11 Best Paper Trading Platforms & Brokers for 2024

By Sruthy

By Sruthy

Sruthy, with her 10+ years of experience, is a dynamic professional who seamlessly blends her creative soul with technical prowess. With a Technical Degree in Graphics Design and Communications and a Bachelor’s Degree in Electronics and Communication, she brings a unique combination of artistic flair…

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Updated August 21, 2024

Review and compare the best Paper Trading Platforms to learn about the market trends and decide to trade without risking their own money:

A more “hands-on” method of learning day trading is through paper trading. With the best paper trading platforms, novice traders may learn about the market without risking any of their own money.

Paper trading helps you get ready for the choices you’ll have to make every day as a day trader. A practice account that employs fake money is known as a paper trading account or a demo account.

A good paper trading account will mimic a paper deal in the same way that a real trade would be performed and update asset values in real-time. The goal is to create an environment that closely resembles live buying and selling.

Paper Trading Platforms – Top Rated List

Best Paper Trading Platforms

The best paper trade platform might be hard to find and time-consuming to research. While paper trading options may appear simple, you don’t want to choose poorly because you’ll likely use what you learn in actual trading situations. Additionally, you may want to utilize the same platform for your real deals.

We’ve already done the legwork by exploring the market for the top trading platforms for paper. Our analysis is thorough and addresses the most important points.

We outline the ideal uses for each platform, the minimum deposit requirement, the withdrawal cost, the tradable items (in case you decide to trade live), the trading platforms that are accessible, their advantages and disadvantages, and our unambiguous conclusion.

Additionally, a short comparison table with crucial details is provided for simple decision-making.

Market Trends: The market for online trading platforms, which was valued at $8.9 billion in 2021, is anticipated to increase at a CAGR of 7.8% from 2022 to 2031, reaching $18.4 billion.

The need for market monitoring, a surge in end-user demand for customized trading platforms, and simple, less expensive features are some of the factors driving the growth of the online trading platform market.

Technology development is a major trend that is becoming more and more popular in the market for online trading platforms. To create a user-friendly and sophisticated platform for trading and investment, online trading platform developers and service providers are concentrating on various product development analyses.

The market is divided based on components into platforms and services. According to the kind, it is split into commissions and transaction fees. Based on this, there are two divisions: on-premise and cloud deployment options. By application, it is separated between institutional investors and ordinary investors.

The platform segment led the online trading platform market in 2021 based on components, and it is anticipated that it will continue to do so in the years to come.

The desire for quick, dependable, and efficient order execution, an increase in the need for market monitoring, and a rise in government restrictions are just a few of the drivers driving this industry’s expansion. (See the image below)

Trading Platform Market by Component

The institutional investor market segment led the online trading platform’s market size in 2021 based on applications, and it is anticipated that it will continue to do so in the years to come.

This is because moving sizable blocks of shares has a significant impact on stock market movements. It is characterized as a group of knowledgeable, intelligent investors who are less likely to make impulsive judgments and investments. (See the image below.)

Trading Platform Market by Application

Pre-COVID-19 projections are expected to be higher than the present projection for 2031. Due to the tremendous expansion in the adoption of online trading solutions, the COVID-19 epidemic had little effect on the industry growth of online trading platforms.

However, there was a drop in international trade of between 13% and 32% during the epidemic (World Commerce Organization (WTO) forecast).

Expert Advice: When paper trading, it’s crucial to keep a precise record of trading activity and monitor the technique over an adequate time frame. Don’t just note your entry and exit prices while tracking your paper deals. Record as much information as you can.

Only use the money to finance paper trades that you would use to establish a trading account. You can materialize every loss and gain by using this strategy.

Paper trading by itself won’t provide you with the knowledge you want to enhance your trading approach. You should review your transactions and do an analysis. Analyze patterns. Identify the areas in which you excelled and the causes of your lost deals.

Trades might be caught by surprise when a bear market emerges since some tactics could only be effective in bull markets. To ensure their tactics are successful, it’s crucial to test enough securities in a range of market circumstances.

Finally, be aware of the distinction between paper trading and actual trading. Although it is not the same as real trading, paper trading is a highly useful tool for bridging the gap between trading theory and experience. There are a lot more emotions at play while dealing with real life.

Who Should Try Paper Trading

Even though paper trading is frequently believed to be particularly helpful for novice traders, even professionals use it when they are developing a new approach.

