Best Paper Trading Apps 2023 – Pros & Cons

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Paper trading apps allow you to buy and sell assets in a 100% risk-free environment. This is because you will be trading via the demo account facility offered by your chosen broker. In this guide, we discuss the best paper trading app of 2023. We’ll review each of our selection providers in terms of tradable assets, user-friendliness, spreads, safety, and more.

Top 10 Paper Trading Apps 2023

Here’s a breakdown of our top 10 paper trading apps of 2023. For more information on one of the apps listed below – scroll down!

1. eToro – Overall Best Paper Trading App
2. AvaTrade – Best Options Paper Trading App
3. FXCM – Best Forex Paper Trading App
4. Trading 212 – Great Paper Stock Trading App
5. IG – Best Paper Trading App for Android Users
6. TD Ameritrade – Best Paper Trading App for US Citizens
7. Forex.com – Best Paper Trading App for Currency Traders
8. FXTM – Best Paper Trading App for For Small Stakes ($10 minimum)
9. Plus500 – One of the best Paper Trading Apps for CFDs

The Best Paper Trading Apps of 2023

In order to find a paper trading app that meets your needs, you’ll need to look at more than just the demo facility itself. After all, it’s likely that you are looking for an app that you eventually plan to use for real money trading. If this is the case, important metrics to consider include:

• Trading tools and features
• Fees, commissions, and spreads
• Tradable assets (forex, CFDs, etc.)
• Supported payment methods
• Minimum deposit amount
• Regulation
• Education and research materials

Taking all of the above into account, finding a suitable paper money trading app for you and your long-term financial goals can be time-consuming. As such, we’ve saved you the legwork by listing 10 of the best paper training apps currently in the market.

1. eToro – Overall Best Paper Trading App

In our view, eToro is by far the best paper trading app available in the market. Compatible with both iOS and Android devices, this paper stock trading app can be downloaded free of charge. All you need to do to get started is open an account and that’s it – you will be given a paper trading balance of $100,000.

This is more than enough for you to learn the ins and outs of how online trading works. In terms of what you can trade, eToro offers most asset classes. In terms of direct ownership, you can buy shares, ETFs, and cryptocurrencies. If you’re keener on short-term trading strategies, eToro also offers CFDs. This covers many of the best stocks, indices, digital currencies, forex, commodities, and interest rates.

Irrespective of what you decide to trade on the eToro app, the provider does not charge any commissions. This means that when you eventually get around to trading with your own capital – you’ll be able to do so in a super cost-effective manner. Going back to the demo account facility momentarily, it is important to note that this mirrors live market conditions. That is to say, whatever you see on the paper trading platform is mirrored like-for-like with actual eToro buy and sell orders.

This ensures that you get the most from your paper trading endeavours. If you decide to upgrade to a real money account, eToro is licensed by the Financial Conduct Authority, CySEC, and ASIC. The platform requires a minimum deposit of just $200 – which you can find with a debit/credit card, e-wallet, or bank transfer. Once you have funded your account, you will then have access to the eToro Copy Trading feature. This allows you to trade passively – as your chosen investor will buy and sell assets on your behalf.

eToro is one of few apps that offers stock trading to both US and UK users, as well as users from many countries around the world, so it’s both the best US stock app and the best stock trading app UK.

If you want to learn more about eToro, you can check out our eToro app review for a more detailed look at what this broker has to offer.

Pros

• Regulated by the Financial Conduct Authority, CySEC, and ASIC
• Trusted brand with over 12 million client accounts worldwide
• Trade forex without paying any commission or monthly charges
• Social and copy trading features
• Trade with leverage
• 1,700+ stocks listed on multiple international markets
• Personalised eToro account where you can set up trading price alerts

Cons

• Not suitable for advanced traders who like to perform technical analysis

68% of retail investors lose money trading CFDs at this site.

2. AvaTrade – Best Options Paper Trading App

It was only until recently that options became accessible to the average trader. This is because they are complex financial instruments that are best suited for experienced investors. Nevertheless, by using a paper trading app like AvaTrade – you can learn the ins and outs of how options contracts work without risking a single cent.

