If you’re building your trading framework and want to hone your skills without putting real capital at risk, a simulated trading account (aka paper trading) is one of the smartest tools in your arsenal. These platforms let you test strategies, build comfort with executions and refine risk controls — all in a live-market environment but with virtual money.

In this article we zoom in on three brokerage firms that stand out for their simulated-trading offerings — covering why they’re worth your attention, what to look for, and how to pick the right one for your style.

1. Interactive Brokers (IBKR)

Why it stands out

• Recognised by NerdWallet as their top pick for paper-trading and real-trading combined: a 5.0/5 rating. NerdWallet+1

• Offers virtual capital up to $1 million in their simulation for users. NerdWallet+1

• Covers a broad spectrum of asset classes — stocks, options, futures, currencies — so advanced traders can simulate complex strategies. Investopedia+1

Key considerations

• The platform has a steeper learning curve — because IBKR is built for serious traders, not casual beginners.

• While simulation is strong, real-world execution (commissions, slippage, psychology) still differ — so treat it as practice, not a guarantee.

Best for

Advanced traders or those planning to scale into full-blown real accounts. If you trade multi-asset, options/futures, or want global exposure, IBKR’s simulator offers a near-professional sandbox.

2. Charles Schwab Corporation / thinkorswim paperMoney

Why it stands out

• Schwab’s thinkorswim platform includes a paper-trading mode called paperMoney which allows practice in equities, options, futures and forex. Schwab Brokerage+1

• Offers a generous virtual cash balance (for example ~$100,000) in simulation. Schwab Brokerage

• Well‐known brokerage with strong education and research support — useful when you’re learning.

Key considerations

• The UI and platform depth may be overwhelming for the newest traders; there is a learning curve.

• Make sure you’re using the simulation mode (paperMoney) — real money trades and virtual trades are separate.

Best for

Intermediate traders who want a robust simulate-to-real path, especially if you anticipate moving into live trading with Schwab. Good for options traders, active traders, and STEM-minded strategy testers.

3. Webull

Why it stands out

• Listed by NerdWallet and other review platforms as one of the best for unlimited virtual cash and mobile-friendly simulation. NerdWallet+2StockAnalysis+2

• Offers intuitive mobile and desktop experience — suitable for shorter-term traders or swing/interval-style setups.

• Solid for beginners who want to get their feet wet with trading mechanics, order types, charting and risk controls.

Key considerations

• While simulation is strong, the breadth of asset classes and advanced order types may be narrower compared to premium platforms.

• Because it’s easier to use, it may recruit less disciplined behaviour — treat it with the same respect as a live platform.

Best for

Newer traders, mobile-first traders, and those who prioritize usability over ultra-deep functionality. If you’re practicing interval-trades, day-swings or refinement of simple setups, Webull is a practical choice.

✅ How to Choose the Right Simulated Trading Platform

Here are three filters to apply before you commit to a paper-trading account:

• Asset-class coverage: Do you just trade stocks, or also options, futures, forex? Make sure the simulator replicates what you will trade in live mode.

• Realistic execution & order types: A true interval trader needs realistic fills, slippage, spreads, partial fills and risk-controls — not just “toy” trades.

• Transition path to live trading: The best simulators offer an easy path to live trading with the same account/broker — minimizing migration friction when you go live.

💡 Final Word

Simulated trading is one of the most efficient ways to build muscle memory, refine your risk controls, test your setups and develop discipline — without losing capital.
Of the three platforms above:

• Choose Interactive Brokers if you’re planning high-performance work and multi-asset strategies.

• Choose Schwab/thinkorswim if you want a robust trading path with strong research and simulate-to-live alignment.

• Choose Webull if you want user-friendly, mobile-first simulation to sharpen basic mechanics and build confidence.

Whichever you choose, treat your paper-trading account like your real-money account surrogate — track your results, journal your trades, review your mistakes. That’s how simulation becomes preparation.