The 10 Best Platforms for Paper Trading revealed. We have rated and reviewed the 10 Best Sites, Platforms, Accounts, and apps for Paper trading in 2023*
This is a complete listing and review of The 10 Best Platforms for Paper Trading.
In this in-depth write-up you will learn:
- What is the Best Site, Platform, Account, or app for Paper trading?
- Can You paper trade with MetaTrader, Investopedia, and TradingView?
- Is NinjaTrader, etoro, and Interactive Brokers free for Paper Trading?
- Is Webull and TD Ameritrade good for Paper Trading Options?
- What is Paper Trading and How Do You Start?
- Is Paper Trading Good for Beginners, Day Trading, and for making money?
- Does Forex have Paper Trading and is it worth it?
- What is Forex Trading Paper Money and how do You use it?
- What is a Paper Trading Simulator and How Does it Work?
- The Best Paper Trading Apps in South Africa, India, Canada, and Hong Kong.
- Paper Trading Vs Live (Physical) Trading – Explained.
- Paper Trading Platforms for Crypto, Stocks, and Options.
and much, MUCH more!
10 Best Platforms for Paper Trading – A Comparison
| 🔎 Platform / Provider | 📌 Paper Trading Offered | 🎉 Paper Trade Now! | 5️⃣ Trust Score (5) | 📍 Sign-Up Here! |
| AvaTrade | ✅ Yes | 👉 Click Here | 4.8 | 👉 Click Here |
| TD Ameritrade | ✅ Yes | 👉 Click Here | 4.7 | 👉 Click Here |
| Interactive Brokers | ✅ Yes | 👉 Click Here | 4.9 | 👉 Click Here |
| eToro | ✅ Yes | 👉 Click Here | 4.8 | 👉 Click Here |
| Plus500* | ✅ Yes | 👉 Click Here | 4.9 | 👉 Click Here |
| FXCM | ✅ Yes | 👉 Click Here | 4.6 | 👉 Click Here |
| NinjaTrader | ✅ Yes | 👉 Click Here | 4.5 | 👉 Click Here |
| WeBull | ✅ Yes | 👉 Click Here | 4.2 | 👉 Click Here |
| E*Trade | ✅ Yes | 👉 Click Here | 4.9 | 👉 Click Here |
| TradeStation | ✅ Yes | 👉 Click Here | 4.2 | 👉 Click Here |
*CFD Service. Your capital is at risk
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
10 Best Platforms for Paper Trading (2025)
- ☑️ AvaTrade – Overall, The Best Platform for Paper Trading
- ☑️ TD Ameritrade – Leading Platform for Complex Trading Layouts
- ☑️ Interactive Brokers – Popular Choice for Foreign Investing
- ☑️ eToro – Best Platform Choice for Copy Trading
- ☑️ Plus500 – Top CFD Paper Trading App
- ☑️ FXCM – Multiple Trading Assets
- ☑️ NinjaTrader – Free Platform for All Users
- ☑️ Webull – Best User-Friendly Desktop App
- ☑️ E*Trade – Top Choice for New Options Traders
- ☑️ TradeStation – Trusted Paper Trading Source for Professionals
AvaTrade
AvaTrade is a trusted Forex Services provider that allows traders to access the financial markets across Desktop, Tablet, Mobile, Mac, and Web Platforms via MetaTrader4, MetaTrader5, and AvaTradeGo. Furthermore, AvaTrade offers access to 1250+ instruments to trade including forex, cryptocurrencies, stocks, commodities, and indices.
