Best Brokers for Day Trade on the Forex Market

How to choose the best Forex broker for Day Trade

The world of internet trading has evolved significantly in just a few years. A few years ago, large institutions with large available investments were the only ones that could start trading on the forex market. Today, the Internet allows anyone with a computer or mobile device to trade from home. There are different Forex trading strategies — with day trading becoming a very popular option.

Day trading is a technique used by those who have more time available. A day trading career requires more consistent activity on your part. The trader needs to do continuous research, observe trends, analyze current markets and then execute the appropriate trades.

Not all Forex trading companies can accommodate those who want to become a day trader. Due to the constant need for analysis, a platform must be able to provide access to the tools necessary to initiate trades that would result in a profit.

We take a closer look at how you can choose the right day trading platform for the Forex market. We also share our selection of the top brokers you can use.

How to choose the best Forex broker for Day Trade

Which Forex Broker Has the Best Platform

 

Day trading is a little different from more traditional currency trading. Instead of establishing a trade that can only be stopped a month later, day trading involves more active trading.

A trade is initiated in a timely manner which ensures that it can be closed before the market closes at the end of the day.

The complexity and more consistent activity associated with day trading requires a platform that can provide the user with access to the appropriate tools.

When looking at the options available, there are a few things you should consider. Be sure to look at each of the factors we've mentioned below — it helps you determine which forex broker is the right option for you in particular.

Day Trade: Best Forex Rates

Fees associated with account activity are often one of the initial things you want to look into. It's no use trading for profit when most of the money you earn goes to fees charged by the platform.

Take a look at all the Forex fees that are charged to your account. Here are some factors to consider when looking at the fee structure:

The world of internet trading has evolved significantly in just a few years. A few years ago, large institutions with large available investments were the only ones that could start trading on the forex market. Today, the Internet allows anyone with a computer or mobile device to trade from home. There are different Forex trading strategies — with day trading becoming a very popular option.

There are also LAMM accounts. They are less common, but they are worth mentioning, mainly because these two types of accounts differ very little from each other.

The world of internet trading has evolved significantly in just a few years. A few years ago, large institutions with large available investments were the only ones that could start trading on the forex market. Today, the Internet allows anyone with a computer or mobile device to trade from home. There are different Forex trading strategies — with day trading becoming a very popular option.

Check transaction fees and commissions. You can be billed every time you start a trade position or when you close the position.

The world of internet trading has evolved significantly in just a few years. A few years ago, large institutions with large available investments were the only ones that could start trading on the forex market. Today, the Internet allows anyone with a computer or mobile device to trade from home. There are different Forex trading strategies — with day trading becoming a very popular option.

Some companies may charge a monthly fee to your account. It's usually a low amount, but if you don't trade large amounts, it can definitely hurt the profits you make.

The world of internet trading has evolved significantly in just a few years. A few years ago, large institutions with large available investments were the only ones that could start trading on the forex market. Today, the Internet allows anyone with a computer or mobile device to trade from home. There are different Forex trading strategies — with day trading becoming a very popular option.

Also check inactivity rates. Some companies charge a fee when your account is inactive for a long time.

Day Trade: STP / ECN Accounts

It is a good idea to opt for a company that offers both STP and ECN accounts. STP is also known as direct processing account. This can help provide a more direct connection to the liquidity provider when you open a new trade.

A ECN it is known as the known as Electronic Communications Network and works as a kind of order-matching system. An ECN account helps to provide a fixed premium as a commission fee.

This helps to avoid inflation that occurs frequently, which increases the expected commissions that a person should be concerned about.

Serviços adicionais

In addition to checking a platform's authority and trust rating and seeing how much they charge, there are a few extra things you should consider.

Take a look at all the additional services offered by the company. This can be useful when setting up trades or assisting in analyzing trends related to currency.

Some of the services you should consider include:

  • Multiplatform support: Make sure the company you registered with supports your preferred trading platform. Most forex brokers regulated provides access to the MetaTrader platform. This has become the platform of choice for many traders as it comes with access to a wide range of add-ons, indicators and other features to help drive their decisions.

