Day Trading Simulator
A day trading simulator replicates real-time market conditions, allowing traders to practice strategies in a risk-free environment. Similar to demo accounts, no deposit is required and virtual funds are provided.
To list the best day trading simulators in 2023, we took into account:
- The assets and markets you can practice trading
- How closely the simulator mirrors live market conditions
- Whether there is a backtesting engine with access to historical data
- The quality of the broker’s live account if you switch to real-money trading
Brokers With The Best Day Trading Simulators
These are the top 10 simulators for day traders with paper funds:
Top 3 Broker Comparison
| Forex.com | eToro USA | NinjaTrader | |
|---|---|---|---|
| Free Trading Simulator | Yes | Yes | Yes |
| Trading Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | Own | eSignal |
| Instruments | Forex, Spot Metals | Stocks, Options, ETFs, Crypto | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Visit | Visit | Visit | Visit |
#1 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Pros
- Free demo account for prospective traders
- Up to 15% cashback rebates for active traders
- Low minimum deposit of $100
Cons
- No copy trading platform
- $15 monthly inactivity fee
- Investment offering varies between countries
#2 - eToro USA
eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.
"eToro is a top pick for users looking for social investing and copy trading. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer traders."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, Crypto
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $10
- Min. Trade: $10
Stocks Trading
Trade popular US stocks and ETFs with zero commissions while fractional shares and options are also available. The eToro Academy and excellent market research are also huge bonuses for newer investors.
Crypto Trading
eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Pros
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
- The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
- A free demo account means new users and prospective traders can try the broker risk-free
Cons
- No MetaTrader 4 platform integration
- Narrower range of instruments than some competitors
#3 - NinjaTrader
NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."
- DayTrading Review Team
- Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
- Regulator: NFA, CFTC
- Platforms: eSignal
- Min. Deposit: $50
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.
Stocks Trading
Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. You can then take positions on large public companies and household names via advanced trading software.
Crypto Trading
Trade micro Bitcoin futures with low fees and leading charting tools. Get exposure to Bitcoin through CME Group's centralized exchange with robust risk management tools.
Pros
- Easy account opening that takes a few minutes
- Thousands of add-ons and applications from developers in 150+ countries
- Low fees with $50 day trading margins & commissions from $.09 per micro contract
Cons
- Non forex and futures trading requires signing up with partner brokers
- Premium platform tools come with an extra charge
- Withdrawal fee on some funding methods
#4 - OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: MT4, TradingView, AutoChartist
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
Crypto Trading
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.
Pros
- Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
- Reliable, trustworthy and secure brand with authorization from tier-one regulators
- The OANDA web platform offers advanced price charts and graphs
Cons
- Customer support not available on the weekend
#5 - Kwakol Markets
Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, FINTRAC
- Platforms: MT4, MT5, AutoChartist
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Forex Trading
Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.
Crypto Trading
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Pros
- Easy account opening process
- Wide range of free learning resources such as an eBook
- 0.01 Lot trading
Cons
- Regional restrictions in certain countries
- Lack of deposit and withdrawal methods
- High deposits for premium features
#6 - Webull
Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
"Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions."
- DayTrading Review Team
- Instruments: Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:4
Forex Trading
Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.
Stocks Trading
Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.
Crypto Trading
Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.
Pros
- Fractional shares
- Smart Advisor for auto investing
- Brokerage account plus IRA
Cons
- Day trading is limited for customers with less than $25,000 deposited
- Sometimes sudden changes in trading conditions
- High deposit and withdrawal wire fees for non-US residents
#7 - IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: MT4, AutoChartist, TradingCentral
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:250 (Pro)
CFD Trading
IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
Crypto Trading
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
Pros
- Opening an account takes less than 5 minutes
- Share dealing and ISAs are available for longer term investing
- Over 17,000 assets are available spanning stocks, forex, commodities, baskets, futures, options and more
Cons
- Inactivity charge
- No copy trading platform
#8 - Pocket Option
Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.