AvaTrade Overview
| 🔎 Broker | 🥇 AvaTrade |
| 📜 Regulation | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA |
| 💳 Minimum deposit | $100 USD / R1816 ZAR |
| 🚀Bonus | ✅ Yes |
| 🔥Trust Score | 94% |
| 🔥Live support | 24/5 |
| 📱 MetaTrader 4 (MT4) | ✅ Yes |
| 📱 MetaTrader 5 (MT5) | ✅ Yes |
| 📊Trading Islamic Account | ✅ Yes |
| 📊CFDs - Total Offered | 1,200 CFDs |
| 💰 Spreads | 0,9 pips |
| 💰 Withdrawal fee amount | Zero |
| 💰 Trading fees class | Very Low |
| ✔️ Scalping Allowed | ✅ Yes |
| 📈Products Offered | Forex, Stocks (CFDs), Commodities (CFDs), Indices (CFDs), Cryptocurrencies (CFDs) |
| 👥Account Types | Various, including standard accounts, demo accounts, Islamic accounts, and professional accounts (depending on regulation) |
| 📚Educational Resources | Webinars, articles, tutorials |
| 📍 Focus | User-friendly platform for beginners and experienced traders |
| ☎️Customer Support | Multiple languages offered |
| 📌Important Note | AvaTrade does not offer direct trading on the Volatility 75 Index (VIX). |
| 🚀 Open a account | 👉 Open Account |
AvaTrade Paper Trading
AvaTrade offers access to an advanced paper trading app designed with the experienced trader in mind. The AvaTrade Paper Trading App is perfect for investors who are looking for a strong platform and comprehensive features. The AvaTrade Paper Trading App comes stocked with a wide range of instruments and advanced charting capabilities, technical analysis tools, and much more!
AvaTrade Pros and Cons
| ✅ Pros | ❌ Cons |
| Wide range of CFDs assets to trade - 1000+ | You can’t buy stock or cryptocurrency |
| Worldwide regulated | Cryptocurrency deposit is not accepted |
| Award winner | Quarterly and annual inactivity fees |
| Multiple platform – MT4, MT5, etc | Costumer support is not available 24/7 |
| Negative balance protection | No bonus for EU based clients |
TD Ameritrade
TD Ameritrade is a trusted services provider that offers access to stocks, bonds & CDs, options, Diversified investment choices, Commission-free, online trading, and no hidden fees.
TD Ameritrade Overview
| 🔎 Broker | 🥇 TD Ameritrade |
| 💵 Minimum Deposit | $0 USD, R0 ZAR |
| 💳 Commissions | $0 USD, R0 ZAR on online stock and ETF trades |
| 💰 Options (per contract) | $0.65 USD, R10 ZAR |
| 💵 Inactivity Fee Charge | ❌ No |
| 💵 Withdrawal Fee | ❌ No |
| 📌 Products offered | Stock, ETF, Forex, Fund, Bond, Options, Futures, Crypto |
| 📝 Demo Account | ✔️ Yes |
| Open an Account | 👉 Click Here |
TD Ameritrade Paper Trading
TD Ameritrade makes Paper Trading available via its renowned app – Thinkorswim. The Thinkorswim app offers access to a wide range of instruments advanced charting tools, technical indicators, and a variety of order types. The Thinkorswim PaperMoney feature will allow investors to access a simulated account without risking real money.
TD Ameritrade Pros and Cons
| ✅ Pros | ❎ Cons |
| Well-regulated | Restricted leverage |
| SIPC member | MetaTrader not offered |
| Advanced trading tools provided | Limited funding options |
Min Deposit
USD 0
Regulators
SEC, FINRA, CFTC, MAS
Trading Platform
Web Trading Platform, ThinkorSwim
Crypto
Yes
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Interactive Brokers
Interactive Brokers offers its services to traders in 200 countries and territories across the globe. Furthermore, Interactive Brokers offers access to multiple account options, powerful trading platforms, and award-winning educational resources.
Interactive Brokers Overview
| 🔎 Broker | 🥇 Interactive Brokers |
| 💰 Minimum Deposit | $0 USD / R0 ZAR |
| 📒 Demo Account | ✔️ Yes |
| 👨🏼💼 Managed Accounts | ✔️ Yes |
| 💳 Deposit Options | Bank Wire Transfer and PayPal |
| 💳 Withdrawal Options | Bank Wire Transfer |
| 🚀 Open an Account | 👉 Click Here |
Interactive Brokers Paper Trading
Interactive Brokers offers access to a high-performance paper trading app. The Interactive Brokers Paper Trading App comes packed with advanced order types, real-time market data, customizable charting tools, and in-depth research capabilities.
