Paper trading apps 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 apps will help you compare and find the right paper trading platform for you. Most are free to use with no funded account required, though a few brokers require you to open a live account first.
Here’s our list.
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Methodology: How we choose the best paper trading apps
Paper trading is fundamentally different from live trading — there’s no real money at risk, so factors like commissions and account fees that dominate a typical brokerage review barely matter here. Instead, we built this methodology around what actually determines whether a paper trading platform is worth using: how realistic the simulation feels, how much virtual capital you get to work with, what you can actually practice trading and how easy it is to move from simulated to live trading when you’re ready.
We evaluated paper trading platforms across leading US brokers, scoring each one across the categories below, ranked from most to least heavily weighted in the overall score.
What we look at, in order of importance
Simulator technology and realism. Real-time market data, charting tools, technical indicators, order types and whether the simulated platform matches the broker’s live trading experience.
Virtual funding and account conditions. Starting virtual balance, whether it can be reset or adjusted, and how long the simulated account remains active.
Educational resources and features. Tutorials, courses, community tools like leaderboards or trading competitions, and strategy backtesting.
Tradable asset coverage in simulation. Which asset classes — stocks, options, ETFs, futures, forex, crypto — can actually be practiced, since simulators don’t always mirror everything available on the live platform.
Access requirements. Whether the paper trading account is free and open to anyone, or requires an existing funded brokerage account to unlock.
Mobile app quality. Usability and feature parity between the mobile and desktop simulated trading experience.
Customer support. Availability of help if you run into issues with the simulator itself.
We update our best picks as products change, disappear or emerge in the market, and we regularly review and revise our selections to reflect the most competitive paper trading platforms available.
How do I start paper trading?
Most brokers let you access paper trading for free, without opening a funded account first — just sign up for the broker’s app and look for a “paper trading,” “simulated trading” or “practice account” option. A few brokers, including TradeStation, require an existing funded brokerage account before you can use their simulator, so check that requirement before you sign up if you don’t want to fund a real account first.
If you decide to open a real account afterward, you’ll typically complete a brief application with personal information such as your name, address, date of birth and Social Security number. Completed applications are usually approved instantly, though the broker may take a couple of days to verify your information, and you’ll need to connect a bank account to fund it.
What to look for when choosing the best paper trading app
Finder’s picks for the best paper trading apps are meant to provide you with a starting point for finding the right platform 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 you’ve learned directly to real markets.
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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
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.
Yes, most brokerages 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 is an investments editor and market analyst 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 Yahoo Finance, CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
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