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Trading can be a great way to invest for future financial goals or as a profitable side hustle, but only if you have trading experience. Practice is a crucial element of trading, but many of us simply don’t have the funds to take excessive risks learning the ropes. This is where paper trading comes in.
Webull paper trading is essentially a demo account that allows you to gain experience without actually investing real money. A paper trading account can allow you to explore the different trading techniques without risk.
Here we’ll explore paper trading on Webull in more detail to help you determine if it is a good fit for you.
Webull is currently offering new users 6 free stocks worth up to $12,600 for trying the platform. You’ll get two free stocks (each worth $3 – $300) for signing up, and four free stocks (each worth $7 – $3,000) for funding your account with any amount of money. Sign up for Webull through this link to be eligible for the bonus.
As we touched on above, paper trading on Webull is designed to help you to start trading without needing to make an initial investment. This is a popular type of “dummy” account that’s popular with trading newbies.
You can use paper trading on both the mobile and desktop Webull platforms, so you can practice initiating your trading instructions at home or on the go. However, the paper trading platform is linked to the full Webull system that you can activate when a new account is created. This means that you can practice as much as you like and then move over to a live trading account when you’re ready.
To learn more about the platform, please read our Webull review.
While most people asking “What is paper trading on Webull?” are beginners, there are benefits for traders of all experience levels. The benefits for more experienced traders include:
- Ability to test the platform: If you’re a more experienced trader or professional, you may want to test the platform before transferring your investments.
- Test new strategies: You can reduce the risks of new and different strategies before using your own funds. You can see how the strategies are working using a paper trading account and not lose any money if they don’t seem to be profitable.
However, beginners can also benefit from:
- Quick and easy account opening: There’s no need to make an initial deposit, so you can open an account quickly and easily to get started with your mock trading.
- No risk: Many beginners lose money as they start trading, since they may not be familiar with the best strategies. However, with a Webull paper trading account, you’ll only lose virtual money as your account is not linked to real money.
- Educational tools and materials: Webull has a variety of educational tools and materials to help beginners learn various strategies they can use while trading. Of course, first hand experience is also an educational practice that can help you.
Webull is a free investing app that provides advanced reporting tools and allows you to make free trades of stocks, ETFs, and options. Right now Webull is offering six free stocks when you signup through our link (use the button below) and deposit any amount.
- Commission-free trades of stocks, ETFs, options, and cryptocurrency
- Buy fractional shares for any amount
- Extended trading hours
- Advanced reporting tools
- IRAs now available
- 24/7 customer service
As we touched on above, the process of setting up a Webull paper trading account is relatively easy. Since there is no need for an initial deposit, you can get started quickly in just a few steps.
Step 1: Open Your Webull Account
The first thing you need to do is open your Webull account. You can do this on your desktop computer or mobile device. You’ll need to enter a valid email address to obtain a verification code and choose a password of 8 to 20 characters.
Once you receive and enter the verification code, you’ll be directed to the Webull additional insurance policy for its client’s SIPC (Securities Investor Protection Corp) coverage. You’ll need to confirm that you’ve read this page to register your account.
You can then download the Webull desktop or mobile app.
Step 2: Log In
You can log into Webull using your email and the password you set during registration. If you signed up using your phone, you can also log in using your phone number.
Once you log in to the trading platform, click the “Unlock Trading” button on the right-hand side of the screen. Although you won’t be using real funds initially, US-based traders do need to provide an ID to open a trading account. If you don’t provide your identification details, you cannot unlock Webull paper trading.
Fortunately, verifying your ID is simple. If you have a valid U.S driver’s license, you can simply submit a photo of the front and back. However, you can also use a valid U.S passport, Social Security Number, Individual Tax Identification Number, or U.S visa.
Step 3: Select Paper Trading
You can now choose a layout. You can select paper trading or paper day trading. Simply press the small circle icon containing a dollar sign. This is on the left-hand side of the desktop screen or on the app menu page if you’re a mobile user.
Step 4: Begin Trading
Now that your paper trading account is fully set up, you can start trading using virtual money on the Webull platform. Webull provides a $1 million balance for paper trading, so you can trade in virtually any U.S exchanged-traded stocks.
You can choose stocks to trade according to your own research. However, if you’re completely new to trading, you can explore the tutorials to understand how the stock market works. You can access the Webull learning center via the book icon on the left-hand side of the page
Step 5: Explore the Charts
Finally, it’s a good idea to explore the charting functionality on the platform. Webull charts allow you to view pricing and the standard technical indicators. Again, there’s a variety of educational resources for technical analysis in the learning center.
The charting software on Webull is intuitive and well suited to traders of all skill levels. You can toggle the chart settings including time frames, indicators, and appearances on and off, making it very easy to use.
However, the charts are a package, so depending on what type of trader or investor you are, you may see that some chart settings are missing. For example, you may find a lack of third-party indicators in your chart settings. Fortunately, Webull does have the most commonly used charting indicators and tools including drawing tools and Fibonacci.
The great thing about paper trading is that you can play around with the charts and if you misunderstand one and make an unprofitable trade, you won’t have lost any real money. You can simply backtrack to figure out what went wrong.
Once you’ve set up your paper trading Webull account, you can begin to initiate trades on the platform. You’ll need to bear in mind that there are different trading strategies, so it’s important to learn about which strategies would work best for you. You can then research the assets and options, using the Webull news section for the latest information. When you’re ready, you can place an order for your chosen asset. You can also practice stopping the order at the right time to make a profitable trade.
The Webull paper trading account allows you to trade with options including buying and selling at a specified price point. Webull offers several stock options even if you’re using a demo account.
You can continue to paper trade on Webull until you feel confident that you’ve gotten the hang of trading in general and using the platform. When you’re ready, you can move over to a real Webull trading account. You can simply log in and open up a real account to have access to the deposit functions.
Want to learn more about Webull? Be sure to read these articles:
- Can You Day Trade on Webull?
- Does Webull Have Instant Deposit?
- Does Webull Have Fractional Shares?
- How Does Webull Make Money?
Reasons to Consider Paper Trading on Webull
Webull has great potential as a beginner’s trading platform, but it also has some appeal for those with more trading experience. There are no trading fees and several of the non trading transactions have no associated fees. The platform is flexible and you can use it on desktop, mobile apps or the web. Webull offers the opportunity for trading with a variety of US stocks, options, and cryptocurrencies and has plenty of learning resources to help you build your trading confidence.
Webull paper trading is a great feature for those who are new to trading or want to test out different strategies. Paper trading allows you to test your trading plans to gain experience without any risk of losing funds.
Webull has made it easy to set up and use a paper trading account with no fees or costs. So, if you’re interested in learning more about trading, Webull is a great place to start. The platform is beginner-friendly, but it has sufficient tools and features to keep more experienced traders happy, particularly with the low fee structure.
Once you’re comfortable with the techniques used in paper trading, you can graduate across to a real trading account and start making trades with your investment fund.
See how Webull compares to other platforms: