How to find the best day trading platform (2024)

What’s a day trading platform?

A day trading platform is the technology used to facilitate the trade of financial instruments, enabling positions to be opened and closed within a single day. This trading style is not suitable for people seeking to trade or invest in the longer term.

When trading with us, a fee will be charged to your account for keeping your intraday trade open until the following day.

Note that there’s a difference between an online broker and a trading platform. An online broker provides the platform, while the platform facilitates the trading activity on the financial markets. An online broker like us enables you to open a brokerage account for trading or investing securities in the financial markets.

Our day trading platform will enable you to trade using two popular derivative products – spread bets and CFDs. Derivatives are leveraged products, meaning you’ll amplify your exposure on the markets. Leverage will magnify profits and losses you make on your day trade – manage your risk carefully.

Alternatively, you could open an intraday position without leverage by dealing shares. But this will offer you decreased assets and market exposure, plus you’d need some assurance that there’d be sufficient market movement in the day.

How to find the best day trading platform in the UK

To find the best day trading platform in the UK, there are several things to take into consideration. These include your experience as a trader, trading goals, the types of assets you’d like to trade, costs and charges involved and the type of support you’ll be offered.

1. Consider your experience and trading goals

Taking your experience and trading goals into consideration when venturing into day trading will enable you to have clear goals in mind. This will ensure you put in the time to practise and fine-tune your trading style and strategy before you open your first position.

You can use fundamental analysis as part of your trading style or plan to predict market price movements and use technical indicators for your strategy. Your strategy is determined by your preference and your level of risk you’re willing to be exposed to when trading the markets.

If you’re a beginner, you’ll need to choose the trading strategy that suits your preferences. For example, if you choose to use scalping as your day trading strategy, you’d make lots of small trades of the asset you’re trading with the aim of profiting from the little price changes.

Once you’ve chosen your scalping strategy, ensure that you diligently stick to it as one impromptu move may lead to trade that results in a huge loss. Your aim is to make a series of small wins from your trade and benefit from them instead on a few large ones.

You can learn more about trading strategies by visiting out Analyse and learn section on the website or IG Academy. You can also try out these trading strategies by opening a demo account with us and practice with £10,000 virtual funds in a risk-free real-world environment. Once you have gained your confidence as a trader, you can open a live account with us.

2. Learn key day trading concepts

There are some essential day trading concepts you’ll need to educate yourself on when it comes to the financial markets:

  • Volatility – intraday trading will require that you have the ability to identify if the market price has sufficient movement to present profit-making opportunities. This is known as ‘volatility’, which measures how much an asset’s price moves over a period of time
  • Liquidity – this describes how easy it would be to open or close a position in the markets without the asset’s price being affected. A rising demand for an asset increases its liquidity, meaning you can take or close positions at the price you want. With us, you’ll get deep internal liquidity, giving you access to several buyers and sellers, which will assist with the quick execution on your trade
  • Volume – this provides details on the number of times an asset has been traded over a certain timeframe and is a key indicator of the market’s liquidity. You can trade volumes as a strategy to identify entry and exit points in the markets. For instance, a rise in volume when there’s a sharp movement in the market is indicative of the market maintaining that direction in the future

3. Find out about day trading products and assets

Spread bets and CFDs are the two main day trading products used in the UK. These are leveraged products that will increase your market exposure at a fraction of the full value of your trade. But while they’ll magnify your profits when the markets move in your favour, they’ll amplify your losses if they move against you.

Carefully manage your risk and only trade using an amount you’re comfortable losing. There are over 17,000 markets you can trade with both spread bets and CFDs.

