MarketWatch\u2019s virtual stock exchange<\/a> is a popular trading simulator. This game lets you place pretend trades in real-time and with real market conditions. MarketWatch is not limited to stocks alone. You can practice trading options and other instruments. For those with a competitive streak, MarketWatch also has a leaderboard so you can see how you compare with other traders. <\/p>\n\n\n\nInvestopedia\u2019s Stock Simulator<\/h3>\n\n\n\n
When starting, Investopedia gives you $100,000 in virtual funds that you can use to invest in stocks and options trading. <\/p>\n\n\n\n
While not as extensive as MarketWatch, Investopedia\u2019s Stock Simulator does offer tutorials and a ton of educational content. They also offer extensive educational research. <\/p>\n\n\n\n
This stock simulator is focused on education and is ideal for beginners. <\/p>\n\n\n\n
How to Pick a Virtual Trading Account<\/h2>\n\n\n\n
Here are some things to consider when picking a paper trading account:<\/p>\n\n\n\n
Similar to real accounts<\/h3>\n\n\n\n
How similar is it to the live trading account offered? Do they share similar features? <\/p>\n\n\n\n
These are questions you should ask yourself when picking out a virtual trading platform. Ideally, you would want it to be as similar to a real account as possible. This will help you familiarize yourself with the platform and make the transition from paper account to live account smoother. <\/p>\n\n\n\n
Real-time data<\/h3>\n\n\n\n
Something to consider is whether the platform offers real-time data. Having this available helps develop trading strategies. It also helps you decide what to trade and when. Having real-time data available is invaluable, especially for beginners who are learning. <\/p>\n\n\n\n
Securities available<\/h3>\n\n\n\n
You should also check whether the platform offers securities you want to trade. While this is not as important if you\u2019re going to be using a paper trading account, this is important if you decide to go live. Ideally, you should choose a platform with a broker that you would want to use for live trading. This way you can familiarize yourself with the platform you want to use. <\/p>\n\n\n\n
It is also important to check out the features, fees, and securities of the live account and make sure it suits your needs. <\/p>\n\n\n\n
Research and tools available<\/h3>\n\n\n\n
The research and tools available on the platform are important. If you\u2019re a beginner, you should choose a platform with a variety of tools and research so that you can improve your trading knowledge. <\/p>\n\n\n\n
Having research and tools available helps you develop trading strategies and decide which instruments to invest in. <\/p>\n\n\n\n
Best Forex Paper Trading Platform<\/h2>\n\n\n\n
If you are looking to focus on Forex, we recommend the AvaTrade platform if you are outside of the US, and Interactive Brokers if you live in the US. <\/p>\n\n\n\n
AvaTrade is a global trusted brand. They are known for their extensive trading platform options that include web-based, desktop, and mobile options. AvaTrade offers both spot forex and forex options. They also have large asset classes for CFDs.<\/p>\n\n\n\n
Interactive Brokers is also available globally. They offer the same array of trading platform options as AvaTrade. Much like AvaTrade, Interactive Brokers also offers a proprietary trade system. <\/p>\n\n\n\n
Best for Options Paper Trading<\/h2>\n\n\n\n
If you are looking to specialize in options trading we recommend the IQ option platform if you are outside of the US, and the Interactive Brokers for those living in the US. <\/p>\n\n\n\n
IQ Options offers a user-friendly, proprietary trading platform. It can be used for binary options trading and CFDs. <\/p>\n\n\n\n
Their platform offers large charting tools that help you monitor the conditions of markets. It also offers margin trading<\/a> with certain instruments.<\/p>\n\n\n\nAs mentioned, Interactive Brokers also has a proprietary trading platform. With this platform, you could have a share price of $0.47 per 100 shares which is an improvement on the market standard.<\/p>\n\n\n\n
Interactive Brokers offers more instruments than IQ option so if you want to expand and diversify your portfolio this is something to keep in mind. <\/p>\n\n\n\n
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