView paid plans if you pay with Bitcoin.
Usually trading software falls into two categories – those for experienced traders and those for novices.
What we like so much about TradingView is that it’s powerful enough to satisfy any seasoned trader and yet it’s also easy enough for those new to trading to get into.
Even better, the basic version of TradingView is free to use.
TradingView is highly respected and utilized across the stock trading industry illustrated by the fact that leading sites like Investopedia have integrated it into their services.
TradingView has rapidly risen from just a few thousand users in 2012 to almost seven million users today and is a very visual based stock tracking platform which is all about charts, charts and more charts.
It covers almost every asset class including stocks, currencies, cryptos, futures and CFDs.
Here are some of the outstanding factors that make TradingView our top pick:
- The range of charts and analysis they provide is exceptional. By default the charts load a candlestick price and volume chart but there are many others including Spread, Renko, Kagi, Line Break and PNF charts. They not only look good but they include professional drawing tools such as Gann squares and fanns, Fibonacci retracements and circles, Elliott Waves and other technical indicators to help analyze price actions. You can embed any of these charts in a website and it will update in real-time or share them to Twitter, Facebook etc. TradingView even has its own Pine Script programming language which you can use to create your own signals and custom technical analysis.
- It’s a highly effective mix of both social networking and stock trading. There are a seemingly endless numbers of charts in TradingView, many of which are generated by users and genuinely help you trade better. From simple basic price charts to plotting complex spread symbols with overlayed strategy backtesting, you can do it all in TradingView. This makes it extremely accessible for beginners to stock charting on Mac but also provides in-depth analysis that professional traders will value.
- Stock trading can be a lonely business and TradingView makes you feel less alone when taking big trading decisions. It’s all about harnessing the knowledge of its users, connecting traders and exchanging ideas on trades and market movements. Every user has their own TradingView profile where you can publish ideas, thoughts, tips and interact with other traders.
- The information shared in TradingView is genuine because it comes from grassroots users. Often with trading sites or publications the content is paid for and therefore biased in favor of companies promoting their stocks or PR blurbs. The tips shared across TradingView are based on the analysis and experience of real traders.
- You can setup automatic movement alerts so that you will be notified when a stock falls or rises beyond a certain level or goes beyond things like Bollinger Bands channel. This includes email and SMS alerts.
- Because it works in any browser, it also works on any platform including Mac desktop and PC. There’s also a native iOS app for iPhone and iPad which is pretty good too.
- Possibly the most impressive thing is that most of TradingView is free to use. In fact you can start using it immediately in your browser. The free version of TradingView is ad-supported although they’re not intrusive and the platform is extremely quick as it’s based on the highly responsive HTML5 language. You can easily get everything you want in the free version of TradingView although if you’re going to trade seriously, the paid plans are well worth it.
- The Pro, Pro+ and Premium plans start at $9.95 per month and the main advantage is that they provide faster real-time information and more intraday reports. Any trader will tell you that information is power when it comes to trading and the faster you have it, the better your chances at making money. The paid plans also remove all ads, allow you to have multiple charts open per tab and add feeds for NASDAQ, NYSE and NYMEX. If you pay for a plan with bitcoins, you also get 50% off TradingView.
All paid plans allow you to try a fully functional 30 day free trial and we like the fact that unlike many stock trading apps, no credit card is needed to use the trial.
If you want to maximize your profits and become a better trader on your Mac, TradingView is powerful yet accessible for all abilities.
You can get started using TradingView for free now to judge for yourself.
You can also check out our full TradingView review for more.
2. MotiveWave
MotiveWave is a professional multi-asset trading software that not does powerful technical analysis but is integrated with multiple brokers and financial data delivery services.
If you’re looking for a Mac desktop app that allows you to both analyze and trade at the same time, MotiveWave is the perfect solution.
In fact it’s an excellent companion tool to TradingView because it is integrated with selected major brokers such as Oanda, TD Ameritrade and Forex.com. If your broker isn’t supported, it may also be possible to connect it via a Gateway Connector such as Rithmic or CQG which MotiveWave will advise you on.
