Guide to Choosing a Trading Simulator
Compare ChartingPark, Interactive Brokers, and Thinkorswim in a balanced guide to finding the simulator that matches your trading goals.
Why Use a Trading Simulator?
Trading simulators—also known as paper trading platforms—let you practice trading without any real financial risk. They provide an invaluable environment for refining strategies, testing execution, and building confidence under realistic market conditions. Though highly beneficial, keep in mind that simulators typically lack real slippage, emotional pressure, or trade costs. As Investopedia emphasizes, practicing on the same platform you intend to trade live helps best simulate real conditions.
Key Criteria for Choosing a Simulator
- Realism of Market Data & Execution: Live vs. delayed feeds, realistic order fills, slippage modeling.
- Tools for Analysis: Depth of technical and strategy tools.
- User Experience: Interface familiarity and ease of getting started.
- Feedback & Performance Insights: Metrics like win rate, streak tracking, or platform analytics.
- Accessibility & Cost: Free access vs. account requirements or fees.
Objective Comparison: ChartingPark, Interactive Brokers, and Thinkorswim
1. ChartingPark
ChartingPark offers a fast-forward technical trading simulator built as a focused trading game. Users replay historical market data at accelerated speeds, receive instant feedback on metrics like expectancy, win-rate, rating, and streaks, and progress through seasonal leaderboards and unlockable challenges. It's tailored for disciplined skill development through gamified repetition. For more context, see our internal article What is ChartingPark.
2. Interactive Brokers (IBKR) Paper Trading
Interactive Brokers is consistently recognized for the quality of its paper trading experience. NerdWallet lists IBKR as the top paper trading simulator, citing its unlimited access to all asset classes offered and strong realism. For options and advanced trading testing, Bankrate recommends IBKR among the best options simulator platforms. This makes it an excellent choice for traders who want a high-fidelity rehearsal in a mid-to-high complexity environment.
3. Thinkorswim (paperMoney) by Charles Schwab
Thinkorswim offers "paperMoney," a robust demo within a world-class trading platform. It supports stocks, options, futures, and more, with real-time data and professional tools. WallStreetZen ranks it as a top-tier simulator, and Bankrate often highlights it for its depth in options simulation. Access is free, but requires account setup with Charles Schwab.
Quick Comparison Table
| Platform | Best For | Pros | Considerations |
|---|---|---|---|
| ChartingPark | Technical traders focused on execution, metrics, and structure | Fast-forward replay, gamified feedback (metrics, leaderboards, challenges) | Less mainstream, niche onboarding focus |
| Interactive Brokers (IBKR) | Advanced traders seeking realism across all asset types | Access to broad instruments, high-fidelity simulated execution | Account setup required, platform complexity |
| Thinkorswim (paperMoney) | Traders exploring professional-grade tools and derivatives | Rich toolkit, real-time data, wide asset support | Requires Schwab account, steeper learning curve |
Choosing the Right Simulator for You
- Clarify Your Objective: Are you building technical discipline, practicing on a live-like platform, or mastering derivatives and execution?
- Factor in Interface Familiarity: Consistency with your eventual trading interface can reduce friction when transitioning to live trading.
- Look for Actionable Feedback: Platforms offering structured metrics and scoring—like ChartingPark—can accelerate skill development.
- Balance Realism vs Efficiency: Fast-forward replay (ChartingPark) may accelerate learning, while broker-simulated realism (IBKR, Thinkorswim) may better prepare for live execution.
Conclusion
Each simulator brings unique strengths to the table. ChartingPark excels at building technical consistency through gamified, time-compressed workflows. Interactive Brokers offers deep realism across markets and instruments. Thinkorswim delivers professional-grade tools with broad instrument support. Choosing the right one depends on your learning goals, preferred tools, and the trading environment you plan to move into. The best investment is consistent practice tailored to your path.