Options trading offers a strategic way to grow capital, but it also comes with risks. Before using real money, practising with a best options trading simulator can help traders refine their strategies, understand market movements, and build confidence.

A good simulator replicates real market conditions, allowing users to buy and sell options with virtual funds. It’s an effective way to test different approaches, whether focusing on covered calls, spreads, or more advanced strategies. 

Here’s a look at 20 of the best options trading simulators available today.

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1. thinkorswim by TD Ameritrade 

thinkorswim’s paperMoney® simulator is like a full-scale trading floor at your fingertips. It’s packed with real-time market data, advanced charting tools, and a deep pool of options strategies to experiment with. Whether you’re testing basic calls and puts or diving into complex multi-leg strategies, this simulator gives you the flexibility to fine-tune your approach.

It’s particularly well suited for those who want a professional-grade experience without putting real money on the line. The learning curve might feel steep at first, but once you get the hang of it, you’ll appreciate the level of detail it offers.

Why use it?

• Advanced charting and analysis tools
• Realistic market conditions with paperMoney®
• Ideal for traders refining complex strategies

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2. E*TRADE Paper Trading 

E*TRADE’s simulator strikes a great balance between simplicity and capability. It provides a clean, intuitive interface, making it an excellent choice for those new to options trading. At the same time, it has enough depth for experienced traders to test their strategies in a risk-free environment.

A standout feature is its integration with the live E*TRADE platform, so when you’re ready to switch to real trades, you won’t have to learn a whole new system.

Why use it?

• Easy to navigate, great for beginners
• Seamlessly connects with live trading accounts
• Strong support for multi-leg options strategies

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3. Interactive Brokers (IBKR) Paper Trading

IBKR’s paper trading account mirrors real-world market conditions almost perfectly. This means you can experience how options orders get executed in real time, including spreads, limit orders, and other trade types.

One of the key advantages is its global market access, perfect for traders who want to explore options beyond their home country. It also integrates with IBKR’s advanced trading tools, making it a solid choice for those who enjoy digging into the finer details of trading.

Why use it?

• Real-time market mirroring for an authentic experience
• Supports global trading with access to multiple markets
• Great for testing execution strategies and trade timing

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4. Webull Paper Trading 

Webull is a go-to choice for those who prefer trading on the move. Unlike some simulators that feel clunky on mobile, Webull’s platform is designed to be just as smooth on a phone as it is on a desktop. It also offers free options paper trading, meaning you can practise as much as you like without needing a funded account.

Its clean interface, detailed analytics, and customisable alerts make it a strong option for traders who like to track market movements closely.

Why use it?
✔ Fully optimised for mobile trading
✔ Free to use with no account funding required
✔ Easy-to-read charts and analytics

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5. TradeStation Simulated Trading

TradeStation is a favourite among traders who love digging into data. Its simulator offers real-time pricing, powerful backtesting features, and some of the most in-depth analysis tools available. If you like to test strategies based on historical trends and market signals, this is the one for you.

It’s particularly useful for traders who want to understand options pricing in detail, thanks to its sophisticated modelling tools.

Why use it?
✔ Excellent for data-driven traders
✔ Strong backtesting capabilities for strategy validation
✔ Professional-grade analytics

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6. Tastytrade Paper Trading 

Tastytrade (previously known as Tastyworks) is built with options traders in mind. Unlike some platforms that focus mainly on stocks, Tastytrade’s paper trading feature is specifically designed to help users test various options strategies in an interactive, risk-free environment.

What makes it stand out? The focus on strategy education. The platform encourages traders to try different approaches, adjust risk exposure, and understand how different market conditions affect their trades. It's a great choice for those who want to actively experiment instead of just watching numbers move on a screen.

Why use it?

• Interactive and engaging for options traders
• Designed to encourage strategy testing
• Risk-free way to explore different approaches

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7. OptionsXpress Virtual Trading 

For those new to options trading, OptionsXpress offers a no-fuss, easy-to-use simulator. It strips away unnecessary complexity, allowing users to focus on the basics: how options contracts work, how to place trades, and how different strategies play out.

The interface is simple, making it an ideal starting point. If you’ve ever felt overwhelmed looking at a trading platform, this one helps keep things manageable.

Why use it?

