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What is the best way to start speculating stocks? Obviously, at the very beginning, you should learn what it is and how it works in theory. But the question is how to try it in practice without unbearable risks. Most experts will prompt you to use a special simulator for that. We have a list of the most reliable and convenient services for you.
Let us determine what a stock market simulator is. In fact, it is an application or a platform that mimics the current conditions on the real stock market and allows one to make trades. But a trader does not invest any real money. Instead, he is provided with a fixed sum of virtual money (as a rule, it is rather hefty). He can open and close any kind of position, utilize any trading strategies and instruments, and see the results. The point is that he does not put any real funds at risk, so he gets practical skills without the risk of real losses. It is absolutely safe and free of charge (in most cases). You may have heard of such training platforms under such terms as demo accounts or paper trading services. This feature is offered by almost every online broker.
Now, before we tell you about the best stock market simulator services on the market, we would like to mention the major reasons to try such a tool:
- You will get acquainted with the functionality of the broker chosen.
- If you spend at least a few weeks on such training, you will get a pretty clear idea of how the stock market works, moves, and develops over time.
- You will feel more confident as you will obtain experience in conditions that are very close to real ones.
- You will be focused on trading itself without unnecessary nerves.
- Again, no real risks and losses are involved.
- Even when you move to trading for real, you can keep such a trading account and use it to test new strategies and methods.
So, which platform to turn to. In practice, there is no big difference between simulators offered by different brokers. Hence, we recommend you choose the platform, which you plan to use for real trading in the future. That will allow you to familiarize yourself with its functionality and policy before making any deposits. If you are interested in US stocks mainly, we recommend you start your search from Webull, options ― eOption, futures ― TradeStation, advanced functionality ― TD Ameritrade. And, in case you are an international user, have a look at Interactive Brokers.
In sum, using such a simulator is the best option for those beginners who want to get practical experience without real risks. So, be sure to get such an account right away.