Best Platforms: A Guide to the Top 6 Paper Trading Apps

The Main 6 Best Paper Trading Apps for Novice Investors

If you're just starting in the financial planning world, paper trading is an essential tool to gain experience without risking real money. Paper trading allows you to use virtual currency to simulate trading stocks, options, futures, and more. This provides you with practice in trading strategies in a secure environment as you learn the ropes.

But with so many paper trading platforms out there, how do you choose the right one as a beginner? In this article, we review the top 6 best paper trading apps for novice investors. These platforms stand out with user-friendly features tailored specifically for new traders.

H1: Best Paper Trading Apps

1 ThinkOrSwim

ThinkOrSwim by TD Ameritrade is consistently ranked among the best paper trading platforms. It comes equipped with an extensive trading simulator to mimic real market conditions. You have access to lots of educational resources directly in the ThinkOrSwim platform as well. This can help beginners absorb information as they gain hands-on trading experience.

Key Features:

• Real-time level 2 quotes and charts

• Backtesting for strategy practice

• Virtual support from live TD Ameritrade brokers

2 Webull

Webull offers free paper trading accounts with up-to-date market data. The easy-to-use mobile app makes paper trading intuitive for beginners. Webull also has plenty of built-in investment education resources, from articles to webinars and videos. This allows new traders to learn and test strategies simultaneously.

Key Features:

• Zero account minimums or fees for paper trading

• User-friendly mobile experience

• Robust charts with over 100 technical indicators

3 Invstr

Invstr gamifies the process of learning to invest for beginners. You use virtual money in simulated trading scenarios to unlock achievements and compete with other novices. This makes paper trading on Invstr fun rather than dry and intimidating. The community aspect also allows you to learn from more advanced peer investors.

Key Features:

• Fun gamification of paper trading

• Social community to learn from others

• Built-in video tutorials on money management basics

4 MarketWatch

MarketWatch is a leading publication for stock market news. Its paperMoney trading simulator is free with any MarketWatch account. As a bonus, all the news, data, analysis, and research tools on MarketWatch are seamlessly integrated into the platform. This enables beginners to research markets as they paper trade.

Key Features:

• Real-time quotes and news feeds

• Syncs with MarketWatch portfolios and webinars

• Comprehensive watchlists and analysis tools

5 VectorVest

VectorVest stands out with its unique, color-coded system for analyzing stocks. It makes it easy for beginners to see at a glance which stocks are hot buys, holds, or sells. VectorVest also assigns 1 to 5-star ratings for each stock, helping you quickly target quality stocks to trade. These features streamline the analysis process for new investors.

Key Features:

• Color-coded alerts for buy/sell signals

• Star rating system to evaluate stocks

• Built-in tutorials on technical/fundamental analysis

6 StoxHero

StoxHero is a paper trading platform tailored specifically for beginning investors to learn the stock market. It offers virtual trading challenges to compete with the community while testing strategies risk-free. StoxHero also includes graphics and quizzes to build your successful financial planning knowledge from the ground up.

Key Features:

• Designed for trading beginners

• Community challenges to keep learning fun

• Customizable tutorials and quizzes

The Bottom Line

Paper trading is crucial for developing solid money management habits and strategies without risking hard-earned capital. And the right platform makes a significant difference in getting beginners off to the best start. The apps above lead in user-friendly features, educational resources, and virtual environments tailored specifically to help novice retail traders.