Best Free Stock Market Simulators 2024
Best Free Stock Market Simulator 2024 - RoboForex
TOP Free Stock Market Simulators 2024:
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RoboForex Demo Trading Account - Best for Automatic trading
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Interactive Brokers Demo Account - Best for US stocks trading
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eOption Paper Trading Account - Best for Options
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TradeStation Simulated Trading - Best for Futures
Thinking of dipping your toes in the stock market but wary of potential losses? Stock market simulators provide a low-risk avenue for gaining exposure virtually. These virtual trading platforms simulate the real market without putting your capital at stake.
Curiosity got the better of you after overhearing friends' discussions of tickers over lunch? A simulator offers a judgment-free way to build your knowledge and see if active investing suits your temperament.
Want to try different strategies before committing to one? Paper trading gives flexibility to experiment risk-free.
Best of all, many simulators require nothing more than an internet connection to get started. In the following review, we break down some top-rated options. Take a test drive with one to start strengthening your market literacy before shifting to real trades.
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Is paper trading realistically similar to live trading?
Simulators closely match real-time price action and order execution, but lack the emotional risks of trading with actual money which can impact trader psychology.
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How long should I paper trade before going live?
Plan to spend several months minimum with a simulator, to get comfortable with different market conditions before risking capital.
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What strategies can I practice on a simulator?
Any strategy is fair game - day trading, swing trading, position trading, options strategies, etc. Experiment freely to find your best approach.
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Will simulators teach trading for a living?
While a good starting point, advanced strategies required for professional trading may require more in-depth education rather than just simulator experience alone.
What is a Stock Market Simulator App?
Investing in the stock market could be one of the best choices one could make to improve their financial health and future. However, it’s important to have a solid understanding of how the stock market works before risking any of one’s capital. Tutorials, books, workshops, and other resources are great for learning about the stock market. In addition to these, it might also be a good idea to play around with a stock market simulator.
A stock market simulator offers a great opportunity to practice trading stocks without any risks. In this guide, we’ll explain what a stock market simulator is and provide a thorough rating of the best stock market simulators in 2023.
A stock market simulator is essentially an application that allows users to simulate the process of trading stocks in the stock market. Stock market simulators are also known as demo accounts or paper trading platforms. Essentially, a stock market simulator is designed to mimic the actual process of trading in the stock market via a broker’s platform (which will be the entity that offers stock market simulators) without having to risk any capital whatsoever. Most stock market simulators offer a lump sum of fake capital and reflect the current ebb and flow of the stock market in real-time. Stock market simulators are popular because they allow newbie traders to get a feel for what trading stocks are actually like.
Stock Market Simulator – Things to Consider
There are a few different things to consider when looking for a good stock market simulator. To start, ensure that your platform of choice is free. Very few brokers charge for their demo accounts, so why should you pay anything? It’s also a good idea to look into platforms that are extremely beginner-friendly and loaded with different features. If you only plan on trading U.S. stocks, don’t worry about looking for stock market simulators that offer other trading tools. If you eventually want to break out into the options, look for demo accounts that offer free options trading simulators.
Why Should I Try Stock Market Simulators?
There are so many benefits to using a stock market simulator to learn about the stock market.
These include:
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They help new traders become familiar with trading platforms and software.
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They help new traders understand how the market moves and flows, given that the trader uses the platform for at least a few months to get a real feel for it.
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There is absolutely no risk involved and stock market simulators can offer an excellent opportunity to practice training and develop their knowledge base.
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They are relatively low-stress since none of your capital is actually at risk. This opportunity can be used to build confidence to trade.
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They can help you test new strategies as beginner or experienced traders.
Where to Look For?
There are stock market simulators from brokers as well as financial portals. The best brokers for demo accounts are listed in the next section. However, a majority of stock market simulators are free and do virtually the same things across the board. A vast majority of brokers offer demo accounts and stock market simulators. These simulators are usually based on the broker’s actual trading platform. We recommend going with a stock market simulator that is on the same platform that you will eventually be trading on in real life. This way, you already know how the exchange platform works and can transition more smoothly. Some brokers even offer discounts for trading when you graduate from their demo account.
