Best Paper Trading App
For a beginner looking to enter the Indian stock market is always risky. Before jumping into the real world of stock trading, a beginner can practice paper trading without any investment or any risk of financial loss. The solution is using paper trading app which is free to use in most of the cases and help you understand the strategies and paper trading to make you a better trader. Let us explore what Paper trading App, how they work, and the best paper trading apps available in India.
What is Paper Trading App?
Paper trading app is a platform where you can trade stocks or shares virtual as you are doing it on a real platform. This is also known as virtual stock trading. This is a simulated trading system where trader can buy and sell stocks without using real money, they can test their stock investment ideas, practice trading strategies without the risk of losing money.
The paper trading app provides real-time stock market data, allowing users to practice trading strategies, learn about the market, and track their performance, all without risking any actual funds.
How the Paper Trading App Works?
Paper trading apps provide a user-friendly interface that sounds like a real and live trading platform. Users will open a free account, and start buying and selling stocks just like they would in the real stock platform. The users will get some amount credited to their account virtually to trade and track their performance like a real-world trading. These virtual trading apps offer features such as portfolio tracking, real-time market data, and interactive tools for a better trading experience.
Advantages of Using a Paper Trading App
Using virtual trading apps is very important for beginners.
- There no need to open a demat or trading account, removing complex documentation process.
- Zero risk of losing real money, allowing users to experiment with different trading strategies.
- Many virtual trading apps provide strategies to help you to understand the market and practice.
- The paper trading app provides a real-time market scenario that helps in enhancing your practical learning experience.
- It is important to understand your mistakes before taking the real risk. These virtual trading apps gives you this opportunity to make mistakes and take risks without any financial consequences.
Disadvantages of Using Virtual Trading Apps
The major drawbacks are:
- Lack of emotional attachment as real money is not involved.
- Potential for boredom as winning or losing virtual money may not be so exciting.
Top 5 Paper Trading Apps in India
TradingView is a popular charting and technical analysis website that offers a paper trading feature through its app. It provides real-time market data, advanced charts, and technical tools, making it a great platform for beginners to practice trading strategies. For detailed on how to do paper trade using tradingview, watch this video.
TradingView paper trading
Moneybhai, offered by Moneycontrol, is a free virtual trading platform that provides users with Rs 1 crore of virtual cash to invest in stocks, commodities, mutual funds, and more. Users can compete with fellow traders in different leagues and participate in discussions on the forum. It is easy to create an account and log in to play the paper trading. Moneybhai uses real data from stock markets to help users to gain the real experience of using a real online brokerage account.
Neostox is one of the best free paper trading apps that I used and like most. This helps users to trade like a professional. The app also provides different strategies that works as your assistant to help you take decisions faster with ease.
Neostox paper trading app is a simple, interactive, and intelligent platform. On this platform users can trade in different segments such as equities, futures, options in real-time with virtual money.
The registration is free here, just registered and log in for one month on a trial plan. After the completion of the trial plan the charges may be as low as Rs 276 per month.
Streak (Partner of Zerodha)
Streak is one of the best paid paper trading apps in India. The App is designed to cater to both beginners and seasoned traders. Streak (Zerodha Paper Trading App) helps to convert your trading ideas to life by creating strategies within seconds, running the fastest backtests, and deploying your strategies in the market.
The platform also provides a vast repository of new Strategies that can help you to understand the platform. You can also run algo trading without the knowledge of any code. If you are a member of kite of Zerodha, you can log in to Streak Paper trading add using the same credentials.
Frontpage is another free paper trading app that helps users to do a smooth and effortless paper trading like real trading. The app is simple and easy-to-use interface. The app provides real-time market data, offering you an edge in your trading strategies.
The best part is you can experiment freely with unlimited paper trades to practice and enhance your strategy for the real market scenario. The app provides virtual capital of 10 Lakh and helps in trading different asset class such as Stocks, Futures & Options, and Commodities without any financial risks.
Other Popular Paper Trading Apps
TradingLeagues is a fantasy stock market game founded by industry experts. It offers over 100 games covering Indian stocks, US stocks, and cryptocurrencies. Users can download the app, join different game leagues, and compete for prizes while honing their trading skills.
TrakInvest is a global trading platform that offers curated market data, news, and certification courses designed by industry experts. Users can track other traders, replicate their trades, and compete for rewards. It provides a social and interactive virtual trading experience.
Dalal Street Investment Journal (DSIJ) offers a virtual trading platform that helps users understand trading nuances and test investment strategies. Users receive Rs 1,000,000 in virtual cash to create their portfolios and can discuss strategies with other participants in the discussion group.
Stockpe is a virtual trading app that allows users to practice trading in different financial instruments without risking real money. It offers tools for market analysis, portfolio tracking, and reporting. Users can compete against other traders on the leaderboard and earn virtual coins.
Market Watch offers a virtual stock trading platform where users can create portfolios, trade in real-time markets, and compete for top positions on the leaderboards. It provides an effortless interface and allows users to set starting budgets and enable advanced trading options.
Moneypot is a social trading platform that offers a virtual trading game. Users receive virtual currency to trade and invest in stocks, bonds, mutual funds, and other commodities. It provides a community-driven experience and offers various games with different durations and prize pools.
Investopedia Stock Simulator
Investopedia provides a free stock simulation platform where users can learn how to place trade orders, create portfolios, and compete with other traders. This platform does not support Indian stocks. However, it is a great option for practicing trading in foreign stocks.
Final words on Paper Trading App
Paper trading app or virtual stock trading apps are most valuable tools for beginners to learn and practice trading without risking real money. They offer a safe and practical environment to develop trading skills, build and test strategies, and gain confidence. It is said that “Practice makes perfect”. For a successful trading career, it is important to practice on paper trading apps.
FAQs on Virtual Stock Trading
Q: Which is the best virtual trading app in India?
A: Some popular virtual trading apps in India include TradingView, Moneybhai, Streak (Zerodha), Neostox, Frontpage, TradingLeagues, TrakInvest, Dalal Street, and Stockpe.
Q: How can I learn online trading in India?
A: You can learn online trading in India by reading financial Newspapers, books related to stock trading, and participating in virtual trading on platforms like the ones mentioned in this guide. It is advisable to gain knowledge and practice on Paper trading apps before investing real money.
Q: Does Zerodha provide virtual trading?
A: No, Zerodha does not offer virtual trading on a daily basis. However, their partner platforms like Streak provide similar services.
Q: Can I do paper trading?
A: Yes, you can do virtual or paper trading in India without investing any real money. Virtual trading allows you to practice trading strategies, learn about the market, and track your performance without any financial risk.
Q: How do I start virtual trading?
A: To start virtual stock trading, open a free account on a virtual trading platform, receive virtual money, and start buying and selling stocks. Monitor your portfolio, track profits and losses, and try different strategies to gain experience.
In conclusion, paper trading app or virtual stock trading apps provide a risk-free and practical way for beginners to learn and practice trading in the Indian stock market. By using these platforms, individuals can develop their trading skills, test strategies, and gain confidence before investing real money. Whether you choose TradingView, Moneybhai, TradingLeagues, or any other platform, virtual trading is an essential step in your journey to becoming a successful trader.
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