Day trading is a fast-paced investment strategy that can be incredibly lucrative. However, it is also high-risk, and profits can be eroded by fees. Brokerage costs are typically higher than for long-term investments, and many platforms charge subscriptions to access real-time data. Additionally, a trader’s ability to absorb and analyse huge amounts of information in a short space of time is key for success, and the stress levels can be high.
When choosing a trading app, it is essential to look at all the features and tools available. Ideally, find one that offers the best combination of speed, customisability and range. It is also worth considering the minimum deposit amount and whether the app is regulated by your local financial authorities.
eToro, for example, is a multi-asset platform that offers low-cost trades on thousands of stocks, cryptocurrencies, ETFs, commodities, forex and indices. It also provides a number of useful charting and analysis tools, including a market news feed, social media trend charts, economic indicators and a wide selection of technical analyses. It also has a range of risk management and trading tools. This link theinvestorscentre.co.uk
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Another great option is ZeroPro, which has a clean and intuitive mobile app that offers 100+ technical indicators and access to its short locator service. It is a little more expensive than some of the no-commission brokers, but its functionality is excellent and it is backed by the FCA. Traders classed as professional traders pay income tax on profits rather than capital gains tax (CGT). This makes ZeroPro an ideal choice for UK day traders.