Choosing An Options Trading Broker
1. Best Overall Day Trading App: TD Ameritrade
• Cost per trade: $0 for stocks and $.65 cents for option
contracts
• Account minimum: $0
• Allows unlimited day trading with a cash account
While the contract fees are $.65, other brokers that have
free or no commissions generally have bad execution. So
while you're saying a few cents on the commissions, you
may be paying dollars more per trade due to inefficient
execution.
Setting up TD Ameritrade:
1. Head over to the above link and click "Open New
Account" on the top right.
2. Select "Individual Brokerage" then fill out the
pertinent information.
3. If you have less than 25k, I recommend setting it up as a "Standard Cash- tier 2." This will allow for unlimited day trades, otherwise you are regulated to only 3 per week (Federal Rule)
For a step-by-step guide, check out the following videos:
Once you've set up the account, download the ThinkOrSwim
Application your mobile or PC device. This is the platform
that TD Ameritrade uses.
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2. Webull & E*Trade (Tied in second place)
• Cost per trade: $0 for stocks and $0 cents for option
contracts
• Account minimum: $0
• Allows unlimited day trading with a cash account
Why do these platforms get second place despite having
free commissions? The execution is not quite as good as TD
Ameritrade.
Webull
For a step-by-step guide, check out the following videos:
E*Trade
For a step-by-step guide, check out the following videos:
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3. Robinhood
• Cost per trade: $0 for basic and crypto accounts; $5 for
Gold account
• Account minimum: $0
• Designed for: Beginners
• No ability to take unlimited day trades under $25k in
capital