Best Brokers With Free Day Trading Simulators
The best free day trading simulator - RoboForex
Best free day trading simulators:
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1
RoboForex - free stock strategy builder
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2
Exness - EAs support
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3
eToro - advanced copy trading tool
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4
Tickmill - free Forex signals
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5
Interactive Brokers - advanced analytical tools
Day trading is a high-risk investment strategy that requires a lot of practice. One way to practice day trading without risking any real money is to use a free day trading simulator. In this blog post, we will discuss the best free day trading simulators in 2023.
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What is a day trading simulator?
It is a platform that allows you to practice day trading with fake money, getting real-time market data and prices without any real financial risk.
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Why should I use a simulator to practice day trading?
Using a simulator can help you gain experience and test strategies without worrying about losing actual funds as you develop your skills. This allows you to learn with less pressure.
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Is historical or real-time data provided?
The top simulators offer access to historical charts and pricing data as well as real-time market data and price quotes to closely simulate live market conditions.
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Does virtual performance predict actual trading profits?
While simulators provide real-time live-linked prices, the experience has some limitations compared to real trading since no real money is involved. Strong simulated returns don't guarantee you'll do as well with actual capital, but they can boost confidence if used prudently over an extended timeframe.
Rating of Forex brokers with free day trading simulators
| Broker | Product name | Best For | Trial Period | Markets | $ Virtual Limit |
|---|---|---|---|---|---|
Demo Trading Account |
Overall |
Unlimited |
Forex, Stocks, Cryptocurrencies |
Unlimited |
|
Exness Demo Account |
Beginners or experienced traders |
Unlimited |
Forex, stocks, indices, commodities, cryptocurrencies |
$10,000 |
|
eToro Demo Account |
Beginners or experienced traders |
Unlimited |
Stocks, ETFs, commodities, cryptocurrencies |
$100,000 |
|
Interactive Brokers TWS Demo |
Beginners or experienced traders |
Unlimited |
Stocks, options, futures, Forex, fixed income, commodities, cryptocurrencies |
$100,000 |
|
TickMill Demo Account |
Beginners and experienced traders |
Unlimited |
Forex, stocks, indices, commodities, cryptocurrencies |
$100,000 |
Best day trading simulators 2024
RoboForex - free stock strategy builder
The RoboForex Demo Account is a free and unlimited trading simulator that allows you to practice trading on a real-time market feed.
The demo account is funded with a virtual balance of $100,000, which you can use to trade any of the markets offered by RoboForex. The prices and movements of the markets in the demo account are synchronized with the live markets, so you can get a realistic trading experience.
To open a free RoboForex Demo Account, you need to create an account on the RoboForex website. Once you have created an account, you can download the MetaTrader 4 or MetaTrader 5 trading platform and start trading.
Note that the demo account is not a substitute for real trading. The prices and movements of the markets in the demo account may not be exactly the same as the prices and movements of the live markets.
In addition, the demo account does not offer the same features as the live account. For example, you cannot deposit or withdraw real money from the demo account.
Exness - EAs support
The Exness Demo Account is a free and unlimited trading simulator that allows you to practice trading on a real-time market feed. You can use the demo account to test out different trading strategies, learn about different trading instruments, and improve your trading skills.
The demo account is funded with a virtual balance of $10,000, which you can use to trade any of the markets offered by Exness. The prices and movements of the markets in the demo account are synchronized with the live markets, so you can get a realistic trading experience.
To open a free Exness Demo Account, you need to create an account on the Exness website. Once you have created an account, you can download the MetaTrader 4 or MetaTrader 5 trading platform and start trading.
Overall, the Exness Demo Account is a valuable tool for traders of all levels. It is a great way to practice trading without risking real money and to learn about different trading platforms and strategies.
eToro - advanced copy trading tool
The eToro Demo Account is a free and unlimited trading simulator that allows you to practice trading on a real-time market feed.
The demo account is funded with a virtual balance of $100,000, which you can use to trade any of the markets offered by eToro. The prices and movements of the markets in the demo account are synchronized with the live markets, so you can get a realistic trading experience.
To open a free eToro Demo Account, you need to create an account on the eToro website. Once you have created an account, you can start trading immediately.
Keep in mind that the demo account is funded with $100,000 in virtual money, while the live account requires a minimum deposit of $200.
In addition, the demo account does not allow you to trade with leverage, while the live account does.
Interactive Brokers - advanced analytical tools
The Interactive Brokers TWS Demo is a free and unlimited trading simulator that allows you to practice trading on a real-time market feed.
The demo account is funded with a virtual balance of $100,000, which you can use to trade any of the markets offered by Interactive Brokers. The prices and movements of the markets in the demo account are synchronized with the live markets, so you can get a realistic trading experience.
To open a free Interactive Brokers TWS Demo, you need to create an account on the Interactive Brokers website. Once you have created an account, you can download the Trader Workstation (TWS) trading platform and start trading.
