A trader deals with real money in his or her trading account and the result is very real, be it profit or loss. Naturally, this creates emotional problems, especially for newcomers in case of losses. Thankfully, several paper trading websites are there to help. In paper trading, virtual money is used in place of real money and all the profits or losses are also virtual. A clear advantage in this case of virtual trading is that the user gets to develop familiarity with the platform and the buying and selling process before putting the real money at stake.
Given its advantages, several online brokers and websites now offer paper trading accounts to their clients. Here, we have selected the best paper trading websites and platforms to practice trading.
- #1 TradingView – Most Popular Among Paper Trading Websites
- #2 Neostox Trading
- #3 MoneyBhai
- #4 ChartMantra – Virtual Trading With Brokerage
- #5 Sensibull – Paper Trading Options Also Possible
- #6 Dalal Street Investment Journal (DSIJ)
- #7 Wall Street Survivor – Virtual Trading can be Fun
- #8 Zerodha – India’s biggest
- Virtual Trading – No Magic Wand
#1 TradingView – Most Popular Among Paper Trading Websites
Most of the investors and traders open TradingView account for its extra features such as advanced charting. Once a virtual trading account is created, it starts with a balance of USD100,000 which can be modified by the user according to the requirements. While this currency is in USD, traders from India can choose relevant stocks.
TradingView’s paper trading facility offers access to PowerX Optimizer which can help users with potential trades. TradingView’s paper trading simulator also allows users to open multiple charts at the same time. These features accord TradingView the top position among best paper trading websites.
#2 Neostox Trading
Neostox is an India-based fintech player and has developed the Neostox virtual trading platform specifically for the Indian market. Users can practice with virtual money of up to INR1 crore which can be used across market segments including equities, FnO and commodities. Another important feature in Neostox app is that users get real-time market feed without any delay, effectively simulating a real-world trading experience. Advanced features like option and index analyzers are a big shot in arm for Neostox paper trading platform. Unlike other paper trading websites, users can also generate reports in Neostox.
It is a free online virtual stock trading platform from Moneycontrol. The platform allows users to trade in different asset classes such as stocks, futures, options, commodities, and currency. Like Neostox, MoneyBhai paper trading platform provides INR1 crore virtual money in the virtual portfolio account. This virtual money can be used to place different orders like market order, GTD order, short selling, GTC order and square off. However, a major drawback of the platform is the absence of charting capabilities which renders it quite ineffective for technical analysis. Nevertheless, the platform is quite popular for its other features such as portfolio management and tracking and trading discussion.
#4 ChartMantra – Virtual Trading With Brokerage
Backed by The Economic Times, ChartMantra is among prominent paper trading options. Using this platform, users can technically analyze any stock. The trading simulator platform provides INR1 lakh in the form of virtual cash for playing the game. ChartMantra nearly provides an accurate trading experience and it even accounts for brokerage, an important cost which is often missing in other paper trading websites.
#5 Sensibull – Paper Trading Options Also Possible
Futures & Options have emerged as important segments in stock markets, albeit with vastly different dynamics than good old stocks. Therefore, paper trading options allows users to hone their skills in this volatile category. Sensibull virtual trading is a viable option for option traders here. Like other options in this list, Sensibull offers virtual money for paper trading which can be used to create and analyze option strategies. Based on the user’s view of the market, it offers recommendations while advanced users can find important information like greeks, payoffs, option chain and breakeven analysis.
#6 Dalal Street Investment Journal (DSIJ)
DSIJ Stock Market Challenge trading platform provides INR10 lakh virtual money to trade. The best part about this paper trading platform is that it allows users to discuss their trading strategies with other traders and learn from others’ experiences. The stock simulation platform is quite popular among individuals, corporates and institutes and claims to have more than 10,000 daily active users.
#7 Wall Street Survivor – Virtual Trading can be Fun
Wall Street Survivor does not believe in the concept of teaching through content only. In their opinion, investment is more like a fun, challenging, and potentially lucrative activity than education. User get real experience of a virtual trading platform with virtual money on this platform due to latest stock data. The stock simulator offers USD100,000 to begin with, in addition to some free courses. Users can enter monthly contests and can create their own games and challenge their friends.
#8 Zerodha – India’s biggest
Zerodha is another common name in some lists of virtual trading websites in India. This isn’t surprising since Zerodha is India’s largest stock broker but contrary to the popular belief, paper trading in Zerodha isn’t allowed in the main account. Instead, the broker has a separate platform named Streak which allows users to not only trade virtually but also backtest various strategies. The catch is that this is a premium product and users need to buy a subscription.
Regular Zerodha users have access to the mock trading sessions organized periodically by stock exchanges.
Virtual Trading – No Magic Wand
While there are good aspects to every subject, there are some not so good aspects too and it also applies to virtual or paper trading websites. The biggest mystery of the market is its emotions. Emotions drive decisions when the real money is at stake. Since paper trading doesn’t involve real money, investors are often emotionally ill-equipped to handle real-life losses. A 20% drawdown in the real-world hits investors quite differently than the same 20% drawdown in a virtual environment!
An effective solution of this problem could be that investors start real trading simultaneously with small amounts. This way, the user gets real world experience while also not risking large capital.