Best Stock Markets Simulator Apps Comparison
eOption, Tradestation, TD Ameritrade and Webull are our top brokers that offer stock market simulators and paper trading on their platforms. Each one of these stock market simulators is free to use.
| Broker | Product name | Best For | Trial Period | Markets | $ Virtual Limit | |
|---|---|---|---|---|---|---|
Demo Trading Account |
Automatic trading |
Unlimited |
Forex, Stocks, Cryptocurrencies |
Unlimited |
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Demo Account |
US stocks trading |
Unlimited |
Stocks |
Unlimited |
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Paper Trading Account |
Options |
Free |
US Stocks and Options |
$100,000 |
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Simulated Trading |
Futures |
Free |
US Stocks, Options, and futures |
Unlimited |
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PaperMoney Virtual Stock Market Simulator |
Professionals |
Free |
US Stocks and Options, International markets |
$100,000 |
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Webull paper trading account |
US Stocks |
Free |
US Stocks and Options |
$1,000,000 |
RoboForex
Here is a closer look at RoboForex’s free stock market simulator features, pros, and cons:
Features
RoboForex’s stock market simulator allows users to test their trading strategies and EAs in real market conditions. It also allows users to use the “Cashback” rebates program while in demo mode. This enables users to apply these rebates to Forex demo accounts to assess the features and functionality of the platform and how it functions in real time.
👍 Pros
• Allows users to master trading strategies without spending money.
• Users can demo trades on 12,000 stocks through the StocksTrader platform and more than 50 via MetaTrader 4/5 terminals.
• It has a max leverage of 1:200.
• Use the account for up to 90 days.
👎 Cons
• The platform offers a limited number of currencies in general, which makes demo trading limited as well.
Interactive Brokers
Here is a closer look at Interactive Brokers’ features, pros, and cons:
Features
Interactive Brokers offers a free stock market simulator that allows users the ability to learn strategy, while testing products, conducting exchanges, and trying out their advanced tools. These trading tools consist of Volatility Lab, Probability Lab, Charts, Market Scanner, Options Strategy Lab, and the IB Risk Navigator. The simulator is considered top-notch because it offers the ability to access market data for all products and subscriptions to research services.
👍 Pros
•Offers the ability to trade using a wide range of powerful tools.
•Offers market data for all products as well as subscriptions to research services.
•Demo accounts can easily be turned into a live trading account.
•Wide range of products available.
👎 Cons
• The demo account expires in 30 days.
• Platform is difficult to navigate even in demo mode.
eOption Paper Trading Account – Best For Options
eOption Paper Trading Account is an excellent stock market simulator for those who want to trade options specifically. A few key features of eOption stock market simulator include top-notch paper trading capabilities and a great set of additional educational tools. Each user of this platform will receive $100,000 in startup capital to trade. Users can trade U.S. stocks and options. This platform is completely free to use as well. We would recommend eOption for beginner traders and seasoned traders alike.
TradeStation Paper Trading Account - Best for Futures
TradeStation Paper Trading Account is an excellent stock market simulator for trading futures. A few key features of TradeStation’s stock market simulator include real-time data and backtesting capabilities. Each user of this platform will receive unlimited funding in startup capital to trade. Users can trade U.S. stocks, options, and futures. This platform is completely free to use as well. We would recommend TradeStation for its excellent learning potential.
TD Ameritrade Paper Trading - Best for Professionals
TD Ameritrade Paper Trading is an excellent stock market simulator for beginners who want to trade more than just U.S. stocks and professionals who want to learn more about international markets. A few key features of TD Ameritrade’s stock market simulator include access to global markets and excellent visualization capabilities. Each user of this platform will receive $100,000 in startup capital to trade. Users can trade U.S. stocks, options, and international markets. This platform is completely free to use as well. We would recommend TD Ameritrade for most traders, especially those who want to venture from stocks eventually.
