Three Best Apps To Practice Trading For Beginners

Practice trading accounts allow beginners to practice trading without risk and track the market. Budding traders and investors gradually improve their knowledge of finance and find it easier to use a real trading platform when they make the switch.

Trading with a demo account is a smart way to start with investments in the market. You can only learn from your mistakes; there will be no adverse consequences.

What To Look For in a Demo Account

Ideally, a demo account will make it possible to simulate real trading, with the fact that you’re not using real money being the only difference. It should provide access to real-time market data, the latest trading insights, and the most recent financial news. Here are some other things you should look for in a demo trading account, debunking the myths.

Different Order Types

You should be able to practice with different market order types. The most common are stop loss orders, limit orders, and take profit orders. It would help if you practiced opening and closing positions. You should view margin requirements and track profit and loss.

A wide variety of markets and products

A practice account should allow you to test and explore different markets and find the best product to trade. You need to get a feel of how the markets behave. Explore indices, forex, metals, commodities, CFDs, crypto, etc., and ask the broker for any specific products you seek.

Important trading tools

The best demo trading accounts provide access to financial news, economic calendars, and calculators, among other tools. These make it possible to interpret and use information from news feeds and market data.

Charting software

Charts are invaluable for identifying trends and patterns and testing technical indicators. 

The Difference Between Real and Demo Accounts

Another key difference between a demo and a live account involves slippage: the variance between the order price you request and the price it’s actually executed at. Prices can change rapidly, and the order execution price will differ from the requested one as a result.

Here are the three best apps for beginners to practice trading.

1. eToro

eToro’s intuitive copy trading platform makes it a winner for newbies. You can copy experienced investors’ trades and choose from more than 3,000 tradeable symbols, including forex, CFDs, and exchange-traded securities.

The platform is easy to navigate thanks to an intuitive web platform and a proprietary mobile app that is great for anyone who’s new to trading. The multi-asset broker is constantly expanding its available market range.

The app is considered low-risk, and its Trust Score is close to the maximum. The company doesn’t operate a bank and isn’t publicly traded. It is authorized by two tier-1 regulators and one tier-2 regulator. The top-tier regulators that endorse it are the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA).

2. Pepperstone

Our second choice offers high-quality research, a growing number of tradeable markets, and support for numerous social copy trading platforms. You can practice trading on the platform using MetaTrader and cTrader. It won the 2023 Best in Class award for MetaTrader brokers.

The vast array of third-party plugins and tools available enhances an already-impressive platform suite.

Pepperstone is a low-risk broker for CFD and forex trading, regulated in two tier-1 jurisdictions (ASIC and FCA, Australia resp. UK). Its trading platforms are a good fit for copy traders and algorithmic traders. Multiple add-ons enhance the MetaTrader experience.

It is very easy to open a demo account with this broker. Log in to the secure client area, and you’ll find the Account section, in which you choose Demo. To add a practice account and adjust preferences, click on the blue plus symbol. Pepperstone’s Trust Score is also near the maximum. Like eToro, it is not listed and doesn’t operate a bank.

3. Skilling

Skilling is a Scandinavian-owned commodity, forex, CFD, stock, and crypto trading app available to clients all over the world. It offers the opportunity to trade via cTrader, the industry-leading MT4, and a proprietary browser-based platform, also available on Android and iOS. 

If you sign up for a demo account, you’ll get a virtual balance of $10,000, which you can use to learn the ropes. The risk-free account provides a safe virtual space to introduce novices to the world of trading and investing. They can test strategies, improve their knowledge, and more.

You have 90 days after registering with Skilling to create a demo account. Interested potential clients can register on the website. It’s easy to upgrade from a demo to a real account later. You only undergo quick account verification.

Skilling’s in-house platform features many indicators, including moving averages, MACD, and other options. Technical analysis is easy and convenient. A variety of chart styles is available depending on your visual preferences. You can opt for full order management if you’re still not confident in your skills. You will have access to previous balances and trades as well as your withdrawal history.

The option to analyze historical trading patterns is particularly useful. You can make more accurate forecasts by studying historical data.

You can use any major browser to access Skilling’s trading platform. It is also available on mobile, with specific apps for iOS and Android.

Final Thoughts

Thank you for reading our guide on the best apps to practice trading. Beginners are encouraged to use demo trading apps to learn more about real-life trading. Demo accounts also help users learn how to maximize profit and avoid losses.

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