Paper trading without a brokerage account (2026)
We track 5 simulators for practising without a brokerage account. They are ordered by how completely their details are verified from provider pages, not by quality or payment.
Of these, 4 are listed as free (Alpaca Paper Trading API, moomoo Paper Trading, Tradeskill, InvestGame), 5 use real-time or live data at least partly (Alpaca Paper Trading API, moomoo Paper Trading, Tradeskill, InvestGame, TradePlay (TradeWire)), and 5 can be used without a brokerage account (Alpaca Paper Trading API, moomoo Paper Trading, Tradeskill, InvestGame, TradePlay (TradeWire)).
The most completely documented options here are Alpaca Paper Trading API (price: Free; data: Real-time IEX data (Paper Only accounts get IEX only); starting balance: $100,000 default; balance set when creating a new paper account); moomoo Paper Trading (price: Free; data: real-time quotes; starting balance: 1M per market account (US app: HKD, USD, CNH, SGD; Canada app: USD, CAD)); Tradeskill (price: Free forever (per site); data: Live prices (per site); starting balance: $20,000).
How to choose: decide first whether you need the same market you will trade for real (e.g. NSE F&O vs US stocks), whether delayed quotes are acceptable for your style (they are fine for long-term practice, poor for day trading), and whether the app forces you to open a brokerage account. Each linked listing shows its sources so you can confirm the details.
| Simulator | Assets | Data | Price | Account |
|---|---|---|---|---|
| Alpaca Paper Trading API | stocks | Real-time IEX data (Paper Only accounts get IEX only) | Free | Paper Only Account needs only an email |
| moomoo Paper Trading | stocks, ETFs, options, futures, crypto | real-time quotes | Free | Free moomoo app login; no brokerage account needed |
| Tradeskill | stocks, ETFs, crypto | Live prices (per site) | Free forever (per site) | Sign-up, no brokerage |
| InvestGame | stocks, crypto, forex | Real-time (per site) | Free | Account (browser) |
| TradePlay (TradeWire) | stocks, forex, crypto, indices | Real-time prices (developer site) | unknown | No brokerage account or deposit (developer site) |
FAQ
What is the best paper trading app for practising without a brokerage account?
It depends on your market and data needs. The most completely documented options in our dataset are Alpaca Paper Trading API, moomoo Paper Trading, Tradeskill. Compare data delay, price and account rules in the table above.
Which paper trading apps for practising without a brokerage account are free?
Listed as free: Alpaca Paper Trading API, moomoo Paper Trading, Tradeskill, InvestGame. Some 'free' simulators require a funded or approved brokerage account; see each listing.
Which have real-time data?
Real-time or live data (at least partly): Alpaca Paper Trading API, moomoo Paper Trading, Tradeskill, InvestGame, TradePlay (TradeWire). Check each listing for delays on specific markets.
Can I paper trade without opening a brokerage account?
Yes, these need no brokerage account: Alpaca Paper Trading API, moomoo Paper Trading, Tradeskill, InvestGame, TradePlay (TradeWire).
Related lists
Information only, not financial advice. Simulated results do not predict real results. Features and availability change and vary by country; check the provider's site. Sponsored or affiliate links, if any, are labelled.