Top 5 Paper Trading Apps Best For Beginners in 2024

Today, we will discuss the top 5 paper trading apps. Trading is becoming very popular in India. A lot of money can be earned by trading, which is being shown on social media and YouTube. Moreover, seeing the luxurious lives of various financial influencers, many people are coming to trade in the stock market. But is trading really that easy? The answer is absolutely no because everyone talks about making huge profits in trading, but no one talks about the fact that a huge loss can even wipe out the entire capital. 

Top 5 Paper Trading Apps

1. Sensibull

Sensibull is a very famous virtual trading platform. Usually, Sensibull is used to backtest option trading strategies and learn options trading in the live market. Both beginners and experienced traders use this platform to learn. Sensibull is a paid platform; the company provides a free trial for 7 days, but Sensibull is 100% free for users of Zerodha and Angel One.

Sensibull Key Features:

1. User-Friendly Interface: Sensibull is designing the interface of its application or website in a very simple way. As a result, any user can easily use Sensibull.
2. Many Types of Options: Option trading is provided with pre-built strategies such as bull call spread, bull put spread, sell put, buy put, iron condor, straddle, strangle, etc. Custom strategies can also be created very easily.
3. Real-Time Market Data: Sensibull uses real-time market data, making virtual trading easier for any user.
4. Direct Trade: Sensibull works with different brokers, so if you add the broker’s demat account to this platform, you can easily trade from Sensibull.

2. FrontPage

FrontPage is generally very famous for paper trading app. Through this platform, equity, intraday trading, futures, options trading, and commodities trading can be done.

FrontPage Paper Trading App Key Features:

• Simple Interface: The frontpage application is designed simply.
• AI-Generated News: This application provides all real-time market financial news.
• Investor, Trader Community: The frontpage application has the largest community of investors and traders. As a result, new ideas and trading strategies can be learned easily.
• Portfolio: This application provides virtual money of 10 lakh rupees for free so that paper trading can be started easily.

3. Virtual Trading App 2.0

The virtual trading app 2.0 is popular for intraday, futures, and options trading. This application is very useful for paper trading, especially for beginners. The application provides both free and pro options.

App Key Features:

• Simple Design: The design of this app is very simple and, thus, very easy to use.
• Real-Time Data: The application uses real-time market data to learn trading and get a real feel for trading in live markets.
• Easy Trading: Whether you want to set a target or set a stop loss for trading, it can be done very easily on this platform, for which you need a pro account. A free account can take limited trades in one day, and a pro account can take unlimited trades in one day.
• Virtual Portfolio: 50 lakhs of rupees of virtual money are given on a free account. And 10 crore rupees of virtual money is given to the pro account.

Read More: Market Mood Index Fear Greed Index check right now in 2024

4. Niota ( Paper Trading App )

Niota is one of the paper trading apps, but this platform is designed for learning option trading. This application does not support stock options trading but only supports index options trading such as nifty 50 and bank nifty. Niota provides two accounts: a free account and a pro account.

Niota App Key Features:

• Beginners Friendly: Although learning option trading is a bit difficult, index option trading can be done very easily through this app, which helps a beginner learn trading well.
• Simple Interface: The interface of the Niota application is very simple, which makes the application easy to use and easy to navigate.
• Option Chain: The app provides an option chain, which makes it easy to see open interest.
• Unlimited Virtual Cash: Niota allows you to add virtual money up to 100 crore rupees to the free account, which is much more than any other application.

5. Neostox

Neostox offers a wide range of trading instruments for traders. Neostox is a very good paper trading platform for learning trading. Neostox is currently very popular among traders; futures and options trading can be done in this application, along with intraday trading.

Neostox Paper Trading App Key Features:

• Realtime Data: Neostox provides real-time market data, which improves the trading experience, and real-time profit and loss can be seen after taking the trade.
• Wide Range of Trading Instruments: Neostox Chart, Trade History, Target Price, Stop Loss Set, and Other Strategy Options Which is very useful for a beginner’s trading.
• Virtual Portfolio: The application provides virtual money of 10 lakh rupees for paper trading.

What is Paper Trading?

If you trade without knowing that there is a high risk in trading, the entire capital may be wiped out, so you should start trading with a small amount only after learning to trade well. But what about trading? How is it done? How does the financial market work? Paper trading is done to learn and know all these things.

Paper trading or virtual trading, including stock, intraday trading, futures, and options trading, can be learned without any financial risk. Besides, experienced traders do paper trading to increase their trading skills and to see if their strategy is working properly. One can learn trading with virtual money, i.e., without any real money, and trades can be taken during the live market. In this way, profit and loss are shown in the portfolio in the same way as taking a trade in real money.

Advantages of Paper Trading

1. Through paper trading, trading can be learned easily without any financial risk.
2. Confidence gradually increases due to paper trading.
3. Starting virtual trading gives a beginner an idea of how the financial market works. Moreover, the stock market can learn about the factors that cause it to go up and down.
4. One aspect of the stock market is market emotion. A trader determines his trading strategy by seeing this market emotion, which can be learned through paper trading.
5. To know whether the new strategy is working properly in the market, to test the strategy, paper trading is done without any financial risk.
6. A trader can learn about his strengths and weaknesses by seeing the results of virtual trading.

Disadvantages of Paper Trading

Although paper trading has many advantages, it also has some disadvantages, such as:

• Since real money is not used in paper trading, risk management, risk-to-reward ratio, and decision-making ability are never created, as a result, the possibility of loss is greater when starting real trading.
• Most human emotions work during real trading, such as anger, happiness, sadness, etc. Since no real money is used in paper trading, no emotions work here, be it profit or loss.
• To become a successful trader, you have to improve your trading psychology equally, which is possible only after doing real trading in the live market. Paper trading never creates psychology.
• When virtual trading starts to make a profit, most traders start doing real trading due to overconfidence, as a result of which they have to face a big loss.
• Paper trading makes the stock market very easy because the profit is very high, but it is not easy to make a profit in the real market. Because different factors work in the real market, such as news, global news, government policy, political changes, unexpected news, market sentiment, etc. This results in a huge loss or profit in the real market within a few moments, which is not necessary for paper trading.

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Disclaimer

All information provided in this post is used for informational purposes only. We, finnance.in, have not written this article to promote any application, and we do not advise anyone to trade in any way. So we have nothing to do with your trading profit or loss. Trading involves high financial risk, so consult your financial advisor before starting trading or investing.