3 Best Paper Trading Platforms for 2026
These brokers offer free paper trading accounts, several types of assets to practice with and $100,000 or more in fake cash.The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
The best broker for paper trading is Webull, though Interactive Brokers and Charles Schwab also have solid platforms. Paper trading is great for beginners who want to get comfortable with the process of stock trading, but it’s also helpful for experienced traders looking to test out new strategies or practice trading more complex securities. Here are the three best places to start:
Full list of paper trading platforms
Best paper trading platform 👑 → Webull
Best for advanced paper trading 📊 → Interactive Brokers
Best paper trading with a legacy broker 🏦 → Charles Schwab
Paper trading platform details
Paper trading is essentially practice investing: You get to try buying and selling investments with fake money. The best paper trading platforms are free, offer a good amount of fake cash to play with and give you access to a wide range of investments. Some trading platforms allow you to practice with riskier types of assets such as futures and forex in addition to stocks. Note that the scores below show the broker's overall score, but brokers are included on this list for their paper trading offering.
Paper trading works the same way regular investing works: You open an account and select your investments from there. The only difference is that with paper trading there is no real money at stake. Paper trading allows you to act like you purchased a stock (or other investment) and see what happens to it over time. It's also a great way to get comfortable using a platform before there is any real money on the line.
In addition to the winners we identified above, here is every broker we review that offers paper trading. All of these brokers offer paper trading for free, but some offer more fake cash or more tradable securities than others. If you want to nerd out on the particulars, check out our table below.
Company | NerdWallet rating | Mobile rating | Promotion | Learn more |
|---|---|---|---|---|
 eToro3.8 NerdWallet rating | 3.8/5 | 4 | Get a $10 bonus when you open and fund a new account (U.S. only). | Learn moreon eToro's website |
Learn moreon eToro's website | ||||
Learn moreon eToro's website | ||||
4.3/5 | 5 | None no promotion available at this time | Read reviewon NerdWallet | |
Read reviewon NerdWallet | ||||
Read reviewon NerdWallet | ||||
4.9/5 | 3 | Up to $500 when you make a qualifying net deposit. | Learn moreon Charles Schwab's website | |
Learn moreon Charles Schwab's website | ||||
Learn moreon Charles Schwab's website | ||||
5.0/5 | 5 | None no promotion available at this time | Learn moreon Interactive Brokers' website | |
Learn moreon Interactive Brokers' website | ||||
Learn moreon Interactive Brokers' website | ||||
4.5/5 | 5 | Get up to $1,500 when you open and fund an E*TRADE brokerage account. Terms apply. | Learn moreon E*TRADE's website | |
Learn moreon E*TRADE's website | ||||
Learn moreon E*TRADE's website | ||||
Webull will appeal to the mobile-first generation of casual investors with its slick interface for desktop and mobile apps. The brokerage also delivers an impressive array of tools for active traders and a wide investment selection, including stocks (plus fractional shares), options, ETFs, crypto, commodities and futures. However, it lacks access to mutual funds.
Fake money: $100,000
Investments you can trade: Stocks, ETFs, options
Webull marries a modern (albeit slightly cluttered) app with an advanced paper trading experience to provide one of the best fake trading environments out there. Webull lets you trade stocks, ETFs and options and gives you $100,000 of fake money to practice with. The platform gives you access to everything you’d have if you were trading with real money, including data, charts, analysis and newsfeeds. This can be particularly helpful if you’re feeling overwhelmed by the real trading environment. Plus, Webull is one of the few brokers that we gave a five star rating this year.
Webull makes it easy to find its paper trading platform within the app: I looked around for about ten seconds before I found it. Other apps bury theirs, or even host the paper trading function on a separate app. Starting with $1 million was really fun — I felt no pressure to make my trades count, and every time I went to “buy” anything the button said “paperTrade” so it was clear I wasn’t risking any real money. Buying stocks was easy, and the options trading feature was built right in. The UX was pleasantly clean and easy to use and even has a built-in feed that lets you post about your own progress and talk with other paper traders.
