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Best Paper Trading Account Simulator (2020)
Online stock brokers offering the best paper trading accounts. Brokerage firms
free virtual money simulator to practice trading.
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Best Brokers For Paper Trading Account
We have reviewed brokerage virtual trading accounts and picked a firm that offers the best paper
trading account — Webull — read review below.
Get 2 FREE stocks valued up to $1,400 + $100 in ACAT reimbursement.
Open WeBull Account
Top Paper Trading Account
Before diving headfirst into trading stocks or ETFs, you may want to get some practice in. There are several ways to do this. One of the simplest and most effective is to open a brokerage account with a firm that offers simulated trading. Webull is one such firm.
Paper Trading on the Computer Platform
The first place you’ll want to submit some practice trades is on the broker’s computer platform. It is able to function both as a desktop program and a browser platform. The software has the same tools and layout in both modes.
If you want to launch the program from the desktop, you’ll first need to
download and install the software for Windows (or for Mac). When you have opened account, just click on the ‘Trade’ link on the main page. Doing so will automatically generate the browser platform.
Once you have the software up and running, now it’s time to place some demo trades. To do this, you’ll first want to be sure you’re in simulated trading mode. To enter the practice mode, click on the icon with the dollar sign in the vertical menu on the left-hand side. It’s at the bottom.
When you do this, you’ll see a message at the top of the screen that says, “US Stocks Paper Trading.” Now you’re in demo mode. All trades will use a fake currency. You get $1,000,000 to start.
In simulated mode, Webull’s software offers time & sales data, an order ticket, a watchlist (the same one found in regular mode), position information, order details, and charting.
The trading ticket in practice mode is a little different than what’s available in live mode. The demo ticket doesn’t have stop, stop-limit, stop-loss, or take-profit order types. But you’ll still get to practice entering and exiting trades with market and limit orders. You can also practice with extended-hours trades because the demo ticket offers it.
When you place an order, you’ll see your buying power diminished inside the account details window. If you cancel an order before it fills, buying power will be refreshed. This is a good opportunity to practice submitting orders to see how they impact balance details.
Another feature available in practice mode is window linking. In the upper-right corner of each window is a color-coded number. Setting them all to the same value means that if one ticker symbol is changed in one window, the ticker symbols in the other windows will automatically change.
To get information about a stock, you’ll need to go back into live mode. For example, margin details and stock details are available under the “Stocks” menu but not under the paper-trading system.
Paper Trading With the Mobile App
Besides its computer platform, Webull also offers a mobile app. It too has a simulated-trading mode. To access it, open the app and tap on the “Menu” icon in the bottom row of icons. It has three horizontal bars.
On the menu page, scroll down and tap on “Paper Trading.” On the next page you’ll see your demo account value, which also starts at a million bucks. A blue “Quick Trade” icon provides access to the simulated order ticket.
As with the computer platform, only market and limit orders are available. Extended hours trades can be placed. Both long and short positions can be entered.
One advantage of simulated trading on the mobile app is the ability to access margin and shorting details within demo mode. On an equity’s profile, just tap on the down arrow for shorting details or the dollar sign for long margin information. You won’t actually need to borrow funds in demo mode, but it’s good practice.
Get 2 FREE stocks valued up to $1,400 + $100 in ACAT reimbursement.
Open WeBull Account
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