Best Virtual Options Trading Simulators

Options trading isn’t exactly a walk in the park. If you’re not careful, one bad trade can wipe out your portfolio faster than you can say “covered call.” That’s where virtual options trading simulators come in. These platforms let you practice strategies, test the waters and build confidence without losing a single real-world penny.

We’ve rounded up the best options trading simulators that offer realistic paper trading environments, powerful analytical tools and hands-on market experience. Whether you’re a total beginner or an experienced trader fine-tuning your strategies, these simulators give you a risk-free way to learn the ropes before diving into live trading.

1. Best for Professional-Level Simulations: Interactive Brokers

• Fees: Free with an Interactive Brokers account
• Paper Money Amount: $1 million
• Promotional Offer: None

If you’re looking for a serious options trading simulator with access to real-world trading tools, Interactive Brokers (IBKR) is a top choice. It gives you $1 million in virtual equity and lets you trade using its Trader Workstation or IBKR mobile app in a live environment. The paper trading mode is nearly identical to real trading, complete with market data, execution speeds and trading conditions that mirror reality.

IBKR isn’t exactly plug-and-play. You’ll need to request a virtual account with separate login credentials, and you must have a funded account to activate the simulator. This makes it better suited for traders who are already IBKR clients or plan to use the platform for live trading.

2. Best for Mobile Paper Trading: Webull

• Fees: Free
• Paper Money Amount: Customizable
• Promotional Offer: Free stocks for signing up

Webull offers a slick and beginner-friendly mobile trading experience, and its options trading simulator is one of the best for those who prefer to trade on the go. Unlike some platforms that require desktop setups, Webull lets you switch between real and virtual trading on its mobile app.

The platform provides real-time data, profit and loss tracking and an easy-to-use interface. Whether you’re learning basic options strategies or testing advanced trades, Webull’s simulator gives you a simple, intuitive way to practice.

One of the best parts? No account funding is required. You can start paper trading right away, making Webull an excellent choice for beginners and mobile traders who want a risk-free way to practice.

3. Best for Simulating Large Trades: Moomoo

• Fees: Free
• Paper Money Amount: $1 million
• Promotional Offer: Free stocks for signing up

Moomoo takes paper trading seriously, so much that they hand you $1 million in virtual funds to experiment with. This allows traders to test large-volume options trades, advanced strategies and high-stakes simulations without the risk of losing real money.

The simulator offers real-time quotes, advanced charting and access to Nasdaq Level II data, giving traders an edge in strategy-building. If you want to simulate big trades with institutional-level data, Moomoo’s virtual trading platform is one of the best.

4. Best for Beginners: E*TRADE Paper Trading

• Fees: Free
• Paper Money Amount: $100,000
• Promotional Offer: None

E*TRADE’s Power E*TRADE platform makes it easy for beginners to start paper trading options with zero risk. The simulator mimics live market conditions, allowing traders to place realistic orders, track P&L and adjust positions before using real money.

The platform is user-friendly, with educational resources, strategy guides and a clean interface that makes it easy to learn. Unlike some simulators that cater to advanced traders, E*TRADE’s setup is ideal for those just starting with options trading.

No account funding is required, so you can start practicing immediately without financial commitment.

5. Best for Advanced Trading Tools: TradeStation

• Fees: Free with a TradeStation account
• Paper Money Amount: Flexible virtual funding
• Promotional Offer: None

TradeStation is built for active traders who want serious analytics, strategy testing and automation tools and its options trading simulator is no exception. The simulator mirrors real trading conditions, giving you access to OptionStation Pro, charting apps and custom strategy coding so you can test and refine your approach.

One of its standout features is the ability to automate trades using custom scripts. This allows you to backtest strategies and see how they would have performed in past markets – a crucial feature for options traders looking to develop winning algorithms.

While the simulator is free, you must set up a funded account to access it. If you’re an experienced trader who loves customization, automation and professional-grade tools, TradeStation’s virtual trading environment is a solid choice.

6. Best for Thinkorswim Fans: Charles Schwab PaperMoney

• Fees: Free with a Charles Schwab account
• Paper Money Amount: $100,000
• Promotional Offer: None

If you love Schwab’s thinkorswim platform, you’ll feel right at home with PaperMoney, its built-in trading simulator. It offers a full-featured trading environment, allowing you to test options strategies, track performance and refine your skills with $100,000 in virtual cash.

Thinkorswim is widely regarded as one of the best trading platforms for technical analysis and PaperMoney gives you access to all its charting, indicators and order types. Whether you’re learning complex spreads or fine-tuning your strategy, this simulator is as close to real trading as it gets.

The only downside? You need a Schwab account to access PaperMoney, but there’s no minimum funding requirement. If you’re already using thinkorswim or plan to, this is one of the best free options trading simulators available.

7. Best for Low-Cost Trading Simulations: eOption

• Fees: Free with an eOption account
• Paper Money Amount: $100,000
• Promotional Offer: None

eOption may not be the flashiest platform on the market, but when it comes to low-cost options trading, it’s a hidden gem. Its virtual trading simulator mirrors real trading conditions, giving you $100,000 in paper money to practice options strategies, test different order types and refine your trading style.

