Recently, I was trying out different platforms to practice without risking real money, and honestly, there are many options out there. The interesting thing is that not all of them work the same or offer the same experience. Basically, there are two types: pure stock market simulators (more focused on education) and broker demo accounts (which exactly replicate how you would trade with real money). The difference is subtle but important. Simulators are like learning tools, while demos give you the real feel of how a professional platform moves.

So, what are they really for? Well, mainly for two things: learning and training. If you're a beginner, they help you understand how markets work without losing anything. If you already know a bit, they allow you to test new strategies or assets you've never touched. The cool part is that many brokers let you switch between demo and real accounts without drama, so you can practice before putting in real money.

Regarding what you can trade, most let you operate stocks, indices, forex. Broker demo accounts go further: cryptocurrencies, CFDs, ETFs, commodities. It all depends on what each platform offers. I've seen apps for investing in the stock market with fake money that are quite comprehensive, honestly.

Before choosing one, I looked at basic things: that it’s easy to use, fast, flexible with order types, no time limit, and a variety of assets. I tried several, and these five seemed the best on the market, all free. MyTrade is an Australian broker that has gained a reputation in Asia for its focus on education. Its demo is unlimited and comes with $50,000 virtual. The good thing is that you trade everything via CFDs, so you can do short positions and leverage in testing. It also has apps for iOS and Android, so you can practice from anywhere.

MarketWatch offers its Virtual Stock Exchange, which is a pretty well-known simulator. You just register for free on their website and start building portfolios. It’s simple but effective, especially if you like reading analysis while practicing. IG is one of the oldest and most reputable brokers out there, even listed on the stock exchange. Its demo allows you to trade CFDs on thousands of assets through MetaTrader. They also have quite a bit of educational content.

HowTheMarketWorks is probably the most education-focused of all. It trains half a million students annually. They give you $100,000 virtual to practice, and it’s designed for teachers and students to learn together. eToro is the leader in social trading, and its demo is very accessible. It doesn’t have complicated tools, but it offers a wide variety of products. The cool part is that with the demo, you access the entire social trading system, so it’s like combining a social network with a trading platform.

Now, these tools are not perfect. