Best paper trading platforms in 2022

Paper trading platforms let you practise your investment skills without risking real money. Use this handy guide to compare the top paper trading platforms to help you choose the best one
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Updated: May 30, 2022

The best paper trading platforms offer the same experience as live market conditions. This beginner friendly guide compares and ranks the best paper trading platforms to help you select the most suitable one. 

What are the best paper trading platforms?

If you’re ready to start right away you can select any of the platforms below. They’ve all been chosen by our trading experts and are a great place to start. Just click on any of the links to get started in a few minutes.

1
Min. Deposit
$10
Promotion
User Score
10
Trade/invest in stocks with just $10
Deposit with ACA, Wire, Pay with my bank
Invest for dividends and get payout on stocks on Ex-Dividend day
Start Trading
Pros:
Trade/invest in stocks with just $10
Deposit with ACA, Wire, Pay with my bank
Invest for dividends and get payout on stocks on Ex-Dividend day
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Investoo Ltd is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc., as applicable. This compensation incentivizes Investoo Ltd to describe those products and services in favorable terms. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.
2
Min. Deposit
$0
Promotion
User Score
9.3
$0 commission and $0 Options contract fees
Upgraded research with advanced charts
Smart Menus for faster trades
Start Trading
Pros:
$0 commission and $0 Options contract fees
Upgraded research with advanced charts
Smart Menus for faster trades
Payment Methods
Full regulations list:
3
Min. Deposit
$500
Promotion
User Score
8.7
We offer one of the best execution speeds in the industry with low latency
Award-winning support in 14 languages
Trade with precision from 0.5 pips on EURUSD
Start Trading
Pros:
We offer one of the best execution speeds in the industry with low latency
Award-winning support in 14 languages
Trade with precision from 0.5 pips on EURUSD
Payment Methods
Bank Transfer, Bank Wire, Credit Card, Debit Card, PayPal, Sofort, neteller, skrill
Full regulations list:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Top paper trading platforms

1. eToro: Best overall

eToro is one of the best known brokers around and has a variety of assets available. Stocks, forex, commodities, and cryptocurrency among others can all be found on its custom built platform. Its services can be tested through its free $100,000 paper trading account and demo users will have access to the same functions as live traders. 

One key feature that eToro offers is its social trading and copy tools. It’s the largest social trading network in the world. Live traders, as well as those on a paper trading account are able to interact with each other, copy trades, and learn new investing strategies. eToro’s paper trading account can easily be upgraded to a live account through depositing funds.

Sign up with eToro >

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money 

Pros

  • Free to set up and use
  • $100,000 paper trading balance 
  • Over 3000 financial instruments available 
  • Copy trading and social trading features

Cons

2. Skilling: Best for mobile

The best rated platform for investors wanting to use a paper trading account on mobile is Skilling. Similar to eToro above, Skilling is an online brokerage that offers a range of assets such as forex, stocks, commodities, and more. Its paper trading account is quick to set up and comes loaded with a balance of £10,000 for you to test its services. 

While using its simulation service, you will have the same access to its three mobile platforms as live traders. On Skilling you have a choice of its own app Skilling Trader, or third party apps, cTrader and MetaTrader 4. All three can be downloaded from the Google Play Store or Apple App Store.

Sign up with Skilling >

Pros

  • $10,000 in simulation monye automatically loaded into paper trading account
  • Choice of three mobile applications
  • Over 900 financial instruments to trade
  • Low spreads from 0.01

Cons

3. Capital.com: Best for beginners

Beginners just starting out will find Capital.com’s paper trading platform the most suitable option. Its free demo account is easy to set up and comes with $10,000 in virtual funds. Capital.com is one of the largest brokers around and offers over 5000 financial instruments to trade such as stocks, bonds, forex, and commodities among others. 

Its paper trading platform offers the same features as its live trading services which includes its substantial educational content. It has a wide range of learning material available for free, from trading and investment courses, to asset specific guides and everything in between. For beginners with little experience, Capital.com has lots of information to make the process of learning easier. 

Sign up with Capital.com >

Pros

  • Over 5000 financial instruments available 
  • Live accounts can be funded with just $20
  • No commissions
  • Good range of educational content

Cons

4. Plus500: Best platform

Plus500 has its own proprietary platform that is available on both its website and mobile. There is no software needed to access its services and users can easily switch between paper trading and live with the click of a button. Its demo account has the benefit of never expiring and will automatically reload if your balance drops to £200. 

