The easiest way to learn about stock trading is through the Virtual Trading App or the website. We’re much luckier than our grandparents, or even our parents. We’ve got tools called Virtual Stock trading Platforms.
The use of new technology and IT has helped us a lot in building a virtual stock trading platform. There are many websites and brokerages providing this kind of network.
If you are a beginner or a new investor and want to learn about stock trading, you should use a virtual trading concept. Virtual Stock Trading lets you do some practice and practice before putting your hard-earned money on the stock market.
In this blog, we will discuss the following topics related to virtual trading.
- What is Virtual Trading?
- How Virtual Trading Platform works?
- Positives and Negatives of Virtual Stock Trading Platforms
- 5 Best Virtual Trading App and Sites for Stock Trading
What is Virtual Trading?
Virtual trading means trading in a virtual world. In a virtual world, you can buy and sell stocks using virtual money. No real money is involved in virtual trading.
Total profit and loss is in the simulated world. It’s like a simulator where a trader can practice without using real money. The environment in given here is near to the real environment. You can sense the real world.
It is a very smart option to use this platform for learning to trade. It reduces the financial risk that could occur as a result of the actual decision to trade.
There are many names for this platform. It’s called a stock trading game, a stock simulator, a virtual trading app or site.
How Virtual Trading platform works?
The method of using virtual trading platforms is very simple. Take the steps below:
- Login to the website or app and open a free/paid account on a simulation platform.
- Apply and get virtual money to buy and sell the stock.
- Learn basic stock market and trading strategies.
- Start buying and selling stocks and apply trading strategies.
- Check the portfolio of shares for profit and loss.
- Follow the procedure above for a couple of days before you have confidence.
- Once you become an expert, go to real trading.
Positives and Negatives of Virtual Stock Trading Platforms
While there are multiple advantages to the virtual stock trading platform. There are some disadvantages, too. Let’s address the positives and negatives of using this platform in depth.
Positives of using virtual stock trading platforms:
- A platform for the learning of free stock trading.
- No requirement for a No requirement for a
- Instant virtual stock trading with virtual money.
- Risk free way to learn to trade in stock.
- You can make a mistake and learn from that.
- No training intervention is required for the use of this platform.
- It’s a good tool for creating confidence in the trader.
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Negatives of using Virtual Stock Trading Platforms:
- It’s a replication of real-life experience. But, in a few circumstances, the simulator world may not be the same as the real one.
- Trade here can be impractical, as it is done by using virtual money.
- The techniques used in a virtual environment could not work in the real world due to market conditions and other factors.
5 Best Virtual Trading App and Stock Trading Sites:
Moneybhai is the best online trading simulation game powered by Money Control. This platform offers 1 Crore cash on a portfolio account with 1 Crore intraday trading cap.
You can buy shares, mutual funds, bonds and fixed deposits in a virtual environment using this capital. You can build limit order, market order, GTC order, GTD order, Short sell and square off using this platform.
All you need to do is build an account on this website. You can use your Facebook, Google, e-mail ID or mobile number to register on this website. It’s a really good learning tool that lets you learn as well as win the investment challenge.
The Dalal Street Investment Journal also provides an online trading site. You can exchange stocks in real time using a virtual portfolio. You can get a virtual cash from Rs.10 Lakh on this platform.
On this platform, you will compete with the best investors. You can win prizes every day at a virtual stock trading game on DJ Street. This game follows the stock price of BSE.
In addition to a web-based platform, you can also use smartphone applications such as “Stock Market Challenge” and “Trader” to learn stock trading.
Chart Mantra is one of the best virtual trading games of economic times. You can learn about technical analysis and play on the historic market using this platform.
This platform offers Rs.1 Lakh virtual cash to play the game. You can play this game on one stock at a time. The data offered here is historical. You can buy, sell or sell a stock short. You may sign up for this site through Facebook or Google ID.
Moneypot is a web based stock market simulation game. This game is perfect for beginners. This game is generally recognized by various institutions for the training of students.
On this platform, you can get Rs.20 Lakh virtual cash. This site also provides a prize to leading traders. This platform does not provide a loss stop facility.
You need to sign up to play this game on this platform. This is a recommended platform for new investors and traders.
Trackinvest is a virtual platform for trading in social equity. You can conveniently access this platform on your desktop as well as on your mobile device. Using this tool, you will build and enhance your investment skills.
A simple interface with rich content lets you do business in a virtual world. Tracking, Copy Trade, Sentiment Analysis, Market Analytics Map are a few features provided by TrakInvest.
Do you use the Virtual Trading platform to learn how to trade on the stock market?
Leave your views on this article. Also share your experience of using these sites, games in the comment section.