What is a Stock Market Simulator?

Have you ever wanted to trade stocks but don't want to lose money in the stock market? Well, a stock simulator is perfect for you. Stock market simulators, also known as paper trading, give you a fake portfolio amount of virtual cash and delayed stock market data to recreate the feel of actual trading stocks.

The cool part is that you can buy and sell stocks with fake cash, monopoly money, if you will, and still gain real market experience on how the stock market works using the stock market data. All without losing any real money.

Paper trading is great to way to get your feet wet. Test new trading strategies and practice building your fake portfolio. Improve your confidence to apply what you learn in the real life stock market so you can make sound investments.

Let's explore the 7 best stock market simulators so you start to practice and continue your journey to become a successful day trader.

What is the Best Stock Simulator for Day Trading?

1. Thinkorswim PaperMoney

Thinkorswim is one of the top free day trading platforms, and it's easy to know why. Out of the box, Thinkorswim comes with advanced stock charts, hundreds of technical analysis indicators, and a customizable scanner to find new stock picks.

PaperMoney is the built-in stock simulator that Thinkorswim users can access by switching from Live Trading to Paper Money mode.

Instantly you get a pre-funded demo account and access to all the great features that make Thinkorswim perfect for day traders.

Buy or sell popular ticker symbols, ETFs, options trading, and other financial products.

The best feature of PaperMoney is resetting balances. As you experiment with trading ideas, you will make mistakes, so rather than try to get out of a hole because of an error you made. You can easily reset all balances and positions to get a clean slate and start over.

Key Features

  • No brokerage account is required.
  • Get access to technical trading tools like charts and indicators.
  • Reset your balances and positions when you make mistakes.

2. Power E*TRADE

Power ETRADE is an advanced trading platform from the respected broker, [ETRADE](https://us.etrade.com/platforms/power-etrade#tab_6).

Use the Paper Trading option to sharpen your skills in the capital markets and test strategies using all the included tools like powerful charts, indicators for technical analysis, research tools, and configurable scanners requested by day traders. Once you are ready to risk your own real money, you don't have to switch to a new platform because Power E*TRADE offers direct brokerage services so you can keep trading on their platform.

Key Features

  • No brokerage account is required.
  • Instant access to technical indicators and advanced charts.
  • Switch to LIVE MODE when ready to trade real money.

3. Papertrade

[Papertrade]'https://papertrade.gg/) is in its own category as a fantasy stock trading platform.

Think of Robinhood, but you don't lose your entire savings on one trade. Instead, pay $20 to join a stock market game with day traders and get a pre-funded paper trading account to start trading.

Buy and sell with real-time data to grow your portfolio as you react to daily sentiment and news.

All collected entry fees are distributed to the top traders when the markets close, making upwards of $1,000 or more in a daily fantasy stock market game.

Key Features

  • Limit your losses.
  • Win real money.
  • Compete against other traders in real-time.
  • Access to real-time data.
  • Mobile-friendly app.

4. Webull Paper Trading

Looking for something more mobile and easy to use? Webull, one of the top free mobile trading platforms, offers paper trading directly on their app.

Just download the app, create a Webull account, and select the Paper Trading option.

Instantly they give you a pre-funded demo account with $1,000,000 to start paper trading to test strategies and get familiar with the Webull app.

Like most trading apps, Webull has all the tools you need to start trading. From advanced charts and indicators to scanners and quotes of stock prices.

Webull is an excellent option to start paper trading, get exposure to capital markets, and learn about stock investing. All without risking your own money.

Key Features

  • Mobile-friendly app.
  • Advanced charts and indicators.

5. Warrior Trading Simulator

Directed at students to practice trading the US capital markets, Warrior Trading offers a great free paper trading platform to simulate real market conditions. In addition, they have collaborated with NYSE and NASDAQ to provide Level 2 quotes, which is the order book used by many retail traders to understand price action.

Warrior Trading starts every account with $200,000, so you have enough fake cash to test strategies without restarting your account.

A key feature of Warrior Trading is the platform aggregates data on the trades made and provides metrics to improve your performance.

Key Features

  • Access to Level 2 quote data.
  • Advanced investing performance reports.

6. Trade Station Simulator

Like the other stock market simulators in our list, Trade Station Simulator offers the same free features, including real-time data, zero risk, and advanced indicators.

Trade Station stands out with its easy-to-use backtesting feature, which allows you to go back in time and see how well your strategies did.

Overall, Trade Station is a solid stock simulator for paper trading.

Key Features

  • Backtesting strategies.
  • Access to real-time data.
  • Advanced indicators

7. Investopedia Stock Market Simulator

Looking for something a bit more passive? Investopedia has a free stock market simulator for casual traders. Investopedia doesn't have all the tools you'd expect from the day trading platforms, but that's its simplicity. Of course, you can still trade over 6,000 stocks, ETFs, mutual funds, and options.

The best feature in Investopedia is the gamification of trading. You can create or join a stock market game with others and compete for the top rank.

Overall, Investopedia is great for beginners who aren't looking for much to start trading.

Key Features

  • Simple and easy to use.
  • Compete against others.

8. Virtual Stock Exchange by MarketWatch

Virtual Stock Exchange is the simplest free stock simulator available. Get fake money and build your portfolio as you react to market data. Create watchlists to monitor specific stocks, and execute advanced trades like limit and stop loss orders. Create or join a public and private stock market game. Each game has different rules, including custom portfolio budgets, margin trading, short sell restrictions, and more.

Key Features

  • Join games to compete against others.
  • Execute advanced order types.

Bottom Line

From casually selling stocks to intense real-time pay-to-play games, stock market simulators are a great way to get real experience trading. There are many excellent stock market simulator platforms with essential features to help new investors build experience and make better investing decisions to become a successful investor. Our advice to finding a good stock market simulator is to try different platforms and see what suits your trading style the best. Remember, stock market simulators are meant to test your trading strategies but are not indicative of future performance.