As day trading continues to surge in popularity amongst retail investors, many are seeking ways to improve their skills without risking hard-earned capital. This is where free trading simulators come in handy. These platforms allow trading virtual money in real-time market conditions, practicing strategies before putting real dollars on the line.
Traders Union (TU) experts have published a detailed analysis of the best free day trading simulators for 2024, highlighting the importance of these tools for both novice and experienced traders equally.
What exactly are trading simulators?
Before detailing the top free simulators, TU review looked at what they are exactly. As noted in the analysis, trading simulators are virtual trading platforms where users can trade stocks, forex, futures, and other instruments without risking anything but virtual money. “Prices usually mirror those in live markets in real-time,” said a TU analyst.
This allows traders to practice and test methodologies in a safe environment. Success here does not guarantee similar results when real dollars are deployed, but it can build confidence and skills. Most brokers offer these simulators along with extensive educational resources.
Traders Union’s top free simulators
After comparing several brokers on functionality, data feeds, assets, virtual capital, educational integration, and ease-of-use, Traders Union highlighted these five platforms as outstanding simulated trading environments.
- RoboForex Strategy Builder
RoboForex provides $100,000 in virtual funds for simulated trading across a wide variety of markets including forex, commodities, stocks, and indices. Their web-based Strategy Builder lets design automated algo strategies using technical indicators that can then be backtested.
- Exness Demo Account
Exness starts users with $10,000 in play money accessible on the popular MetaTrader trading platform. Access to live price data is provided across various markets including forex, metals, energies, stocks, indices, and cryptocurrencies. Educational materials are also available within the Exness ecosystem.
- eToro Virtual Portfolio
At eToro, $100,000 in virtual capital is available to trade forex currency pairs, CFDs, stocks, ETFs, indices and cryptocurrencies. The broker is best known for its social trading platform that allows evaluating and copying other successful traders, a feature mirrored on the simulator too.
- Interactive Brokers Paper Trading
Interactive Brokers stands out for its Paper Trading functionality embedded within its Trader Workstation (TWS) desktop platform. $100,000 is allotted for simulated trading across a vast spectrum of markets. The TWS Paper Trading replicates most if not all attributes of real money accounts.
- Tickmill Web Trader Demo
Tickmill grants $100,000 in virtual funds accessible on its sharp web trading platform interface. Trading Forex and metals is possible in the demo account, which replicates all the functionality of real accounts on Tickmill’s cTrader platform. This platform is widely considered among the best available for trading.
The path from simulation to live markets
All the brokers above offer exceptional educational resources from within their platforms to complement simulated trading, which makes them the editor’s choice. Ensure their use to accelerate the learning curve as one prepares to trade in the markets. TU experts particularly recommend simulators with unlimited demo accounts for serious learners.
Free simulated trading accounts allow practice strategies and build confidence before putting capital at risk. However, TU experts noted that success on these platforms does not guarantee positive results with actual assets, but it can prepare individuals for the unique psychological aspects and pressure of having money on the line.
Most experts agree it is wise to demonstrate consistent profitability on a simulator over the course of months before funding a live account. This helps confirm the viability of the methods. Upon moving to real trading, keep position sizing small initially with room to learn and adjust further.
Top features and benefits
According to the TU report, ideal trading simulators have balances of $100,000 or more in virtual funds, allowing flexibility in positions without quick depletion. They also reliably stream live pricing data across the assets offered for trading, from stocks to forex and beyond. This real-time synchronization creates an authentic experience.
Additionally, the best simulators integrate directly with the broker’s education suites with videos, guides, webinars and more. Ease of use in navigation and order entry is critical as well. Put together, these attributes provide a solid training experience before traders use actual capital.
Evolve Markets receives mixed reviews from Traders Union
TU experts also published its 2022 assessment of Evolve Markets, a cryptocurrency and trading platform founded in 2016. The review gives Evolve Markets an overall score of 6.3 out of 10, calling it a “moderate-risk broker.”
According to Traders Union expert Anton Kharitonov, Evolve Markets ranks 58th out of the 383 companies rated in the organization’s proprietary ranking system. The ranking is based on an analysis of over 100 different criteria, including ease of account opening. Kharitonov said that while the company offers competitive trading conditions like high leverage, a wide selection of assets, and the ability to trade cryptocurrencies, reviews from clients are mixed. He recommended that prospective users thoroughly research the pros and cons before opening an account.
Among the advantages highlighted were commission-free withdrawals, no minimum deposit requirement, and over 100 tradable assets. However, the lack of educational resources was cited as a disadvantage.
Evolve Markets takes the security of clients’ accounts seriously noted TU experts. Packageslab confirms the solid security measures put in place by Evolve Markets in this article, as per insights provided by TU, “Cryptocurrency trading requires security, which Evolve Markets takes seriously. The platform protects your valuables with superior encryption and cold storage. It also allows two-factor authentication to secure your account.”
Fees, commissions and partner programs
The review also examined Evolve Markets’ partnership program, which offers up to 20% commission on fees paid by referrals. Referrals receive a 10% spread discount for 6 months after registering. Rewards are paid out in Bitcoin. On fees and commissions, the analysts found that Evolve Markets charges $10 per standard trading lot, with an additional 0.0035% fee on Forex assets. This places them at the higher end compared to competitors like RoboForex and IC Markets.
While Evolve Markets currently does not offer any passive income programs, the review notes that traders can access a built-in signal service on the MT4 and MT5 platforms. The signals come from the MQL5 community and require a paid subscription.
This Traders Union article provides potential Evolve Markets users with a comprehensive overview of the brokerage based on expert analysis. However, due to the mixed client reviews, prospective clients are encouraged to carefully weigh the pros and cons before opening an account.
Conclusion
In summary, the Traders Union review analyzed the top free simulated trading platforms, highlighting brokers like RoboForex, Exness, eToro, Interactive Brokers, and Tickmill for their extensive virtual capital, mirrored markets, and integrated education. Demo trading accounts allow novice and experienced traders alike to refine their skills without financial risk. The path to live trading should include consistent simulated profitability over months to confirm viable strategies.
Additionally, their analysis evaluated the trading platform Evolve Markets broker, highlighting its pros and cons. While Evolve offers benefits like high leverage and commission-free withdrawals, client reviews are mixed. Traders should thoroughly research before opening an Evolve account, factoring in potential disadvantages like limited educational materials. Referral rewards and friendly leverage come with above-average fees.
About the author
The article was written by Thomas Wettermann, an experienced writer and a contributor to the Traders Union website.