Paper trading may help traders at every level of their career, from newcomers to seasoned market professionals, by fostering insight and enhancing skill sets. Through paper trading, you can learn crucial insights about real-world trading that you cannot learn from any other source.

Many seasoned traders use the strategy sometimes, especially when developing novel concepts and strategies. Until they grasp fundamental trading tactics, new traders are typically recommended to engage in paper trading.

How to Get Started With Paper Trading

The onboarding procedure for paper trading is easy. Choosing your paper trading platforms is the first step. Your options include TD Ameritrade, Interactive Brokers, Webull, and others.

Establish a trading account. For paper trading, all that is needed to sign up is a working email address. You may choose to provide more information whenever you decide to start live trading.

Once everything is prepared, choose your preferred platform and log into your paper trading account. To start paper trading, all that is required is to choose a strategy and place orders (note that this will vary from platform to platform.)

Day traders should conduct their paper trading with the same day trading broker they intend to use for their live account because this will make the experience as realistic as possible.

How to Get the Most Out of Paper Trading

The method of day trading is heavily influenced by the trading strategy. Based on their trading preferences, traders should select the broker platform that best suits their needs and paper trade on those accounts.

When paper trading, it’s crucial to keep a precise record of trading activity and monitor the technique over an adequate time frame.

To make sure their tactics work, it’s critical to test enough securities across a range of market situations.

Be Practical: Only use funds to fund paper trades that you would use to establish a trading account. You can materialize every loss and gain by using this strategy. Paper trading requires the same level of caution as trading with real money.

That implies you should begin with a realistic amount of money in your trial account rather than the $100,000 or $1,000,000 demo account you will probably be presented with.

Analyze Your Trades: As you gain experience, your understanding of how your approach should operate will improve. You should probably focus on refining at this stage. Analyze patterns. Identify the areas in which you excelled and the causes of your lost deals.

Educate yourself as much as you can: Underestimating the importance of having a firm understanding of the trading platform and the markets you wish to trade on is a mistake. You should practice on a demo account and educate yourself about the market at the same time.

How to Get a Paper Trading Account

The majority of trading brokers, if not all of them, automatically create demo or paper trading accounts when you open a new trading account. Different brokers have different restrictions, though. For some, you can’t access a demo account until you’ve funded your genuine trading account with a certain minimum balance.

Others might demand that you sign up for a demo account before you can access it. To find out what steps you need to do to open a paper trading account, contact your preferred paper trading platform.

=>> Contact us to suggest a listing here.

List of the Best Paper Trading Platforms

Popular and best apps for paper trading:

  1. TD Ameritrade
  2. TradeStation
  3. NinjaTrader
  4. Warrior Trading
  5. Wall Street Survivor
  6. Interactive Brokers
  7. eToro
  8. Webull
  9. E*TRADE
  10. TradingView
  11. XTB

Comparison Table of Top Paper Trading Options

BrokerPlatformsTrading ProductsWithdrawal FeesPricingDemo Funds
TD Ameritrade Thinkorswim desktop
Thinkorswim web
Thinkorswim mobile app
Stocks, Options, ETFs, Mutual Funds, Futures, Forex, Crypto, Margin Trading, Bonds & Fixed Income, Annuities, IPOs, Dividend Reinvestment, etc.free ACH, $25 for each bank withdrawalA $0.65 per contract fee applies for options. No commissions$100,000
TradeStation Desktop 10
TradingStation
Mobile apps
Web trading
Stocks, ETFs, IPO, Options, Futures, Futures Options, Bonds, Crypto, and Mutual FundsFree for ACH, $25-$35 wire transfersFrom $0.50/contract/sideUnlimited
NinjaTraderNinjaTraderFutures, Micro E-mini futures, Nani Bitcoin, Micro Crude Oil$30-$40 wire transfersFree (no platform fees, requires funded account)Unlimited demo account
Warrior TradingWT SimulatorN/AN/AFrom $197 every month.$200,000
Wall Street SurvivorStocks market simulatorAmerican stocks, ETFs, options, and cryptocurrenciesN/A Free $100,000
Interactive BrokersTrader Workstation (desktop platform)
Mobile (iOS and Android)
Client Portal (web application)
IBKR API
Stocks, ETFs, Options, Futures, FOPs, Event Contracts, Spot Currencies, Crypto, Bonds, US Spot Gold, Hedge Funds, and Mutual Funds.One free withdrawal request per month of the year.Low commissions (from $0.0005), margin rates, and interest rates.$1,000,000

Detailed reviews:

#1) TD Ameritrade

Best for experienced traders and novice investors seeking a paper trading platform that can provide them with a competitive edge.

