What is Interactive Brokers Paper Trading?
Interactive Brokers is one of the best trading platforms for shorting, day trading, and investing. It offers paper trading through which you can simulate the trading experience without any involvement of real money. Being a new trader, it is common to submit a wrong order and use the wrong position, to avoid such mistakes paper trading is the best way.
Step by Step Procedure to Open an Interactive Brokers Paper Trading Account
One can open an Interactive Brokers paper trading account when his/her account with Interactive Brokers is approved and funded. Paper trading accounts need 1,000,000 USD of paper trading equity that allows traders to experiment with full trading facilities available on Interactive Brokers using real market conditions. We found from the brokerage firm comparison, once the application is completed, the IBKR paper trading account is available within 24 hours & you can know more about it from comparison by click here. A trader gets notified once the account is ready for trading.
Here are the steps that one needs to follow to apply for the Interactive Brokers paper trading account:
- Log in to Account Management.
- Select Manage account then settings and then paper trading.
- Click on continue.
- A page will open which will ask you to enter a five-character paper trading account username in the field given.
- Write down the password on the field provided. The password needs to have 6-8 characters and should have at least one number.
- Re-enter the password and then click continue.
- Now you need to confirm the request to open a paper trading account.
- Pen down the password and the username somewhere safe.
How to Use Interactive Brokers Paper Trading?
Interactive Brokers has a simplified process of starting Interactive Brokers paper trading accounts. You just need to download the Interactive Brokers paper trading platform offered by them and give them the email address on the login screen. If a trader already has a live account, the broker will automatically create a paper account. He just needs to click on the Interactive Brokers paper trading tab which will change the color of the login screen to red and in the bottom, there will be written “simulated trading.” You can also know about how to open Interactive Brokers account from our guide section.
You need to start from installing Interactive Brokers Trader Workstation and then logging in it. For the traders who don’t have a live account with the broker, there is a “Try the Demo” link at the bottom of the screen on which they should click. Now you will need to fill your email address and select “Individual” on the “Demo Type.”
After launching the TWS, you will see a warning screen; you need to accept it to launch the TWS. TWS offers two views: Mosaic and Classic. You can switch between the two anytime you like by clicking on the tab at the bottom of the screen.
Who Are Eligible to Use Interactive Brokers Paper Trading?
Both new and seasoned traders can use Interactive Brokers Paper trading. A person having or not having a live account with Interactive Brokers can get the experience of trading without having to put their real money at risk through paper trading.
Interactive Brokers offers a great trading platform according to the comparison of brokers, and it’s Interactive Brokers paper trading is one of the best ways to learn more about trading. Interactive Brokers offers low trading fees, good customer support, and impressive Interactive Brokers paper trading experience to get started with the trading basics. The sophisticated trading platform offered by Interactive Brokers “Trader Workstation” offers a variety of tools and features to the traders.
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