Module 15
Module 15: Choosing a Broker and Platform
Your broker is your gateway to the market. Choose wisely.
Key Factors to Consider
- Commission and fees: Look for zero-commission stock trading or tight forex spreads. Watch for hidden fees (withdrawal fees, inactivity fees, data fees).[^3]
- Execution speed: For day trading, fast execution is critical—delays of even fractions of a second can impact fills.
- Platform features: Real-time charting, level 2 data, hot keys, order routing options, replay mode for backtesting.[^40]
- Regulation: Only use brokers regulated by reputable authorities (SEC/FINRA for US stocks, FCA, ASIC, etc.).[^3]
- Account minimums: Consider PDT requirements if trading US stocks.
- Asset availability: Ensure your broker offers the markets you want to trade.
Recommended Platforms by Market
| Market | Popular Brokers/Platforms | Charting |
|---|---|---|
| US Stocks | Interactive Brokers, TradeStation, Webull, Fidelity | TradingView, DAS Trader[^3] |
| Forex | OANDA, IG, FXCM, Pepperstone | TradingView, MetaTrader 5[^47] |
| Crypto | Coinbase Advanced, Kraken, Binance | TradingView |
| Charting Only | TradingView (works with most brokers) | Built-in |
Essential Platform Features for Day Traders
- Candlestick charting with multiple timeframe support.[^40]
- Drawing tools: Trendlines, horizontal lines, rectangles (for zones), Fibonacci retracements.
- Indicator overlay: Ability to add RSI, MACD, VWAP, and moving averages.
- Chart replay/backtesting: Ability to replay historical price action.
- Price alerts: Notifications when price reaches key levels.
- One-click trading: Fast execution directly from the chart.
- Demo/paper trading account: Practice without risk.[^40]
Checkpoint Quiz
Quick self-check to lock in the concepts from this module.
Quiz coming soon.