11 Best Paper Trading Apps (Trade With No Risk)

11 Best Paper Trading Apps (Trade With No Risk)

I hate scams.

Bad companies appeal to steal money and disappear forever.

That’s why I decided to create this list.

Learn the pros and cons of top apps in the market in this article.

Ted Capwell 121

Content

Investing is a risky game.

My loving quote is don’t put all eggs in one basket.

You risk your money because it’s hard to predict the market change.

Why should you risk choosing apps?

You shouldn’t.

Read the whole article to learn all advantages and disadvantages.

Choose the best paper trading apps on the market that work for you.

Let’s start from the basics.

What paper trading is and why it’s good for you.

Then I share the best apps, software, or sites for paper trading.

Paper Trading: What is it?

Paper Trading: What is it?

Trading and investing carry some risk.

I mentioned this before and keep doing it.

The risk is more dangerous for new traders.

Beginners make more mistakes.

Nothing is wrong with making mistakes.

Learning helps to minimize them.

Some mistakes are unavoidable.

But you don’t need to pay for them.

Simulated trading apps take the whole risk.

Paper trading is the act of trading in live financial markets without putting your capital at risk.

It helps you gain confidence as an investor.

More importantly, it teaches you to manage emotions and stress that arise from trading.
Paper trading prepares you
Paper trading prepares you for the following:

  • Have a better understanding of investing or trading.
  • Develop trading strategies that align with your goals.
  • Control your emotions during trading sessions
  • Familiarize yourself with trading platforms and their array of features such as stop losses, etc.

Pros and Cons of Paper Trading

Pros and Cons of Paper Trading

Paper trading offers you a lot of advantages as a beginner trader.

It also shares some unforeseen circumstances when you start trading with real money.

Advantages of virtual trading

  1. Risk-free: virtual trading allows you to make a lot of mistakes and learn for FREE because there is no real money involved. The idea is to let you make mistakes without poking holes in your trading pockets.
  2. Practice. Because practice makes perfect that applies to trading and investing. You gain experience in trading activities such as profitably entering and exiting trades. When your strategy doesn’t work, you can test another one until you find the one that suits you.
  3. Confidence booster: virtual trading builds your confidence, which is important in your journey. The reality is that 90% of traders are not able to make money. Placing a series of successful simulated bets boosts your confidence before you trade.
  4. Emotions. Trading invokes emotions. Virtual trading throws these emotions out of the window. You focus on trading.

Cons of virtual trading

  1. Fees and costs: Live trading is different from simulated trading, especially when it comes to fees and hidden costs. Commissions, slippage fees, and other fees mean a lot when it comes to trading. Virtual trading doesn’t take these costs into account.
  2. Emotions: Virtual trading partially removes emotions, which is not always the case in real trading.
  3. Trading reality: simulated trading considers the best entries and exits to create the feeling that you are ready to win in the market. However, real trading is a different beast and your portfolio can be ruined in a short space of time.

There are some limitations in simulated trading apps because there is no perfect system.

Choose suitable paper trading sites or apps to kickstart your career.

How to do it?

Keep reading.

Picking The Best Paper Trading Apps

Picking The Best Paper Trading Apps

Two equal paper trading platforms don’t exist.

All of them have some differences and common features.

Virtual trading platform features

These features are integral in your practice to become a better trader.

The platform you pick for virtual trading need the following features:

Data Feed

Paper trading should have data from real trading.

The only difference is real and virtual money.

A good virtual trading platform gives you access to current market data.

At the very least, a delay of 20 minutes is acceptable.

But no more than that.

Friendly User Interface

Your aim is to make money.

You don’t want to spend time learning a complicated user interface.

Decent paper trading apps or sites have easy-to-use interfaces that advance your trading skills.

You should be able to draw patterns on charts and easily play around with features on the practice account.

Realistic

You want your paper trading platforms to look the same as the live trading ones.

If they are different, you are back where you started: learning again.

This slows your progress and wastes your time.

Time is precious.

Since you know what to look for on a simulated trading platform, here are some of the best paper trading websites and apps to consider.

You don’t have to try them all.

Maybe only a few.

Remember that a trading platform is just a tool.

It is up to you to use it as effectively as possible.

What are the Best Paper Trading Apps, Sites, or Software?

What are the Best Paper Trading Apps, Sites, or Software?

Here is a list – in no particular order – of the best virtual trading platforms.

In the end, your choice is a matter of which platform you are comfortable using.

TradeStation

TradeStation

TradeStation’s paper trading platform ticks all the boxes of a good simulator.

You have access to historical market data, and because of this, backtesting your strategies is possible.

This platform was built by traders and it is optimized for active traders.

Tradable assets include cryptocurrencies, stocks, options, mutual funds, bonds, ETFs, and futures.

