What is the best paper trading platform in Canada?

The best paper trading platform in Canada varies depending on factors such as what you want to trade and how much trading experience you have. Popular options worth considering include Interactive Brokers, Questrade, RBC Direct Investing, Qtrade, Moomoo and Scotia iTRADE.

Is paper trading good for beginners?

Yes, paper trading is a good way for beginners to learn the basics of investing without putting any real money at risk. You can use it to learn how to use a trading platform, how to place buy and sell orders, and to test out investment strategies.

Is paper trading risk-free?

Paper trading is risk-free in the sense that you only "trade" with fake money, so you never put any real money at risk. But there are drawbacks to be aware of. For example, the trading decisions you make when trading with fake money could end up being very different to the decisions you would make if you had real money at stake, so you need to be aware that paper trading won't completely prepare you for the real thing.

Can I do paper trading via a mobile app?

Yes, most brokers that support paper trading typically also offer a paper trading app. If you plan on placing trades via mobile, be sure to practice paper trading in the app to familiarize yourself with its user interface.

Home Authors Tim Falk

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.