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Best paper trading platforms to practice trading with fake money [2024]

Our picks of the best paper trading platforms for options traders, crypto traders, futures traders and more.

Paper trading platforms offer a risk-free environment to practice and hone trading skills using virtual money.

These platforms simulate real market conditions, providing an invaluable opportunity to learn, experiment with strategies and gain confidence without the financial risk.

Whether you’re a beginner looking to understand the basics or an experienced trader testing new strategies, our picks of the best paper trading platforms of 2024 will help you compare and find the right paper trading platform for you. And they’re all free to use.

Here’s our list.

Our top picks for brokerage accounts

Top pick for advanced traders

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Get up to $5,000 cash
  • Trade options, futures, options on futures, stocks, ETFs
  • $0 commission to close options
  • Pro-grade platform and risk analysis tools

Best for beginners

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Get up to $1,000 in stock
  • Trade stocks, options, ETFs, mutual funds, alternative asset funds
  • $0 commission on stocks, ETFs and options, with no options contract fees
  • No-cost financial planning and automated investing

Best for mobile experience

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3% IRA match with Robinhood Gold
  • Earn 5% interest on uninvested cash with Gold
  • Get up to $50,000 in instant deposits with Gold
  • Easy, user-friendly trading

7 best paper trading platforms of July 2024

Why trust Finder

  • 15+ online brokers reviewed and rated by our team of experts
  • Evaluated under our unbiased rating system covering eight categories
  • 20+ years of combined experience covering financial topics

We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

Best overall

Interactive Brokers

4.7
★★★★★

Finder score

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Interactive Brokers stands out as the best overall paper trading platform due to its comprehensive suite of advanced trading tools, real-time market data and extensive range of asset classes, including stocks, options, futures, forex and more.

The platform offers a highly customizable, professional-grade trading environment, complete with $1 million in virtual currency.

Additionally, Interactive Brokers provides detailed performance analytics, robust educational resources and a seamless transition to live trading. This makes it an ideal choice for both beginners and experienced traders aiming to refine their strategies and gain confidence before engaging in live markets.

Best for paper trading education

Moomoo

4.3
★★★★★

Finder score

Open a new account and transfer up to $20,000 via ACATS to earn a 1.5% cash rewards match or deposit $1,000 or more to get 15 fractional shares.
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Explore over 900 educational resources, follow top-performing paper traders and join paper trade competitions as you practice trading stocks, options and futures with Moomoo.

The platform offers real-time market data, $1 million in virtual currency and advanced analytical tools, letting you practice and learn in a realistic trading environment.

Moomoo's focus on education, combined with comprehensive resources and powerful trading tools, makes it an ideal choice for those looking to deepen their trading knowledge and skills through paper trading.

Best options paper trading platform

E*TRADE from Morgan Stanley

4.2
★★★★★

Finder score

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The Power E*TRADE trading platform, renowned for its robust suite of tools specifically designed for options trading, makes E*TRADE a standout choice for practicing options trading through paper trading.

With $100,000 in virtual currency and $200,000 in margin buying power, sample new strategies, build complex option positions and more.

Test-drive options strategies with real-time data, customizable charting capabilities and advanced analytical features. These include risk/reward probabilities, a customizable options chain, an analyzer to measure sentiment and activity around earnings releases, preset scans, 'what if' scenario analyzers and more.

Best crypto paper trading platform

eToro

4
★★★★★

Finder score

Copy crypto picks from top traders
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eToro stands out as the best crypto day trading platform thanks to its advanced charts with over 100 indicators and a technical analysis tool that provides quick-view buy and sell signals.

Practice trading 21 cryptocurrencies including bitcoin (BTC), ether (ETH) and more, with eToro's user-friendly web and mobile trading platforms.

Best paper trading app

Webull

4.7
★★★★★

Finder score

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Webull's mobile-first design ensures a smooth and accessible experience for on-the-go trading practice.

With real-time market data, advanced charting tools and a variety of technical indicators, Webull lets you practice trading in a realistic environment.

Its highly customizable platform closely mimics live trading, offering a seamless experience for both beginners and experienced traders.

Additionally, Webull stands out as one of the few brokers that offers unlimited virtual currency, making it an excellent choice for comprehensive paper trading.

