Stocks remain an extremely popular investment option, but a beginner trader must go through at least some elementary training to become successful in this market. While there are many materials online (most brokers provide their own training programs), all this theory is useless on its own. And the most effective way to practice is to use a stock market simulator. Below is the updated top-three list of demo accounts.
Stock simulators basics
Stock market simulators are also known as demo accounts. Such software allows you to simulate real market conditions and practice your trading skills without risking any money. It’s very beneficial for any trader who doesn’t feel like wasting real money to learn. Most major brokers provide these simulators to traders completely for free, but all of them are different, so you should look for the best one. Traders Union experts have presented an updated version of their top-three rating of the best simulators on the market.
RoboForex allows you to trade a variety of instruments on its demo account, including stocks. It helps you learn how leverage works: rates of up to 200:1 are available to you for trading practice. According to Traders Union, this demo account seems to be the most technologically advanced to date: it closely imitates the actual market and allows you to use a variety of analytical tools.
eToro frequently gets named the most novice-friendly free stock markets simulator, and that is actually a well-deserved title. It’s simple and functional enough to learn all the basics, and then you can switch to this simulator from a real account any time you want to test some strategy. eToro allows you to use $100,000 for trading, but you can request even more. However, some traders say it simplifies several important aspects of trading a little too much.
3. Interactive Brokers
Interactive Brokers features a realistic and efficient demo account that supports all kinds of assets, so you can practice your stock trading skills as well. This simulator includes many different tools, such as Volatility Lab, Probability Lab, and Market Scanner. However, you can’t use it for more than 30 days: after that, you can continue trading on a real account.