What we really like about MotiveWave is that you can download a native Mac app that’s highly customizable and allows you to both analyze stocks and trade from your Mac desktop. The app is optimized for High Resolution 4K displays and looks really good on macOS.
MotiveWave is extremely powerful and can analyze massive amounts of market data to reveal trends, issues and other things that you might ordinarily miss.
For example, MotiveWave automatically looks for complex patterns such as Elliott Wave Patterns and Gartley Harmonic Shapes in order to identify trading opportunities.
Other advanced features include Replay Mode, Advanced Alerts based on multiple market signals, Component Alerts and Multiple Monitor Support. MotiveWave is backed by some pretty powerful algorithms that you can even modify to customize according to your own needs.
Note that MotiveWave is firmly aimed at professionals and those with considerable experience in stock trading so it’s less accessible than TradingView for beginners.
If you know what you’re doing when it comes to stock trading and are looking for a professional trading tool on your Mac, then MotiveWave is definitely a contender worth checking.
MotiveWave pricing starts at $99 for the basic Charts plan with 5 other plans available depending on your needs.
You can also sign-up for a free trial of MotiveWave to see what you think for yourself.
You can check out our full MotiveWave review for more.
3. eToro
Even though eToro is strictly a trading platform rather than software, it has some of the easiest to use technical analysis tools of any app featured here.
eToro is incredibly accessible, even for those that have no trading experience and as a result now around 5 million users. You can trade almost any instrument on the platform including Currencies, Indices, Commodities (CFDs) and Cryptos.
Unfortunately users in the USA can’t use eToro for actual trading due to rules on CFDs (Contract For Difference). The good news though is that eToro is now available in the USA for cryptocurrency trading and US users can also use the TA tools for free by signing up for a demo account.
eToro Pro Charts are easy to use although you can’y customize them as much as in TradingView.
Like Trading View however, eToro is focused on social trading and allows you to copy the trades of other users and traders in an easy to use interface. The eToro CopyTrader system is perfect for beginners as it allows you to earn and learn by copying the experts. At the same same, experts can also earn commissions on those that copy them.
You are only allowed to use a maximum of 40% of your funds to copy trades but you can set stop-loss limits to stop copying before losses get out of hand.
eToro is overall one of the best stock trading tools for beginners as the CopyTrader system is easy enough for any to get started with.
You can test out eToro’s trading tools by signing-up for a free eToro demo account which allows you to trade with $100,000 of virtual funds.
For a full look, we recommended reading our full eToro review.
4. MintBroker
If you’re based outside of the US, then look no further than MintBroker. Unfortunately, MintBroker isn’t available to users in the USA but it does allow those in other countries to trade US stocks and options, commission free. It also offers some pretty good technical analysis tools including a P&L summary, quotes and watchlists and lice charting.
MintBroker is aimed at traders of all abilities and is simple enough for beginners but with plenty of advanced charting capabilities and news feeds for experienced stock traders too. The MintBroker software itself is free to use, fast to setup and works great on macOS.
MintBroker markets itself as a “Low Cost” share trading platform and the commission free trading on US stocks makes it a very attractive option. There are also no trade minimums on MintBroker – you can trade as little or as much as you like with no additional fees.
You can get up to 5:1 leverage intra-day and2 times the trading leverage on overnight marginable trades (although this should be used with caution). There’s also a MintBroker mobile app which is synced with the desktop platform and allows you to trade anywhere.
You can get trading now with the free MintBroker stock trading simulator to try it for yourself.
5. Stockfolio
If you’re looking for an elegantly designed and easy to use desktop stock tracking app made specifically for Mac, then Stockfolio ticks all the right boxes.
Unlike MotiveWave, Stockfolio isn’t integrated with any brokers so you can’t actually trade with it. However, when it comes to tasteful looks, technical analysis and news tickers, it’s extremely well done.
