Best Paper Trading Apps in 2026

What to look for in a paper trading app

Not all simulators are created equal. Some use delayed prices (15 to 20 minutes behind the actual market), which makes them borderline useless for anything besides long-term buy-and-hold practice. You want real-time data, or as close to it as possible.

Multiple asset types matter more than most people think. If an app only lets you paper trade US stocks, you're missing out on crypto, forex, and international markets. The more asset classes you can practice with, the better you'll understand how different markets behave.

A few other things worth checking: Does it charge simulated trading fees? (It should. Real trading has costs.) Does the mobile app actually work well, or is it an afterthought? Are there social features like leaderboards or classrooms? And most basically, is it free?

Stock Academy: stocks, crypto, and forex in one free app

Full disclosure: this is our app. We built Stock Academy because we wanted a simulator that covered more than just stocks. You get stocks, crypto, and forex all in one place, with real-time prices and a 0.1% simulated trading fee on every transaction.

The classroom feature is what makes it different from everything else on this list. Teachers can create a classroom, invite students with a code, and everyone competes on a leaderboard. It turns paper trading into something closer to a fantasy sports league. Students actually care about their performance when they can see how they stack up.

It's completely free. No premium tier, no feature gating, no ads. The app is mobile-first and works on both iOS and Android.

Best for: Students, teachers running classroom competitions, and anyone who wants multi-asset paper trading on mobile.

Thinkorswim (Charles Schwab): the power user's choice

Thinkorswim has been around for years and it's legitimately one of the most powerful trading platforms available. The paper trading mode, called "paperMoney," gives you access to the same charting tools, technical indicators, and analysis features that professional traders use.

The downside? It's overwhelming. The learning curve is steep. The desktop app looks like it was designed for someone with three monitors and a Bloomberg terminal. If you're just getting started, you'll spend more time figuring out the interface than actually learning to trade.

The mobile app is better than it used to be, but it's still clearly a desktop-first platform. You also need a Schwab account to access it, though you don't need to fund it.

Best for: Experienced traders testing strategies who want professional-grade charting tools.

Webull: clean mobile experience, stocks only

Webull's paper trading mode is clean and intuitive. The mobile app is well-designed, and it's easy to place trades, check your portfolio, and follow the market. For a mobile-first user who plans to eventually open a real Webull brokerage account, it's a natural fit.

The limitation is asset coverage. Webull's paper trading is stocks and ETFs only. No crypto paper trading, no forex. If you only care about US equities, that's fine. If you want to practice across asset classes, you'll need something else.

Best for: People who want a polished mobile app and plan to open a Webull brokerage account later.

Investopedia Simulator: the one everyone's heard of

Investopedia has been running its stock simulator for a long time, and it benefits from the massive brand behind it. The educational articles on Investopedia are genuinely good, and having them paired with a simulator makes it easy to read about a concept and then immediately try it.

The simulator itself is web-based and pretty basic. No crypto, no forex. The interface feels dated compared to modern mobile apps. But it works, and there's something to be said for having your learning resources and your practice platform in the same place.

Best for: People who are already reading Investopedia articles and want a quick way to practice alongside them.

How to pick the right one

If you're a student or a teacher, Stock Academy is the obvious pick. The classroom leaderboards and multi-asset coverage make it unique for educational settings. It's also the simplest option if you want to trade stocks, crypto, and forex without signing up for three different platforms.

If you're an experienced trader who wants to backtest options strategies or set up custom technical scans, Thinkorswim is hard to beat. Just be prepared to invest some time learning the interface.

If you're mainly interested in US stocks and want a good-looking mobile app, Webull is solid. It's straightforward, the UI is modern, and the transition to a real Webull account is easy.

If you're already deep into Investopedia's educational content and just want to practice what you're reading about, their simulator does the job. It's basic, but sometimes basic is enough.

Honestly, the best paper trading app is the one you'll actually use consistently. Pick one that fits how you learn, stick with it for a few months, and don't overthink it. You can always switch later.