Recently, I was reviewing different ways to practice trading without risking real money, and I was surprised by how many options are available. The truth is that most people don’t take full advantage of these tools, so I thought I’d share what I learned.

Basically, there are two paths: free stock market simulators offered by educational platforms, and demo accounts that brokers make available. They seem the same, but they’re not. Simulators are more for learning from scratch, while demo accounts reflect exactly how you would trade with real money on that specific broker.

The usefulness is twofold. First, there’s training, which is the most important part because you gain real experience without losing anything. Then comes practice—what you do once you already know the basics but want to experiment with new strategies or assets you’re not very familiar with.

As for what you can practice, with most simulators you can access stocks, indices, and forex. But if you use the demo accounts from more comprehensive brokers, you can also trade cryptocurrencies, CFDs, ETFs, and commodities. Some advanced brokers even offer fixed income and structured products.

Now, here’s the interesting part. I’ve tested several, and there are important differences. MiTrade caught my attention because it offers a free stock market simulator with no time limit, with $50,000 in virtual funds and access through both the web and a mobile app. You can practice with CFDs on thousands of assets, which means you can also open short positions and use leverage in your demo account. What I liked most is that you can switch between a demo account and a real one whenever you want.

MarketWatch has its Virtual Stock Exchange, which works well if you want something more educational. You sign up for free and build portfolios using its analysis tools and watchlists. It’s simple, but effective.

IG is one of the oldest and most serious brokers I know, with a demo account through MetaTrader where you practice CFDs. They have good educational resources that you can combine with your daily practice.

HowTheMarketWorks is probably the most focused on pure education. They train half a million students a year. They give you $100,000 in virtual funds to experiment, although they also have a premium version with more complete tools.

eToro is interesting if social trading appeals to you. The demo account is free, and you can access the dashboards of the traders you follow. It’s like combining a social network with a trading platform—ideal if complex charts intimidate you.

But not everything is perfect. The main problem I see is that with virtual money, many people trade irrationally. Since it’s not your real money, you tend to take risks you’d never take with your own capital. Also, free stock market simulators often give you tens of thousands of virtual euros, but when you trade with your real money, you’ll probably have much less. That completely changes your strategy.

Another downside is that some brokers limit demo accounts to 30 days, which forces you to trade with real money before you’re ready. That’s why I prefer ones that are unlimited.

If you’re going to use a demo account properly, first experiment with ideas you’ve never tried. This is your moment for that. But take the process seriously—track your performance the same way you would with real money. Combine practice with theoretical training. And don’t think it’s only for beginners; professional managers constantly use simulators before making real trades.

The reality is that a good free stock market simulator or an unlimited demo account are tools you should always have at hand. They cost nothing, there are many options to choose from based on your needs, and they allow you to improve significantly without risking your capital. Personally, I believe it’s one of the most underrated resources in trading. It’s worth spending time practicing before putting real money into the market.