Key differences between the Interactive Brokers TWS Demo and the Interactive Brokers Live Account include:
The demo account is funded with $100,000 in virtual money, while the live account requires a minimum deposit of $10,000
The demo account does not allow you to withdraw profits, while the live account does
The demo account does not allow you to trade with margin, while the live account does
Tickmill - free Forex signals
The Tickmill Demo Account is a free and unlimited trading simulator that allows you to practice trading on a real-time market feed.
The demo account is funded with a virtual balance of $100,000, which you can use to trade any of the markets offered by Tickmill. The prices and movements of the markets in the demo account are synchronized with the live markets, so you can get a realistic trading experience.
To open a free Tickmill Demo Account, you need to create an account on the Tickmill website. Once you have created an account, you can download the cTrader trading platform and start trading.
Note, that the demo account is not a substitute for real trading. The prices and movements of the markets in the demo account may not be exactly the same as the prices and movements of the live markets.
Also, the demo account does not offer the same features as the live account. For example, you cannot deposit or withdraw real money from the demo account.
What is a day trading simulator and how does it work?
A day trading simulator is a software program that allows you to trade stocks, Forex, and other financial instruments without risking any real money. It is a great way to learn the basics of trading and to test out different strategies without the fear of losing money.
Day trading simulators work by providing you with a virtual account that is funded with a certain amount of money (typically $10,000 or $100,000). You can then use this virtual money to buy and sell stocks, Forex, and other financial instruments. The prices and movements of the markets in the simulator are synchronized with the live markets, so you can get a realistic trading experience.
How to choose the best day trading simulator
Here are some factors to consider when choosing the best day trading simulator.
The amount of demo funds that a simulator offers is important because it will determine how much you can practice trading. A simulator with a large amount of demo funds will give you more flexibility to test out different strategies and see what works best for you
The demo account features that a simulator offers are also important. Some features to look for include:
- Real-time market data: This will give you the most realistic trading experience
- Access to a variety of trading instruments: This will allow you to practice trading different types of assets
- Technical analysis tools can help you analyze market data and make better trading decisions
- Paper trading allows you to trade without actually risking any money
The time limits for a simulator's demo account are also important. Some simulators offer unlimited demo accounts, while others have time limits. If you are serious about learning day trading, experts at the Traders Union recommend choosing a simulator with an unlimited demo account
Other important features to consider include:
- The user interface should be easy to use and navigate
- The customer support should be responsive and helpful
- The simulator should offer educational resources to help you learn about day trading
Advantages of using day trading simulators
Here are some of the advantages of using day trading simulators:
Day trading simulators allow you to practice trading without risking any real money. This is a great way to learn the basics of trading and to test out different strategies without the fear of losing money
Day trading simulators can help you develop your trading skills. You can practice making trades, learning how to read charts, and developing your risk management strategies
Day trading simulators can help you test your trading strategies. You can see how your strategies perform in different market conditions and make adjustments as needed
Some day trading simulators offer access to real-time market data. This can help you get a feel for the markets and make more informed trading decisions
Most day trading simulators do not charge commissions or fees. This can save you money as you learn to trade
Some day trading simulators offer educational resources. This can help you learn about the basics of trading and develop your trading skills
How to use a day trading simulator
Here is a step-by-step guide with screenshots on how you can use the eToro day trading simulator.
First, go to the eToro website www.eToro.com.
Visit eToro website
On the eToro homescreen, click the “Start Investing” icon. You will then be directed to the following Sign in screen.
Log in or create new account
Go ahead and sign-in with your Username or Email and Password.
Don’t have an account? No worries. Go ahead and Sign up and enter the necessary information.
Read and accept the terms
Once you are signed in, you may be provided with an e-Toro statement that they have updated certain terms and conditions of use. Go ahead and read the information provided by the E-SIGN Policy, the Customer Agreements, Privacy Policy and Cookie Policy. Then, check each box and click the “I Agree” icon.
eToro platform interface
You will then be redirected to the eToro trading platform and you are now ready to trade. If you want to use the Virtual Portfolio or simulator features of e-Toro, click the “Switch to Virtual” link in the bottom left hand portion of the screen.
Activate demo-account
e-Toro will then ask you to confirm that you are about to switch to your Virtual Portfolio. To confirm, click the “Switch to Virtual Portfolio” icon.
Practice with virtual funds
You will now have access to e-Toro’s main portfolio dashboard where you can select your watch list, identify a newsfeed, choose your target markets, and much more.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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3
Day trading
Day trading involves buying and selling financial assets within the same trading day, with the goal of profiting from short-term price fluctuations, and positions are typically not held overnight.
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Leverage
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
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Paper trading
Paper trading, also known as virtual trading or simulated trading, is a practice where individuals or traders simulate real-life trading scenarios without using real money. Instead of placing actual trades with real capital, participants use a simulated trading platform or keep track of their trades on paper or electronically to record their buying and selling decisions.
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Team that worked on the article
Thomas Wettermann is an experienced writer and a contributor to the Traders Union website. Over the last 30 years, he has written posts, articles, tutorials, and publications on several different high tech, health, and financial technologies, including FinTech, Forex trading, cryptocurrencies, metaverses, blockchain, NFTs and more. He is also an active Discord and Crypto Twitter user and content producer.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).