TD Ameritrade - Paper Trading Platforms

TD Ameritrade provides one of the best paper trading platforms. Investors seeking a top-notch, cutting-edge trading platform should consider it.

This powerful service combines in-depth research tools, screening features, financial calculators, and backtesting capabilities to allow users to evaluate their investment plan using historical data before entering the market.

The robust paper trading platform Thinkorswim from TD Ameritrade enables you to test your trading ideas in actual market situations. To trade on the road or at your desk, you may set up a free paper trading account with Thinkorswim’s desktop and mobile platforms.

Installing the Thinkorswim options trading software from the TD Ameritrade website is required to begin paper trading. After installing it, you must set up a paper trading account to get started.

Demo Funds: $100,000

Minimum Deposit: There is no minimum requirement, however, the margin and some option rights need $2,000.

Withdrawal Fee: Free ACH, $25 for each bank withdrawal

Trading Products: Stocks, Options, ETFs, Mutual Funds, Futures, Forex, Crypto, Margin Trading, Bonds & Fixed Income, Annuities, IPOs, Dividend Reinvestment, etc.

Education & Research: Provides all the resources for research and analysis that a trader would anticipate from a large online broker, including videos, live events, articles, and webcasts.

Trading Platforms:

  • Thinkorswim desktop
  • Thinkorswim web
  • Thinkorswim mobile app

Other Features:

  • Customizable workspace
  • Community (in-platform chat rooms)
  • Custom alerts
  • Conditional orders
  • GainsKeeper
  • Technical analysis
  • Level II quotations
  • Robust indicators
  • Market Monitor
  • Popular watchlists
  • Screeners, and so on.

Pros:

  • Excellent client service
  • Over 11 million traders trust TD Ameritrade
  • Wide product availability
  • Modern Internet trade platforms
  • Comprehensive instructional materials
  • An intuitive mobile app
  • Large range of investments
  • Commission-free transactions
  • Low platform and trading costs
  • Clear pricing

Cons:

  • High margin rates
  • Few money transfer alternatives (no credit/debit card)
  • Available solely to U.S. consumers
  • Slightly above market price

Verdict: For clients in the United States, the TD Ameritrade paper trading platform is packed with alluring features. Users of various skill levels may put their preferred investment strategy into action with the help of a wide selection of assets, trading resources, and instructional materials.

Finding what you’re searching for is easy because of the design’s straightforward navigation, which works seamlessly on desktop, mobile, and online versions.

Pricing: $0.00 commissions on online stock, ETF, and options trades. However, a $0.65 per contract fee applies for options trades.

Website: TD Ameritrade


#2) TradeStation

Best for traders looking for robust trading interfaces.

TradeStation - Paper Trading Platforms

TradeStation is a well-rounded platform with tools and features for both new and experienced traders who are interested in paper trading options. In addition to providing brokerage services, TradeStation also offers technology and services to help traders improve their skills and performance.

It’s a fantastic option for those newbies looking for a trustworthy broker with the best paper trading app.

The elements that successful active and professional traders need are available in the thoughtfully designed TradeStation mobile app. Web trading is user-friendly and gives traders a way to manage open orders, track open positions, make watch lists, examine stock charts, and place trades with ease.

You can use indicator studies on your charts with TradeStation’s free trading simulator to help you identify opportunities with high potential. Additionally, you’ll acquire priceless experience analyzing trends from both recent and historical market conditions.

Demo Funds: Unlimited

Minimum Deposit: No minimum deposit

Withdrawal Fee: Free for ACH, $25 for US clients, and $35 for non-US clients for wire withdrawals

Trading Products: Stocks, ETFs, IPO, Options, Futures, Futures Options, Bonds, Crypto, and Mutual Funds

Education & Research: Contains a comprehensive Knowledge Center with top-notch research (sophisticated fundamental data); from fundamental trading ideas to more complex trading methods.

Trading Platforms:

  • Desktop 10
  • TradingStation
  • Mobile apps (best paper trading app)
  • Web trading

Other Features:

  • APIs
  • Trend & momentum indicators
  • Relative strength indicators
  • Mean reversion indicators
  • Futures and Options simulation trading
  • Advanced orders

Pros:

  • Real-time market data
  • Zero risk
  • Back-testing strategies
  • Unlimited paper trading dollars
  • Strategy Automation

Cons:

  • The desktop trading platform is not beginner-friendly
  • Customer support is not good enough
  • No debit/credit transactions

Verdict: TradeStation is one of the perfect paper trading platforms for both beginning and seasoned traders because of its wide range of features and tools. Active traders will feel at home using its trading interfaces for desktop and mobile devices, which are loaded with trading tools.