Stockfolio not only supports tracking of stocks but is also one of the only trading apps for Mac that features excellent support for cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
Stockfolio also provides real-time news tracking of equities and stocks via integrated feeds for Twitter, Coindesk and others.
The main interface presents a convenient customized list of stocks along the left hand margin, trading chart in the middle and news feeds along the right hand margin.
Stockfolio does this really tastefully without making the screen look cluttered or overwhelming with data.
Stockfolio also gives a crystal clear overview of your portfolio and its progress including Market Value, Acquisition Value and Unrealized Gain.
You can create useful watchlists by sector to monitor industry specific stocks such as Automotive, Health, Auto, Crypto etc.
And you don’t even have to keep the application open to monitor stocks – you can access essential stock movements directly from the Menu Bar:
We also like the fact that Stockfolio is bang up to date for the latest TouchBar MacBooks allowing you to navigate between watchlists and your portfolio via the TouchBar.
This isn’t essential but shows that the developer is committed to ensuring that the app is always compatible with the latest versions of macOS. Stockfolio is regularly updated by a responsive developer which is always a good sign.
There’s no denying that Stockfolio is aimed at those fairly new to stock trading and professional stock traders may find the lack of advanced technical analysis tools such as basic trend lines, RSI and MACD frustrating.
It’s a shame you can’t connect Stockfolio to a broker as yet either although this is something the developer is working on and along with other additions to the app, will eventually be rolled-out.
Despite these limitations, there’s no doubt that Stockfolio is easily the best looking stock trading app for Mac with lots of useful touches.
Stockfolio normally costs $49.99 but is currently 50% off at $24.99.
You can also try Stockfolio for free.
6. ProTA
ProTA is one of the most established technical analysis software packages for Mac and has been around for over 20 years.
ProTA is designed specifically for Mac and it shows because it’s certainly has one of the best looking interfaces of any trading software for macOS.
ProTA is aimed both at beginners and seasoned traders and among the many features are more than 100 indicators, line studies, smartlists, chart templates and trading systems.
You can even customize ProTA using something called ProTAscript which allows you to create your own customized screens, analytics and trading systems. Like Mastock, ProTA uses Yahoo Finance to extract end of day financial data and continuously updates data automatically to make sure you’re making trading decisions based on the latest figures.
You can import your own Excel data, drill-down tickers to analyze market data and create your own rules for data tracking although you’ll need to read the 200 page ProTA user guide to get a grip on how ProTA’s own formula based programming language works. A lot of thought has gone into both the design and features of ProTA and it’s a trading software that will definitely appeal to those that like their software fully tailored for macOS without skimping on power and features.
You can download a free trial of ProTA which is unlimited in use but is limited to a certain number of tickers.
You can unlock everything by upgrading to a full one year license for $99 or $299 for a four-year license.
7. StockMarketEye For Mac
StockMarketEye is an impressive stock portfolio tracking tool that uses dynamic price charts to help you gain a better perspective on market movements.
Note that StockMarketEye is not designed for day traders because it does not provide real-time integrated trading but it’s certainly an excellent tool for getting a holistic overview of the market and then using other software to actually trade with.
StockMarketEye is cross-platform so it has a Mac, iOS, PC and Linux desktop client and like most good trading apps, StockMarketEye supports visualization in Line Charts, Mountain Charts, Candlestick Charts and OHLC Charts.
You can choose EOD (End-of-Date) charts for a longer term perspective or 1 & 5 day intra-day charts for a shorter term perspective.
StockMarketEye is one of the only and best Forex trading platforms for Mac as it supports tracking of stocks, ETFs and mutual funds on all of the world’s major exchanges.
The interface looks a bit dated on Mac nowadays but its uncluttered and generally very easy to use with a simple and clear user guide.
There are also instructions how to import portfolios from different brokerages such as Etrade, Vanguard and several others.
You can receive alerts for stock and portfolio tracking, can connect to your bank account and is also integrated with the iPad and iPhone version of StockMarketEye.
For small time traders, StockMarketEye is an excellent and easy to use tracking and technical analysis application.
