Day traders need powerful tools to work. In India, Forex is now in the mainstream. Through platforms and apps, residents connect to the largest financial market with a daily turnover of several trillion US dollars. Day trading can become your primary source of income.

How to Compare Brokers

Before starting your search, think about your own trading needs and style. How much can you afford to invest? How much time can you devote to trading? What financial instruments interest you? Top-rated brokers may offer different ranges of assets, spreads, and other conditions. A fundamental distinction sets market makers apart from electronic communication networks.

These are two major models of brokerage today. Market makers are also liquidity providers. They set their own prices, so the spreads depend on them.

ECNs, on the other hand, charge a commission per trade, but they broadcast live quotes directly from the market. Neither system is superior by definition. Still, market maker accounts make it easier for unscrupulous providers to manipulate prices.

Top 3 Brokers and Apps

1. ForexTime

   This broker is licensed in several jurisdictions: the United Kingdom, Cyprus, Mauritius, and South Africa. It is a truly global brand with operations in India. Day traders get access to the demo mode, tight spreads, low deposit requirements, attractive leverage, copy trading, and more.

   The broker recommends MetaTrader 4 and MetaTrader 5, as well as its signature app — FXTM Trader. Clients can work from any device, and support is easily reachable.

2. Firstrade

   The runner-up offers zero fees and outstanding software. In addition to free trades with stocks, options, ETFs, and mutual funds, you get decent analytics and research instruments. The broker's platform is intuitive, and support is accessible during working hours.

3. TradeStation

   This brand offers impressive technology for day trading. An analysis is easier with so many charting aids, technical analysis, and historical data. A special feature called Portfolio Maestro allows traders to enhance their strategies. Real-time scanners are also adjustable.

Can the Best Software Be Free?

The cheapest brokers may also provide inferior software. You need a powerful platform that works well on any device, so you can trade throughout the day. After all, day trading is a full-time job, as you need several hours of analysis and several hours of trading action.

Your tools must be efficient, and navigation must be smooth. It is worth paying for. Still, cutting-edge solutions like MetaTrader 4 are available free of charge. The best Forex trading platform is packed with price charts, indicators, and other aids for fundamental and technical analysis.

Overview of Costs

A day trader places multiple trades during the day. This means that in the long run, low commissions will boost your returns. Secondly, make sure their margin rates are attractive. Experienced day traders may use leverage to boost their buying power. Brokers provide a portion of funds, so they can trade with more than their available balance.

Is the Platform User-Friendly?

Big brands usually offer several platforms which accommodate day trading. Some of them are more advanced than others. For example, MetaTrader 4 is best suited for currency trades, while its successor, MetaTrader 5, is a more versatile platform which allows management of diverse portfolios.

Whichever platform you choose, make sure it is compatible with your hardware. Does it work on the operating system you use? The most popular terminals have versions for Mac, Windows, Android, and iOS.

Every progressive broker now offers a mobile app that complements their desktop terminal. Few people can sit in front of their computers all day. Sometimes, you will need to switch devices. Day trading is accessible on the go, now, the largest financial market is at your fingertips.

Quality of Customer Service

Make sure their customer service centre is up to scratch. Day traders need expert support and guidance, as they need as they make quick decisions in a vibrant market. If something goes wrong, support must be easily reachable. Top brands provide guidance 24/7 by different channels: email, live chat, hotline, etc.

The Bottom Line

Do not only look at the costs. Consider the reputation of the broker, the length of their experience, the number of clients worldwide, etc. Most importantly, this company must be officially registered and licensed by trustworthy organizations. Such regulators include the FCA in the United Kingdom, the FCSA in South Africa, and the CySEC in Cyprus.