Many traders in the World use mobile apps to trade. Many brokers operate in this country, each offering their own platform. Before making a choice, it is important to evaluate apps to find the one that perfectly suits your goals and strategy. TU analysts compared Top 5 mobile apps. You will be able to choose the Best Paper Trading App in the World for 2024, based on our assessments.
eToro is an international broker for trading and investing in assets, copying trades of experienced market players and earning income on offering your own successful strategy. The activities of eToro are controlled by European financial regulators: CySEC and FCA. The broker offers its clients the opportunity to trade indices with a maximum leverage of 1:20 and ETF instruments with a leverage of 1:5. Size of leverage in eToro can also vary depending on the regulation of the division of the broker you work with.
DEGIRO has a high reputation and is a trusted broker for stocks, bonds, funds, options, and ETFs. DEGIRO provides its clients access to more than four world's largest stock exchanges. Trading is carried out through a convenient platform that allows you to track the quotes of the trading instruments you are interested in real-time. Commission fees in DEGIRO are low compared to competitors. DEGIRO is a regulated broker suitable for experienced and professional traders in the Eurozone who prefer to invest in stock market assets.
Interactive Brokers is a reliable brokerage company that is popular with traders from all over the world. Interactive Brokers offers its clients an author's web terminal as a trading platform with a convenient and understandable interface - the "Client Portal." In addition, the company has an IBKR API available for developing custom software. Interactive Brokers also has investment programs. Currency pairs, metals, stocks, indices, and several other stock market instruments are available to clients as trading instruments. The company accepts clients from the USA. Interactive Brokers offer better conditions to professionals and are not focused on novice traders.
Firstrade does not specialize in seasoned traders but offers equally favorable conditions to both professionals and beginners in the stock market. The broker cooperates not only with US residents but also with investors from other countries.
Robinhood markets is focused on working with traders from America but does not provide opportunities for active trading in currency pairs.
1
Best Paper Apps in the World - eToro
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA.
👍 Advantages of trading with eToro for traders in the World:
•High level of reliability ensured by the licenses of respected regulatory authorities and participation in the compensation funds.
•Wide selection of assets quoted at stock exchanges in the UK, U.S., Australia and Asia.
•An opportunity to combine active trading with social trading and passive investing.
•Zero-fee trading of a number of stocks.
•Access to ready-made diversified asset portfolios with various risk levels.
•Provision of leverage, educational materials on various markets and user-friendly trading platforms that can run on any device.
•Zero fees for portfolio management, depositing funds and account maintenance.
👎 Disadvantages of eToro for traders in the World:
•High minimum deposit for users of a number of countries.
•No live chat on the website for quick connection to customer support.
2
Best Paper Apps in the World - DEGIRO
DEGIRO is a Dutch investment company operating since 2008. The broker has been providing online services since 2013. Today DEGIRO is headquartered in Amsterdam and has offices in 18 European countries. Its activities are controlled by the Financial Conduct Authority (FCA, 574048), as well as regulators in the Netherlands: Financial Markets Authority (AFM, 12048408) and Central Bank (DNB, R128868). DEGIRO was awarded over 86 international awards: financial publications of Germany, France, Denmark, and the Netherlands have repeatedly recognized the company as the best stock market broker. How to open a DEGIRO account
👍 Advantages of trading with DEGIRO for traders in the World:
•Low brokerage fees for trading stock market assets;
•The ability to open transactions on European and American exchanges;
•Simple trading platform functionality.
👎 Disadvantages of DEGIRO for traders in the World:
•There is no online chat on the company's website.
3
Best Paper Apps in the World - Interactive Brokers
Interactive Brokers is among the best-known US investment companies, operating since 1977. The broker offers to trade currency pairs, but its basic instruments are stocks, CFD, indices, metals, ETF, futures, and other exchange market assets. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA, 208159), and other international financial regulation commissions. In 2020, the broker was awarded the "Best Online Broker” (Barron's) and "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). Also, the broker is popular in other countries. Here you can read reviews of Interactive Brokers in Canada, Singapore, Australia, Hong Kong, Ireland.
👍 Advantages of trading with Interactive Brokers for traders in the World:
•wide range of training materials;
•access to 135 markets in 33 countries;
•a huge subset of trading instruments.
👎 Disadvantages of Interactive Brokers for traders in the World:
•website interface is only partially translated into other languages;
•you have to pay for an inactive account;
•Support service does not work on Saturday and Sunday;
•long and complex registration procedure;
•no cent accounts for novice traders.
4
Best Paper Apps in the World - Firstrade
Discount broker Firstrade was founded in 1985 in the state of New York. In 1997, the company began providing online stock exchange brokerage services. Nowadays, Firstrade serves clients in 30 countries and offers a vast array of investment assets, a trading platform with an intuitive user interface, and favorable conditions for traders with different backgrounds and trading skill levels. For many years, major industry publications such as Forbes, Barron's, and Smart Money have awarded Firstrade the title of Best Online Broker. Firstrade was named Best in Class by StockBrokers.com in 2019.
