CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
On top of being a regulated broker, there are some fundamental factors that need to be taken into account when finding the best day trading broker:
1. Customer Care
The levels of customer support offered by the broker can a useful barometer of the reliability of their website and services. Is there only a static “info@” contact email available or are there options such as telephone contacts and a live chat widget? Those platforms that offer multiple avenues of customer care can often be seen as being a more practical choice.
2. Navigability
Day trading is an extremely fast-paced system. Therefore, not only should the broker’s platform be constantly updated, but the trader also needs to be able to enjoy an extremely streamlined service. All values should be clearly displayed and the “buy” and “sell” options should always be present. The trader’s account balance and current profits need to be clear and every position needs to be quickly accessible. This can normally be determined by opting for a demo account (see below) before the trader begins day trading for real.
3. Trial Accounts
Also known as demo account, these are excellent ways for the user to understand the functionality of the site. While most of the larger day trading brokers will provide demo accounts as an option, it is wise to note that not all features (such as advanced analytical tools) may be available to trial.
4. Trading Presets
Due to the fluid nature of day trading, many users will opt for automated trades as opposed to manually following many disparate positions. In other words, once a certain level is reached (or the resistance is crossed), the position will automatically be opened or closed. These levels can be preset by the trader and both novices and professionals alike use this tool frequently.
5. Historical Data
One of the best ways to hone one’s skills is to appreciate past performance. Day trading brokers should be able to supply longitudinal data as a standard feature, along with charts and graphs. The trader can then select the time period that they wish to analyze, with most traders able to provide the ability to see back at least as far as one year of trading.
6. Money Options
When determining how capital can be deposited or withdrawn from the trading account, some of the most trusted payment methods include PayPal, TransferWise, credit cards and direct deposits. As all of these (and others) will employ SSL encryption, the trader’s personal details should remain secure. It is also wise to be aware of the withdrawal fees that will be taken by the broker. These will differ from broker to broker and comparing these charges will enable the potential day trader to better manage their potential profits and losses.
7. Access to Diverse Indexes
Even novice traders should have access to a large number of indices. While major ones such as the Dow, the FTSE, and the NASDAQ should all be present, others including the CAC 40, the FTSE 250, the FTSE All-Share and even the OTC markets are considered important to view. This will enable the trader to diversify their portfolio in order to manage their aggregate risk.
8. Account Types
Not everyone will have ten thousand pounds to invest in order to open a VIP account. Thankfully, reputable providers will normally offer a number of different accounts. These can range from a basic platform to a “silver”, “gold” or platinum” status. While these names sound impressive, it is critical to ascertain which benefits each level can offer. For example, automated trades are likely to be possible with every account, but only upper-level positions may be able to enjoy the free use of analytical tools.
While each of these features needs to be considered alongside all of the others, there is no one single metric that can determine how reputable and reliable a day trading broker will be.
Other variables such as how long the site has been in operation, as well as its recent financial performance, should be taken into account, as well as the level of protection offered by the local regulator.
BrokerNotes.co 2024 Overall Rankings
To recap, here are our top forex brokers for 2024, sorted by Overall ranking.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
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