Users may test out new markets, trading strategies, and tools using TradeStation’s paper trading feature.

Pricing: Commission-free on equity options, equities, and futures trades. $0.60/contract for Stock Options, $1.50/contract/side for Futures, $0.50/contract/side for Micro Futures, and $1.50/contract/side for Futures Options.

Website: TradeStation


#3) NinjaTrader

Best for futures trading.

NinjaTrader  - Paper Trading Platforms

To determine if a broker is reliable and trustworthy, NinjaTrader offers all the essential characteristics you need to consider. For experienced traders, especially futures traders, its cutting-edge platform is fantastic.

Ninja offers well-organized teaching materials, and they also have a lively user community. You may establish a demo account in a matter of minutes at no cost and immediately begin paper trading.

Keep in mind that NinjaTrader brokerage only allows you to trade futures and options on futures. However, the broker charges fair trading costs and has a wonderful trading platform with cutting-edge research tools. It’s one of the greatest paper trade platforms, with more than 500,000 members globally.

Demo Funds: Unlimited demo account

Minimum Deposit: No minimums, however, you need at least $400 for futures and $50 for forex to get unlimited simulation trading.

Withdrawal Fee: US wire costs $30 and international wire costs $40. Free US check.

Trading Products: Futures, Micro E-mini futures, Nani Bitcoin, Micro Crude Oil

Education & Research: Educational videos, high-quality help guides, webinars, and useful technical trading research tools.

Trading Platforms:

  • NinjaTrader

Other Features:

  • Advanced charting
  • Sophisticated alerting
  • Back-testing of strategies
  • Thousands of 3rd party add-ons
  • Free historical data
  • Market replay
  • Potent real-time analysis

Pros:

  • Low-day trading margins
  • Dependable 24/5 trade desk service
  • Discounted commissions
  • Simple pricing
  • Support for user-built applications and tools
  • More flexibility
  • 24/5 trustworthy trade desk support
  • Live chat
  • Endless platform customization

Cons

  • Withdrawals cost a lot
  • No mobile apps
  • The trading platform supports Windows only
  • Website design could be better

Verdict: NinjaTrader can serve as an introducing broker for businesses since it is registered with the National Futures Association (NFA). Expert traders, especially those who trade futures, will benefit greatly from its sophisticated platform. The demo account is free, and it just takes a few minutes to set up a paper trading account.

Pricing: Free (no platform fees, requires funded account), Lease (flexible payments – $720 annual lease, $425 semi-annual lease, $225 Quarterly auto-renewal subscription), Own (single payment of $1099 or 4 monthly payments of $329)

Website: NinjaTrader


#4) Warrior Trading

Best for swing and day trader educational materials and services.

Warrior Trading - Paper Trading Platforms

Warrior Trading is a one-stop store for both new and seasoned traders. It provides guidance, materials, and support at every level of your transformation into a day trader. The first stage is taking Warrior strategy classes, where students learn the fundamentals of trading.

You can then apply that information in its simulator, which enables you to practice trading without having to risk any money. Warrior Trading will provide you with tools like its stock scanners to assist you in finding the best trading opportunities every day once you’re ready to trade with real money.

Demo Funds: $200,000

Minimum Deposit: None

Education & Research: Trading strategies and guides, support portal, news, and day trading courses for all levels.

Features:

  • WT Simulator (real-time day trading simulator)
  • Stock market scanners & news
  • Live trading chat rooms
  • Free intro course

Pros:

  • A live cat room (with watch lists, market commentary, live trades, Q&A, etc.)
  • Large trading community
  • Group trading coaching
  • A wealth of instructional resources and plenty of materials
  • Offers sophisticated trading techniques

Cons:

  • Very expensive
  • Only for short-term mentoring (and market swings and moves)

Verdict: If you want particular input from a seasoned trader, the group mentorship services offered by the Warrior Pro program may be extremely helpful. For traders learning the ropes or for more seasoned traders who need to hone their tactics, the stock scanning program and trading simulator can be useful tools.

If you want to paper trade stocks or advance your trading knowledge, you may register an account with Warrior Trading or sign up for a free online training course.