Best futures paper trading platform

TradeStation

4.2
★★★★★

Finder score

Go to site Read review

Suitable for practicing trading stocks, ETFs, futures and options, TradeStation stands out with its trading simulator, allowing traders to back-test strategies and practice advanced tactics risk-free.

With unlimited simulated dollars and access to real-time market data, practice trading stocks, options and futures in a realistic environment.

Moreover, TradeStation's trading simulator is accessible on desktop, web and mobile devices, offering the flexibility to practice trading on your preferred platform.

Best paper trading platform

Charles Schwab

4.5
★★★★★

Finder score

Read review

With its acquisition of TD Ameritrade, Charles Schwab now offers the highly acclaimed Thinkorswim trading platform.

Practice trading stocks, ETFs, options, futures and forex with $100,000 of virtual buying power using real-time market data.

Available on web, desktop and mobile, the powerful Thinkorswim platform provides highly customizable charts with over 400 technical studies and 20 drawing tools.

It also features live news, scanner tools, screeners, watchlists and complex trading instruments.

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Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.

Methodology: How we choose the best paper trading platforms

Finder’s investments experts review 18 brokers available on the market to narrow down the best brokerage accounts for paper trading.

We analyze each platform based on 147 key metrics we collect directly from brokers and assess each provider’s performance based on eight different categories, weighing each metric based on the expertise and insights of Finder’s investment experts.

We then score and rank each provider depending on how it performs in each category.

How we weigh the overall rating

CategoryWeighting
Investment options15%
Trading platforms and technology35%
Trading costs5%
Account fees5%
Account types and minimums5%
Customer support5%
Mobile app ratings and security5%
Features and amenities25%

We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.

How do I open a brokerage account?

Complete the account opening process online in minutes.

Choose a broker or robo-advisor, and complete a brief application by providing personal information such as your name, address, date of birth and Social Security number. Completed applications are typically approved instantly, though the broker may take a couple days to verify your information. Then, connect a bank account to fund your account.

What to look for when choosing the best paper trading platform

Finder’s picks for the best brokerage accounts are meant to provide you with a starting point for finding the right broker to practice trading and investing.

Consider the following factors when comparing your options:

  • Flexibility in asset classes. Ability to trade a wide range of asset classes such as stocks, options, ETFs, futures and forex to provide a comprehensive trading experience.
  • Comprehensive tools and features. Availability of advanced charting tools, technical indicators, and various order types to mimic live trading environments.
  • Educational resources. Integration with educational materials, tutorials, webinars and guides to help you understand trading concepts and strategies.
  • User-friendly interface. An intuitive and easy-to-navigate interface that allows users to focus on learning and strategy development rather than struggling with platform complexity.
  • No risk. Completely risk-free environment where you can experiment without the fear of losing real money.
  • Customization. Options to customize the trading environment, such as setting initial virtual account balances and adjusting trading preferences.
  • Seamless transition to live trading. Easy transition from paper trading to live trading, often within the same platform, allowing you to apply what they’ve learned directly to real markets.

Compare and find the broker that's right for you

Match your experience level with your trading and investing goals to find the right broker for you.
If you're a And want to Consider this
Beginner investor Do most or all of your trading on your mobile device Best stock trading apps
Beginner investor Trade and invest with as few fees as possible Best discount stock brokers
Beginner investor Outsource portfolio management automatically and at a low cost Best robo-advisors
Beginner investor Gain exposure to multiple assets like stocks, bonds or gold through a single fund Best ETF brokers
Experienced investor Get an overall idea of providers on the market and what they're best for Best brokerage accounts
Experienced investor Invest internationally in stocks, ETFs and other assets Best international stock brokers
Retirement saver of any experience level Save for retirement with upfront tax benefits Best (traditional) IRA
Retirement saver of any experience level Save for retirement and enjoy tax-free withdrawals Best Roth IRA

Frequently asked questions

Is paper trading worth it?

Yes, paper trading is worth it because it lets you learn and test strategies without risking real money, helping you build skills and confidence. It also provides an opportunity to familiarize yourself with trading platforms and understand the psychological aspects of trading.

Can you paper trade for free?

Yes, most brokerage that offer paper trading offer it for free. However, some brokers may not offer the platform’s full range of features when paper trading.

Matt Miczulski's headshot
Written by

Editor, Investments

Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions. Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University. See full bio

Matt's expertise
Matt has written 187 Finder guides across topics including:
  • Trading and investing
  • Broker and trading platform reviews
  • Money management

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