Best Paper Trading Apps in 2024 (for India)

Are you new to stock market investment and trading? Trading without knowledge, strategy, and practice is risky. Don’t put all your money in a trading account. First, practice on paper trading apps to learn and understand how stock prices move.

Paper trading is the safest method to practice stock market investment and trading without risking your real money. It helps to boost your confidence in a particular trading strategy.

In this article, I have listed some of the best paper trading apps for the Indian stock market. These apps provide you with virtual money to trade in stocks and FNO (future and option).

Best Paper Trading Apps in India

Paper trading apps allow you to trade with virtual money and the real interface. It helps beginners boost confidence in the share market.

Here are India’s best paper trading apps that provide virtual money with real trading experience.

1. Frontpage

Frontpage is India’s most popular paper trading app that provides an immersive and realistic trading experience with virtual money. It’s available for Android and iOS devices.

Frontpage gives 10 lakh virtual money to practice in different segments. You can trade in stocks, derivatives (options), and commodities. There are no charges for account signup.

Frontpage also connects investors and traders from all over India. You can join the community to share insights and learn from experienced traders.

So, sign up for an account today and start practicing the stock market with virtual money.

2. Neostox

Neostox is another popular stock market simulator that offers paper trading facilities in various segments.

If you want to learn money management and practice the stock market with large capital, then Neostox is a great option for you.

Neostox provides ₹1 crore virtual money to practice and learn the stock market. It also provides advanced tools like index analyzer, option chain analysis, hedge trading, and basket orders.

Neostox provides real-time data from India’s major stock exchanges like NSE and BSE. You can practice any strategy and risk management before deploying a large capital in your real trading account.

3. MoneyBhai

MoneyBhai is a stock market simulation platform by Moneycontrol. It offers ₹1 crore virtual cash in your portfolio to invest across stocks, mutual funds, and fixed deposits.

It also provides ₹1 crore intraday limit to trade in stock, derivatives, and currency. Apart from virtual money, MoneyBhai offers a user-friendly interface for beginners.

One standout feature of this app is- it provides real-time news updates and market analysis from expert investors that help beginners to make informed decisions.

4. TradingView

TradingView is the world’s most popular charting platform that also offers paper trading features.

TradingView’s paper trading feature provides a real-time order placement feature on the chart. You can enable this feature in your free TradingView account.

I have used the TradingView paper trading feature for a longer period, and it’s really helpful. I’m sure you’ll love the drag-and-drop stoploss and target feature on the real-time chart.

It offers $100,000 virtual money in your account to trade in stocks, currencies, commodities, and cryptocurrencies.

You can create a TradingView paper trading account for free of cost. Go! Practice a strategy and boost your confidence.

5. Sensibull

Sensibull is a premium stock market simulator for option traders. It comes with many pre-built strategies and also allows you to create your own strategy.

It provides real-time market data, advanced option chain analysis, and learning resources for beginners.

You can log in to Sensibull using your Zerodha Demat account and test your trading strategy. If you’re a beginner, then the user interface might be difficult to understand.

Still, Sensibull is one of the best paper trading platforms for options traders. However, some features might not be available in a free account.

6. Moneypot

Moneypot is a stock market trading simulation game that offers real trading experience with virtual money.

It also provides virtual challenges and competitions to participate in and connect with traders and investors from all across the country.

You can enhance your trading and investment knowledge through educational resources available on the Moneypot platform.

7. StockPe

StockPe is another virtual trading platform that allows trading in stocks, commodities, and currency markets without risking real money.

This app runs learning quizzes, chart learnings, leaderboards, etc., to sharpen your skills and boost your confidence before trading with real money.

StockPe app is available for both Android and iOS devices. You can register a free account on their website to start practicing the stock market.

8. ChartMantra

ChartMantra is a popular stock market simulator game by the Economic Times. It allows beginner traders to sharpen their technical analysis skills without risking real money.

ChartMantra allows you to test your technical knowledge without signing up for an account. However, it’s recommended to create an account to keep all the records.

One standout feature of ChartMantra is- you can invite your friends to play along and see who performs best on the leaderboard.

What Mistakes To Avoid in Paper Trading?

If your goal is to become a successful trader in the upcoming months, start paper trading to test your skills and strategies. You should not make the following mistakes in paper trading:

1. Avoid Random Trades

The biggest mistake beginners make in paper trading is that they don’t take it seriously and start doing random trades.

Over time, this becomes their habit, and they lose all his/her trading capital in real trading.

So, don’t take paper trading casually. Treat it like real trading and only punch a trade if your trading setup allows it.

Strictly follow stoploss and target in every trade.

2. Avoid Overtrading

Intraday trading is a game of psychology, more than technical knowledge. Zerodha’s founder, Nithin Kamath, says the “biggest reason active traders lose money is overtrading.”

Paper trading is the most effective medium to develop a habit to avoid overtrading. I recommend you close your terminal if three traders consecutively go against your analysis.

3. Don’t Utilize Full Capital

As I said above, psychology matters a lot, and greed and fear are major psychological factors that affect most in day trading.

You should learn money management and risk management and strengthen your psychology through virtual trading.

If you utilize all trading capital, a small dip will create fear, and you won’t be able to sit until stoploss.

Similarly, a small volatility in the market will not let you wait for a bigger profit, and you exit the position before the target.

I advise you to define your loss of appetite and size your position according to that. You should utilize only a 25% to 30% margin of your total trading capital.

4. Make a Trading Journal

A common mistake unsuccessful traders make is – they don’t keep records of their traders, but successful traders keep all the records.

You shouldn’t do that. Make a trading journal in a diary/notebook and read on every weekend. It helps you rectify the mistakes that you made in a live market.

Conclusion

Practice makes a man perfect, and it applies to the stock market as well. Practice and test your knowledge and skills on paper trading apps before entering into real trading. I hope you found this guide helpful. Do let us know if virtual trading helped in your trading journey.