Pricing:

  • Warrior Starter: $997 gets you access to the first course; after that, it’s $197 every month.
  • Warrior Pro: Access for a year is $5,997. $197 each month beyond the first 90 days, or $4,297 for 90 days of access.

Website: Warrior Trading


#5) Wall Street Survivor

Best for real-time stock market simulation trading

Wall Street Survivor

The step-by-step tutorials, videos, and livestock market simulator offered by Wall Street Survivor let you learn how to invest in the stock market without having to take any risks. Simple and uncomplicated is how the website is laid out. To learn about investment, there are several possibilities available. The articles in a collection cover almost all aspects of investing.

Interested in entering the market? The greatest method to learn how to trade is to take a Wall Street Survivor course. You may interact with and learn from a large community of fellow traders of various skill levels because there are over 500,000 registered members.

You also receive a fictitious $100,000 in cash and get to experience trading American stocks, ETFs, options, and cryptocurrencies on a REAL-TIME stock market simulator.

Demo Funds: $100,000

Minimum Deposit: None

Education & Research: Starter guides, investment ideas, dozens of free mini-courses, and financial product reviews.

Features:

  • Stock market simulator
  • Crypto trading simulator
  • Watchlists
  • Expert traders community
  • Personal Finance Courses
  • Financial literacy game for students
  • Custom stock market games

Pros:

  • Completely free stock simulator
  • Easy to use and straightforward
  • Clean website layout
  • Sophisticated stock ideas and investment strategies courses
  • Huge supportive community

Cons:

  • Investment content could be better
  • The options league needs improvement

Verdict: Learning about stock market investing may be made fun and simple by playing games that teach the subject. Wall Street Survivor is the name of one of these competitions.

The best stock market simulation and free classes are available, and you may learn about investing with your friends. Because there are more than 500,000 registered members, you may engage with and learn from a sizable community of other traders of different skill levels.

Pricing: Free

Website: Wall Street Survivor


#6) Interactive Brokers

Best for online trading solutions for advisors, traders, and investors.

Interactive Brokers

With Interactive Brokers, you may open a variety of account kinds, including single and joint accounts, corporate and trust accounts, and others. Users may also practice trading with the use of its simulated trading tool.

All paper trading accounts have a starting balance of $1,000,000 in paper trading equity, allowing you to test out the full range of IB trading features in a virtual setting that mimics actual market circumstances.

Additionally, Interactive Brokers provides real-time charts and analyses of price risk. If you wish to practice trading options, Interactive Brokers provides options for paper trading on more than 130 marketplaces.

Interactive Brokers is a pioneer when it comes to active trading. IBKR Pro, which caters to professionals, and IBKR Lite (for casuals) are its two primary price points.

Demo Funds: $1,000,000

Minimum Deposit: $0.00

Withdrawal fee: One free withdrawal request per month of the year. The form of withdrawal and the amount of cash withdrawn after the initial withdrawal determines the charge.

Trading Products: Stocks, ETFs, Options, Futures, FOPs, Event Contracts, Spot Currencies, Crypto, Bonds, US Spot Gold, Hedge Funds, and Mutual Funds.

Education & Research: Webinars, Traders’ insights and academy, Podcasts, Students trading lab, short videos

Trading Platforms:

  • Trader Workstation (desktop platform)
  • Mobile (iOS and Android)
  • Client Portal (web application)
  • IBKR API

Other Features:

  • Free tools for trading
  • Thorough reporting
  • Third-party integration
  • Advanced analysis
  • Research and news
  • 30+ algorithms

Pros:

  • A user-friendly paper trading interface
  • A myriad of trading tools
  • Lowest commissions on products
  • Smaller margins
  • A superior trading platform
  • Access to markets worldwide
  • Online learning tools
  • Contemporary technology

Cons:

  • Difficult pricing schemes
  • Paper trading doesn’t support all order types

Verdict: Whether you’re new to paper trading or just want to brush up on your skills, managing your account and conducting transactions are both made simple by Interactive Brokers’ paper trading software.

In contrast to the $100,000 offered by the majority of paper trading accounts, Interactive Brokers deposits $1 million into your account. This will be plenty for you to polish your trading talents and learn useful strategies before you start trading with your own money.

Pricing: Low commissions (from $0.0005), margin rates, and interest rates.

Website: Interactive Brokers


#7) eToro

Best for a huge pool of tradable instruments (3000 +).

eToro

eToro is one of the best forex trading platforms, and it is praised for having a large trading community, a low minimum investment, and an easy-to-use design.