One of eOption’s standout features is its low commissions for live trading, making it an excellent platform for traders transitioning from paper trading to real trades without breaking the bank. While its simulator doesn’t have the ultra-advanced analytics of Interactive Brokers or TradeStation, it does a solid job of replicating real market conditions, so you can see how your trades would play out.

8. Best for Trading Education & Live Training: Warrior Trading

• Fees: Requires a Warrior Trading subscription
• Paper Money Amount: Customizable
• Promotional Offer: Free trial available

Warrior Trading isn’t just a simulator – it’s a full-blown trading education platform. Designed for beginners and active traders, Warrior Trading’s virtual options trading simulator offers real-time trading conditions, live mentorship and in-depth training courses to help you build a profitable strategy before trading real money.

What sets Warrior Trading apart is its structured approach to education. You don’t just get a simulator; you gain access to real-time trading classes, community discussions and guided mentorship from professional traders. If you’re new to options trading, this hands-on approach can accelerate your learning curve and help you avoid costly beginner mistakes.

Unlike most free simulators, Warrior Trading requires a subscription to access its paper trading features. While the subscription isn’t cheap, it includes live coaching, trading strategies and direct access to market professionals, making it a great option for those serious about learning options trading the right way.

How Do the Best Virtual Options Trading Simulators Compare?

Choosing the best simulator depends on your trading style and experience level. If you want advanced tools, Interactive Brokers and TradeStation are top choices. For mobile traders, Webull is the easiest to use. Thinkorswim’s PaperMoney offers the best technical analysis, while E*TRADE’s simulator is perfect for beginners.

All of these simulators provide a risk-free way to practice options trading, but the best one for you depends on your goals, experience and trading preferences.

What to Look for in an Options Trading Simulator

Not all virtual options trading simulators are created equal. Some are sleek, intuitive and packed with real-time data, while others feel like they were designed for a 1990s stockbroker stuck in a time warp. If you’re serious about using a simulator to hone your options trading skills, you’ll want one that mimics real market conditions, offers various strategies and provides the tools to learn without risking real cash.

User-Friendly Interface

If your options trading simulator looks like it belongs on a DOS computer from the '80s, you’re going to have a bad time. A user-friendly interface is crucial, especially if you’re just getting started.

A good trading simulator should make it easy to execute trades, analyze performance and adjust strategies without frustration. If you spend more time navigating clunky menus than actually learning how options work, the simulator is doing more harm than good. Look for a platform with intuitive navigation, a clean dashboard and a clear order placement system.

Real-Time Market Data

Options trading is all about timing and price movements, so using a simulator with delayed or inaccurate data is like practicing archery blindfolded. Real-time market data is essential for making informed decisions, testing strategies under realistic conditions and understanding how volatility affects options pricing.

If the simulator feeds you outdated pricing data or fails to reflect real-world bid-ask spreads, you won’t get an accurate feel for how the market actually works. Some platforms, like Moomoo and Interactive Brokers, provide real-time Level II data, which is incredibly useful for seeing market depth and understanding price action in options trading.

Variety of Options and Strategies 

A good options trading simulator should offer more than just basic call and put trades. If you’re serious about learning the ins and outs of options trading, you’ll need a platform that supports multi-leg strategies, spreads, straddles, iron condors and covered calls.

Platforms like TradeStation and Interactive Brokers offer advanced trading tools that let you test complex options strategies in real-time conditions. Meanwhile, some beginner-friendly simulators only allow single-leg trades, which can be limiting if you plan on diving deeper into options trading.

Comprehensive Educational Resources

If you’re new to options trading, you don’t just need a simulator, you need a crash course on how options actually work. A simulator with built-in educational resources, tutorials and strategy explanations can make a world of difference.

Some platforms, like Warrior Trading, focus heavily on education, offering live mentorship, webinars and guided trading sessions. Others, like E*TRADE and Webull, include beginner-friendly tutorials and explainer videos within the simulator.

Customizable Trading Settings 

Not every trader uses the same interface, data preferences and risk tolerance levels, so the best options trading simulators should be customizable. This means being able to adjust portfolio size, change order types, modify risk settings and even tweak data display preferences.

For example, TradeStation allows you to code and automate trading strategies, making it a great tool for traders who want to test custom algorithms. 

How We Test Virtual Options Trading Simulators

We evaluate virtual options trading simulators based on realism, ease of use, strategy options, cost and educational value.

First, we assess real-time market conditions. Does the simulator reflect live market movements accurately, or is it working with delayed data? Next, we look at how extensive the strategy offerings are. Does it allow for multi-leg trades, spreads and advanced strategies or just basic options trades?

We also test user interface and functionality. A platform that’s too clunky, hard to navigate and lacking essential tools gets marked down. On top of that, we check pricing. Some simulators are free, while others require a funded brokerage account or a subscription fee.

Frequently Asked Questions