"We recommend Pocket Option for aspiring binary options traders looking for copy trading services and a low minimum investment."
- DayTrading Review Team
- Instruments: Binary Options, Currencies, Commodities, Stocks, Indices
- Regulator: IFMRRC
- Platforms: MT5
- Min. Deposit: $50
- Min. Trade: $1
Forex Trading
Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.
Stocks Trading
Trade 30 of the most popular American multinational stocks including Microsoft and Google. Payouts on big brands come in at a decent 92% while indices are available up to 67%.
Crypto Trading
Pocket Option supports major cryptocurrencies on a beginner-friendly app. Over 10 leading cryptocurrencies are available with very high leverage up to 1:1000.
Pros
- MT5 iOS & Android app
- Clients accepted from over 95 countries
- Multiple strategies supported
Cons
- The expiration time is limited on trades
- IFMRRC is not a reputable regulator
- No MT4 trading platform
#9 - IQCent
IQCent is an offshore binary options and CFD broker based in the Marshall Islands with 10+ payment methods and a low $50 starting deposit. With 100+ assets, around the clock trading and high payouts the brand is popular with aspiring traders.
"IQCent will appeal to newer traders who want a platform where they can trade both binary options and CFDs with copy trading support and regular contests."
- DayTrading Review Team
- Instruments: Binary Options, CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: IFMRRC
- Platforms: TradingView
- Min. Deposit: $250
- Min. Trade: $0.01
- Leverage: 1:500
CFD Trading
IQCent CFDs are available on forex, stocks, indices, commodities and cryptos with leverage variable by asset to a maximum of 1:500, which is higher than many alternatives. 24/7 customer support is also available to assist new users.
Forex Trading
IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.
Stocks Trading
IQCent offers CFDs and binaries on four German stocks: Lufthansa, Deutsche, Daimler and BMW. Traders can also speculate on stock markets via seven leading indices including US30, S&P500 and FTSE100.
Crypto Trading
IQCent offers 17 crypto assets through its own platform, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is limited to 1:10 while binary options payouts vary by token but are competitive.
Pros
- $0.01 minimum stake for newer traders
- Both CFDs and binary options tradeable through a single terminal
- Copy trading service
Cons
- Not overseen by any highly respected regulator
- No MetaTrader 4 platform
- A short period before an inactivity fee is charged
#10 - Moomoo
Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong and US stocks, ETFs and other assets. Margin trading is available and the brand accepts low minimum deposits while also decent several bonuses.
"Moomoo will appeal to stock traders who want to build an investment portfolio through a user-friendly app with low to zero commissions."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, ADRs, OTCs
- Regulator: SEC, FINRA, MAS
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: $0
Stocks Trading
Moomoo offers online US and Hong Kong stocks, and China-A shares trading across options, ETFs, ADRs, OTC, plus IPOs on a proprietary trading platform. The zero commissions, no account minimum and free level 2 data are standout features.
Pros
- Attractive bonuses and financial incentives
- Member of FINRA and the Securities Investor Protection Corporation (SIPC)
- Superior trading analytics and insights
Cons
- No phone or live chat support
- No negative balance protection
- High margin rate fees
Comparing Brokers With Day Trading Simulators
To rank the best day trading simulators , our experts considered:
Investment Offerings
Most day trading simulators offer access to stocks and forex. However, the top programs also provide other assets and instruments, including commodities, cryptocurrencies, and futures.
We prefer providers that offer access to a wide range of markets. Not only does this provide portfolio diversification opportunities, but it also means you don’t need to open several paper trading accounts at different firms.
Entry Requirements
The top brokers provide free access to their day trading simulators, which will serve most beginners. This also comes with the advantage that you can effectively test an online broker before upgrading to a real account.
Alternatively, experienced traders may prefer to trial ideas through a paid service that offers richer market data and more advanced tools. TraderSync is a good option here.
