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Some paper trading platforms gamify the process by allowing you to compete against others, either privately or on a public leaderboard.īelow are some of the top stock trading simulators to compete against other traders. Only open to those with a verified Webull account.Doesn’t allow for the same assets as a normal Webull trading account.You can even track your profit and loss data.īest for: People who want a large library of educational resources These help you learn not only what happened with your virtual trades, but why certain outcomes occurred. It’s well-suited to learning investing strategies like options, futures and forex. Using paperMoney, you can test out new investing strategies that you aren’t ready to try in the real market. When you sign up, you get $100,000 of virtual money to trade with. TD Ameritrade’s paperMoney service is housed on the company’s thinkorswim trading platform. Here are four of the top paper trading services on the market. While most online brokerage firms don’t offer paper trading services, a handful of them allow investors to practice trading strategies with virtual money. With paper trading, you may take more risks and test strategies that are more advanced than are suitable for your situation simply because you know the potential loss isn’t real. Consequently, you are unlikely to experience the same emotional roller coasters that can come with investing.īecause emotion often plays a big role in investing, you might find that you trade differently while paper trading than you would with your actual investment portfolio. When you’re paper trading, you’re aware that you’re investing with virtual money. That said, there are plenty of aspects of paper trading that are different from live trading. The process of buying and selling securities is similar to the actual process, while the returns in your paper trading portfolio are based on real-life market movement. These platforms are often close to or identical to a broker’s regular trading account. Paper trading is designed to feel like real investing. For example, you might use a paper trading account to trade options, futures, cryptocurrencies and forex. Paper trading is an excellent way to test advanced investing strategies that call for more experience. As a result, you don’t actually realize those gains and losses in real life. The difference, of course, is that you’re not working with real money. Paper trading platforms generally follow the live market, meaning any gains or losses you experience in your virtual account are based on actual gains and losses in the market. Then you can invest like you would in a normal trading account, buying and selling stocks and other securities. When you sign up for a paper trading platform, you’ll get a certain amount of virtual money in your account. Paper trading is a type of simulated trading that allows investors to practice buying and selling securities before actually investing money.