Users of eToro may trade stocks, commodities, and currencies without using actual money by utilizing paper trading. You may register for a free paper trading account on a desktop computer. Also, eToro provides the best paper trading app for iOS or Android.

Additionally, eToro provides excellent educational resources for people who are new to trading. The straightforward eToro social trading and multi-asset trading platforms and applications may be used right away by anyone. Unfortunately, eToro does not support the MetaTrader 4 and 5 (MT4 and MT5) trading platforms.

Demo Funds: $100,000

Minimum Deposit: $10 – $500

Withdrawal fee: $0.00

Trading Products: Crypto, Options, Stocks, Forex, Commodities, ETFs, and more.

Trading Platforms:

  • Web and mobile app

Other Features:

  • Multiple watchlists
  • Charting
  • Smart Portfolios
  • Trailing stop loss
  • CopyTrader
  • Offline trading

Pros:

  • No withdrawal fee
  • Extensive user base
  • A web platform that is simple to use
  • Licensed broker (safe and low-risk)
  • Impressive social copy-trading
  • Excellent for trading cryptocurrencies
  • Intuitive for both beginners and professionals
  • Open costs

Cons:

  • Lacks the famous MT4 trading platform
  • No forex trading for U.S. clients
  • No trading on autopilot

Verdict: The trial trading account on eToro is a great resource for novices. You may experiment with various investing methods and learn from your failures without taking any financial risks.

Additionally, it gives you the chance to test out eToro’s trading platform, using its tools and features firsthand and building your confidence to begin investing.

Pricing: 1% fee for buying or selling crypto. 0% commissions when you buy/sell stocks. No contract fees or commission for options

Website: eToro


#8) Webull

Best for active traders and intermediate investors looking for low-fee trading platform.

Webull

Webull is a flexible platform that benefits both new and experienced users. However, the sheer quantity of charts, graphs, indicators, and screens available to beginning investors may be too much for them to handle.

Fortunately, its simple design makes it simple to get used to. The mobile-first era of amateur investors will be drawn to Webull’s mobile trading platform since it has more capabilities than many other brokers with a mobile focus.

Webull offers a simple and user-friendly platform for paper trading. The app’s logical design makes it quick and easy to create a new account and start trading.

Webull provides active traders with a variety of features and tools, including real-time market data, news, and analysis, as well as several tools and indicators, comparable to those offered by other stock trading simulators.

Demo Funds: Unlimited

Minimum Deposit: $0.00

Withdrawal Fee: U.S. ACH withdrawal – $0.00, Wire withdrawal U.S bank – $25, non-U.S. bank – $45 per withdrawal

Trading Products: Stocks, crypto, ETFs, OTC, fractional shares, ADRs, etc.

Education & Research: Dedicated learning section (written articles, tutorials, videos, courses, etc.)

Trading Platforms:

  • Web platform (Chrome, Safari, Firefox, etc.)
  • Desktop app (Mac, Windows, and Linux)
  • Mobile app (iOS and Android)

Pros:

  • Low costs
  • Excellent customer support
  • Unlimited demo cash
  • Real-time data
  • Risk-free trading simulator
  • Indicator studies (50+ technical indicators)
  • IRA accounts

Cons

  • Educational materials could be better
  • Not beginner-friendly

Verdict: A great way to learn how to trade without having to risk any real money is by using Webull’s fictitious currency. If you have a basic experience level, are keen on regular trading, or want to improve your trading skills through complex orders and trend analysis, Webull could be a good fit for you.

Further Reading => Topstep Funded Futures Trading Platform Review

Pricing: No commissions for trading ETFs, stocks, or options on U.S. exchanges. Other regulatory and exchanges fee starts from $0.0000229*Total $ trade.

Website: Webull


#9) E*TRADE

Best for beginners looking for an intuitive platform.

ETrade

E*TRADE has long been one of the most well-known internet brokers. For beginner and intermediate investors, having free access to financial counselors, trading specialists, and a robust platform for education and research may be quite helpful.

On the E*TRADE Web platform and mobile app, you may access real-time quotations, market commentary, stock and exchange-traded fund screeners, complete account management, and more.

For more active traders, the Power E*TRADE platform and app offers technical analysis, drawing tools, customizable options chain views, trading ladders, and other facilities for advanced tactics.

There are more than 145 charting tools available for technical traders who want in-depth research, putting E*TRADE in direct rivalry with the greatest trading platforms on the market. It is simple to obtain and understand options strategies and risk probabilities.

