As of my last update in September 2021, there were several excellent paper trading platforms available for aspiring traders to practice and improve their trading skills without risking real money. However, keep in mind that the landscape of trading platforms can change over time, and new platforms may have emerged since then. It's best to research and read up-to-date reviews to find the current best paper trading platform.
Here are some popular paper trading platforms that were well-regarded at the time:
1. **Thinkorswim PaperMoney (by TD Ameritrade):** Thinkorswim is a powerful platform with an advanced set of trading tools. Their PaperMoney feature allows users to simulate trading in a realistic environment with access to real-time market data.
2. **Webull Paper Trading:** Webull is a commission-free trading platform that offers a paper trading feature for both stocks and cryptocurrencies. It provides a user-friendly interface and real-time market data.
3. **TradingView:** TradingView is a popular charting platform that offers paper trading functionality. It has an extensive library of technical indicators and drawing tools, making it an excellent choice for technical analysis enthusiasts.
4. **Investopedia Stock Simulator:** Investopedia offers a free stock simulator that allows users to practice trading stocks, ETFs, and options. It's a straightforward platform, making it suitable for beginners.
5. **NinjaTrader:** NinjaTrader is a platform favored by futures and forex traders. They offer a simulation mode that allows traders to practice their strategies in a real-time market environment.
6. **PaperTrader (by Interactive Brokers):** Interactive Brokers, a well-known brokerage, offers a paper trading platform called PaperTrader. It allows users to trade with a simulated account, offering access to various markets and trading instruments.
When choosing a paper trading platform, consider factors such as the asset classes you want to trade, the available features, the platform's ease of use, and whether it offers real-time market data or delayed data. Additionally, some platforms may require users to open an account or register with a brokerage, while others offer standalone paper trading accounts.
Remember that paper trading is an essential step for learning and honing trading skills, but it may not fully replicate the psychological aspects of trading with real money. When you feel confident with your paper trading performance, you can consider transitioning to live trading with a carefully planned and risk-managed approach. Always practice prudent risk management and avoid risking more capital than you can afford to lose.