Interactive Brokers’ Pros and Cons
| ✅ Pros | ❌ Cons |
| Wide range of products | Limited Funding and Withdrawal Options |
| Highly regulated | Best suited to experienced traders |
| Trades on 80+ exchanges | Commission structure benefits high volume trades |
Min Deposit
USD 0
Regulators
CFTC, NFA, IIROC, FCA, CBI, ASIC, SFC, MNB, CSSF
Trading Platform
Proprietary Platforms
Crypto
Yes
Total Pairs
91
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
eToro
eToro is a global, financial services provider that prides itself on empowering its investors. eToro offers access to copy trading, smart portfolios, and top-tier security practices.
eToro Overview
| 🔎 Broker | 🥇 eToro |
| 📌 Regulation | FCA, ASIC, CySEC |
| ☪️ Islamic account | ☑️ Yes |
| 👍 Demo Account | ✅ Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | ☑️ Yes |
| 📈 Maximum Leverage | 20:1 |
| 💰 Minimum Deposit | $50 USD |
| 🚀 Open an Account | 👉Click Here |
eToro Paper Trading
eToro is one of the most popular choices for paper trading. The eToro Paper Trading app is user-friendly and comes packed with a long list of useful features. eToro allows traders to practice trading in a secure and realistic simulated environment without risk.
eToro Pros and Cons
| ✅ Pros | ❎ Cons |
| Used by 6,000,000+ traders | Doesn’t allow scalping |
| Established in 2006 | Inactivity Fee |
| Regulated by FCA, CySEC, and ASIC | Limited range of instruments |
Min Deposit
USD 50 in *certain countries
Regulators
FCA, ASIC, CySEC
Trading Platform
Proprietary WebTrader
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.
Plus500
Plus500 is a global multi-asset fintech group that offers access to global markets, Fast and reliable order execution, plus, No commissions and tight spreads.
Plus500 Overview
| 💴 Trading fees class | Low |
| 🪙 Inactivity fee charged | Yes |
| 💰 Withdrawal fee amount | $0 |
| 💵 Minimum deposit | $100 USD |
| 💹 Number of base currencies | 14 |
| 🆓 Demo Account | ✅ Yes |
| 🔎 Open an Account | 👉 Click Here (CFD Service. Your capital is at risk) |
Plus500 Paper Trading
Plus500 offers access to a highly regarded paper trading app. The Plus500 Paper Trading app focuses on providing a simple, intuitive, and user-friendly experience, real-time market data, customizable charting tools, and risk management features.
Plus500 Pros and Cons
| ✅ Pros | ❌ Cons |
| Powerful proprietary trading platform | Only supports CFD trading, investors cannot own the physical shares or assets |
| No commissions and tight spreads | The platform is more suited to experienced traders and investors |
Min Deposit
USD 100
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Platform
WebTrader
Crypto
Yes (Availability subject to regulations)
Total Pairs
70+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
FXCM
FXCM is an award-winning, leading provider of online foreign exchange trading, offering access to zero commissions, low spreads, trading solutions, and world-class customer support.
FXCM Overview
| 🔎 Broker | 🥇 FXCM |
| 📝 Regulation | FCA, ASIC, FSCA, CySEC |
| 💰 Min. Deposit | $50 USD / R750.00 ZAR |
| 📈Trading Desk Type | Market Maker |
| 🖱️ Custom Indicators | Yes |
| 💵 Forex Pairs | 42 |
| 💳 Cryptocurrency | None |
| 💻 Trading Platform | Trading Station Desktop, Metatrader 4, Capitalise AI, Tradingview Pro |
| 🔎 Account Types | Standard, Active Trader, Islamic Account, Demo Account |
| 📈 Leverage | 1:30 |
| 📧 Email/SMS Alerts | Yes |
| 📌 1K Micro Lots | Yes |
| ☑️ Forex Pairs | 42 |
| 💳 Commission | Yes |
| 🎉 Claim Bonus | Yes |
| 📱 Web and Mobile | Yes |
| 📊Copy Trading | Yes |
| 👥FXCM’s Rebate Program | Yes |
| 🔘 Tradeable Instruments | 276 |
| ☑️ Account Currency | USD, GBP, EUR |
| 🔥Live support | 5 days a week |
| 🚀 Open an Account | 👉 Open Account |
FXCM Paper Trading
The FXCM Paper Trading app is primarily focused on foreign currency trading. The FXCM Paper Trading app offers access to real-time market data, advanced charting tools, and technical indicators.
FXCM Pros and Cons
| ✅ Pros | ❌ Cons |
| Easy Account Setup | Limited Product Portfolio |
| Good Technical Tools | High Withdrawal Fees |
Min Deposit
USD 50
Regulators
FCA
Trading Platform
MT4, NinjaTrader, Trading Station
Crypto
Yes
Total Pairs
42
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
NinjaTrader
NinjaTrader offers traders the opportunity to trade in Futures with award-winning trading platforms. NinjaTrader offers access to low margins, Low Commissions, simulated trading, and much more.