Before putting their real money in danger, new investors can practice their trading and investing techniques on paper. Additional features include watchlists, alerts, screeners, Level II quotations, and extended hours of trading.

Demo Funds: $100,000

Minimum Deposit: $0.00

Withdrawal Fee: $25 for wire transfers.

Trading Products: Stocks, mutual funds, options, ETFs, bonds and CDs, IPO, futures, etc.

Education & Research: Videos, classes, and articles. Monthly webinars and education resources. Screeners and reports from independent research.

Trading Platforms:

  • Power E*Trade
  • E*Trade web
  • Mobile app (Android and iOS)

Pros:

  • Simple-to-use tools
  • Large selection of investments
  • Free use of financial advisors and experts
  • Outstanding client service.
  • High-quality instructional resources
  • Innovative mobile app.
  • Free trading in stocks, options, and ETFs.

Cons:

  • Website navigation may be challenging
  • No forex trading
  • Lacks trade journal feature
  • Customer service over the phone might be improved

Verdict: For the vast majority of investors, E*TRADE is a top-notch online broker. It is indeed one of the top Paper trading platforms for beginner and intermediate investors, having access to free financial counselors, trading professionals, and a powerful platform for learning and research may be quite advantageous.

Expert active traders will be drawn to the Power E*TRADE platform’s features, such as charting tools, options techniques, and risk assessments.

Pricing: Stocks, ETFs, and options – $0, options contracts – $0.65, futures contracts – $1.50, bonds – $1 per bond.

Website: E*TRADE


#10) TradingView

Best for Forex, stocks, and crypto traders and investors.

TradingView - Paper Trading Platforms

Each month, more than 30 million traders and investors use TradingView, the industry-leading charting program. TradingView features are some of the best and most complete among all trading, investing, and analytical platforms.

There are several free features available with the Basic plan. TradingView is a platform with a technical analysis emphasis that offers extensive charting tools and analytical capabilities. Users may choose from a variety of chart types, time frames, technical indicators, trading volume data, and research tools.

Under Account Settings, the $100,000 starting balance for paper trading may be modified whenever necessary. You may alter how open positions and new orders are presented on the site. For instance, the exact minute the order was begun and placed is indicated by arrows or lines.

In addition, the trading panel located at the base of a chart shows a list of open orders and positions. Open orders may be readily changed, closed, or canceled on the trading panel and chart.

Demo Funds: $100,000

Education & Research: Large investor, trader, and financial expert community, free real-time data, and the latest market news from users and investing media outlets.

Trading Platforms:

  • Web app
  • Desktop apps (Windows, Mac, and Linux)
  • Mobile and tablet

Products:

  • Charts
  • Pine script
  • Stock and Forex screener
  • Crypto pairs screener
  • Stock & crypto heatmap
  • Economic & earning calendar
  • Snaps & sparks
  • News flow

Broker Integration:

  • Interactive Brokers
  • Eightcap
  • TradeStation
  • Pepperstone
  • OANDA
  • Capital.com
  • Tradovate
  • easyMarkets
  • FXCM
  • FOREX.com
  • WH SelfInvesr
  • SAXO

Pros:

  • Perfect for learning
  • Using charts to trade
  • A first-rate screening and chart analysis
  • Globally, all stock exchanges
  • More than 100,000 user-generated strategies
  • Very Economical Solution
  • The Best Setup & Usability
  • Pine Script’s flexible back-testing

Cons:

  • Can be overwhelming for beginners
  • Customer service for free users could be better
  • Limited broker integration options

Verdict: TradingView is one of the best charting tools for technical analysis and research for novice investors, beginning traders, and expert traders. There are many features and functionalities to discover in the free TradingView version, which is a great way to start using the platform.

Pricing: Pro – $14.95/month, Pro+ – $29.95/month, Premium – $59.95/month.

Website: TradingView


#11) XTB

Best for cost saving.

XTB - Paper Trading Platforms

The exceptional variety of 4000+ instruments offered by XTB, which includes CFDs for FX, cryptocurrencies, indices, commodities, stocks, and ETFs from around the globe, has earned it a spot among the top 10 forex brokers in the world.

Access to its own (xStation 5) trading platform is possible through any modern browser. Charts can depict candlesticks, lines, or bars, and comparing one asset’s chart to those of other assets is both possible and straightforward.

You have the option of logging into a demo account to test the XTB platform. This account is sadly only accessible for 30 days if you are not a client. To practice without putting your money in danger, you have $100,000 in virtual money.