What I didn’t like about Webull’s paper trading experience
There are a few things I don’t love about Webull in general, namely that its app, while modern-looking, can feel a little stressful. New investors may find it to be a bit intimidating and difficult to navigate. I would have liked to see more built-in educational materials along the paper trading path for newer investors to learn at each turn. There were some small disclosures, but not many, and not enough to really learn what you’re doing.
The only other issue I have with Webull’spaper trading feature is that it has a more limited list of what you can trade. Interactive Brokers and Charles Schwab let you practice with more advanced securities. But their apps are less intuitive, particularly for beginners.
Left: Webull's paper trading platform.
Right: Webull's options buying screen.Account minimum
$0.
Stock trading costs
$0.
Options trades
$0 per trade and $0 per contract on equity options. $0.30 to $0.50 per contract on non-equity options such as index options.
Account fees
Annual fee: $0. Inactivity fee: $0. Outgoing transfer fee (partial or full): $75.
Interest rate on uninvested cash
3.6% for Premium users. 3.25% for non-Premium users with assets totaling more than $25,000, and 0.5% below that.
Number of no-transaction-fee mutual funds
None; mutual funds not available.
Tradable securities
Stocks, ETFs, Treasury bonds, Options, ADRs, Crypto, Futures, Prediction markets
Trading platform
Five: Web, desktop, two mobile apps (Webull and Webull Lite), APIs.
Mobile app
Available for iOS and Android.
Research and data
More than a dozen providers, including Benzinga, Nasdaq Total View, S&P, Dow Jones and CBOE.
Customer support options (includes how easy it is to find key details on the website)
Customer support is available by phone from 9:00 a.m. Eastern time to 4:15 p.m. Email and an in-app help center are available 24/7.
IRA match
1% contribution match for free accounts, 3.5% for paid accounts.
2026 Best-of Award winner: Interactive Brokers is NerdWallet's pick for the best online broker for advanced traders. Interactive Brokers' IBKR Lite is a strong option for frequent traders: The broker offers international trade capabilities, no stock-trading commission and a quality trading platform.
Fake money: $1,000,000
Investments you can trade: Stocks, ETFs, options, futures, cryptocurrencies, metals and bonds
Interactive Brokers, or IBKR, is not only an excellent broker but it’s the platform for advanced paper trading. IBKR lets you practice trading with stocks, ETFs, options, futures, cryptocurrencies, metals, bonds and more and gives you $1 million of fake cash to do so. IBKR’s platform is the best for advanced trading to begin with, so once you work out your new strategies in the paper trading platform you can transition to the real thing.
What the Nerds think
"The IBKR Mobile app comes with good security features, such as automatic logout and two-factor authentication. The trading experience is fairly intuitive, with a "slide-to-execute" feature to place trades, but the app (like IBKR's other platforms) is really designed for experienced traders.
The amount of information, and the number of dropdown menus and other customizable features on the trading screen, will be helpful for professionals but might be slightly overwhelming for rookies. I am somewhere in between those categories, and I found it pretty easy to sell some old Bitcoin and buy some fractional shares of the SPDR S&P 500 ETF (SPY). "
Account minimum
$0.
Stock trading costs
IBKR Lite: $0. IBKR Pro: choice of fixed commission of $0.005 per share, or variable commission of $0.0005 - $0.0035 per share. Select ETFs are commission-free for Pro users.
Options trades
$0 per trade. IBKR Lite: $0.65 per contract. IBKR Pro: $0.15 to $0.65 per contract, depending on volume.
Account fees (annual, transfer, closing, inactivity)
Annual fees: $0. Inactivity fee: $0. Transfer/closing fee: $0.
Interest rate on uninvested cash
0% on the first $10,000. IBKR Lite: Up to 2.37% after $10,000, depending on account value. IBKR Pro: Up to 3.37% after $10,000, depending on account value.