How to find the best day trading platform (2024)


Which platform is best for day trading? ›

Our five best day trading platforms for April 2024
  • Low fees: Robinhood.
  • Stocks and options traders: E*TRADE.
  • Options and futures investors: Tastytrade.
  • Mobile investing: Webull.
  • Active brokers: Interactive Brokers.
Mar 26, 2024

How do I find the best day trades? ›

Typically, the best day trading stocks have the following characteristics:
  1. Good volume. Day traders like stocks because they're liquid, meaning they trade often and in high volume. ...
  2. Some volatility — but not too much. Volatility means the security's price changes frequently. ...
  3. Familiarity. ...
  4. Newsworthiness.
Jan 3, 2024

What is the best company for day trading? ›

Best brokers for day trading
  • Interactive Brokers.
  • E*TRADE.
  • Fidelity.
  • Webull.
  • Robinhood.
  • TradeStation.

How much money do day traders with $10000 accounts make per day on average? ›

With a $10,000 account, a good day might bring in a five percent gain, which is $500. However, day traders also need to consider fixed costs such as commissions charged by brokers. These commissions can eat into profits, and day traders need to earn enough to overcome these fees [2].

Do you need 25k to day trade? ›

A day trade is when a trader buys and sells, or sells and buys, the same security on the same day. The $25,000 minimum equity requirement refers to the minimum amount of capital that a day trader must have in their account in order to engage in day trading activities.

Can you day trade with 1000 dollars? ›

You need to know how much money you're able to risk on each trade. The recommendation is that you risk a maximum of two percent of your account per trade. When trading with just $1,000 and starting out as a trader, avoid trading on margin. Get comfortable with general day trading first.

What market is easiest to day trade? ›

Investors can make trades in various markets, including the stock market, foreign exchange market, and options market. Many markets are available to anyone with a simple internet connection. Day traders commonly choose the forex market for its low barriers to entry as well as exchange-traded funds.

Does anyone successfully day trade? ›

Day trading can be profitable, but it's far from guaranteed. Many day traders end up losing money before calling it quits. Success in day trading requires a deep understanding of market dynamics, the ability to analyze and act on market data quickly, and strict discipline in risk management.

How much do the best day traders make? ›

Day Trader Salary
Annual SalaryMonthly Pay
Top Earners$185,000$15,416
75th Percentile$105,500$8,791
25th Percentile$56,500$4,708

Who is the number one day trader? ›

George Soros - earned $1 billion in 1 day. Of course, George Soros is one of the top Forex traders. Perhaps, he is the best Forex trader in the world, and, for sure, he is the best day trader in the world.

How much money do I need to start day trading? ›

First, pattern day traders must maintain minimum equity of $25,000 in their margin account on any day that the customer day trades. This required minimum equity, which can be a combination of cash and eligible securities, must be in your account prior to engaging in any day-trading activities.

Can I make $100 a day day trading? ›

You're really probably going to need closer to 4,000 or $5,000 in order to make that $100 a day consistently. And ultimately it's going to be a couple of trades a week where you total $500 a week, so it's going to take a little bit more work.

Can you make $200 a day day trading? ›

A common approach for new day traders is to start with a goal of $200 per day and work up to $800-$1000 over time. Small winners are better than home runs because it forces you to stay on your plan and use discipline. Sure, you'll hit a big winner every now and then, but consistency is the real key to day trading.

How many hours do day traders work? ›

Most independent day traders have short days, working two to five hours per day. Often they will practice making simulated trades for several months before beginning to make live trades. They track their successes and failures versus the market, aiming to learn by experience.

What type of day trading is best for beginners? ›

Overview: Swing trading is an excellent starting point for beginners. It strikes a balance between the fast-paced day trading and long-term investing.

Is Robinhood good for day trading? ›

Day trading on Robinhood can be an exciting way to potentially profit from short-term market movements. However, the Pattern Day Trader (PDT) rule requires traders to maintain a minimum account balance of $25,000.

How much money do you need to start day trading? ›

First, pattern day traders must maintain minimum equity of $25,000 in their margin account on any day that the customer day trades. This required minimum equity, which can be a combination of cash and eligible securities, must be in your account prior to engaging in any day-trading activities.

How much money is recommended for day trading? ›

Capital for Risk Management: While $25,000 is the regulatory minimum, many successful day traders start with more capital to provide a buffer for losses and to execute more substantial trades. It's common for day traders to start with anywhere from $30,000 to $50,000 or more.

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