Paper Trading

What is paper trading?

Paper trading is a simulated trading experience that allows you to practice buying and selling assets without using real money. Instead of placing actual trades in the market, you use a virtual account funded with simulated cash. This gives you the opportunity to test investment strategies, explore the trading platform, and build confidence in the financial markets without any financial risk.

What can I paper trade?

Our platform supports paper trading for stocks, ETFs, options, crypto, futures, and events. Options paper trading supports all options strategies available for live trading.

How do I access paper trading?

Paper trading is available on the mobile app, desktop app, and web platform. The new paper trading system is currently available only on the mobile and desktop apps.

To access paper trading, follow the steps below:

App:

1. Select Markets.
2. Select paperTrade.
3. Select Switch to Paper Trading or Continue to legacy paperTrade.

Desktop:

1. Select Legacy paperTrade on the left hand navigation bar.
2. Select More advanced paper trading.
3. Select Not Now if you would like to access our legacy paper trading system.

WebTrade:

1. Select Paper Trading on the left hand navigation bar.
2. Choose your desired layout and begin paper trading.

What is the difference between the new and legacy paper trading systems?

The new paper trading system is designed to more closely replicate the live trading experience, including support for overnight trading, more order types, and more advanced options strategies. The legacy paper trading system remains available on all platforms but does not fully mirror live trading functionality.

If you had positions in the legacy paper trading system, you can import those positions into the new system. Once the positions have been imported, you will no longer be able to place trades in the legacy paper trading system.

What are the trading hours for paper trading?

Our platform allows paper trading of eligible stocks and ETFs 24 hours a day, Monday through Friday. For options paper trading, available hours are 9:30 AM to 4:00 PM ET, excluding select index options that trade until 4:15 PM ET. Legacy stock and ETF paper trading supports trading only from 4:00 AM to 8:00 PM ET, Monday through Friday.

Why does my order not fill in paper trading?

Market orders are only executed during regular trading hours (9:30 AM to 4:00 PM ET) and fill immediately at the current market price. Limit orders, including those placed during extended hours, may execute during full trading hours. Other order types, such as stop orders and stop-limit orders, will only fill when the specified price or condition is met. The execution of orders in paper trading depends on trading activity and the last traded price. If there is no trading volume after you place an order, it will not be filled.

How do I distinguish between paper trading and real trading?

In paper trading, you are trading in a simulated environment where all transactions and funds are not real. Paper trading order buttons are clearly marked in orange for easy identification.

To transition back to your live brokerage account:

App:

1. Select Account.
2. Select paperTrade Overview at the top of the page.
3. Select Switch to live trading.

Desktop:

1. Select the toggle next to your account at to the top righ hand side of the app.
2. Select Switch to live trading.

WebTrade:

1. Select Account or Stocks on the left hand sidebar.
2. You will now place a trade on your live brokerage account when you search a security.

How do I reset my paper trading account?

To reset your paper trading account, please follow the instructions below:

App:

1. Switch to paper trading then select Account.
2. Select the account you would like to reset.
3. Select Reset Account

Legacy Paper Trading

1. Select Markets.
2. Select paperTrade.
3. Select the pencil icon next to Net Account Value.
4. Input a new amount.

Desktop:

1. Select your account at to the top righ hand side of the app.
2. Select Reset Paper Account.

Legacy Paper Trading

1. Select Paper Trading.
2. Locate the Paper Account Detail widget.
3. Select the blue Reset button.
4. Enter an amount and select Reset.

Can I export my paper trading order records?

Yes, you can export your order records from the mobile and desktop applications. Orders can only be exporting from the mobile app in the new paper trading system. Orders can only be exported from the desktop app on the legacy paper trading system.

To export, follow the steps below:

App:

1. Switch to paper trading then select Account.
2. Select History.
3. Select the download icon (arrow pointing down).

Desktop:

1. Locate the Orders widget
2. Select the three-line icon
3. Select Export Records

Can I view my paper trading account's P&L?

Yes, you can view your paper trading account's P&L within the new and legacy paper trading system. To view your paper trading account's P&L:

App:

1. Switch to paper trading then select Account.
2. Select the P&L tab.
3. Select the Account P&L or Symbol P&L tab to view your account's P&L figures as a whole or by symbol.

Legacy Paper Trading

1. Select Markets.
2. Select paperTrade then Continue to legacy paperTrade.
3. Select Performance.

Desktop:

1. Switch to paper trading then select Account on the left hand sidebar.
2. Review your account's P&L under the Performance widget.
3. Select the Account P&L or Symbol P&L tab to view your account's P&L figures as a whole or by symbol.

Legacy Paper Trading

1. Select Legacy paperTrade on the left hand navigation bar.
2. Select Not Now to access our legacy paper trading system.
3. Select the Add Widgets icon (toolbox) at the top right hand side.
4. Select the Paper tab then Paper Account P&L.

WebTrade:

1. Select Paper Trading on the left hand navigation bar.
2. Select the Widgets icon (toolbox).
3. Select Trade then Account Details to view your account's overall and day's P&L.

Why has my paper trading data been reset?

In legacy paper trading, data may be reset under the following circumstances:

• Inactivity: If there is no activity in your paper trading account for 180 days, all trading and profit/loss data will be cleared automatically
• Platform update: If you have recently updated your desktop platform, your paper trading data may have been reset

If your data has been cleared, you will need to re-enter any previously held positions.