Paper Trading on Power E*TRADE Takeaways
• Power E*TRADE is a trading platform that has a built-in simulator for practicing trades.
• Power works in both web browser and mobile versions.
• You need to log in with your E*TRADE account to use Power, whether in real or demo mode.
• Paper trading on Power E*TRADE is free, and you do not risk any real money.
Overview of Paper Trading on Power
E*TRADE has a good website and a standard mobile app that work for most trades. But the company also has Power, which is a special platform for more advanced trading. Power works on mobile and in a web browser, and both versions let you practice trading. This helps you learn how to use the platform.
Launching E*TRADE Power in Demo Mode
To use Power in your web browser, first log in to the E*TRADE website. Once logged in, find the dashboard and look for the list of platforms under Launch Pad in the right column. If you cannot find the dashboard, go to the Accounts tab in the main menu at the top and pick Complete View. That is the dashboard.
In the Launch Pad area, you will see links to different platforms. Two of them are Power links—one for live trading, one for paper trading. Click on the paper trading link. A new window will open with Power in demo mode. You will see yellow text showing you are in demo mode, which reminds you that you are not doing real trades.
Paper Trading on the E*TRADE Power Mobile App
Power is also a mobile app for Android and Apple devices. Like the browser version, the app also has a practice mode. Just open the regular app, tap on the Paper tab on the login screen, and use your usual User ID and password. When you are in paper mode, a yellow banner appears at the top to show that you are practicing.
Practicing E*TRADE Power
Power, in both versions, has the same tools as the live version. You can practice trading futures, options, and stocks. In demo mode, you get $100,000 in virtual money. These are not real trades, but they help you learn the system.
You can reset the account value in demo mode any time. In the mobile app, tap the Menu tab at the bottom. On the next page, scroll to Settings. There, scroll down to the purple link to Reset Paper Trade. In the web version, look for the account balances window at the top of the left column. After making at least one trade, you can reset the values (look for the refresh icon).
We recommend trying all the features on the platform to get familiar with it. The TradeLab is helpful—this is a profit and loss calculator for trades. Also try the order ticket. There are advanced order types to practice, like OCO (one cancels the other) and stop limit on quote.
Power web (not mobile) also has a Quick Trade ticket. It shows big buy and sell buttons (red for sell, green for buy). You can have two tickets ready, and you can turn off confirmations.
Many of the same tools are on the mobile app too, like conditional orders and built-in option spreads with profit/loss diagrams.
E*TRADE Paper Trading Account Requirements
E*TRADE does not require any money in your account to use Power, either in live or demo mode (web or mobile). But you do need an account, or at least login details. Power is free to use.
Schwab as Alternative
If you don’t have E*TRADE login info or do not want to open an account, Schwab is another way to practice trading. The broker offers demo trading on its thinkorswim platform. You only need a Guest Pass, which gives you login details for 30 days.
thinkorswim works in a browser, on mobile, and as a desktop app. The desktop version is one big advantage over Power. With a Guest Pass, you can use all three. Like Power, simulated trading on thinkorswim is free and has many great features. In fact, thinkorswim is even more advanced because it has tools for backtesting and other options not on Power, like forex and quick futures trading boxes for fast orders.
Free Charles Schwab Paper Trading
Visit Schwab Website
Updated on 6/17/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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