Best Paper Trading Platforms in 2022 | Best Simulators
Paper trading is like a demo trading platform for learning how to trade stocks. It offers new stock traders a chance to prepare themselves for real trading without risking a dime. If you are interested in learning how to trade stocks, practicing on one of the best paper trading platforms in 2022 is a necessity for grooming your skills.
In this article, I will be highlighting a few good platforms that you can use in honing your skills.
Best Paper Trading Platforms in 2022
1. TD Ameritrade
TD Ameritrade is a big financial firm that offers various services. One of which is a paper trading platform with several features and tools that you can access from your desktop computer, laptop, or mobile phone.
With a TD Ameritrade account, you’ll have access to 2 different paper trading accounts; the standard margin account, fully funded with $100,000, and an IRA account equally funded with $100,000.
With over 400 trading indicators and access to the CBOE’s TradeWise options, TD Ameritrade paper trading platform gives traders more than any other platform making it the best paper trading platform in 2022.
2. TradingView
Next on our list of best paper trading platforms is TradingView. It is a charting and analysis platform that offers several pricing tiers. It has features for both paper trading and real-time trading, and it doesn’t need any software installation.
3. Webull
Third, on our list of best paper trading platforms in 2022 is Webull. It’s a discount broker trading app with zero commissions and zero deposit minimums. Its paper trading account offers a trading simulator that gifts you $1 million virtual cash for a start.
You can use this money to buy or sell stocks in the simulated account that looks and feels like a real brokerage account.
4. E-Trade
Paper trading accounts are not free on E-Trade. But once you set up a real trading account with them, you are automatically given a paper trading account. Then, you switch from your real account to your paper trading account.
Also, E-Trade shows you the implications of your trades on your account before you execute them. This feature will be good for you if you are a DIY investor.
5. TradeStation
TradeStation is also one of the best paper trading platforms in 2022. With TradeStation’s new TS GO account option, you will have access to professional-grade stock screeners and comprehensive educational and development tools that will help you hone your trading skills.
6. Interactive Brokers TWS Paper Trader
Last on our list is Interactive Brokers. It has a great platform in Trader WorkStation that’s funded with $1,000,000 in fake cash, has hundreds of technical tools, and can analyze all kinds of markets. Interactive Brokers offers a paper trading account with all most all the features available on a real trading platform.
Conclusion
As a beginner in stock trading, trading on paper trading accounts will be very beneficial to you. It will help avoid loss and the real stimulations on the account will help you familiarize yourself with real-time trading platforms. I hope this article helps you get one of the best paper trading platforms in 2022 that works for you.
