Best Investing Simulators & Paper Trading Platforms
Last updated: March 2026
Investing simulators, also known as paper trading platforms, let you practice buying and selling ETFs with virtual money in a realistic market environment. This is an invaluable learning tool for beginners who want to experience the mechanics of investing, test strategies, and build confidence before risking real money. You can learn how market orders work, what it feels like to watch your portfolio fluctuate, and how different ETF allocations perform over time, all without any financial risk.
Simulators are also useful for experienced investors who want to test new strategies. If you are considering adding a new asset class to your portfolio, running a paper trade for a few months lets you see how it would have affected your returns and volatility before making a real commitment. This kind of experimentation is one of the best ways to learn about portfolio construction.
However, it is important to understand the limitations of paper trading. The biggest difference between simulated and real investing is the emotional component. When real money is on the line, fear and greed influence your decisions in ways that virtual money cannot replicate. Use simulators for learning mechanics and testing strategies, but do not assume that your simulator performance will translate directly to real-world results.
Our Top Picks
#1Investopedia Stock Simulator
FreeInvestopedia's simulator provides a realistic trading environment with a virtual portfolio of one hundred thousand dollars. You can trade ETFs and stocks with real-time market data and compete in public or private investment challenges. The educational integration means you can learn about each investment concept as you encounter it in practice.
#2Webull Paper Trading
FreeWebull offers a paper trading mode within its regular app that mirrors the real trading experience exactly. You can practice with a virtual balance and use the same order types, charts, and analysis tools available in the live platform. The seamless transition from paper to real trading makes it easy to go live when you are ready.
#3TD Ameritrade thinkorswim Paper Trading
FreeThe thinkorswim platform (now part of Schwab) is considered one of the most powerful trading platforms available, and its paper trading mode gives you access to the full feature set with virtual money. While more complex than beginners may need, it provides an unmatched learning environment for understanding market mechanics and order types.
#4Portfolio Visualizer Backtesting
FreemiumWhile not a real-time simulator, Portfolio Visualizer lets you backtest ETF portfolios against historical market data. You can see exactly how a specific portfolio allocation would have performed over any historical period, including during market crashes. This is arguably more useful than paper trading for testing long-term ETF strategies.
#5MarketWatch Virtual Stock Exchange
FreeMarketWatch offers a virtual stock exchange where you can create games and compete with friends or join public challenges. You trade with virtual money using real market data. The competitive element adds motivation to learn, and the platform includes educational resources to help you understand your trading results.
#6Wall Street Survivor
FreemiumCombines paper trading with structured courses and guided learning missions. Each mission teaches a specific investing concept and then challenges you to apply it in the simulator. This learn-then-practice approach accelerates knowledge retention and is particularly effective for visual and kinesthetic learners.
How to Choose the Right Option
If your primary goal is learning the basics of how ETF trading works, start with the Investopedia simulator for its tight integration with educational content. If you want the most realistic trading experience that mirrors a real brokerage, Webull's paper trading mode provides an identical interface to live trading. For testing long-term ETF portfolio strategies, Portfolio Visualizer's backtesting is more relevant than real-time paper trading, since ETF investing is about decades-long holding periods rather than short-term trading. Set a specific timeframe for paper trading, such as one to three months, then transition to real investing with small amounts. The biggest risk with simulators is that they become a permanent substitute for real investing. The sooner you invest real money, even a small amount, the sooner you start building real wealth and developing the emotional resilience that only comes from having real skin in the game.
Recommended: This beginner-friendly ETF course on Udemy covers everything from ETF fundamentals to building a recession-proof portfolio in 7 days.
Explore More Resources
Building your ETF investing knowledge requires multiple types of resources. Explore our other curated resource guides to find the tools, communities, and learning materials that fit your investing style.