Paper trading is quite popular among stock traders and buying and selling of stocks can be learned only by real-time practice. Here in this post, we will be sharing the best paper trading apps for Android which will let you monitor your performance and make profits in a virtual environment before you start trading live. Many active traders use apps to help them manage positions and trade ideas. You can do this as well, by starting with one of the apps mentioned in this segment.
Best Paper Trading Apps 2021
In order to help you choose the best paper trading app that is suitable for your needs, we’ve decided to show you some of the most popular mobile trading apps and then analyze what makes them so good with a list of features. This should help this list of paper trading apps for android give you an idea of what each app has to offer and thus help you decide which one is right for your needs.
1. thinkorswim Mobile: Trade. Invest. Buy & Sell.
Thinkorswim Mobile, previously known as TradeStation Mobile and before that as TOS for the iPhone, is the flagship mobile trading application for thinkorswim. In early 2014 ThinkOrSwim announced app support for Android devices. Like its PC-based brethren, TOS for Mobile has full-featured trading and investing capabilities.
It includes access to all tradeable securities available on the thinkorswim platform, and allows users to place limits, market and stop orders, create watchlists (watchlists), and much more. ThinkOrSwim Mobile also supports paper trading, letting traders complete successful practice trades without having to risk real dollars.
Thinkorswim is the leading destination for active traders and investors. Its platform offers advanced trading tools and data plus integrated research content from S&P Capital IQ, Morningstar, and Zacks Investment Research. Like its PC-based brethren, TOS for Mobile has full-featured trading and investing capabilities with robust support from thinkorswim programmers.
Whether you’re a beginner or an expert, Thinkorswim has the tools you need to share and collaborate on trading ideas through your own thinkORSwim branded website. With a free Thinkorswim Platform account, you can trade equities, options (stock only), ETFs (basket trading), and futures (paper trade only).
Access thinkorswim Mobile: Trade. Invest. Buy & Sell on Playstore
eToro offers online traders a world of opportunities. When choosing how to get started, the most important decision can be choosing the type of account. The only way to become a successful trader is to experience the market and learn from it. eToro has developed a nifty little feature called Paper Trading. It allows you to simulate trading for free and gain experience doing so, and this allows you to have the edge when trading in real-time.
eToro offers a platform for trading stocks, CFDs, commodities, options, and ETFs. Trading CFDs on eToro offers traders a cheap and easily accessible way to trade different markets. However, due to the ‘paper’ nature of this trading, it can be difficult to get your head around what is happening.
To eliminate this, eToro gives you access to a huge amount of indicators and allows you to create all kinds of strategies to trade. Using the platform is a very good way to learn on the go and try out various trading styles.
Copy Trading in eToro allows you to replicate the trades of other eToro customers. These copies are virtual, but they allow you to benefit from the assets held by experienced traders and earn money even when the market is closed.
Without a doubt, the best choice for new traders is eToro’s paper trading account. This is because it offers the best of both worlds – you can practice and learn how to trade without risking any capital. A paper trading balance of $100,00 awaits you when you signup and open a paper trading account. As eToro is a platform regulated by the FCA, CySEC, and ASIC you can be sure of practicing here.
Access to eToro from Playstore
3. Plus500: CFD Online Trading on Forex and Stocks
Through the years, Plus500 has been earning an excellent reputation among traders across the globe. Plus500, as a broker for commodities, CFDs, and foreign exchange markets (Forex), is now one of the leading brands in European financial markets. Plus500 is a CFD broker, which means that it allows trading on margin. The margin rates are not the best on Plus500, but still better than many others.
Plus500 has an international exchange group that offers contracts over a range of asset classes to retail and professional investors. The platform is multi-broker, which means trades are executed by Plus500 but on external market makers such as XTX Markets, XAGRI, and more.
It also has a Stock Broker that offers a free demo account without any limitations like most brokers out there. Investors can practice and learn how to trade stocks before moving on to a live trading account. Plus 500 offers clients the opportunity to trade on over 50 markets worldwide with the click of a button.
A trading account at Plus500 allows you to open positions on forex pairs, stocks, commodities, indices, cryptocurrencies, CFDs, and ETFs. All available in one easy-to-use platform. The Plus500 trading platform has been created to make it easy for anyone to take an active position in the exciting and fast-paced world of Forex. All traders receive £50,000 to start with and if the account gets down to around £500 then you have an option to restart back with £50, 000. Do give it a shot once.
Access Plus500: CFD Online Trading on Forex and Stocks from Playstore
4. Trading 212 – Stocks, ETFs, Forex, Gold
Trading 212 offers its clients trading in several financial instruments on Forex Market, CFD market and Stock market. It is the brand of Gain Capital UK Ltd. The company came into existence in 2004. In June 2007 it became a regulated trading venue for European market. As of today, Trading212 is an online broker which offers about half-a-dozen various assets to trade on.
