Traders Union recently evaluated some of the best online brokers to determine which offer the best free simulators for aspiring day traders. As day trading continues to grow in popularity among individual investors, many new traders are looking for ways to practice and build their skills before investing real money. The trading simulator allows users to trade stocks, forex and other assets using virtual currencies and real-time data.
What is a Day Trading Simulator?
A day trading simulator is an online platform that provides users with virtual balances to trade assets in financial markets using real-time price data. This provides a risk-free way for novice traders to understand how day trading works and test different strategies without worrying about losing money.
“Simulators like these are invaluable for new traders to gain experience reading charts, making buy and sell decisions, and getting a feel for market volatility,” explained a senior analyst at Traders Union. “They relieve a lot of the burden when you’re not trading with real capital.”
The interface and functionality usually mimics the broker’s real trading platform, allowing users to become familiar with real market conditions.
Why use a simulator?
“Jumping straight into day trading with real money rarely ends well,” the report noted. “Simulators allow you to learn mechanisms, develop and backtest strategies, and build confidence through paper trading before exposing yourself to financial risk.”
Although simulated trading does not necessarily predict actual results, extensive practice and consistent simulated returns can strengthen a beginner’s composure and readiness to trade the real markets. Traders Union experts recommend extensive use of simulators over a long period of time to master the skills.
Best Broker for Free Simulators
Traders Union’s team of experts evaluated over a dozen leading online trading brokers and compiled the following list that offers users the best free day trading simulators.
RoboForex: The demo trading account includes $100,000 in virtual funds that allow traders to buy and sell assets using real-time price data. Our proprietary web platform includes advanced charting and analysis features that simulate real market conditions. Users can also use the “Strategy Tester” tool to backtest automated trading strategies over extended historical periods.
Exness: Traders have immediate access to a demo account with $100,000 in virtual funds upon account registration. Users can simulate trading on popular platforms such as MetaTrader 4 and 5 using real-time price data and technical indicators. The broker’s demo account spreads and swaps are consistent with a live trading environment, helping you simulate real market trading costs. Traders looking to test long-term swing and position strategies can benefit from Exness’ unlimited free demo account period.
eToro: As one of the largest social trading platforms, eToro focuses on copy trading and portfolio mirroring. The virtual trading environment allows users to set up a $100,000 demo account and practice executing trades, monitoring performance analytics and backtesting trading strategies. “eToro really stands out for its innovative social features,” explained the TU analyst. “You can copy real-time portfolios and new trades from the most popular investors on the platform, which is important for evaluating cryptocurrency, forex and stock trading strategies.”
interactive brokers: Provides traders with access to Trader Workstation (TWS), an industry-leading desktop platform with advanced features. Users can enjoy a paper trading fund of $100,000 to simulate trading using real-time data across a wide range of global financial markets.
Tickmill: We specifically focus on Forex and Stock CFDs across our suite of web, desktop and mobile apps. The broker offers an unlimited free demo account with $100,000 in virtual funds so traders can simulate real-time market conditions. “Tickmill has a very trader-centric focus on understanding the needs of its customers,” explains a TU analyst. “You can upload custom indicators and EAs for backtesting purposes. This is a nice bonus for traders who code technical strategies and robots.”
Take advantage of our resources
Each broker’s free simulator aims to provide a realistic environment that reflects real platforms, but TU experts remind traders that simulated trading has its limitations. “You need to be aware of the psychological differences when real money is at stake,” he says.
Nonetheless, he strongly recommends that all novice traders spend ample time on paper trading to build their skills over a few months before risking their capital.
Evolution Market Review
Traders Union has also published its 2024 review of online trading broker Evolve Markets, along with an analysis of the best day trading simulators. The review, compiled by TU’s team of experts, evaluates Evolve Markets across more than 100 criteria related to trading terms, fees, account types, customer support, and more. Evolve Markets earned TU’s overall rating of 5.5 out of 10 and ranked 78th out of 383 brokers evaluated in TU’s annual broker rankings.
Evolve Market Information
Founded in 2016, Evolve Markets is registered as an International Business Company and regulated by the MWALI International Services Authority (MISA). According to Heatcaster, in a review based on TU Insights published on their website for Evolve Markets, “Evolve Markets is a broker that provides services to individuals who want to invest long-term in cryptocurrencies and use the coins for the short-term trading of other assets. .The absence of exchange fees distinguishes this investment option from buying Bitcoin directly with US dollars, as swap fees are only incurred when held publicly with other assets.” The broker offers trading in cryptocurrencies, 50 forex pairs, indices, commodities and stocks.
Key features highlighted by TU include:
- Account currency: BTC, USD, ETH, LTC, SOL;
- There is no minimum deposit requirement.
- Up to 1000x leverage in Forex; 500x for indices/commodities; 100x for cryptocurrencies/stocks;
- variable spread;
- Cryptocurrency deposits are accepted.
- No withdrawal fees.
Evolve Markets Experts:
- A wide range of over 100 tradable assets;
- No minimum deposit;
- No withdrawal fees.
Cons of Evolve Markets:
- Cryptocurrency-denominated accounts carry additional volatility risk (except for USDT/USDC accounts).
Evolve Markets Trading Platform
The broker offers a variety of platforms including Evolve Webtrader, MetaTrader 5 and MetaTrader 4. You can also practice on a demo account. A mobile trading app is provided. The MT4 platform includes access to free trading signals through integration with the MQL5 community signals service. For an additional subscription fee, investors can automatically copy signals from high-performing traders, providing a type of passive income opportunity. Need more information? Get it here.
According to the analysis of TU experts, the spread for the EUR/USD pair starts from $10 round trip for a basic account. An additional volume-based fee of 0.0035% also applies to Forex trading. The report concluded that Evolve Markets has the highest total costs compared to other brokers.
In terms of security, Evolve Markets implements standard measures such as SSL encryption, DDoS protection, and mandatory password strength policies. Customer support options include 24/7 multilingual live chat and email support. In TU testing, response times averaged 22 minutes for chat inquiries and up to 48 hours for email inquiries.
conclusion
TU’s Free Day Trading Simulator Analysis is an important resource for beginners, allowing them to practice and improve their strategies in a risk-free environment, ultimately improving their trading insight and confidence for real-world scenarios.
TU’s experts also emphasize that Evolve Markets offers a valid option for active traders who want to access a wide range of markets with competitive leverage of up to 1000:1. Cryptocurrency-focused traders can benefit the most from the ability to deposit, hold, and trade cryptocurrencies directly. However, customer satisfaction mixed with high transaction costs is an area that needs improvement. Therefore, TU recommends that traders thoroughly evaluate their requirements and compare brokers before opening an account.
About the author
This article was written by Thomas Wettermann, an experienced writer for Traders Union.