Number of no-transaction-fee mutual funds
Over 21,000.
Tradable securities
Stocks, mutual funds, ETFs, options, bonds, futures, event contracts, forex, crypto, precious metals.
Trading platform
Eight: IBKR Desktop, Web (Client Portal), IBKR Mobile app, GlobalTrader app, IMPACT app, Trader Workstation (desktop), ForecastTrader and APIs.
Mobile app
Available for iOS and Android; advanced features.
Research and data
Over 140, some requiring a paid monthly subscription, some free.
Customer support options (includes how easy it is to find key details on the website)
Phone, email and chat support is available 24/5, plus email and live chat from 1:00 p.m. to 7:00 p.m. ET Saturdays.
IRA match
No match.
2026 Best-of Award winner: Charles Schwab is NerdWallet's pick for the best online broker for IRA investors. Charles Schwab is one of the best overall IRA providers, with high-quality customer service, no account minimum and low fees. The company offers a large selection of no-transaction-fee funds, gives users access to extensive research and charges no commission for stock, options and ETF trades.
Fake money: $100,000
Investments you can trade: Stocks, options, futures and forex
If you'd prefer to work with a long-established institution but still want a great paper trading experience, consider Charles Schwab. Schwab has been helping people invest for over 50 years, and they always score well in our annual review process. Schwab’s paper trading simulator, paperMoney, lets you practice trading on the legendary thinkorswim platform with $100,000 of play money. You can trade stocks, options, futures and forex.
Schwab may offer more types of tradeable securities than an app like Webull, but Webull’s app is definitely friendlier. However, you do have to download the thinkorswim app (not just the Schwab app) to access paper trading on your phone.
Account minimum
$0.
Stock trading costs
$0.
Options trades
$0.65 per contract
Account fees (annual, inactivity, closing)
Annual fee: $0 Inactivity fee: $0 Closing fee: $0
Interest rate on uninvested cash
0.05%
Number of no-transaction-fee mutual funds
7,774
Tradable securities
Stocks, mutual funds, ETFs, options, bonds, futures, futures options, forex
Trading platform
Five: Schwab.com, Schwab Mobile and thinkorswim for web, desktop and mobile
Mobile app
Available for iOS and Android
Research and data
Over a dozen, including Morningstar, Refinitiv/LSEG, Argus, Vickers and Computrade/Market Edge
Customer support options (includes how easy it is to find key details on the website)
24/7 phone and chat support
IRA match
None
Paper trading platform details
The three winners detailed above aren't the only brokers that offer paper trading. If you’re looking to compare your options, here’s how all the brokers we review that offer paper trading stack up against each other.
Paper trading securities | Paper cash | |
|---|---|---|
Interactive Brokers | Stocks, ETFs, options, futures, cryptocurrencies, metals, bonds and more | $1,000,000 |
Webull | Stocks, ETFS and options | $100,000 |
Charles Schwab | Stocks, options, futures and forex | $100,000 |
NinjaTrader | Futures contracts only | $50,000 |
E-Trade | Stocks, ETFS and options | $100,000 |
TastyTrade | Stocks | $100,000 |
Moomoo | Stocks, ETFs, options, futures and cryptocurrencies | $1,000,000 |
TradeStation | Stocks, ETFs, mutual funds, options and futures | Unlimited |
Zacks Trade | Stocks, options and futures | $1,000,000 |
eToro | Stocks, ETFs, options and cryptocurrencies | $100,000 |
Frequently asked questions
Can I paper trade for free?
Yes, you can paper trade for free. You will have to open an account to do it, but all the brokers listed here allow you to open an account for free.
Can you make money paper trading?
No, because the money you're "investing" with isn't real. But paper trading is a great way to learn and get comfortable with the process of buying and selling assets.
Is paper trading legal?
Yes, paper trading is legal. But since it's fake investing, you won't make any money from it.
NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokerage firms by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.