NinjaTrader Overview
| 🔎 Broker's Name | 🥇 NinjaTrader |
| 📍 Headquartered | The United States, Denver, Colorado |
| 📅 Year Founded | 2003 |
| ⚖️ Regulating Authorities | The NFA and CFTC |
| 🌐 Countries not accepted for trade | Canada and most African countries |
| ☪️ Islamic Account | None |
| 👍 Demo Account | ✅ Yes |
| 📌 Institutional Accounts | ✅ Yes |
| 📊 Managed Accounts | ✅ Yes |
| 📈 Maximum Leverage | 50:1 |
| 💰 Minimum Deposit | 50 USD |
| 🚀 Open an Account | 👉 Click Here |
NinjaTrader Paper Trading
NinjaTrader makes paper trading available via a Free trading simulator. The NinjaTrader paper trading platform is mainly focused on education and comes packed with useful assets, such as charting tools.
NinjaTrader Pros and Cons
| ✅ Pros | ❎ Cons |
| Powerful trading platform | Restricted leverage offered |
Min Deposit
USD 50
Regulators
NFA, CFTC
Trading Platform
NinjaTrader 8
Crypto
No
Total Pairs
50
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Webull
Webull offers traders the chance to diversify their portfolio with a comprehensive suite of investment products including stocks, fractional shares, and options.
Webull Overview
| 🔎 Broker's Name | 🥇 Webull |
| 📍 Headquartered | New York, USA |
| 📅 Year Founded | 2017 |
| ⚖️ Regulating Authorities | SEC, FINRA |
| 🌐 Countries not accepted for trade | N/A |
| ☪️ Islamic account (swap-free) | None |
| 👍 Demo Account | ✅ Yes |
| 📊 Institutional Accounts | ✅ Yes |
| 📊 Managed Accounts | ✅ Yes |
| 🚀 Open an Account | 👉 Click Here |
Webull Paper Trading
The Webull Paper Trading platform is best suited to advanced traders as it offers in-depth charting and numerous technical indicators.
Webull Pros and Cons
| ✅ Pros | ❎ Cons |
| No-fee trading. | The new trading app still developing and adding new features and investments. |
| Offers margin trading, day trading, and short sales. | Limited trading platform that does not accommodate foreign stocks, over-the-counter (OTC) stocks, mutual funds, bonds, options, futures, or Forex. Webull also does not accommodate fractional shares. |
| Designed for experienced traders, particularly those who enjoy technical analysis. | Account types are limited to individual |
| Excellent sign-up bonus that includes up to $1,600 in free stock. | Webull accounts are not available to non-US residents. |
Min Deposit
USD 0
Regulators
SEC, FINRA
Trading Platform
Own Web Trading Platform, Mobile Trading Pltaform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
E*Trade
E*Trade offers access to an electronic trading platform to trade financial assets, including US-listed stocks.
E*Trade Overview
| 🔎 Broker | 🥇 E*Trade |
| 🏛️ Headquarters | Arlington, United States |
| 📅 Year Founded | 1982 |
| ⚖️ Regulating Authorities | Financial Industry Regulatory Authority, Inc. (FINRA) |
| 🌐 Countries not accepted for trade | Not indicated |
| ☪️ Islamic account (swap-free) | None |
| ✴️ Institutional Accounts | ✅ Yes |
| 👨🏼💼 Managed Accounts | ✅ Yes |
| 👉 Sign Up Bonus | None |
| 💰 Minimum Deposit | Zero |
| 💳 Spread | Not indicated |
| 🔎 Open an Account | 👉 Click Here |
E*Trade Paper Trading
e*Trade is one of the most established and trusted paper trading platforms available on the market to date. e*Trade offers both a web-based platform and a mobile app that offers access to an easy-to-use platform with trusted customer service.
E*Trade Pros and Cons
| ✅ Pros | ❎ Cons |
| Low trading fees | Only US markets covered |
| User-friendly mobile trading platform | Slow account verification |
| Great research tools | No forex |
| Free stock and ETF trading | Higher fees for non-free mutual funds |
Min Deposit
USD 0
Regulators
SEC, FINRA
Trading Platform
Power E*TRADE, E*TRADE Web Platform, E*TRADE’s Mobile Trading Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
TradeStation
TradeStation is a global online securities and futures brokerage firm that offers access to stocks, options and futures.