In particular, the application gives you access to options in the form of forex and gold. This is a great way to gain exposure to your desired marketplace in a low-risk, high-reward manner. You can trade calls, puts and spots, and easily deploy combination strategies.

Regarding the latter, we like that the AvaTrade platform automatically reduces spreads when you utilise a combination strategy to trade options. This also means that the app is conducive for hedging – as your trading costs are kept to an absolute minimum. The AvaTrade app also stands out for its provision of risk management tools. This includes heaps of market orders, portfolio simulation, and the ability to trade with small stakes.

The AvaTrade app can be downloaded free of charge and is compatible with both iOS and Android devices. If you decide to upgrade to a real money account, AvaTrade requires a deposit of just £100. This can be facilitated with a debit/credit card or bank transfer. In terms of regulation, AvaTrade is licensed in several jurisdictions and thus – has a great reputation in the space.

Pros

• Thousands of financial instruments supported
• Super-tight spreads on forex pairs
• Several trading platforms – including MetaTrader 4 and 5
• Regulated in several jurisdictions
• Great for news and market insights
• Low account minimums

Cons

• Best suited for more experienced traders

There is no guarantee you will make money with this provider.

4. FXCM – Best Forex Paper Trading App

If you’re looking to buy and sell currency pairs through your paper trading app – then it might be worth considering the FXCM forex app. This platform has a great reputation in the online and mobile trading scene, especially when it comes to forex. You will have access to lots of currency pairs – including plenty of majors, minors, and exotics.

Not only can you access these forex pairs without paying a single cent in commission – but spreads are very competitive. Each and every pair can be traded on leverage, too. As always, your limits will depend on where you are based, which currency pair you decide to trade, and whether you are a retail or professional client.

When it comes to the paper trading app itself – this comes pre-loaded with a $20,000 balance. You can use this on any asset class of your choosing – by it forex or CFDs. You will also have the option of trading via MT4 at FXCM. Once you open an account, you simply need to download the MT4 app on to your phone and log in with your FXCM credentials. This is well worth considering, as MT4 provides heaps of tools and features – including the ability to deploy automated trading robots.

If you decide to upgrade to a real money account, FXCM requires a minimum deposit of $360. However, if you are located outside of the EU or UK – then this goes down to just $50. Supported payment methods include a debit/credit card, bank wire, or e-wallet. We should also note that the FXCM app is super-safe – which includes a fully-fledged license with the FCA.

Read our in-depth FXCM app review here.

Pros

• FCA-regulated
• Lots of currency pairs to trade
• Choose from several trading platforms – including MT4
• Supports EAs and forex robots
• 0% commission on all assets
• Tight spreads

Cons

• Minimum deposit of $360 for EU clients

There is no guarantee you will make money with this provider.

5. Trading 212 – Great Paper Stock Trading App

Trading 212 is an online trading platform that is proving popular with UK investors. If you’re based in the UK, Trading 212 is well worth considering. Its mobile trading app – which is available on iOS and Android devices, is split into three departments. This covers share and ETF dealing, CFD trading, and Stocks and Shares ISA.

If you’re looking to buy and sell stocks, the Trading 212 app allows you to do this on a 100% commission-free basis. This covers more than 4,000 stocks and ETFs – and there is no foreign exchange fee when purchasing non-UK assets. If you’re more interested in trading CFDs, you can also this without paying any commission. In order to get started, all you need to do is download the app.

There is no requirement to open an account to access to paper trading facility – meaning that you can get started straight away. If you’re an absolute beginner, Trading 212 is going to be sufficient for your needs. This is because the app is super simple to use and comes with an easy-on-the-eye colour scheme. The popularity of Trading 212 with UK traders is further highlighted in its app store ratings.

This stands at 4.7/5 and 4.5/5 on the Apple Store and Google Play, respectively. If you decide to upgrade to a real money trading account, this app provider does not have a minimum deposit in place. You can choose from several deposit options – including e-wallets, a debit/credit card, or bank transfer. When it comes to safety and security, the Trading 212 app is authorised and regulated by the FCA.

Read our comprehensive Trading 212 app review to find out more about what this brokerage firm offers.

