How does learning stock marketing skills for free and without investing real money sound to you? It sounds great! But how would you do that? Suppose you have no money to invest but still want to learn investing skills. Some platforms let you invest in the market with paper money but not actual capital.
There is nothing wrong with investing in paper money until you become skilled at investing your real money. You just have to find the best stock market simulator to do this. Sounds new to you? Here is everything you need to know about stock simulators and a list of the 7 best simulators.
What are stock simulators?
A stock simulator is a platform that mimics real-world stock market conditions. The stock simulator lets you practice buying and selling stocks. By using stock simulators, you can learn about investing, like how to buy any stock or how to sell it without investing your real money, especially when you are a beginner in the investing world.
Stock simulators also allow you to test different market strategies. It is an intelligent way to practice stock simulators before entering the real stock market. Using simulated money to invest in the market also allows you to invest in ETFs and other securities. It possesses all the necessary real-time market data and trading tools, providing a realistic trading experience.
Reasons to try a stock simulator
You will get all the basic information about the stock market.
If you go to any simulator platform, you will find many resources to educate yourself about the world of investment and trading. These platforms have articles covering a wide range of topics and information. You will learn basic things related to the market, like how it works, how to analyse data on market trends and prices of stocks, and much more.
It provides you with a safe space to learn the mechanics of the market:
As a novice in stock market investment, you tend to make mistakes, but these mistakes can cost you hard-earned money if you are not in practice. So, to avoid this, you should practice purchasing and selling stocks on the demo simulator platform. Here, you will learn the complex mechanics of the market without worrying about loss because of silly mistakes.
You can test your new investment strategies:
Suppose you are experimenting with strategies to understand the intricacies of the market. In that case, it might not be the best decision to implement directly directly in the unpredictable market. What if you end up losing your capital? Try to practice your strategies on simulators to understand any loopholes your plan might have.
You will learn to become a patient investor:
It has been rightly said that you need to control your emotions to become a great investor. The stock market can sometimes make you feel vulnerable and will force you to invest more, but it doesn’t work like that. The stock market simulator provides a preview of emotions you will most likely experience when marking is going through ups and downs.
7 Best Stock Market Simulators:
As discussed earlier, the top reasons why you should start using stock market simulators are that you might be confused about which platform actually to use. The internet has various stock market simulators, so you do not have to test each one. I have filtered out the top 7 best stock market simulators for you.
eToro
eToro is considered to be the best simulator platform for its cryptocurrency offerings. It also allows you to invest in stocks, trades, and ETFs with your crypto-based portfolio. You can consider it as a multi-asset investment company that lets you invest in stocks and digital assets. On this platform, you can trade in popular markets and assets.
A virtual account on eToro replicates the exact interface of the market and provides you with real-time experience with many features:
- An established global platform
- A broad range of crypto assets
- Easy-to-use trading interface
2. Interactive Brokers LLC
Interactive Broker LLC offers you a free demo simulator account on their platform where you can trade in the stock market, learn strategy, test products, and test their investment tools. Many traders and investors consider this platform to be top-notch, allowing you to explore a wide range of tools and products. It has detailed data on each market product.
This platform provides you with several features and tools, like
- Volatility Lab
- Probability Lab
- Charts, Market Scanner
- Options Strategy Lab
- IB Risk Navigator.
3. TradeStation
TradeStation’s paper trading account is the future of trading, with real-time stock market data and backtesting features. One of the most notable benefits this platform provides is unlimited funding in startup capital to trade in the market.
You can trade in stocks, options, and futures contracts; on top of that, it’s free to use. It has vast learning potential. Tools and features that this platform offers:
- Research tools
- Stock chart indicators
- Access to the community forums
- Switch easily between paper and actual trading
4. NinjaTrader
NinjaTrader is among the top platforms trusted by investors because of its free-to-use simulator account. It is also an ideal simulator platform for beginners because of its information and easy-to-use interface. It helps you understand market concepts easily.
It carries all the features of a real trading platform and lets you pinpoint any location on the stock chart to regulate your purchases and losses. Its backtesting option enables you to switch between different time zones and periods. You can make charts and interactive research tools to predict the market.
5. MarketWatch
MarketWatch is the top option for investors to get the latest information and stock news. It also allows you to review stock performance, set your watchlist, and more. It is ideal for investors who want to experiment with their strategies but do not want to bear losses.
To experiment with your market strategies, you are offered a virtual game here to analyse the market and review your performance, forecasting how their moves can impact your portfolio positively and negatively.
- You can gather complete information for each trade
- You can use the information to predict market shiftings
- The virtual game is an innovative way to learn about strategies
6. HowTheMarketWorks.com
If you are indeed a beginner or a student who wants to start learning skills about the stock market, you should consider signing up at HowTheMarketWorks.com. Because of its gaming feature, it’s ideal for learning complex market information in a fun way.
It has a section of books and research tools to learn about investment, like a classroom setup. It has provisions to maintain different watchlists and portfolios for students. Here are some key takeaways:
- The registration process is quite simple
- Most of the features are free
- It is easy to maintain different watchlists
- Maintain portfolio for different assets
7. TradingView
It’s an affordable and durable option for many desktop-based charting software applications, offering several tools and features. It also provides customizable charts and real-time data. From a trading view, paper trading offers a risk-free trading environment in which to practice your offerings. You can also test your strategies to avoid any repercussions. Its system tracks your portfolio and gives you data on our profits and losses, just like a real trading platform.
Key Things to Consider
Before moving forward, there are a few considerations you need to take into account:
- The simulator platform should have a user-friendly interface that is easy to use, even for a beginner.
- Look for a variety of financial tools and instruments that are available or not.
- The simulator platform should provide you with real-time stock market data
- Pay attention to the number of research tools and charting tools
- Check for the fees and additional costs associated with the platform
- A reliable and responsive customer service must be provided
Conclusion- Explore and Start today
Your exploration of the world of investment and trading should start at the best simulator platform. These platforms have enormous potential to hone your investment skills and knowledge most easily and safely possible. No matter what skills you possess as an investor or a beginner, a simulator platform helps you explore the unpredictable market without investing your money. Learn to invest without actually investing with the simulator mentioned above platforms.
Peter Williams, a financial writer with over five years of experience, specializes in covering stock market movements, bond markets, commodities, and macroeconomic trends.