The user-friendly software offers custom playlists whereby you can quickly replay various trade setups. It also offers data on daily returns, total profits, total losses, returns from going long and short, and the net overall profit or loss.
Platform Features
The quality of the trading platform or app where you will simulate trades is an important consideration.
We look at the breadth of technical analysis tools, such as charts and indicators.
Our team also note that many investors are interested in automated trading. So, we consider whether there is access to a free simulator on MetaTrader 4 (MT4) – industry-leading software that comes with Expert Advisors (EAs).
Having said that, beginners may prefer a no-frills day trading simulator from a broker like TradeNation.
This easy-to-use program walks you through the basics of setting up a day trade, from using margin to risk management parameters:
How you access the simulator service is also key. The best brokers offer a simple browser-baed solution, while other firms offer platforms that can be downloaded on Windows, Mac and Linux operating systems.
Alternatively, there may be mobile apps available for Apple and Android devices.
Simulated Market Conditions
Our experts assess how well the simulator mirrors true market conditions.
Good providers offer accurate and realistic pricing spanning a variety of markets as well as sufficient historical data for backtesting.
Based on our tests, the top firms offer upwards of 4 years of historical information with level 2 market data.
Live Account Conditions
A day trading sim is a great place to start, but many traders will eventually want to upgrade to a real-money account. With this in mind, our team evaluate the live trading conditions available at providers.
In our experience, the best brokers offer an accessible minimum deposit of <$500, tight spreads with low to zero commissions, and around-the-clock customer support to help new traders get started.
We also favor brokers authorized by tier-one regulators, such as the UK Financial Conduct Authority and the Australian Securities & Investments Commission. This is a good indication that a brokerage can be trusted.
Final Thoughts
A day trading simulator is one of the best ways to improve your trading skills. After spending time in a fake trading account, you can then switch to a live account with real money.
With this in mind, day trading simulators should not be treated as a game, but rather a tool to build confidence and test trading concepts.
Also, remember that there is no guarantee that strategies which are successful in a simulator will make money in a real account.
FAQs
What Is A Day Trading Simulator?
A day trading simulator works like a demo account, allowing traders to test and refine strategies using virtual funds.
The best programs closely replicate live conditions and also offer a backtesting engine, so traders can simulate strategies using historical data.
How Do Day Trading Simulators Work?
Day trading simulators use market data to create a trading environment that is similar to live conditions. As a result, clients can test out strategies using both real-time information and historical data.
Most brokers with day trading simulators do not require a deposit to access the test environment. Upon sign-up, you will receive a sum of virtual funds to practice trading stocks, forex or another product. This is typically in the range of $10,000 to $100,000.
What Is The Best Day Trading Simulator?
Our experts have reviewed, compared and listed the best day trading simulators.
To rank the top simulators, we considered the assets you can practice trading on, the quality of the trading software, the amount of virtual money available, and any joining requirements.
Should I Use A Day Trading Simulator?
Day trading simulators offer several advantages. Primarily, they provide a risk-free environment to test new strategies. Beginner traders can build their confidence and develop good trading habits, while seasoned investors can trial new trade setups.
The best trading simulators are also available outside of core trading hours, allowing you to backtest ideas on the weekend, for example.
What Are The Risks Of Day Trading Simulators?
Day trading simulators cannot replicate the emotions you feel when trading with real money. As such, a day trading sim will not expose you to the same level of pressure, which can lead to over-confidence in paper trading mode.
Often, simulators will not account for all the costs that come with live trading. For example, sims rarely include slippage, which is the difference between the expected price and the actual execution price.
Finally, a strategy may work when you backtest it against historical data, but there is no guarantee it will work going forward with real money.
Are Day Trading Simulators Free?
Many brokers offer free day trading simulators. For example, eToro provides free access to its stock market and forex trading simulator for all traders that register an account.
There are even trading sims where no login details or sign-up is required, available from brokers like TradeNation. However, in our experience, these normally offer fewer features and tools.
Article Sources
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com