Trading stocks can be quite profitable, but you must learn many things about how the market works to be really successful. Fortunately, there are all kinds of educational materials online that can make you a better trader, and there’s always an option to practice your skills with a market simulator. Traders Union experts have updated their top-three list of the best simulators. Let’s take a look at how it looks now.
About market simulators
Stock market simulators are basically computer programs that allow you to trade stocks in a simulated market environment. It’s a great opportunity for all beginner traders since such simulators can be used to learn the actual process of trading stocks without any associated risks: you trade with virtual money here. Simulators are also called demo accounts or paper trading services. Many brokers offer them to their clients, but each of them has its own advantages and disadvantages, so it is always wise to look at what experts consider the best options. Here is the current top-three list of free simulators.
1. Interactive Brokers
Interactive Brokers offers you a stock market simulator that completely duplicates all features of a real account, but you get to trade with virtual dollars. There are all kinds of useful tools here, including risk management and market analysis instruments. However, the demo account expires in 30 days, so it’s not suitable for prolonged training: you’re basically forced to switch to a real account.
2. eToro
eToro is often called the best free stock markets simulator by novice traders. It is intuitive, friendly, and highly customizable: for example, you can choose how much virtual money you want. You can use the simulator to learn how to copy trading works, too. There’s also an option to switch between your real and demo accounts to test new strategies and implement them right away. However, it seems to simplify a couple of aspects of real trading, so you might find yourself a bit disoriented later.
3. RoboForex
RoboForex allows you to choose among more than 12,000 stocks on its demo account. Leverage can reach 200:1 here, and there are all kinds of additional tools available completely for free. According to Traders Union, it’s the most functional simulator to date, but your training time is limited by 90 days.