 

  • graphics tools: See if the platform offers some kind of graphics tool. This can be extremely useful, especially for day trading. You need to see how the trend works with a specific Forex pair to make accurate predictions. Charting tools sometimes allow you to initiate a trade without having to navigate back to the dashboard.

 

  • Research: Some Forex brokers use teams of experts to help with research. They can also come in handy when you are trading. Researchers will publish reports—sometimes daily—related to current forex market trends. You can then use this information to determine which are the best trading opportunities.

 

  • Education: Many people are looking to sign up for day trading for the first time. This can be risky and scary, so you need to develop skills and knowledge to limit the risks you take. Education on a day trading platform is critical. Make sure the company offers both video and text guides to help you understand different strategies and techniques.

Best Forex Brokers for Forex Day Trade

Due to the large number of brokers that offer day trading opportunities, making the right choice can seem almost impossible.

Fortunately, many companies have been established for over a decade and have proven themselves to be reliable in the industry. We've focused on five of the top options that can give you access to day trading on Forex.

These brokers were hand-selected by our team after a comprehensive review process and thorough analysis of current brokers that specialize in day trading.

Tickmill

The world of internet trading has evolved significantly in just a few years. A few years ago, large institutions with large available investments were the only ones that could start trading on the forex market. Today, the Internet allows anyone with a computer or mobile device to trade from home. There are different Forex trading strategies — with day trading becoming a very popular option.

Up to 100%
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*Your capital may be at risk
Investing in Forex, CFD and FX options involves substantial risk of loss and is not suitable for all investors.

Tickmill is one of the latest additions to the forex trading market. The company was founded in 2014. Although it is still new to the industry, Tickmill has gained a positive reputation and is already used by a large number of investors and traders. Tickmill gives you access to a variety of different tools that you can use to profit from — including Forex trading options.

Tickmill comes with its own web platform, as well as support for third-party tools. Although there is no support for MetaTrader 5, fans of this platform can log into their Tickmill account in the MetaTrader 4 software. The platform also supports ZuluTrade and comes with its own proprietary desktop software.

Graphing functions are available on Tickmill. There are 51 active indicators in the chart system along with 31 drawing tools. The company is constantly striving to improve the surveys it provides to customers.

There are automated tools available including Myfxbook and Autochartist. A team of experts also offers daily fundamental findings and technical analysis, with reports published on the official Tickmill blog.

The minimum deposit for a new registered Tickmill account is $100. There are different types of accounts and some require a larger initial deposit. The company offers VIP and active traders discounts, which can be useful for day traders. The average EUR/USD spread on Tickmill is 0,53 and the total cost is 0,32.

IC Markets

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$ 100.000
Free Demo

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*Your capital may be at risk
Investing in Forex, CFD and FX options involves substantial risk of loss and is not suitable for all investors.

Those who want a wider range of tools when trading often turn to IC Markets. The platform is known for its wide selection of analytical tools, educational materials and other resources that aid in the process of trading the forex market.

IC Markets it is also the ideal option for those who have a keen interest in international markets when opening day trades. In addition to these factors, IC Markets is also known as an excellent choice for anyone who wants a platform with minimal fees.

The lower fees charged for transactions mean you earn more in the process. Even though the company has international market options, please note that the portfolio is somewhat limited — you only have access to Forex and CFDs.

Since we focus on day trading in forex, however, IC Markets meets the needs perfectly.

IC Markets has made the process of opening a new account quick and easy. Also, making a deposit does not incur additional fees. There are also several withdrawal options available, many of which do not charge fees.

No downtime fees are charged by IC Markets. The company is regulated in Seychelles, Australia and Cyprus. The platform supports 10 base currencies and gives you the opportunity to try out day trading via the demo account feature, which means that you will not take any risk when building some initial experience.

Can I make money on Forex Day Trade?

It is definitely possible to profit from day trading, but there are also a lot of risks involved — just like any other strategy used in the Forex industry. Also, day trading takes more effort and is generally not a good option for casual traders.