Pros

• 0% commission on all asset classes – including forex
• No minimum deposit
• Your money is protected by the FSCS and FCA
• CFD trading is also supported – as is leverage and short-selling
• Excellent reviews on Google Play and Apple Stores
• More than 500,000 trusted clients
• Stocks and Shares ISAs offered for tax-efficient savings

Cons

• Still relatively unheard of in the UK trading space
• Limited fundamental analysis tools

There is no guarantee you will make money with this provider.

6. IG – Best Paper Trading App for Android Users

If you’re after a paper money trading app that performs extremely well on Android devices, it’s worth exploring the merits of IG. This age-old broker was first launched in 1974 and is now a publicly-listed company. The provider gives you access to over 10,000 shares and 17,000 CFD trading markets. With that said, the IG paper trading facility is only available on CFDs.

This covers everything from stocks, hard metals, energies, bonds, indices, and more. The demo account comes pre-loaded with a $10,000 paper fund balance, and all market orders reflect real-world trading conditions. If you decide to join over 239,000 clients by opening a real money account, then you will benefit from commission-free CFD trading.

The only exception to this is stock CFDs – which come with a variable percentage fee. Spreads are very tight on most asset classes, and leverage is available on all CFD markets. If you opt for traditional shares at IG, then you will pay £8 per trade. If you are able to trade at least three times per month, then this is reduced to £3. IG offers two trading platforms – both of which can be accessed on your mobile phone.

This includes MT4 and IG’s native platform. In terms of opening a real account, you’ll need to deposit at least £250. IG supports debit cards, credit cards, and bank wire transfer. You fund your account with the Android app, but not iOS. Finally, it goes without saying that IG is heavily regulated. This includes licenses with the FCA and ASIC – so safety should be of no concern.

Want to learn more about the IG trading app? Check out our expert IG review.

Pros

• Trusted broker with a long-standing reputation
• More than 17,000 markets listed
• Over 90+ currency pairs supported
• Leverage and short-selling also available
• 0% commissions on forex trading
• Access to dozens of international markets
• Great research department

Cons

• Minimum deposit of £250
• US stocks have a $15 minimum commission

There is no guarantee you will make money with this provider.

7. TD Ameritrade – Best Paper Trading App for US Citizens

If you’re based in the US – then there is every chance that you have heard of TD Ameritrade. After all, the broker is one of the biggest and most trusted trading platforms in the domestic marketplace. Although most traders prefer to use the online platform – TD Ameritrade also offers a fully-fledged mobile app.

The mobile app – which is called ‘thinkorswim®’ is available to download and install from the Google Play and Apple Store. Best of all, you can start off with a paper trading facility to help you get to grips with how the application works. The TD Ameritrade app gives you access to most features and tools as found on its main desktop site.

This includes to ability to place real-time market orders, view and explore integrated charts and quotes, and even create watchlists. What we also like about this trading app is that you can set up price alerts. For example, if you want to trade Apple shares when the price hits $400 – you will receive a notification on your phone.

In terms of the specifics, real money accounts come with free stock and ETF trades. This is great, as TD Ameritrade was charging $6.95 as recently as 2019. You can also trade options at a fee of $0.065 per contract. Additionally, the TD Ameritrade app gives you access to over 11,000 funds – which is great for passive investments.

Pros

• Trusted US brokerage firm
• App is available on iOS and Android devices
• Buy stocks and ETFs commission-free
• Options can be traded at just $0.65 per contract
• Fully-fledged paper trading account
• More than 11,000 mutual to choose from
• No account minimum

Cons

• Not as user-friendly as other trading apps in the market
• The sheer size of tradable markets on offer can appear overwhelming

There is no guarantee you will make money with this provider.

8. Forex.com – Best Paper Trading App for Currency Traders

If you’re looking to gain exposure to the multi-trillion dollar currency trading scene – Forex.com is likely to be your best bet. This forex specialist offers its trading platform online or via a fully-fledged mobile app. You will have access to over 90+ currency pairs – which is huge.

While this includes all major and minor pairs, the Forex.com app is also great for exotic currencies. You can test the Forex.com app out for yourself via its demo account facility. Each account comes with a life span of 30 days – which should be enough time to get to grips with how the app works.