TradeStation Overview
| Broker's Name | TradeStation |
| 📍 Headquartered | Plantation, Florida |
| 📅 Year Founded | 1982 |
| ⚖️ Regulating Authorities | FINRA, SEC |
| 🌐 Countries not accepted for trade | None |
| ☪️ Islamic account (swap-free) | None |
| 👍 Demo Account | None |
| 📊 Institutional Accounts | ✅ Yes |
| 📊 Managed Accounts | ✅ Yes |
| 🚀 Sign up bonus | ✅ Yes |
| 📈 Maximum Leverage | Leverage is often mentioned but no ratio is indicated |
| 👉 Open a account | 👉 Click Here |
TradeStation Paper Trading
TradeStation is a US-based stockbroker that offers access to Paper Trading both on desktop and Mobile. The TradeStation Paper Trading Platform offers access to advanced orders, a variety of asset types, and a historical market database.
TradeStation Pros and Cons
| ✅ Pros | ❎ Cons |
| Great web and mobile trading platform | Not user-friendly deposit and withdrawal |
| Low stock and ETF fees | No forex trading |
| High-quality educational tools | Poor customer service |
Min Deposit
USD 500
Regulators
FINRA, SEC
Trading Platform
TradeStation 10, Web-based platform, FuturesPlus
Crypto
Yes
Total Pairs
55
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
In Conclusion
Now it is your turn to participate:
Which Paper Trading Platform from this list do you intend to test out?
What was the determining factor in your decision to engage with a certain broker?
Was it because of the Platform Features or because of the Pros and Cons?
Regardless, please share your thoughts in the comments below.
You might also like: AvaTrade Review
You might also like: TD Ameritrade Review
You might also like: Interactive Brokers Review
You might also like: eToro Review
You might also like: Plus500 Review
Frequently Asked Questions
What is the Best Site, Platform, Account, or app for Paper trading?
The Best Platform for Paper Trading is AvaTrade. Other notable platforms include TD Ameritrade and Interactive Brokers.
Can You paper trade with MetaTrader, Investopedia, and TradingView?
Yes, You can paper trade with MetaTrader, Investopedia, and TradingView.
Is NinjaTrader, etoro, and Interactive Brokers free for Paper Trading?
NinjaTrader and Interactive Brokers are free for a set period of time with premium features available for purchase. eToro offers access to a free Paper Trading Simulator.
Is Webull and TD Ameritrade good for Paper Trading Options?
Yes, TD Ameritrade is excellent for all active traders, including day traders, options traders, and futures traders and Webull allows beginners to practice options trading without any cost or risk.
What is Paper Trading and How Do You Start?
The term “Paper Trading” refers to a simulated trade that allows investors to practice buying and selling without risking real money. Investors can start by choosing a platform that offers a paper trading option.
Is Paper Trading Good for Beginners, Day Trading, and for making money?
Paper trading can be an excellent way for beginners to gain experience, but it can’t make the trader any profit as it does not use real money.
Does Forex have Paper Trading and is it worth it?
Most Forex brokerages offer a paper trading environment for traders to gain experience without the risk of losing real money.
What is Forex Trading Paper Money and how do You use it?
Paper Money refers to the currency used in Paper Trading. It has also been referred to as “Monopoly Money”
What is a Paper Trading Simulator and How Does it Work?
Paper trading is a type of trading simulator that is done on paper.
What are the Best Paper Trading Apps in South Africa, India, Canada, and Hong Kong?
Best Paper Trading Apps in South Africa, India, Canada, and Hong Kong include eToro, eOptions, Interactive Brokers, and TD Ameritrade.
What is Paper Trading Vs Live (Physical) Trading?
Paper Trading allows investors to practice trading on a stock market simulator, while Live Trading is done in real-time with a real risk of losing money.
What are the best Paper Trading Platforms for Crypto, Stocks, and Options?
For Crypto, investors can look at Phemex, 3Commas, or Etoro. When it comes to Stocks and Options, Webull, TD Ameritrade, and TradeStation are high on the list.
Top 4 Brokers
