Last updated on August 28, 2023
In the world of trading, where real money is at stake, both profits and losses are very real. This can create emotional challenges, particularly for beginners who face losses. Fortunately, there are numerous paper trading websites available to assist traders in overcoming these challenges. Paper trading involves usage of virtual money instead of real money, and all profits or losses are also virtual. One major advantage of virtual trading is that users can gain familiarity with the trading platform and the buying and selling process before risking real money. In this article, we have selected the best paper trading websites and platforms that offer an excellent opportunity to practice and enhance your trading skills.
- #1 TradingView – The Most Popular Paper Trading Website
- #2 Neostox Trading – India’s Dedicated Virtual Trading Platform
- #3 MoneyBhai – Free Online Virtual Stock Trading Platform
- #4 ChartMantra – Trading With Realistic Experience
- #5 Sensibull – Virtual Trading for Options Traders
- #6 Dalal Street Investment Journal (DSIJ) – Collaborative Trading Platform
- #7 Wall Street Survivor – Making Virtual Trading Fun
- #8 Trading Leagues – Gamified Stock Market Learning
- #9 Zerodha – From India’s Biggest Stock Broker
- Virtual Trading – No Magic Wand
#1 TradingView – The Most Popular Paper Trading Website
TradingView is highly favored by investors and traders due to its advanced charting features. When creating a virtual trading account on TradingView, users start with a balance of USD 100,000, which can be adjusted according to individual requirements. Although the default currency is USD, traders from India can choose stocks relevant to their market.
TradingView’s paper trading facility provides access to the PowerX Optimizer, which assists users in identifying potential trades. Moreover, the trading simulator allows users to open multiple charts simultaneously. These exceptional features contribute to TradingView’s position as the top paper trading website available.
#2 Neostox Trading – India’s Dedicated Virtual Trading Platform
Neostox is a fintech player based in India that has developed the Neostox virtual trading platform specifically for the Indian market. Users can practice trading with virtual money of up to INR 10,000,000 (INR 1 crore), which can be utilized across various market segments including equities, FnO, and commodities. One notable feature of the Neostox app is the provision of real-time market feed without any delays, offering users an experience that closely resembles real-world trading.
Neostox’s paper trading platform provides advanced features such as options and index analyzers, basket orders, hedge trading, and options chain, which are highly beneficial for traders. The wide range of tradable instruments and the realistic depth they offer make Neostox a preferred choice among top management institutes like IIMs, IITs, ISB, and NMIMS. Another advantage of Neostox is the ability for users to generate reports within the platform.
#3 MoneyBhai – Free Online Virtual Stock Trading Platform
MoneyBhai, offered by Moneycontrol, is a popular free online virtual stock trading platform. It allows users to trade in different asset classes, including stocks, futures, options, commodities, and currency. Similar to Neostox, MoneyBhai provides a virtual portfolio account with INR 10,000,000 (INR 1 crore) in virtual money. This virtual money can be utilized to place various types of orders, such as market orders, GTD orders, short selling, GTC orders, and square off. However, one drawback of MoneyBhai is the absence of charting capabilities, making it less effective for technical analysis. Nevertheless, the platform remains popular for its features like portfolio management, tracking, and trading discussions.
Read Also: Top 10 Most Expensive Stocks In India
#4 ChartMantra – Trading With Realistic Experience
ChartMantra, backed by The Economic Times, is a prominent option in the paper trading category. This platform allows users to perform technical analysis on any stock. ChartMantra provides INR 100,000 in virtual cash to simulate trading. Unlike many other paper trading websites, ChartMantra takes into account brokerage costs, an important aspect often overlooked. This ensures a more accurate trading experience for users.
#5 Sensibull – Virtual Trading for Options Traders
Futures and Options have become significant segments in stock markets, each with its unique dynamics compared to traditional stocks. Simulated trading in options is crucial for users to sharpen their skills in this volatile category. Sensibull paper trading offers a viable solution for option traders. Like the other alternatives mentioned, Sensibull provides virtual money for trading options and enables users to create and analyze option strategies. It also offers market recommendations based on the user’s view, and advanced users can access important information such as greeks, payoffs, option chains, and breakeven analysis.
#6 Dalal Street Investment Journal (DSIJ) – Collaborative Trading Platform
DSIJ Stock Market Challenge trading platform offers users INR 1,000,000 (INR 10 lakh) in virtual money for trading. A standout feature of this virtual trading platform is the opportunity for users to discuss their trading strategies with other traders and learn from their experiences. DSIJ’s stock simulation platform is highly popular among individuals, corporates, and institutes, boasting more than 10,000 daily active users.
#7 Wall Street Survivor – Making Virtual Trading Fun
Wall Street Survivor believes that investment should be a fun and potentially lucrative activity rather than just an educational pursuit. The platform provides users with a real experience of paper trading app through the use of virtual money and the latest stock data. To get started, Wall Street Survivor offers USD 100,000 in virtual cash along with free courses. Users can also participate in monthly contests and create their own games to challenge friends.
#8 Trading Leagues – Gamified Stock Market Learning
Trading Leagues takes a gamification approach to stock market learning. It is a fantasy stock market game app designed for newcomers, allowing beginners to gain exposure to volatile markets without risking real money. The platform facilitates virtual trading in the US, Crypto, and Indian markets. Trading Leagues offers four different leagues that focus on stock picking, price forecasting, portfolio creation, and day trading.
#9 Zerodha – From India’s Biggest Stock Broker
Zerodha is a well-known name in the list of virtual trading websites in India. As the largest stock broker in India, Zerodha offers paper trading through its separate platform named Streak. Streak allows users to not only trade virtually but also backtest various strategies. However, it’s important to note that Streak is a premium product that requires a subscription. Regular Zerodha users also have access to mock trading sessions organized periodically by stock exchanges.
Read Also: Best option trading strategies for beginners
Virtual Trading – No Magic Wand
While virtual or paper trading websites have their advantages, it’s important to acknowledge that they also have limitations. One of the biggest challenges in real trading is managing emotions, which arise when real money is at stake. Virtual trading, devoid of real money, often leaves investors emotionally unprepared to handle losses in real-life situations. A 20% drawdown in a real-world scenario impacts investors differently compared to the same drawdown in a virtual environment.
To address this issue, one effective solution is for investors to begin real trading simultaneously with small amounts of capital. This way, users can gain real-world experience while minimizing the risk to their overall capital.
In conclusion, the availability of paper trading websites and platforms provides traders with an excellent opportunity to practice and enhance their trading skills. Each of the platforms mentioned in this article offers unique features and advantages. By leveraging these virtual trading tools, traders can gain valuable experience and confidence before venturing into the real-world market with their hard-earned money.