Webull Paper Trading App - Best Simulator for US Stocks
Webull Paper Trading App is an excellent stock market simulator for beginners. A few key features of Webull’s stock market simulator include a user-friendly interface and access to hundreds of different stocks. Each user of this platform will receive $1,000,000 in startup capital to trade. Users can trade U.S. stocks only on this app. This platform is completely free to use as well. We would recommend Webull for trading stocks and options for beginner traders.
How to Try A Free Stock Trading Simulator?
Setting up a free stock trading simulator is quite simple. We recommend using Webull’s trading simulator, as it is extremely easy to set up and start using.
Step 1 – Account Opening
To start, you’ll need to open your brokerage account with Webull. You’ll need to sign up for a legitimate account in order to use their paper trading platforms. Don’t worry, though-- you don’t have to deposit a dime of your real money to start demo trading. You’ll need to provide Webull with your personal information, as well as photos of your driver’s license or passport. The verification process might take a day or two, so be patient.
Step 2 – Choose Your Trading Platform
Webull gives you access to trading across multiple platforms, such as mobile, web, or desktop. Any of these platforms will work well. Logging in is also fairly intuitive-- simply enter your username and password. Some devices may require fingerprint clearance to enter your Webull account.
Step 3 – Access Paper Trading Account
Via the Webull app, navigate to “Paper Trading” on your home page. From here, you’ll be able to start submitting trades and playing around with your $1,000,000 of “capital”.
You can also check out the free TradingView simulator, which is considered one of the best on the market.
How to Use Stock Simulator
Using a stock market simulator or demo account is actually quite simple. To start, make sure to choose from one of the above platforms we’ve mentioned. They’re all fairly dependable, and you can get quite a bit of startup “capital” with them to play around with.
Choose Your Trading Strategy
Your strategy is key when using a stock market simulator. Whether you’re a newbie just learning strategies or the first time or seasoned veteran testing out a risky new strategy, implementing strategy into your stock market simulator is key. Generally, traders can choose between scalping, day trading, and swing trading. It all depends on the time that traders are willing to spend. The advantage of paper trading is that all strategies can be implemented and experimented with without the risk of losing funds.
Placing Orders
In order to conduct a trade on your stock market simulator, you’ll need to find the ticker for the stock you’d like to trade. Simply search for this ticker through the demo account search function, place a trade for the amount you’d like, and get to trading. It’s really quite simple.
Control Your Risks
Risk assessments are an important part of learning about the stock market. You’ll need to consider how much capital you are willing to lose in order to potentially make money. Obviously, the money in your demo account is completely fake. Try to think about your plans for trading when you are done with your demo account. How much money are you willing to risk?
When is it Time to Try a Real Account?
This depends entirely on you. Feel free to spend a significant amount of time with your stock market simulator or demo account. This time spent playing around with a simulator is extremely valuable, as you are learning how to trade in the stock market without risking any of your own capital. However, it is important to be intentional with your time. Make sure you’re watching videos and reading about the stock market while using your simulator. Feel free to spend several months or so with your stock market simulator-- spending any less time could result in a lack of preparations, as market conditions tend to fluctuate significantly every few months.
Summary
If you want to start investing in the stock market, it is very important to do your research and really study how trading works. Traders can use everything from books to classes to videos to tutorials in order to improve their stock market knowledge. Traders can also use copy trading to see what more experienced traders are doing. However, it's vital to get some hands-on experience with trading in order to really understand how the market works. A stock market simulator is a great tool to use in order to do this.
A stock market simulator is essentially a stock market video game. You are given a set amount of startup capital in fake money. From there, you'll make trades and follow the flow of the market, which is mimicked in the game in real-time. There is absolutely no risk to your real money, and you can easily set up a stock market simulator account through a number of different online brokers. A few of our favorite stock market simulator providers include Webull, Interactive Brokers, eOption, TradeStation, and TD Ameritrade. All of these accounts are free to set up and you can use them for as long as you would like.
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Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
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