Day trading simulators are playing an increasingly crucial role in equipping investors with the necessary skills and confidence in an era that demands financial literacy and investment savvy. A recent review from Traders Union experts spotlights the best brokers offering free simulators in 2024, providing valuable insights for novice and veteran traders alike.
To help traders practice and learn the ropes without financial risk, many online brokers now offer free simulated day trading platforms, according to the TU report.
What is a day trading simulator?
A simulated day trading platform allows users to trade with “virtual” money, tracking real market prices and movements in real time. According to Traders Union, these practice accounts help develop skills with less pressure before traders risk capital in live markets.
The top simulators closely replicate actual trading by linking to live market data and prices. However, experts caution that strong simulated profits don’t guarantee similar success when real cash is on the line.
Best day trading simulators of 2024
According to the TU report, here are the best day trading simulators of 2024 to traders learn how to practice day trading for free:
RoboForex: RoboForex offered the most well-rounded free simulator, according to Traders Union. Users receive $100,000 in virtual funds to day trade stocks, Forex and crypto across a real-time data feed. Traders can test strategies and analyze price trends using advanced charts and indicators via the MT4 and MT5 trading platforms.
While RoboForex’s simulated experience mirrors live markets, the experts reminded traders that demo performance isn’t fully predictive when real money gets involved.
Exness: for Forex traders, Exness has an unlimited practice account with $10,000 to buy and sell currency pairs through the MT4 and MT5 platforms, the review found. Importantly for day traders, Expert Advisors (EAs) are supported, allowing them to automate custom trading strategies for hands-free execution.
Exness simulates real market liquidity and price fills to provide an authentic forex trading experience. The broker offers ample tools for analyzing currency markets, providing valuable practice before going live.
EToro: eToro’s simple web-based platform is ideal for beginners, making simulated trading intuitive, Traders Union concluded. Users get $100,000 to day trade stocks, crypto, forex, and CFDs across real-time markets.
Unique to eToro, the practice account also allows using CopyTrader to automatically mimic top traders’ portfolios and strategies. But without actual capital at stake, traders are advised to take simulated gains with a grain of salt.
Interactive Brokers: Interactive Brokers offers a highly capable simulated platform called Trader Workstation (TWS) that scored well for its analytical tools. Traders have $100,000 and access to 120 markets including stocks, options, futures, and forex, tied to real-pricing data.
TWS includes advanced features like options analysis, volatility modeling, charting, and backtesting. Portfolio margin simulation better replicates real leverage rules for day trading as well. One downside noted is that the interface has a steep learning curve.
Tickmill: Rounding out the top day trading simulators, Tickmill provides $100,000 for forex and stock CFD practice with real-time spreads and liquidity. The Simplicity trading platform has a straightforward design geared for beginners.
While Tickmill’s demo offering doesn’t have as many advanced features, Traders Union found it replicated ultra-short-term trading dynamics well across forex, indices, energies, metals, and other markets.
Key features for practice accounts
In their broker assessment, Traders Union looked for platforms that provide $100,000 or more in virtual funds, the ability to trade multiple asset classes from stocks to currencies, and access to real-time pricing data. Additional pluses included paper trading to record hypothetical trades without placing them, technical analysis tools, and educational resources.
While no demo environment is identical to actual trading, the best brokers scored highly for their realism and efficiency in preparing day traders, which are active traders. As noted in this article published by Minimalistfocus based on TU findings, “Fueling the life within the Forex market are active traders. These market participants stand out for their fast execution of numerous trades within short amounts of time. Unlike long-term investors, active traders capitalize on same-day market movements, their strategies are driven by quick reactions to real-time data and minute price fluctuations.”
The verdict? Practice makes perfect
While each has limitations, Traders Union concluded these brokers’ no-risk simulated day trading platforms offer valuable hands-on practice. The experience can boost confidence and skill before putting capital on the line.
However, the experts caution traders not to rely wholly on practice performance. Psychology in play with real money differs. Solid preparation and risk management remain key to navigating the high-speed world of day trading.
AMP futures get a moderate risk rating from TU experts
In addition to its review of the best brokers with free day trading simulators, Traders Union also published its 2024 review of the broker AMP Futures. TU gave AMP Futures a moderate risk rating and an overall score of 5.14 out of 10.
According to TU expert Anton Kharitonov, AMP Futures ranks 87th out of the 383 companies rated in the TU rankings. The ranking system analyzes over 100 different factors including trading conditions, fees, customer support, and more. Kharitonov said that while AMP Futures is regulated and takes steps to protect client funds, the broker’s conditions seem better suited to experienced traders rather than novices.
Among the advantages of AMP Futures cited were CySEC regulation, membership in an investor compensation fund, no restrictions on trading strategies, multilingual customer support, and educational resources.
However, TU experts also discover some drawbacks including a $100 minimum deposit, no micro or “cent” accounts for small traders, and a lack of bonuses, contests, or passive investment options like PAMM accounts.
The TU review also covered AMP Futures’ trading conditions, fees, asset classes available for trading, customer support, and more in detail. It provided a comparison of AMP’s average commissions to competitors like RoboForex and Pocket Option. On security, TU experts noted that while AMP Futures segregated client funds and is a member of an investor compensation fund, the CySEC regulator tends not to consider small claims from individual traders.
Overall, Anton Kharitonov recommended that traders thoroughly weigh the pros and cons presented in the review before opening an account with AMP Futures. Traders should analyze if the broker’s offering matches their needs and experience level.
Conclusion
The TU review of free day trading simulators in 2024 helps novice and experienced traders. These simulators let traders practice skills in a risk-free setting, a crucial step when navigating volatile day trading. Platforms like RoboForex, Exness, eToro, Interactive Brokers, and Tickmill offer features and tools for various trading styles. While presenting realistic scenarios, simulated gains may not translate into real-world success, but do help to boost confidence.
The AMP Futures review, with a moderate risk rating, reminds traders to consider experience and risk appetite when selecting a broker. In summary, these simulator and broker reviews guide traders working to become proficient.”
About the author
The author of this article, Thomas Wettermann, specialized in Forex trading at Traders Union.