StockMarketEye used to be available from the Mac App Store but now you must buy StockMarketEye from the developer for $99.95.
There’s a 30 day money back guarantee and the price includes minor updates.
You can also try a 30 day free trial of StockMarketEye.
8. StockSpy
StockSpy is a free stock tracking tool for Mac that’s designed more for tracking stock movements and trends more than technical analysis.
However, it can definitely aid you in decision-making and the basic version is free to use.
StockSpy is particularly good at tracking the connection between news events and stock movements.
StockSpy has a NewsChart feature which shows the historical link between stocks and news events.
It allows you to import and link RSS feeds related to the stocks you trade-in and follow.
As long as the news site of your choice has an RSS feed – which is pretty much every site nowadays – you can import it into StockSpy and observe which news events drive stocks.
There is however sometimes a delay for stocks to update in StockSpy which can be quite annoying. It can also be a bit unstable when clicking on news links and prone to crashing.
There’s also a StockSpy iPhone app which syncs with the Mac version and allows you to track and monitor stocks and news on the move.
We recommend using the free version of StockSpy first and then upgrading to StockSpy Pro for $9.99 if you’re happy with it.
9. Latinum
Latinum is a new professional trading and technical analysis software for Mac and PC.
If you’re going to be trading Stocks, Cryptocurrencies Forex and CFDs (Contract for Difference) then Latinum is a good choice as it supports streaming quotes for Forex and CFDs.
It also supports stocks although there’s a slightly cheaper version called Latinum Stocks if that’s all you want to analyze.
Latinum is designed for discretionary (non-automated) traders and quickly enables you to determine risk, make orders quickly via a Mini Order Ticket feature and more easily manage order and positions with a Mini Blotter.
You can even trade Forex on Latinum by linking it to FXCM Trading Station/Marketscope broker accounts although unfortunately it no longer supports OANDA for stock trading.
Latinum also has a trading simulator which you can practice paper trades on.
You can use the free demo of Latinum before buying the official version from the Mac App Store for $99.99.
10. Trendsetter Software
Trendsetter Software develop a range of long-established but dated stock trading apps for Mac, namely Personal Analyst, Personal Hotline, Pro Analyst and HotlineX.
You can see the difference between them all in this comparison table and prices range from free for Personal Analyst to $389 for HotlineX.
Trendsetter trading apps have been around for many years now and both the apps and website are quite dated but you can always use Personal Analyst for free and then decide whether you think the other apps are worth upgrading to.
Trading Software vs Trading Platforms
Stock trading tools that you can use on Mac fall into two types.
This article has dealt with stock trading software for Mac which allow you to perform technical analysis and analyze stock movements in order to make better trading decisions.
They are designed to be used alongside stock trading platforms that allow you to actually trade online i.e. stock brokers such as eToro. Stock trading platforms also usually provide their own TA analysis tools but they’re often not as good as dedicated apps.
Trading software tends to be desktop based while stock trading platforms are usually Cloud based. There are a small number of apps like MotiveWave however that allow you to do both.
Best Trading Platform In India
Whether you’re a serious investor wanting to do technical analysis of stocks, options, bonds and Forex, you really need to use technical analysis software in order to get the most out of stock trading.
All In One Multi-Asset Solutions For Mac
Currently there is no multi-asset stock trading software designed specifically for Macs as such software requires a lot of investment and development time and the relatively small Mac market doesn’t merit it yet.
So if you want software that covers stocks, options, bonds and Forex all in one application on Mac, you won’t find it and you may be better to go for an online based stock trading provider.
However, if you just need something that can handle Forex, Metals, Commodities and Indices, all the stock trading software featured here support them. Best animation apps for mac.
MetaTrader For Mac
MetaTrader 4 and 5 or MT4 and MT5 as it is more popularly known is not available on Mac but is one of the most popular stock trading tools for Windows users.
There are ways to run Metatrader on Mac using “wrappers” provided by brokers or using other third party applications but they can be tricky to setup, unreliable and don’t support all features such as the Metatrader Market.
