Paper trading is a wonderful medium for new traders to gain through understanding of various stock trading tactics. Also known as virtual trading, paper trading simply refers to establishing a virtual trading environment in which traders can trader in stocks using virtual currency.
This type of trading has become immensely popular since its presents almost zero risk to traders as they don’t come across losing their hard-earned money while gaining deeper insights into stock trading basics.
What is a paper trading app?
A paper trading application refers to a software program designed for mobile devices that creates a virtual trading environment for its users and allows them to buy and sell stocks just like real trading.
The best paper trading app in India can be downloaded and installed on all popular mobile devices. There are different types of paper trading apps available today that are meant to bring in a lot of ease and value for traders looking to learn different stock market tactics.
Reasons to Use A Paper Trading App
There could be hundreds of reasons behind the use of a paper trading app like:
Education and Learning
By resorting to paper trading, investors may test out various trading ideas and obtain valuable experience without having to risk real money.
Knowing Trading Techniques
Investors may choose to explore various trading methods through virtual trading and refine them according to the outcomes.
Developing Self-Belief
Though investors try their hand at virtual trading, they tend to gain more confidence in their ability to make decisions while trading equities.
Keep A Check On Market Dynamics
In a simulated trading environment, paper trading enables traders to watch and keep a check on market movements, patterns, and volatility.
Hazard Assessment
Through virtual trading, investors may improve their risk management strategies without facing financial repercussions, which increases their capacity to reduce possible losses.
Best Free Paper Trading Apps in India
If you are looking for the best paper trading app in India, you can’t miss out the following free paper trading apps that are not only free to use but also come with numerous features that make paper trading a smoother affair.
1. Zerodha
If you are want to keep a check on the latest and effective stock trading techniques, you can try out Zerodha virtual trading which is also known as a demo account. The best paper trading app features a number of lessons, presentations that encompass all topics with detailed information.
In addition, users can indulge in various quizzes that help you check your knowledge on different topics.
- Get easy access to level-3 information that can help you understand market liquidity in detail.
- Get deeper insights into market information with smart and detailed trading charts
- Define triggers to determine when to enter or exit stock holdings
- Create and upkeep multi-stock baskets with the trading app
- Get precise historical data to measure and analyze profit/loss statements
2. TradingView
TradingView is another best free paper trading app in India that comes with a number of features for day traders. With over 30 million traders using the platform, it is undoubtedly one of the best choices you would make.
The paper trading app enables its users to chart, define indicators, and analyze real-time information to forecast precise stock price movements and profit from short-term price variations.
TradingView was initially created for stocks and ETFs, but has lately included coverage for cryptocurrencies. The uses can also choose from various financial derivatives like futures and CFDs, too. If you don’t want to spend money on paper trading, you can opt for free plan. Due to the easy availability of features and benefits, it is one of the most popular paper trading apps for both new and experienced traders at present.
3. MoneyBhai
The next in the list of best free paper trading apps is Moneybhai, which creates a wonderful virtual trading environment where traders can trade in stocks using virtual money and get their hands on the buying and selling of stocks very much similar to real money trading.
The paper trading app assists 18–34-year-old novices in the market and lets them do backtesting strategies. To simulate an actual online brokerage account, the app makes the use of actual stock market data and news. Every participant in Moneybhai’s operation would get virtual currency of Rs 1 crore in their portfolio account, with a daily trading cap of Rs 1 crore.
4. Sensibull
Sensibull is one of the most preferred paper trading apps in India that offer unmatched value to both new and experienced traders. The most interesting thing about this best free paper trading app in India is that it comes with the features of a strategy engine that suggest option strategies that enable traders in formulating and executing a trading strategy. Some of the most interesting features of Sensibull app are enhanced option chain, event calendar, option analyzer, option central, and others.
The Conclusion
With several paper trading apps available today, it is no big deal to make the best choice. However, if you are looking for the best free paper trading app in India, you can choose from the aforementioned options that are known to be leading the category.