A thorough trading experience is provided with the XTB paper trading account. Users may trade a variety of financial instruments at genuine prices thanks to its perfect replication of the live platform’s functionality.

Demo Funds: $100,000 for 4 weeks

Minimum Deposit: $0.0

Withdrawal Fee: The SHA model is used by XTB to handle payments, and it fully reimburses the sending bank. Withdrawals under $50, however, will be charged an additional $30 fee.

Trading Products: Forex, indices, commodities, ETF SFDs, crypto, Stock CDFs, etc.

Education & Research: Knowledge center with dozens of articles, a news feed, and an economic calendar. In-house and 3rd party high-quality market analysis.

Trading Platforms:

  • xStation 5 (web and desktop)
  • xStation mobile
  • MetaTrader 4 in select locations

Pros:

  • Utilizable and completely customizable.
  • Superior rate of execution.
  • Calculator for traders, performance data, and sentiment
  • Trading charts and market order depth
  • Fast withdrawals and deposits
  • Convenient trading platform
  • Thorough education
  • Exceptional client service

Cons:

  • Limiting virtual accounts
  • Information can be difficult to find
  • The platform has a steep learning curve for beginners
  • No MT4

Verdict: The benefit of XTB is that it has access to a wide range of markets and products. Its cost structure and pricing are both competitive. XTB distinguishes itself from the competition with the smallest FX spreads it claims for the different account setups. For both experienced and new traders, it provides the best apps for paper trading.

Pricing: Minimum spread of 0.5, no commissions.

Website: XTB


FAQ’s on Apps for Paper Trading

1. What is paper trading?

“Paper trading” refers to the trading of stocks, bonds, or other assets using paper money. New investing strategies are tested and practiced through this form of trading.

2. Which platform is best for paper trading?

Below are our 6 best paper trading platforms:
TD Ameritrade
TradeStation
NinjaTrader
Warrior Trading
Wall Street Survivor
Interactive Brokers

3. Can I paper trade for free?

Yes. You may paper trade for free using demo accounts offered by the majority of trading sites. Your virtual account will get virtual money, sometimes up to $1 million, which you are free to spend to test out new trading strategies.
However, some brokers may need you to fund your actual account before you can use the demo account, and others could provide you with a restricted demo account (14- or 30-day free trial).

4. Where can I paper trade options for free?

Below are our top 4 free options paper trading platforms:
TD Ameritrade
Interactive Brokers
Webull
E*TRADE

5. Can you make money in paper trading?

Regrettably, no. You can only practice trading with the money you use because it isn’t actual money. However, the best paper trading platform allows anybody to test the waters before going all in with real money and provides rookie investors with crucial knowledge.

6. Is paper trading good for beginners?

Paper trading enables you to practice trading and investing with fictitious funds. By executing buy and sell orders without taking any risks, a paper trading account enables you to mimic trading choices.
For novice traders to practice their trading tactics in realistic situations without risking real money, paper trading stocks is essential. The best thing is that transactions made through paper trading have no impact on the real market.

7. How long should you practice paper trading?

There’s no fixed or specified time to practice paper trading. A trader should paper trade until he/she can, on average, meet or beat their monthly percentage return objective over four months.

Suggested Reading =>> Best Crypto Trading Bots

Conclusion

Paper trading, sometimes referred to as “simulated trading,” is a very cost-effective way to learn how to trade stocks, options, and shares without having to risk any of your own money. It costs nothing to open an account or to trade virtually or digitally.

However, paper trading is not actual trading; it is a teaching tool. Additionally, keep in mind that paper trading by itself won’t provide you with the knowledge you need to enhance your trading approach. You should review your transactions and do an analysis.

Are you prepared to dive in with almost no risk? For seasoned investors and first-time investors looking for paper trading platforms that can provide them with a competitive edge, we’d suggest TD Ameritrade paper trading.

If you’re looking for robust trading interfaces (mobile and desktop) for paper trading free, look no further than the TradeStation’s platform. Expert traders who want to paper trade futures should consider NinjaTrader.

You are not restricted to these three; feel free to go over the other possibilities on our list of the best paper trading platforms and choose the one that best suits your current requirements.

Research Process:

  • Time Taken to Research and Write this Article on Paper Trading Platforms: We spent 26 hours researching and writing this article so you can get a useful summarized list of the best Paper Trading Platforms with a comparison of each for your quick review.
  • Total Paper Trading Platforms Researched Online: 32
  • Top Paper Trading Platforms Shortlisted for Review: 11
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