However, If you really want to give it a go, check out our full guide on how to run MetaTrader on Mac.
Running Windows Stock Trading Software On Mac
If none of the apps reviewed here meet your trading needs and you want to run a popular PC or Windows-based software such as TC2000, Ninja Trader or X-TRADER on your Mac, your best bet is to run Windows on your Mac simultaneously.
This isn’t an ideal solution because it’s very demanding on your Mac’s RAM and it’s inconvenient having to switch between Windows and macOS constantly but if you can’t live without your Windows trading software, it’s the best solution.
Popular Windows stock trading software TC2000 now recommends this as the best solution to use its software after dropping support for Macs.
This is partly because TC2000 requires the Microsoft Silverlight plugin which can be notoriously unreliable on Mac as many Netflix users have found to their cost.
TC2000 has been around for over 20 years and is one of the most respective stock analysis tools out there. Its jam-packed with advanced charting features including OHLC, HLC, Line, Bar and Candlestick plot styles.
You can scan, sort and receive alerts from over 1100 pre-configured and automatically updated system lists and indexes and add your own personal watchlists.
There are plenty of tutorials and training videos and you’ll have to spend quite a bit of time studying them before you can get going.
Stock Trading Tips
The golden rule in all types of stock trading is never trade more funds than you can afford to lose.
For some sound advice and good tips on how to be a better day trader, check out Magnetic Trading’s day trading infographic.
Some of the essential tips they recommend include:
- Keeping a journal of why you made certain trades to learn from successes and failures
- Avoid the trap of non-stop trading with mobile devices
- Find a mentor such as via eToro’s copy trader system
- Focus less on the money and more on your trading system
- Take a break and keep fit – you can easily end up chained to your Mac 24/7 day trading which will soon see you burnt-out
You can also use inexpensive advisory services like the Motley Fool Stock Advisor to get expert tips and advice plus hot trading tips.
Conclusion
Our overall number one trading platform on Mac is TradingView because it’s a brilliant blend of professional and social trading that traders of all abilities can use. It genuinely makes you a better stock trader.
MotiveWave is definitely the most complex and advanced stock trading platform there is that has a Mac client and the integration with brokers means you can trade and do technical analysis all in the same app. It’s certainly worth checking out if you’re a professional or power trader.
Stockfolio is definitely the best looking stock trading application designed specifically for Mac, making it easy to keep essential trading data at your fingertips.
We hope this article has helped you find a stock trading tool for you and your Mac.
If you have any questions, suggestions or experiences with any of the apps featured here, let us know in the comments below.
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Day Traders Want Speed and Reliability at Low Cost
Investopedia is committed to rigorous editorial standards to provide our readers with the best advice and recommendations. We may receive compensation when you click on links to products we reviewed. Learn more about our methodology and review process.
When choosing an online broker, day traders place a premium on speed, reliability, and low cost. Features designed to appeal to long-term infrequent traders are unnecessary for day traders, who generally start a trading day with no positions in their portfolios, make a lot of transactions, and end the day having closed all of those trades. Here are our top brokers for day trading:
- Interactive Brokers
- Lightspeed
- TradeStation
- TD Ameritrade
- tastyworks
Day traders may place their trades manually, often from a chart, or set up an automated system that generates orders on their behalf. Fundamental data is not a concern, but the ability to monitor price volatility, liquidity, trading volume, and breaking news is key to successful day trading.
Day traders often prefer brokers who charge per share (rather than per trade). Traders also need real-time margin and buying power updates. Each broker ranked here affords their day-trading customers the ability to enter orders quickly by customizing the size of trades and turning off the trade confirmation screen. We sought brokers who allow traders to place multiple orders simultaneously, designate which trading venue will handle the order, and customize trading defaults.
This ranking focuses on online brokers and does not consider proprietary trading shops.