👍 Advantages of trading with Firstrade for traders in the World:
•A vast array of available assets such as stocks, options, exchange-traded funds (ETFs), mutual funds, and fixed income products.
•In addition to US and permanent residents, the broker accepts clients from 29 other countries.
•A zero-entry fee for trading stocks, options, and ETFs.
•A zero-initial deposit for trading with your funds.
•Availability of insurance coverage from SIPC.
•Access to comprehensive research instruments and analytical market reviews.
•The ability to trade from mobile devices as well as through a web browser without the need to install an application.
👎 Disadvantages of Firstrade for traders in the World:
•The broker's clients cannot trade on international exchanges. At the moment, Firstrade only deals with securities listed on the US markets and exchanges.
•The company does not offer fractional stock trading.
•US citizens temporarily or permanently residing abroad cannot open accounts as US residents. Only international accounts are available to such traders.
5
Best Paper Apps in the World - Robinhood
Robinhood is an investment company that has provided services on the stock market for over ten years. Its owners engaged in software development for hedge funds ab initio and then teamed up to create a company that makes investing available to all. The broker is licensed to provide its services and is a member of the Financial Industry Regulatory Authority (FINRA, CRD#: 165998/SEC#: 8-69188) in the United States. There is no information about the broker receiving awards for their activities.
👍 Advantages of trading with Robinhood for traders in the World:
•trading stock market instruments without paying commissions;
•the ability to trade from mobile devices;
•hassle-free registration procedure.
👎 Disadvantages of Robinhood for traders in the World:
•the broker does not offer Forex instruments for trading;
•there are no offers for receiving passive income;
•training materials on the website are limited;
•the company works with clients exclusively from the US;
•lack of online support.
Best Paper Trading App in the World 2024: Education for Investors
When choosing the app, it is important to consider educational tools offered by brokers. TU analysts prepared a comparison of educational programs.
eToro - Education for Investors
Investment Education Online
eToro pays special attention to the education of traders. The broker’s website features information about what copy trading, leverage and margin are. There are also descriptions of how to buy and sell various types of financial instruments.
Upon completion of registration, any trader can create a free demo account with a virtual deposit of $100,000 and practice trading in an entirely risk-free environment.
DEGIRO - Education for Investors
Investment Education Online
An extensive “KNOWLEDGE” section has been created on the DEGIRO website to help novice investors. It is full information about the basics of trading in the stock market, various types of analysis and charts of the world's stock exchanges.
The broker doesn’t offer a demo account, since theoretical knowledge can be immediately applied in the real market.
Can you learn trading with DEGIRO?
Interactive Brokers - Education for Investors
Investment Education Online
Information
Interactive Brokers provides clients with useful information to help novice traders to get Forex training and to help novices and professionals to improve their skills.
We highly recommend you use the IBKR trial version to test your knowledge in practice without financial risk.
Firstrade - Education for Investors
Investment Education Online
A separate section of the Firstrade Securities website is dedicated to investment education. Here, novice market participants can read about the specifics of trading in various asset classes and receive investment advice from professionals.
The broker does not provide demo accounts. Therefore, the knowledge you obtained from studying Firstrade’s knowledge base can be applied only through using a real trading account and under real market conditions.
Robinhood - Education for Investors
Investment Education Online
Robinhood Markets not only allows clients to invest but also explains the basics of investing.
The user won’t learn the ropes about the stock market without risks since there are no demo accounts in Robinhood.
Summary
In this review, you had an opportunity to learn about the features of 5 brokers, which traders in the World choose the most. However, now you need to choose the best of them. You can do it using the scores given by the Traders Union. Check out the score table that will help you choose the Best Paper Trading App in the World 2024.
| eToro | DEGIRO | Interactive Brokers | Firstrade | Robinhood | |
|---|---|---|---|---|---|
|
Overall score |
9.4 |
9.6 |
9.1 |
7.1 |
8.2 |
|
Execution of orders |
9.1 |
9.3 |
8.8 |
6.89 |
7.9 |
|
Investment instruments |
9.7 |
9.9 |
9.4 |
7.31 |
8.5 |
|
Withdrawal speed |
9.5 |
9.7 |
9.2 |
6.95 |
8.3 |
|
Customer Support work |
9.3 |
9.5 |
9 |
7.25 |
8.1 |
|
Variety of instruments |
9 |
9.2 |
8.7 |
6.73 |
7.8 |
|
Trading platform |
9.8 |
10 |
9.5 |
7.47 |
8.6 |
|
|
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|
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FAQ
If a broker has several platforms, does it mean it offers several apps?
No. If a broker has several trading platforms, there is either an option to switch between them in the app, or only one trading platform is available (usually the proprietary one).
Do I need to pay for downloading the app?
Brokers do not charge a fee for downloading their mobile app. They are provided for free.
Does the functionality of apps differ from that of the web version?
It depends on the broker. A good quality mobile app replicates the functionality of the web version either fully or as much as possible.
How are the apps protected against unauthorized access?
As a rule, in addition to the username and password, other security measures apply, for example two-factor authentication. In this case, you will need to enter a unique code to access your account.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.