The application comes packed with tools and features. This includes technical indicators and chart drawing tools – alongside leverage. If you’re based in the US, then you will know first hand that this is capped at 1:50 on majors and less on other pair types.

If you decide to use the Forex.com app to trade with real money, there is no minimum deposit amount when opting for a bank wire. Debit and credit card deposits come with a minimum of $50. In terms of fees, you can choose from a commission-free or standard account. If opting for the latter, you will $5 per standard lot – but benefit from really tights spreads.

Pros

• Specialist forex trading app
• Access to dozens of currency pairs
• Particularly strong when it comes to exotic currencies
• No minimum deposit when opting for a bank wire
• Also offers CFDs
• Heavily regulated – including US licenses
• Top-notch forex and economic news

Cons

• Does not support e-wallets like Paypal and Skrill

80% of retail investors lose money trading CFDs at this site.

9. FXTM – Best Paper Trading App for For Small Stakes ($10 minimum)

FXTM is a hugely popular online trading platform that now boasts a customer base of over 2 million users. You will be able to trade forex and range of CFD instruments. Leverage can go as high as 1:100 on this platform, albeit, this will depend on your trading status and chosen asset class.

All account holders have the option of trading with paper funds – which is accessible via the app or desktop site. To complement the demo trading facility you will also have access to heaps of educational material. This includes eBooks, videos, and even regularly hosted webinars. FXTM also offers a copy trading feature, albeit, this is nowhere near as good as what eToro offers.

Nevertheless, the FXTM app offers several account types. Options include a standard, cent, and ECN account. Some accounts offer commission-free trading, while others focus on industry-leading spreads. Customer support is available on a 24/7 basis via live chat, email, and telephone. Finally, FXTM is regulated by several tier-one bodies – including the FCA and CySEC.

Pros

• Provides heaps of educational resources
• Great for market insights and market research
• Several account types supported
• Extensive forex department
• No commissions when trading currencies
• Great reputation and heavily regulated

Cons

• Does not support US traders

There is no guarantee you will make money with this provider.

10. Plus500 – One of the best Paper Trading Apps for CFDs

Plus500 is a market leader in the global CFD trading space. In fact, the platform is home to thousands of financial instruments across most asset classes. This includes everything from bonds, stocks, digital currencies, forex, indices, and commodities. All Plus500 account users get access to a paper trading facility.

This comes packed with a £50,000 balance which you can use as you wish. Best of all, if and when your paper trading balance gets down to £200 – Plus500 will reinstate your balance back to £50,000. This ensures that you can use the demo trading facility until you are ready to upgrade with a real money account. Once you are, Plus500 requires a minimum deposit of just £100. It supports several payment methods – including debit/credit cards, bank transfers, and Paypal.

In terms of trading fees, Plus500 is a 100% commission-free platform. This means that regardless of what you decide to trade – the only fee that you’ll pay is the spread. In most cases, you’ll benefit from tight spreads – which is great for keeping your trading costs to a minimum. Plus500 offers leverage to all account holders, albeit, your limits will be determined by the asset class and your location. If you’re in the UK or Europe, for example, then this is capped at 1:30.

When it comes to trading tools and features, the Plus500 app allows you to choose from a buy or sell position on all markets. There are several order types to choose from, as well as the ability to read and analyse pricing charts. Regarding the former, this includes take-profit, stop-loss, guaranteed-stop, and trialling-stop orders. As such, you can ensure that your trades are executed in a risk-averse manner. Finally, Plus500 is heavily regulated and its parent company is listed on the London Stock Exchange.

Read our in-depth Plus500 app review here.

Pros

• Heavily regulated trading platform
• 0% commission on all forex trading positions
• Leverage facilities available
• Mobile app is highly rated
• No transaction fees
• Minimum deposit just £100
• Heaps of forex pairs supported
• Thousands of CFD instruments

Cons

• Does not offer traditional investment assets

Best Paper Trading Apps Fees Comparison

We’ve now reviewed the best paper trading apps, but if you’re still struggling to choose, here’s a look at how they match up in terms of fees.

Best Paper Trading Apps Features Comparison

If you’re still can’t decide on the best paper trading app for you, here’s how our top picks compare in terms of the features and trading platforms they offer.

