TU Experts Name The Best Day Trading Simulator Free

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Traders Union recently evaluated some of the top online brokers to determine which offers the best free simulators for aspiring day traders. As day trading continues to surge in popularity amongst retail investors, many new traders are seeking ways to practice and build their skills before putting real money on the line. Trading simulators allow users to trade stocks, forex, and other assets using virtual money and real-time data

What is a day trading simulator?

A day trading simulator is an online platform that provides users with a virtual balance to trade assets in financial markets using live pricing data. It offers a risk-free way for beginner traders to understand how day trading works and test different strategies without worrying about losing money.

“These simulators are extremely valuable 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 take a lot of the pressure off when you’re not trading with real capital.”

The interfaces and features typically mimic the broker’s actual trading platform, allowing users to become familiar with real market conditions.

Why use a simulator?

“Jumping right into day trading with real money rarely ends well,” noted the report. “Simulators allow you to learn the mechanics, develop and backtest strategies, and build confidence through paper trading before exposing yourself to financial risks.”

While simulated trading does not necessarily predict actual results, extensive practice, and consistent virtual profits can bolster a beginner’s poise and readiness to trade live markets. Traders Union experts recommend using a simulator extensively over an extended timeframe to ingrain skills.

Best brokers for free simulators

After evaluating over a dozen major online trading brokers, the team of experts at Traders Union compiled the following list of those offering users the best free day trading simulators:

RoboForex: The demo trading account comes packed with $100,000 of virtual funds for traders to buy and sell assets using real-time pricing data. Their proprietary web platform includes advanced charting and analysis features to simulate real market conditions.Users can also backtest automated trading strategies over extended historical periods using their “Strategy Tester” tool. 

Exness: provides traders instant access to a demo account with $100,000 in virtual funds from account registration. Users can simulate trading on popular platforms like MetaTrader 4 & 5 using real-time pricing data and technical indicators.The broker’s demo account spreads and swaps match the live trading environment, helping simulate real market trading costs. Traders looking to test longer-term swing and positional strategies will benefit from Exness’ unlimited free demo account duration.

eToro: as one of the largest social trading platforms, eToro focuses heavily on copy trading and portfolio mirroring. Its 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 TU analysts. “You can copy the live portfolios and new trades from the platform’s most popular investors – critical for evaluating crypto, Forex and stock trading strategies.”

Interactive Brokers: provides traders access to Trader Workstation (TWS), an industry-leading desktop platform packed with advanced functionality. Users enjoy $100,000 in paper trading funds to simulate trades using real-time data across a vast array of global financial markets.

Tickmill: focuses specifically on Forex and stock CFDs across a suite of web, desktop, and mobile apps. The broker provides an unlimited free demo account with $100,000 in virtual funds for traders to simulate live market conditions. “Tickmill has a very trader-centric focus in understanding client’s needs,” explains TU analysts. “They allow uploading custom indicators and EAs for backtesting purposes – a nice bonus for traders who code technical strategies and robots.”

Leverage the resources

While each broker’s free simulator aims to provide a realistic environment mirroring their live platforms, TU expert reminds traders that simulated trading has its limitations. “You need to be aware of the psychological difference when actual money is on the line,” he notes.

Still, he strongly encourages all beginner traders to spend ample time paper trading to build skills over months before putting capital at risk.

Evolve Markets review

Along with its analysis of the best day trading simulator, Traders Union also published its 2024 review of the online trading broker Evolve Markets. The review, compiled by TU’s team of experts, evaluates Evolve Markets across over 100 criteria related to trading conditions, fees, account types, customer support, and more. Evolve Markets scored 5.5 out of 10 in TU’s overall assessment, ranking 78th out of the 383 brokers evaluated in TU’s annual broker rankings.

About Evolve markets

Evolve Markets, founded in 2016, is registered as an International Business Company and regulated under the MWALI International Services Authority (MISA). According to heatcaster, in a review, based on TU insights, published on its website about Evolve Markets, “Evolve Markets is a broker that caters to individuals who wish to make long-term investments in cryptocurrencies and also use the coin for short-term trading in other assets. The absence of exchange fees distinguishes this investment option from the straight purchase of bitcoin with U.S. dollars, as swap fees are only incurred when open holdings are held in conjunction with other assets.” The broker offers trading in cryptocurrencies, 50 forex pairs, indices, commodities, and stocks.

Key features highlighted by TU include:

• account currencies: BTC, USD, ETH, LTC, SOL;
• no minimum deposit requirement;
• up to 1000x leverage on Forex; 500x on indices/commodities; 100x on crypto/stocks;
• variable spreads;
• cryptocurrency deposits accepted;
• no withdrawal fees.

Evolve Markets pros:

• a broad range of over 100 tradable assets;
• no minimum deposit;
• no withdrawal fees.

Evolve Markets cons:

• Crypto-denominated accounts carry additional volatility risks (the exception is USDT/USDC accounts).

Evolve Markets trading platforms

The broker offers a choice of platforms including Evolve Webtrader, MetaTrader 5, and MetaTrader 4. Demo accounts are also available for practice. Mobile trading apps are offered. The MT4 platform includes access to free trading signals via integration with the MQL5 community signals service. Investors can automatically copy signals from top-performing traders for an additional subscription fee, providing a form of passive income opportunity. Need more info? Get it here.

Analysis by TU experts found spreads for the EUR/USD pair ranging from $10 round-turn for the basic account. Additional volume-based commissions of 0.0035% also apply on Forex trades. Relative to other brokers, Evolve Markets’ all-in costs are at the higher end, the report concluded.

In terms of security, Evolve Markets implements standard measures such as SSL encryption, DDoS protection, and mandatory password strength policies. Customer support options include 24/5 multilingual live chat and email assistance. Response times averaged 22 minutes for chat inquiries, while email queries took up to 48 hours in TU’s tests.

Conclusion

TU’s analysis of free day trading simulators is a crucial resource for novices, allowing them to practice and refine their strategies in a risk-free environment, ultimately enhancing their trading acumen and confidence in real-world scenarios.  

In addition, TU’s experts highlight that Evolve Markets provides a valid option for active traders seeking access to a broad range of markets, with competitive leverage up to 1000:1 available. Crypto-centric traders may benefit most from the ability to deposit, hold, and trade cryptocurrencies directly. However, the higher trading costs and mixed customer satisfaction point to areas for improvement. TU therefore recommends traders thoroughly evaluate their needs and compare brokers before opening an account. 

About the author

The article was written by Thomas Wettermann, an experienced writer at Traders Union.