• User-friendly and easy to navigate
• Great for beginners learning options mechanics
• Allows risk-free practice without unnecessary distractions

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8. Power E*TRADE

Power E*TRADE’s paper trading platform isn’t just about executing trades, it’s about understanding the numbers behind them. It comes loaded with tools for tracking volatility, analysing probabilities, and fine-tuning strategy risk levels.

One standout feature is its risk-reward visualisation, helping traders see the potential outcomes of their trades before committing. If you’re someone who likes to make well-informed, data-backed decisions, this platform gives you the insights to do just that.

Why use it?

• Advanced tools for probability and volatility tracking
• Visual risk-reward analysis for smarter decision-making
• Ideal for traders who like to analyse before acting

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9. NinjaTrader Simulation Mode 

NinjaTrader is widely used for futures trading, but it also has a strong options simulation feature. If you like to dig deep into technical analysis, test multiple scenarios, and backtest strategies against historical data, this is a great fit.

Its real strength lies in powerful charting and market analytics. If you’re the type of trader who enjoys spotting trends and using in-depth indicators, NinjaTrader gives you the tools to refine your strategy with a more analytical approach.

Why use it?

• Advanced charting and technical analysis tools
• Backtesting features to see how strategies would have performed
• Ideal for traders who prefer a data-driven style

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10. Tradier Paper Trading

Tradier’s simulator is all about flexibility. Unlike platforms with rigid structures, it allows traders to test different options strategies in a way that suits their trading style.

It also integrates with third-party trading tools, meaning traders who already use specialised analysis software can connect their tools for a customised paper trading experience. If you like having more control over your trading setup, this platform is worth considering.

Why use it?

• Highly flexible and customisable
• Works with third-party trading tools
• Ideal for traders who prefer tailored experiences

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11. Firstrade Paper Trading 

Firstrade offers a straightforward, easy-to-use simulator designed to help traders get comfortable with options trading. It provides real-time data, which is a major advantage for those learning how market movements affect options pricing.

Since it keeps things simple, it’s a great tool for beginners who want to practise placing trades without getting lost in complex features.

Why use it?

• Beginner-friendly interface
• Real-time market data for a realistic experience
• Great for learning the basics without feeling overwhelmed

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12. StockTrak 

StockTrak isn’t just for individual traders, it’s used by financial institutions and universities to train students and professionals. It provides real-time market conditions, allowing users to practise options trading in a structured environment.

The platform is ideal for those who want a more structured learning approach, as it’s often used in educational settings to teach investment strategies.

Why use it?

• Used in universities and financial institutions
• Real-time market conditions for realistic practice
• Structured learning environment for those who like guided training

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13. MarketWatch Virtual Stock Exchange 

MarketWatch’s simulator is a web-based platform, making it accessible from anywhere without needing to download software. It’s free to use and includes both stock and options trading practice.

A big advantage is its user-friendly design, making it easy for traders to explore different options strategies without complicated setups.

Why use it?

• Completely free and easy to access
• No downloads required—works straight from a browser
• Simple interface, ideal for those just starting out

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14. Option Alpha Paper Trading 

Option Alpha is designed specifically for options traders, with a focus on automation and strategy backtesting. Unlike most simulators, it offers AI-powered tools to help traders refine their strategies and test different approaches efficiently.

For those who want to take a data-driven approach and explore how automation can improve their trading, this is an excellent choice.

Why use it?

• AI-powered strategy testing and automation tools
• Built specifically for options traders
• Great for refining strategies with data-driven insights

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15. ThinkTrader Demo Account 

ThinkTrader’s demo account provides access to real-time market data and technical analysis tools, making it a good fit for traders who prefer a more analytical approach.

If you like studying charts, indicators, and market trends, this platform offers the tools to do just that while practising options trading.

Why use it?

• Real-time data for an authentic trading experience
• Advanced charting and technical analysis tools
• Ideal for traders who rely on technical indicators

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16. Warrior Trading Paper Trading Simulator

Warrior Trading isn’t just a simulator, it’s a full trading education platform with courses designed to help traders develop their skills. The simulator itself allows users to test options strategies in real market conditions without financial risk.

Since it’s built for learners, it’s ideal for those who want to refine their approach while following structured lessons. Instead of just experimenting, traders can apply what they learn in real-time simulations.