Interactive Brokers
- Account Minimum: $0
- Fees: $0.005 per share
The longtime leader in low-cost trading, Interactive Brokers is geared for very active traders. Though they have been adding features for less frequent traders over the last few years, their priority is keeping fees down. The speedy downloadable platform, Trader Workstation (TWS), includes dozens of professional-grade trading algorithms, such as the Adaptive Algo, which finds better prices for filling orders. You can customize the algorithm to fill your market order at the midpoint between bid and ask, thereby seeking opportunities within the spread to chisel a fraction of a penny more for your profits.
IB’s margin rates are practically the lowest you will find, especially for traders who use more than $100,000 of margin. You can automate a trading strategy using an API plug-in, or by subscribing to a strategy on their Investors’ Marketplace.
Interactive Brokers also received awards for Best Overall Online Brokers, Best for International Trading, Best for Low Costs, Best for Options Trading and Best for Penny Stocks.
Pros
Very low fees.
An extremely customizable platform with watchlists capable of displaying over 450 columns.
More than 120 technical indicators available for charting.
Terrific market scanner to stay on top of current conditions.
Algorithmic trading with automated trading capabilities available via API. Paper trading capability lets you test strategies without risking money: a great way to familiarize yourself with the algorithm.
Cons
The learning curve to become proficient using TWS is relatively steep.
Accounts with less than $100,000 in assets are subject to monthly inactivity fees should the frequent trader choose to take a break.
Several other brokers offer deeper technical analysis toolsets.
Streaming real-time quotes are restricted to one device at a time.
Lightspeed
- AccountMinimum: $10,000 (web), $25,000 (software)
- Fees: Max $4.50/stock trade, $0.65/options contract. No charge per leg.
- Bestfor: Cost-conscious & active traders.
Lightspeed Trader, the downloadable platform for day traders, is exceptionally stable, having had no issues weathering the many trading surges of the last few years. It’s customizable and includes streaming real-time quotes on all of the assets you can trade. The charts display and update rapidly and let you apply technical studies and Level II quotes, among other powerful features.
Lightspeed Trader is highly secure. The login process includes a virtual private network (VPN), especially crucial for those with wireless Internet connections. A soft token is offered for those who use the web platform. Customers can set up complex order entry defaults which can be invoked with hotkeys to expedite orders. Frequent options traders can use the LivevolX platform.
Lightspeed also received awards for Best for Low Costs and Best for Options Trading.
Pros
Fast data feeds with flexible order routing.
Excellent support and a stable platform.
Livevol X, a free platform available to Lightspeed customers, has terrific options analysis tools.
Cons
Low balance accounts must generate a minimum of $25/month in commissions or pay an inactivity fee.
Futures trading available only on the RealTick Pro platform, which costs $325/month.
No mutual funds or forex available.
TradeStation
- AccountMinimum: $500 ($5,000 for IRA)
- Fees: $5 stocks and ETFs, $0.50/contract and $5/trade options
TradeStation’s downloadable trading platform is packed with features for frequent traders. The platform originated as a technical analysis and charting package, evolving into a brokerage in 2001. You can route your orders yourself, selecting a trading venue, or use TradeStation’s smart order routing engine.
One of the strengths of this broker is the ability to build, backtest, and deploy an automated trading strategy based on technical triggers. The streaming real-time data is clean, so your strategies don’t send trades to market based on an erroneous feed. The TradingApp Store features in-house and third-party tools, many of which are free, to add to your platform. The web-based and mobile platforms are synched to the desktop platform, and offer extensive charting capabilities.
TradeStation also received awards for Best Overall Online Brokers and Best for Penny Stocks.
Pros
Excellent charting and technical analysis capabilities.
A massive collection of historical data.
Portfolio Maestro feature helps fine-tune trading strategies.
Flexible and customizable real-time market scanners.
Cons
No forex trading.
Cannot develop trading systems on mobile or web.
The language used to develop trading systems is difficult to learn.