The main purpose of Trading 212 is to offer access to public equity markets for private individuals looking for investment opportunities and promising returns on their investments. This feature-rich, binary options trading platform offers a multitude of unique features. It is an advanced and developed trading platform. It is known for its impressive features and functionality. Trading 212 considers its platform to be intermediate-level, which means it has full functionalities of trading. Every customer may find the necessary tool there.
The stock trading app that’s been around for a few years, Trading 212, has really stepped up their game. They claim to be the best paper stock trading app available and we are inclined to agree. You don’t need any account for paper trading and anyone can get started easily. It is an authorised regulated by the FCA.
5. AvaTrade GO Trading: Stocks, Bitcoin, CFDs & Forex
AvaTrade was started in 2006 with the idea of democratizing the financial markets. Since then, it has grown to be one of the largest forex brokerages in the world. Since then, AvaTrade has grown to include CFD trading, stocks, bonds, options, and crypto trading. The company is headquartered in Limassol, Cyprus, and has offices worldwide.
It became a global CFD and FX online trading broker that offers leveraged trade on currencies, commodities, indices, and stocks with a low to zero minimum deposit. In the past few years, they have grown tenfold, with over $200 million in assets and more than 165,000 clients.
There are no technical tools requiring configuration and setup—trade forex and CFDs on the AvaTrade paper trading platform. Whatever strategy you play in real life, you can also use our paper trading platform without risking any of your own money (or losing anything).
AvaTrade is a leading provider of CFD trading and Forex trading products. AvaTrade provides fast, low-cost access to the global financial markets for retail traders and investors. It’s one of the best user friendly trading platform and a must one if you are a beginner.
Access AvaTrade GO Trading: Stocks, Bitcoin, CFDs & Forex from PlayStore
6. TradingView – Stocks, Forex & Crypto trading
Trading view provides for active economic trading with excellent stock charts. Tradingview has an inbuilt charting platform that can give you a full-fledged website to create amazing charts. Tradingview also gives you the chance to create your own account where you can make your own charts and keep them on your own personal page for public or private use.
Trading View is one of the best charting and trading platforms for stocks, forex, cryptocurrencies, and options. You can find over 1,300 different technical indicators there, which gives you a lot of freedom when it comes to analysis. There are two main types of charting platforms on the web. The first platform is comprised of web-based solutions like Yahoo Finance and TD Ameritrade. We have found the quality of these charting websites to be subpar when it comes to customization. It’s difficult to import your own data into them, and they’re not very detailed either.
It is also considered as a social network for traders. You can follow other traders, gain insights from their trading activity, watch live financial markets and share your ideas with other traders. If you enjoy quantitative analysis and open-source software, TradingView is going to be your home on the Internet. By creating an account, you can start profiling yourself, discover great trading ideas, interconnect with other traders, try making your own trading strategies, and much more.
Paper Trading on Tradingview is the best way to get started in Forex or Cryptocurrency. It enables you to mimic a Live Trading account without risking your money. That means you can go through all the emotions, strategies, and ups and downs of a live trading session, without putting your hard earned money at risk.
Access Trading View from PlayStore
What is Paper Trading?
Paper trading is a type of simulation that beginners, and even traders with experience, can use, in order to practice their strategies. This form of training has not only proven useful for traders in the past, but it seems that more and more people are using paper trading as a way to gain more practical experience without jeopardizing their investments.
Trading and investing can be an educational process. Practicing on paper helps develop your skills so that you can actually begin to invest using real money. Paper trading is a simulation of real stock trading for educational purposes.
Paper trading is the practice of conducting a simulated trade so as to create a recorded history. A paper trader is a type of stock trader that conducts trades by using simulated money. There are two types of paper trading — forward and backtesting. The main idea behind the concept of paper trading is to deal with financial risk prior to spending money on real-world trading.
This can be done in two ways: forward and backtesting. Backtesting occurs after the rules are set. You would then test it out trying to find out whether it works or not, and if it does not, try again with something else until you reach an exact model for your future success.
Paper Trading is a great way to try out new systems and strategies without risking your own money. There are lots of people who use paper trading as a way to estimate what their expected return on investment (ROI) will be with a system.
If you are new to forex trading, it can be hard to find the right way to make a profit. The vast array of brokers, accounts, and platforms available can leave you even more confused about where to start and which one is best for your needs. There are many different ways that you can look at the markets, but before you become a successful trader, you will want to give Paper Trading a try before taking the leap of faith.
Paper trading is a great way to prepare yourself by testing out your skills before you wager your own money to trade the financial markets. A paper trading account allows you to test out ideas, analyze how things work, and see how profitable you could be, all without risking any of your own capital.