Demo trading allows traders to execute trades using virtual money while simulating real market conditions, providing a way to test strategies and practice trading without putting any real capital at risk.
There are a huge selection of demo trading apps available in 2024, which can make it difficult to choose a single platform. Each one offers slightly different features, so this article will explore some of the best demo trading apps in 2024 and highlight their core offering to help you make a decision.
Here are the 8 best demo trading apps in 2024
MetaTrader 4 and MetaTrader 5
Thinkorswim
TradingView
eToro
Plus500
NinjaTrader
Robinhood
IQ Option
How to find the best demo trading platforms
There are a huge selection of trading platforms out there, with many of them integrated with unique demo trading features. Choosing the right demo trading platform relies on several key considerations, including the historical reliability of the platform and the breadth of trading features it has available.
That said, here are some key factors that you may want to consider before choosing a demo trading platform:
Look for apps that simulate real market conditions and order execution as closely as possible
Check that the app provides paper trading across multiple asset classes like stocks, forex, futures, etc., if that’s what you need.
Ensure there are advanced charting capabilities and research tools available to provide the most realistic trading experience.
Ranking the 8 best demo trading applications in 2024
The best demo trading apps allow you to learn risk-free trading strategies, get familiar with platforms and tools, and gain confidence before putting real money at risk. This section will discuss the standout features of the 8 best demo trading platforms in 2024.
1. MetaTrader 4 and MetaTrader 5
Metatrader 4 (MT4) and MetaTrader 5 (MT5) are popular trading platforms that support demo trading. Launched by the same company, with MT5 being the latest iteration of the platform, MetaTrader is well-known for its intuitive and user-friendly interface and advanced charting tools for traders.
Both MT4 and MT5 offer multi-asset support, allowing demo trading across stocks, futures, options, and cryptocurrencies, as well as for forex and CFDs. One of the key differences between MT4 and MT5 is that MT5 offers more advanced order types, including market, limit, stop, stop-limit, and trailing stop orders for users seeking to simulate the process of trading.
Similarly, both MT4 and MT5 offer custom indicators and scripts which can be used while demo trading on the platforms. These custom indicators are often launched by other traders, providing unique insights to market movements that can aid in the process of turning a profit.
Standout features
Advanced charting tools
Custom indicators
Broad range of markets
2. Thinkorswim
Thinkorswim is a robust trading platform known for its advanced features and tools, designed specifically for active traders to make the most out of their experience. Its advanced charting tools include a wide range of technical indicators and customizable chart settings, so demo traders can analyze price movements and prominent patterns in great depth.
One of Thinkorswim’s most popular features is its sophisticated options trading tools. Option chains, probability analysis, and an options strategy builder helps demo traders to analyze and execute complex options strategies more effectively. Similarly, ThinkScript (a proprietary scripting language) enables advanced customization and automation of various trading strategies.
Standout features
Advanced charting tools
Automated strategy execution
Broad support for options trading
3. TradingView
TradingView is a popular charting platform known for its intuitive user interface and extensive catalog of charting tools. The platform offers various chart types, a huge selection of technical indicators including community-run scripts, and customizable chart layouts. On top of this, TradingView has a popular community feature that allows traders to share their trade set-ups and other key ideas.
Traders can publish and share their strategies and custom scripts using TradingView's proprietary scripting language, Pine Script. This allows for collaboration and idea generation within the community, helping demo traders to gain actionable insights into the latest market movements.
TradingView supports a wide range of asset classes, including stocks, forex, cryptocurrencies, commodities, and indices. Traders can analyze and trade multiple markets from a single platform, with paper trading support allowing users to practice making trades without using real money.
Standout features
Advanced charting tools
Social trading features
Paper trading support for demo traders
4. eToro
eToro is a trading platform known for supporting a broad range of assets, including stocks and cryptocurrencies, along with its social networking features for traders looking to share ideas. One of eToro’s key features is social trading, where users can follow and copy trades of other successful traders. This can be particularly beneficial for beginners.
eToro provides a demo account for users to practice trading with virtual funds. It's an excellent feature for beginners to get familiar with the platform and trading strategies without risking real money. The platform supports stocks, cryptocurrencies, forex, commodities, indices, and ETFs, giving demo traders a huge selection of markets on which to try their hand.
Standout features
Broad range of markets
Social trading features
Demo account functionality
5. Plus500
Plus500 is a trading platform known for its simplicity, ease of use, and focus on Contract for Difference (CFD) trading. It offers a demo account for users to practice trading with virtual funds, which can be a valuable feature for beginners to get acquainted with trading strategies without risking any real money.
The platform uses a no-commission model for most trades, which makes it a popular option for traders of all kinds. It has a wide range of tradable assets across stocks, forex, cryptocurrencies, commodities, indices, and options, and packages these markets into an intuitive user interface that has advanced charting capabilities.
Standout features
Advanced charting tools
No-commission model
Demo account functionality
6. NinjaTrader
NinjaTrader is a popular trading platform known for its advanced charting capabilities, extensive customization options, and support for automated trading strategies. The platform is integrated with multiple brokers, allowing traders to execute trades directly from the platform.
Futures, forex, stocks, and CFD trading are all available with NinjaTrader, which also offers advanced charting tools with an extensive collection of technical indicators. Automated trading strategies can also be deployed via NinjaScript, the platform’s proprietary programming language.
One of NinjaTrader’s most popular features is Market Replay, which allows traders to replay historical market data and simulate various trading scenarios. Coupled with the platform’s support for demo trading, this can boost a beginner’s understanding of market volatility and help to refine custom strategies in a realistic trading environment.
Standout features
Advanced charting tools
Integration with multiple brokers
Market Replay feature
7. Robinhood
Robinhood is known for its user-friendly interface, commission-free trading, and accessibility to beginner investors. The platform supports a wide range of markets including stocks, options, and cryptocurrencies, and its commission-free model makes it a cost-effective option for traders.
The Robinhood mobile app is one of the most popular trading apps in the world, owing to a user-friendly interface and intuitive design. For crypto traders, the platform offers a broader range of assets when compared to alternatives on this list, yet it also supports traditional financial markets with advanced options contracts among other key features.
One of its most popular features is automatic dividend reinvestment, allowing users to compound their exposure to traditional stocks and shares. The platform offers instant deposits and a broad selection of educational resources, helping its users to successfully navigate financial markets over time.
Standout features
Broad range of markets
Caters to beginner traders
Large selection of crypto assets
8. IQ Option
IQ Option is a trading platform known for its diverse asset offerings and innovative features, and represents a strong pick for demo traders seeking to specialize in options trading. The platform supports binary options and digital options trading, allowing users to speculate on the price movement of assets within a designated time frame.
Additionally, IQ Option supports crypto trading, forex trading, and a wide range of other tradable assets including commodities, stocks, and indices. The platform’s user friendly interface and demo account functionality make it a popular choice for beginners seeking to learn more about navigating volatility and turning a profit.
Standout features
Wide range of supported markets
Broad support for options trading
Demo account functionality
The bottom line
Demo traders are best served by platforms that offer comprehensive trading tools and a wide variety of markets, so each of the 8 options on this list should provide everything you need and more. That said, the top 3 picks right now are as follows.
MetaTrader 4 and MetaTrader 5
Thinkorswim
TradingView
If you’re looking for more trading insights, check out our article on the best stocks to buy in 2024.