TD Ameritrade (thinkorswim)
Best Stock Trading Platform For Mac
- Account Minimum: $0
- Fees: $6.95 for stock and ETF trades, $6.95 per leg plus $0.75 for options
Best Trading Platforms
The thinkorswim platform from TD Ameritrade provides customers with dazzling charting tools which can be customized to your heart’s content. Streaming real-time quotes power the intra-day charts, and you can send orders from a chart with a mouse click. To follow multiple stocks, simply tile charts on your monitor. If you want to automate a trading strategy, the thinkScript language allows you to use one of 300 built-in strategies, or set up your own from the hundreds of technical indicators included in the platform. The trading simulator, paperMoney, lets you work out your strategies without risking money.
TD Ameritrade also received awards for Best Overall Online Brokers, Best for Options Trading, Best Web Trading Platforms, Best for Beginners, Best for ETFs, Best for Roth IRAs, Best for IRAs and Best Stock Trading Apps.
Pros
Strong customizable charting package.
Streaming real-time quotes can be used on multiple devices simultaneously.
The Fast Beta study, which overweighs more recent prices, is useful for analyzing stocks with increasing volatility.
A variety of scanners help filter stocks, options, futures, and forex for trading opportunities.
The trader can set up defaults for order entry to speed sending an order to market.
Cons
Standard commissions are very high for day traders, but frequent traders can negotiate their own fees.
The standard margin rates are also very high.
Smaller than average “Easy to Borrow” list for short sellers.
tastyworks
- AccountMinimum: $0
- Fees: $5.00 stock trades $1.00 options trades
Tastyworks is a fast, reliable platform focused on options analysis and trading, but there are also plenty of tools for stock/ETF traders. The dashboard layout is easily customizable. Unlike other brokers, the browser platform has almost every feature as the downloadable one -- key for those who aren’t always at home base. Even the mobile apps are power-packed.
The tools are designed for people who visualize prospective trades rather than following a flow of time and sales data. They focus on liquidity, volatility, and the probability of a profit. On quote pages, implied volatility appears before a quote in order to help customers understand market opportunity.
Tastyworks also received awards for Best for Low Costs, and Best for Options Trading.
Pros
Innovative pricing structure results in relatively low costs, particularly when trading options.
The platform is new (launched 2017) and built on the latest technology, so it is fast and stable.
Scanners help you find securities that are becoming more volatile.
Watchlists are sortable by up to 50 data points.
Quotes are not throttled, so they load quickly.
Cons
Commissions are fixed. There’s no negotiating for a more active trader.
Margin fees are higher than average for frequent traders but can be negotiated.
Investors cannot place multiple orders simultaneously or stage orders for a later entry.
Are You a Day Trader?
A key consideration for day traders is trading platform quality, which can impact things such as execution speed and price quotes. Day traders, especially those who trade using their own algorithms, need flawless data feeds or they risk entering orders based on errors in the data. In an environment where high-frequency traders place transactions in milliseconds, human traders must possess the best tools. Most brokers offer speedy trade executions, but slippage remains a concern. Traders should test for themselves how long a platform takes to execute a trade.
Commissions, margin rates, and other expenses are also top concerns for day traders. Even if a day trader can consistently beat the market, the profit from those positions must exceed the cost of commissions. For a high volume trader, commission costs can easily run into the hundreds or thousands of dollars per day. Traders can check these rates by contacting the broker or checking the broker website, but most offer special rates for highly active day traders.
It is also important for day traders to consider factors such as customer service and the broker’s financial stability. Customer service is vital during times of crisis. A crisis could be a computer crash or other failure when you need to reach support to place a trade. The best brokers offer dedicated account representatives for highly active day traders to assist in this regard.
The financial strength of the firm is also important since small brokerages can and do go out of business, but the main player in whether or not you can recover your assets is the clearing firm. Take a look at FINRA's BrokerCheck page before signing on with a small firm to make sure they have not had claims filed against them for misdeeds or financial instability.
Methodology
Investopedia’s mission is to provide investors with unbiased, comprehensive reviews and ratings of online brokers. Our reviews are the result of six months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on their platforms, costs and fees, security, the mobile experience and customer service. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system.
In addition, every broker we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices.
Our team of industry experts, led by Theresa W. Carey, conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels. Click here to read our full methodology.