TradeStation mobile app is compatible with both Android and iOS devices.

You can use it on the go.

And as you may have guessed, you don’t pay a cent to use the demo account.

Thinkorswim practice account

Thinkorswim, TD Ameritrade’s virtual trading platform, is a big fish in the industry.

And for good reasons.

When you register an Ameritrade account, you qualify for 2 different types of demo accounts.

The first one is a standard demo account and the other is a virtual IRA account.

Your demo account comes with a balance of $100,000.

No need to jump in excitement.

This isn’t real money.

Thinksworm’s demo account is best-suited for options trading.

Some of its important features include Options Statistics and Strategy Rollers.

The platform has more than 400 technical indicators that you can use.

There is also a newsletter to update you on market developments.

All these features make Thinksworm’s practice account one of the best paper trading apps on the market.

E*Trade

E*Trade

Opening an E*Trade account is the first step toward getting your paper trading account.

The app is available for both Android and iOS mobile devices.

You can paper trade stocks, options, and more.

There are more than 100 technical indicators, preset scans, and interactive charts you can use to spot trade entries.

You are given a starting capital of $100,000 on your demo account to practice with.

It should help you to try out your strategies and see what works or not.

E*Trade offers you news sources so that you can act as soon as possible.

Market is about timing.

Webull Paper Trading

Webull funds your practice account with $1 million.

The good news for you is that the demo account has all the features and functions you will find on the real trading platform.

This makes your transition from virtual to read trading as smooth as possible.

You must first register your Webull account and then download the mobile or desktop app.

When you have set up everything, you can trade U.S. stocks based on your research.

If you are new to stock market trading, you can make use of the platform’s learning center.

eToro

eToro

eToro is a well-known social trading platform.

One of the platform’s selling points is its copy trade feature.

With this feature, you can imitate the trades of experienced and successful traders.

Your eToro demo account is funded with $100,000.

Use it to practice trading commodities, stocks, cryptocurrencies, and more.

You will also be able to learn from experienced traders.

Interactive Brokers

Your normal account needs to be funded and approved before you can even think of accessing a demo account.

After applying for a demo account, you have to wait 24 hours for it to be activated.

Your demo account is loaded with $1 million practice money.

You can use the funds to experiment with the Interactive Brokers’ features.

Plus500

Plus500

Plus500 is widely known as a platform for trading contract-for-differences (CFDs).

And for this reason, you are restricted from using the platform if you are a U.S. resident.

You can trade cryptocurrencies, forex, futures, ETFs, stocks, and options in the form of CFDs on Plus500.

Plus500 allows you to use your demo account via desktop or mobile.

By far, Plus500 is one of the leading platforms for trading CFDs.

IG

IG

IG offers its demo account to you if you are a registered user.

A valid email address is required to activate your IG paper trading account.

IG is a web-based platform.

Its mobile app can be used on Android mobile devices.

The demo platform has several features that are built into the live platform.

When you have a demo account, you will not pay to use charts and other tools.

Capital.com

Capital.com’s demo account has the same features you would find on its main trading platform.

The demo account can only be used for 30 days.

AvaTrade

AvaTrade

Opening a demo account with AvaTrade is simple.

Your AvaTrade demo account is loaded with $100K.

There are more than 250 instruments at your disposal.

Use them, alongside the virtual money, to hone your trading skills.

TradingView

TradingView is a popular cloud-based charting software for new and experienced investors.

It is a good paper app.

The financial instruments available on the platform include cryptocurrencies, stocks, currencies, indices, futures, and bonds.

You can also use TradingView’s mobile app that has the same functionalities as those on the desktop version.

And, of course, the demo account comes loaded with $100,000 virtual money.

And as a good technical analysis app, you should make the best out of TradingView paper trading.

Is Paper Trading Good For Me?

Is Paper Trading Good For Me?

You can answer this question depending on your experience.

I think it is okay to first practice trading with simulator apps to experience trading without putting your money on the line.

Having theoretical knowledge is one thing.

The most important factor that separates successful traders from the rest is how they understand market conditions and make critical decisions.

This comes from experience.

And paper trading is your first step.

It might not give you everything you need to know, but it’s a good starting place.

I know that simulated trading feels different from live trading.

You may not mind the losses because you know that your capital is not at stake.

Bottom Line: The Best Paper Trading Apps

Bottom Line: The Best Paper Trading Apps

Using the most popular or influential paper trading apps does not guarantee success.

You will have to learn as much as you can.

And apply the knowledge you acquired to make the best possible trading decisions.

This list is for you, and these apps don’t do the trading.

It’s entirely up to you.

You can try them all to figure which one works best for you.

But, remember, they are just trading tools.

Sometimes a car is only as good as the driver.

So take control of the wheel, and steer the vehicle to your destination of choice.