If you want to participate in day trading, you will need to ensure that you have enough time available. You will need to do research continuously throughout the day — this ensures that you open a position and close it at the right time to ensure a profit.

Basic day trading strategies

There are many different strategies that can be used in day trading. With such a wide variety of strategies, many people find it difficult to determine which one would be right for them. If you are new to day trading, you should start with basic strategies, which we explain below.

Scalping

Scalping is a useful strategy for those who want to start a larger volume of trades but only small profits on each trade. You need a very strict policy for exiting trades as with such a strategy you usually cannot afford big losses.

pivot points

This is a type of technical indicator. It provides a breakdown of the price level guide. The strategy helps you with predicting future movements on a specific Forex pair.

Momentum

With a dynamic strategy, you identify titles that are on the rise. When those bonds peak, you sell them.

Forex Day Trade Example

José decided to try IC Markets as a day trading platform for the Forex market. He started by clicking on the “Start Trading” button, which can be found at the top of the platform’s homepage.

Forex Day Trading Example – IC Markets

The registration process was simple to complete. José used his Google account to expedite the application procedure. He had to complete some important details initially. After verification, José was ready to start his day trading operations.

After logging into the trading platform, José made a deposit of $3.000 and ensured that the maximum risk he takes on each trade is $30. The reward/risk ratio on the platform was set at 1 to 1,5.

José uses a 15-minute chart and trades with moving averages and relies on the signals from the indicators. Even if for every 15 profitable trades the trader makes 10 unprofitable, this strategy will allow him to trade with an advantage.

Methodology

We understand the concerns you have when opening a new trading account — especially beginners looking to explore the day trading market. That's why we use a strict set of rules and criteria when reviewing companies that give access to day trading opportunities.

Over the course of the research period, we focused on the following factors to determine which day trading brokers are the best:

  • We start by examining the regulators associated with day trading brokers. We ensure that each of the listed brokers has at least one Tier-1 regulator.
  • Revisions were also important throughout our research period. We ensured that traders found the provided platform easy to use.
  • Rates were another important factor for our researchers. We guarantee to charge you minimal fees, which gives you more profit with every successful trade.
  • They looked at platform support as well. We wanted to bring you brokers that offer multiple platform options for you to choose from.

Summary about trade

Many brokers now offer traders access to day trading accounts, but the tools that come with these accounts are not always adequate.

Day trading requires the right tools to ensure your trades are profitable. IC Markets is currently one of the top picks as their platform offers education, analysis tools and much more.

We also looked at alternatives that could be potential options if you want to get started with day trading. Consider the tips we've shared to ensure you make the right and informed decision.

Start with a minimum deposit during day trading. This limits your risk. Make sure that the spread is low and look for a platform that doesn't receive a lot of commissions. You want to maximize your profit and at the same time ensure that the broker be reliable.

The world of internet trading has evolved significantly in just a few years. A few years ago, large institutions with large available investments were the only ones that could start trading on the forex market. Today, the Internet allows anyone with a computer or mobile device to trade from home. There are different Forex trading strategies — with day trading becoming a very popular option.Day Trade frequently asked questions

 

Is Forex good for day trading?
Many day traders use forex as a way of initiating trades. It is considered a good option when initiating day trading transactions, but it should be noted that consistent market analysis is required with this strategy.
Which broker has the lowest minimum deposit?
It all comes down to the type of trading opportunities you are looking for. Several companies offer the opportunity to start day trading by making a minimum deposit of $100. There are also some options that can be used with a lower deposit.
Can I start Forex with $5?
Those on a low budget and just want to do a currency test can start with as little as $5. It should be noted that the profit will not be much with such a low deposit, but the opportunity to start trades with a lot of 0,01 gives the person a chance to practice and gain some initial experience.
Do I need $25.000 to earn income on Day Trade?
For day trading to be profitable, especially when using forex, it is generally advisable to start with $25.000. This, however, does not mean that one cannot profit from a lower deposit. There have been success stories among people who deposited as little as $100.
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