Its paper trading platform is suitable for both beginners and experienced traders and comes with a host of features catering to both. Novices traders can practice trading with different chart types and technical indicators. Experienced traders can experiment with advanced risk management tools and advanced indicators

Sign up with Plus500 >

Pros

  • No software to download
  • Mobile app available 
  • Demo account automatically reloads if balance drops to £200
  • Wide range of assets available to trade

Cons

5. Pepperstone: Best for trading

Pepperstone has the best demo account for trading. It offers users the opportunity to try out all three of the platforms it has available: MetaTrader 4, MetaTrader 5, and cTrader. After completing the quick registration process you can select the platform you wish to use. Each of these platforms are available in desktop download, web trader, and mobile app. 

Users are given £50,000 in virtual funds for a total of 30 days. However, it is possible to create a new demo account if you require more time to test its functionality. Pepperstone has three account types: standard, razor, and spread betting. The standard account is best for longer term trading. Razo is suited to day traders, and spread betting is a combination of the two, with added tax benefits.

Sign up with Pepperstone >

Pros

  • Three trading platforms to choose from
  • Popular MetaTrader 4 and 5 available 
  • £50,000 in virtual funds to practice with
  • Forex and other assets can be traded

Cons

What is a paper trading platform?

It’s a piece of software that is offered by online brokerage firms allowing users to test out, or practice their trading skills without risking any money. Paper trading is also referred to as demo trading and  is a way for beginners to practise their trading skills in market conditions that simulate a live trading environment. 

How does a paper trading platform work?

A paper trading platform works in the same way as a live trading platform. However the main difference is a paper trading platform replicates market conditions allowing users to practice and test their trading without risking any money. Trading platforms are pieces of software that electronically connect a trader to an exchange or market. 

When a user registers for a paper trading platform they will be given a set amount of money by the broker to practice with. Usually there is a time limit on how long a paper trading account can be kept open for before the broker closes it down. Paper trading platforms simulate live market conditions giving users the opportunity to to participate without risk (or reward). 

How should I choose a paper trading platform?

When it comes to choosing a paper trading platform there’s a few things you should consider if you want to make the best decision. Below we’ve highlighted some of the key factors you should take into account when choosing a paper trading platform. 

  • Time limit. Some paper trading accounts are limited to just a month or two. If you’re using a demo account to get to grips with a new platform a short period of time may be sufficient. But if you’re learning to trade, you’ll likely require more time. 
  • Reliability. Brokers don’t make money from paper trading accounts so its not uncommon to find they lag or have bugs at times. When choosing a demo trading account check out customer reviews to find out about reliability issues beforehand. 
  • Assets. If you’re a new trader just starting out you may want to test your hand at different assets to find out which one you’re most suited to. Some paper trading accounts offer a range of assets, while others offer only a few. 
  • Technical tools. The best paper trading accounts are exact replicas of live accounts and should include all of the tools available to funded traders. If you want to test the platform thoroughly then make sure it has a range of technical tools available. 
  • Customer support. Some brokers offer 24/7 support and that’s important if you’re a new trader just starting out. If you ever run into difficulties with a paper trading account and you need support you’ll want to make sure help is available. 
  • Social trading. Some platforms have additional features like social trading and copy tools. If you’re a new trader you’ll be able to test these out on a paper trading account without risking your own funds. 

Should I use a paper trading platform?

Yes, using a paper trading platform is a good idea, especially if you’re new to trading or wanting to test out a new platform or broker. Paper trading accounts simulate live trading conditions so you’ll be able to practise your skills without risking your own funds. Paper trading accounts are a good way to also test new trading strategies. 

What are the risks of using a paper trading platform?

There are no real risks associated with a paper trading platform because there are no live funds involved. One very small risk is you could mistakenly place a trade on a live account if you’re not careful. Although this will only apply if you have deposited funds into your account. Below we’ve included the benefits and drawbacks of paper trading accounts.

Benefits

  • Free to set up and use
  • No live money at risk
  • Easy to practice new trading skills or strategies
  • Learn how to use a new trading platform 
  • Access to simulated live trading conditions

Risks

What are the fees for using a paper trading platform?

Paper trading accounts are free to use. You just need to register an account with your chosen broker and select demo mode. You will then be able to test your trading skills and its trading platform in a simulated environment. 

Methodology: How did we choose the best paper trading platforms?

A strict process was followed when we evaluated each trading platform mentioned on this page. Our experts tested every platform and considered a number of difffernt factors during their evaluation. These included registering an account, selecting a platform, making trades, using technical tools, and switching to a live account. 

During our comparison of each platform we used oline research and reviews in addition to our own research. Each platform on this page has its own in depth review on our website. Our rankings and reviews are not influenced by any platform however we may at times receive an affiliate commission if you click on a link and register an account 

You are able to view our full review process here

FAQs

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Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.