Choose your trading plan
Start with our free tier or unlock advanced features for serious traders
Basic
Perfect for getting started
$0/month
- ✓5 trades per day
- ✓Market & limit orders
- ✓Day or GTC orders
- ✓1 portfolio (cash)
- ✓API & MCP access
- ✗WebSocket market data
- ✗Portfolio margin (SIMPLE, SPAN or TIMS)
- ✗Latency simulation (retail only)
- ✗Extended hours trading
Most Popular
Pro
For serious traders
$20/month
- ✓Unlimited trades
- ✓All advanced order types
- ✓Day, GTC, GTD, FOK, or IOC orders
- ✓3 portfolios (cash, margin & IRA)
- ✓API & MCP access
- ✓Real-time WebSocket market data
- ✓Portfolio margin (SIMPLE, SPAN or TIMS)
- ✓All latency profiles
- ✓Extended hours trading
Commercial
For businesses & institutions
$500+/month
- ✓Everything in Pro
- ✓500 accounts included
- ✓$1 per additional account
- ✓Priority support
- ✓Custom latency profiles
- ✓White-label API
The difference is in the details
Stop practicing in fantasy land. Start training in market reality.
| Feature | Other Platforms | Paper |
|---|---|---|
| Order Execution | Instant fills at displayed price | NBBO matching with queue position |
| Slippage & Impact | No slippage modeling | Volume-aware slippage & market impact |
| Market Conditions | Always available | Halts, auctions, market hours |
| Fee Structure | Simplified or no fees | SEC, TAF, exchange, regulatory fees |
| Margin Calculations | Basic buying power | Reg T & portfolio margin (SIMPLE, SPAN, or TIMS risk engine) |
| Broker Emulation | Generic rules only | 22 brokers with exact rules & restrictions |
Frequently asked questions
Everything you need to know about paper trading with Paper
What is paper trading and why use Paper?
Paper trading is practicing stock trading without real money. Paper is the most realistic paper trading platform because we simulate actual market conditions including slippage, partial fills, SEC fees, and broker-specific rules. Unlike other platforms that give you perfect fills at displayed prices, we show you what really happens when you trade.
How does Paper's broker emulation work?
We've analyzed and implemented the exact trading rules, commission structures, margin requirements, and trading hours for 22 different brokers. When you select a broker in Paper, you experience their specific features and limitations - from Robinhood's no short selling to Interactive Brokers' 4am pre-market start. This helps you choose the right broker before opening a real account.
Is Paper really free for paper trading?
Yes! Our Basic plan is completely free and includes 5 trades per day, market/limit orders, and API access. This is perfect for beginners learning to trade. Our Pro plan ($20/month) unlocks unlimited trades, all order types, portfolio margin, and extended hours trading for serious traders who want the full experience.
What is MCP and AI paper trading?
Model Context Protocol (MCP) allows AI assistants like Claude to interact with Paper's API using natural language. You can say "Buy 100 shares of Apple" or "Show me my best performing sectors" and the AI will execute trades and analyze your portfolio. Paper is the first trading platform with MCP support, making it perfect for testing AI-driven trading strategies risk-free.
Can I use Paper for day trading practice?
Absolutely! Paper is ideal for day trading practice. We simulate PDT (Pattern Day Trading) rules, real-time executions with proper queue positioning, and accurate intraday buying power calculations. Our platform tracks your day trades and warns you about PDT violations just like a real broker would. Plus, you can practice with different latency profiles to match your internet speed.
Do you support options paper trading?
Options paper trading is coming soon! We're building the most realistic options trading simulator with proper Greeks calculation, IV modeling, and assignment simulation. Join our waitlist to be notified when options trading launches. In the meantime, you can practice stock trading with all the advanced order types that options traders use.
How accurate is your paper trading simulator?
Extremely accurate. We use real-time NBBO data, simulate actual queue positioning for limit orders, model slippage based on order size and liquidity, and include all regulatory fees (SEC, TAF, exchange fees). Our execution engine considers bid-ask spreads, market depth, and even simulates partial fills for large orders. This is why professional traders use Paper to test their strategies.
Can I connect Paper to my trading algorithms?
Yes! Paper provides a comprehensive REST API and Server-Sent Events (SSE) for real-time updates. You can place orders, manage portfolios, and access market data programmatically. We're also launching native SDKs for Python, JavaScript, and Go. Our API is perfect for testing trading bots, backtesting strategies, or integrating paper trading into your own platform.