How to Choose the Best Paper Trading App for You

With most online brokerage firms now not only offering mobile applications – but demo accounts, too – knowing which provider to sign up with can be time-consuming. For example, it’s more than likely that you are looking to use a paper trading facility with the view of getting to grips with how things work – or because you are interested in testing out a new strategy.

At some point, you might decide to upgrade to a real money account. With this in mind, you need to look at everything from fees and spreads, to supported payment methods and regulation.

To help point you in the right direction, below you will find a list of metrics that you need to consider before downloading a paper money trading app.

Eligibility

First and foremost, you need to ensure that you are eligible to open an account with your chosen paper trading app. At the forefront of this is the country in which you are located. For example, a lot of stock apps do not accept Americans as they are required to obtain regulatory approval from US authorities – which can be both costly and time-consuming.

Regulation

Once you have confirmed that you are eligible, you then need to check the regulatory standing of trading app provider. Take note, each and every trading app that we have listed on this page holds at least one regulatory license – often several. Some of the most reputable regulators to look out for as:

• FCA (UK)
• CySEC (Cyprus)
• SEC (US)
• ASIC (Australia)
• MAS (Singapore)

If you’re chosen paper trading app doesn’t hold a license with a reputable body – avoid it.

Fees

Once you have assessed eligibility and regulation, you should then spend some time understanding the fee structure of your chosen app. After all, this will have a direct impact on your trading margins – should you decide to upgrade to a real money account.

The main fee that you should assess is that of the trading commission. Most of the investment apps listed on this page do not charge any commission, which is great. But, if your chosen app does – this will normally be a percentage fee. For example, you might pay a commission of 0.25% – which is then multiplied against the size of your stake.

Other fees to look out for are:

• Spreads
• Deposit fees
• Withdrawal fees
• Overnight financing fees
• Inactivity fees

You can check all of the above by heading over to the respective trading platform before opening an account.

Platform & Usability

It must be noted that trading on a mobile phone can be challenging. This is because you will be working with a screen that is much smaller in size than that of a desktop device. Sure, the process of placing buy and sell orders, checking the value of your portfolio, and depositing/withdrawing funds can be achieved with ease.

However, when it comes to performing advanced analysis and research – this can be somewhat cumbersome on a mobile phone. With this in mind, you should stick paper trading apps that excel in terms of usability. The good news is that your chosen app will be compatible with your specific operating system – be it Android or iOS.

Trading Tools & Features

Make no mistake about it – most traders in the online scene lose money. This might be for a variety of different reasons – such as the trader being unable to handle the emotions of losing money – or because they fail to implement sensible risk management strategies.

Regarding the latter, this is why you should ensure that your chosen app offers you the required tools to develop a risk-averse trading strategy. For example, this should include stop-loss and take-profit orders at a minimum – albeit, it’s even better if you have the option of trialling-stop and guaranteed-stop orders too.

Education, Research & Analysis

The best paper trading apps offer a good selection of educational tools. This might include handy guides and video explainers – or even regular webinars. If this is something you’re after, your best bet is eToro. This is because the aforementioned paper trading apps are perfectly suited to newbies.

Additionally, you should also ensure that your chosen trading app offers a good amount of in-house research. This might include technical indicators and chart drawing tools – as well as economic calendars and financial calculators. When it comes to fundamental analysis, real-time news developments via the app is of great value.

Device Compatibility

Without intending to state the obvious, you also need to make sure that the paper trading app is compatible with your device. Most brokerage firms will launch an app on both iOS and Android. But, one version of the app might be inferior to the other.

A great example of this is IG. While its Android application gives you access to all account features – this isn’t the case with its iOS version. For example, you can’t deposit and withdraw funds through the iOS app – nor can you set up pricing alerts!

Payments

Assuming that you will one day be looking to use your chosen app to trade with real capital – you also need to think about supported payment methods. The easiest way to get money into and out of your brokerage account is to use a debit or credit card. E-wallets are just as convenient – as payments are usually instantly credited fee-free.

With that said, some paper trading apps only support bank transfers. This is somewhat of a draconian way to deposit funds – as you will have the wait several days for the money to arrive! Additionally, you should also check to see whether any fees apply to your chosen payment method and how long the broker takes to process withdrawal requests.

Customer Service

You should also stick with paper trading apps that offer top-notch customer support – especially if you are looking to eventually upgrade to a real money account. The best way to speak with a support agent is via live chat. Next, best is that of phone support – as you will benefit from real-time assistance. After that, you’ll be left with email or a support ticket.

Is Paper Trading Risky?

Paper trading is less risky than live trading because you do not use real funds to place trades. However, trading with a demo account does put you at risk of becoming over-confident and gambling instead of making informed trading decisions. When there is no real money on the line, it can be easy to make educated guesses about price direction and to stop conducting market analysis. While this is not risky when trading with a demo account, it can become very risky if you use the same strategy when you switch to live trading.

It is a good idea to trade as though you have money on the line, even when using a paper trading account. This will make it easier to stick to strong strategies when you switch to live trading. Always conduct research before placing trades to avoid gambling.

Is Paper Trading Worth It?

Yes, paper trading is definitely worth it. Using a paper trading account before live trading is the best way to practice new strategies and trading tools before you put any real money at risk. Paper trading can also be used to tweak existing strategies to keep up with market volatility. Most regulated trading platforms and apps provide paper trading services to help their users develop strong trading strategies that lead to profitable trades.

How to Get Started with a Paper Trading App

Found a paper trading app that meets your needs, but not too sure how to get started? If so, we are now going to walk you through the process of setting up a demo account facility with eToro – which is our top-rated paper trading app. You can, however, use any provider of your choosing, not least because the process is virtually like-for-like across all platforms.

Step 1: Download and Install the eToro App

Visit the eToro website via your mobile web browser and download the app. This is available on both iOS and Android devices.

Step 2: Open a Paper Trading Account

You will need to open an account before you can use the eToro paper trading facility. The process simply requires some personal information from you – such as your full name, home address, and date of birth.

Step 3: Switch to Virtual Portfolio

Once you have opened an account and confirmed your email address and phone number – you can start trading with paper money. All you need to do is switch the account from ‘Real Money’ to ‘Virtual Portfolio’.

Step 4: Place a Trade

In order to trade, you first need to search for an asset. You can this by clicking on the ‘Trade Markets’ button and browsing the many asset classes hosted by the ap. This includes stocks, commodities, forex, ETFs, and more. Or, you can simply search for the asset that you wish to trade.

You will then be asked to set up an order. All this requires is:

• Whether it’s a buy or sell order
• Your stake
• Whether you want to apply leverage
• Whether you want to install stop-loss and take-profit orders (recommended)

Finally, confirm the trade. And that’s it – you’ve just utilised the eToro paper trading facility in a matter of minutes!

Step 5: Upgrade to Real Money Account (KYC)

If you want to start trading with real money, you will need to provide some ID to eToro. This is because eToro is heavily regulated, so it must comply with anti-money laundering laws. All you need to do is upload a copy of your passport/driver’s license and a utility bill/bank account statement. Then, eToro should be able to verify the documents within a matter of minutes.

Step 6: Deposit Funds

You will then be asked to deposit some funds. You can do this with a debit/credit card, e-wallet, or bank wire. You will, however, need to deposit at least $200. Once your deposit is confirmed, you can then start trading with real capital!

eToro – Overall Best Paper Trading App with Low Fees

In summary, paper trading apps are ideal if you are looking to start a career in trading – but you’ve got little to no experience. This is because most demo accounts come packed with all of the same tools and features as you will find on the provider’s real money account. Furthermore, the paper trading facility will usually mirror that of live market conditions.

This allows you to get a feel for how the financial markets work without you needing to risk your own money. With that said, paper trading apps are not only suited for beginners. On the contrary, a lot of experienced traders use them as a means to test out new strategies and ideas.

If you’re still undecided as to which paper trading app is right for you – we would suggest checking out eToro. This heavily regulated provider offers thousands of trading markets – all of which can be accessed on a commission-free basis! Your paper trading account will come packed with a pre-loaded balance of $100,000 – which is more than enough time to test the provider out before upgrading to a real money account.

You can get started with eToro right now by clicking on the link below!

67% of retail investor accounts lose money when trading CFDs with this provider.

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