Why use it?

• Integrated with Warrior Trading’s educational content
• Allows traders to practise in realistic conditions
• Great for those who want structured learning

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17. OptionsPlay Paper Trading 

OptionsPlay takes a different approach from traditional simulators. Instead of just letting users place trades, it suggests strategies based on market conditions. This makes it a great tool for those still learning how to choose the right options strategy.

The platform provides visual trade comparisons, making it easier to understand potential risks and rewards before making a decision. If you like a guided experience, this simulator helps you make more informed choices.

Why use it?

• Suggests trading strategies based on market conditions
• Visual comparisons make understanding trades easier
• Helps traders refine their decision-making process

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18. Fidelity’s Active Trader Pro® 

Fidelity’s trading simulator lets users test options strategies using both live and historical market data. This means traders can practise in current conditions or backtest their strategies against past market trends.

For those who like analysing past performance to refine future trades, this is a great tool. It provides a solid balance between real-time simulation and strategy development.

Why use it?

• Offers both live and historical market data
• Helps traders refine strategies before going live
• Ideal for those who like data-driven decision-making

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19. TradeSmart University Simulated Trading 

TradeSmart University combines educational content with a trading simulator, giving traders the chance to practise alongside structured courses. Instead of trial and error, users can apply lessons immediately in a risk-free environment.

It’s particularly useful for those who want a step-by-step approach, allowing them to build confidence before trading with real money.

Why use it?

• Combines structured learning with real-time practice
• Ideal for those who prefer guided trading education
• Helps build confidence before transitioning to live trading

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20. Paper Trading on Robinhood (via Third-Party Simulators) 

Robinhood doesn’t have built-in paper trading, but several third-party simulators mimic its interface. This is great for traders who plan to use Robinhood for live trading but want to practise first.

These simulators allow users to place options trades in a familiar setting, helping them get comfortable with order execution before risking real money.

Why use it?

• Simulates Robinhood’s trading experience
• Great for traders who plan to use Robinhood for live trading
• Helps users practise without switching platforms later

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Conclusion On The Best Options Trading Simulator

The best options trading simulator is the one that fits your learning style and trading goals. 

If you prefer structured lessons, Warrior Trading or TradeSmart University might be a good fit. If you want real-time data and historical backtesting, Fidelity’s Active Trader Pro® offers a solid balance. OptionsPlay stands out for its smart trade suggestions, while third-party Robinhood simulators help traders practise in a familiar setting.

If you’re serious about mastering options trading, a simulator is just the first step. To build a profitable strategy, you need expert insights, proven techniques, and a structured approach.

And that’s exactly what Next Level Academy delivers. Join our FREE Next Level Options Masterclass and learn all about:
✅ How to identify high-probability trades
✅ Risk management techniques to protect your capital
✅ Strategies used by experienced traders to generate consistent returns

With Next Level Academy you’ll get practical knowledge that can help you make smarter trading decisions, whether you’re new to options or looking to refine your skills.

Don’t just trade, trade with confidence.

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Frequently Asked Questions About Options Trading Simulator

What Features Should I Look For In An Options Trading Simulator?

Look for real-time market data, advanced charting tools, multi-leg options strategies, and a user-friendly interface. Some simulators also offer AI-powered analysis and trade suggestions.

Are Free Options Trading Simulators As Good As Paid Ones?

Many free simulators offer excellent features, but paid versions often include more advanced tools like historical data backtesting, AI-powered insights, and deeper market analysis.

What Are The Common Mistakes Traders Make When Using A Simulator?

Many traders take excessive risks, trade without a strategy, or ignore proper position sizing because there’s no real money at stake. Developing disciplined habits is key.

Is Paper Trading Suitable For Experienced Traders?

Yes. Even professional traders use simulators to test new strategies, refine execution techniques, and adapt to changing market conditions without financial risk.

How Do Options Trading Simulators Handle Market News And Events?

Some platforms integrate news feeds and earnings reports, allowing traders to simulate market reactions to major events, which helps with strategy testing.

When Should I Stop Using A Simulator And Start Trading Live?

If you’ve consistently applied a trading strategy with success, managed risk properly, and feel confident handling market fluctuations, it’s time to transition to real trading with controlled risk.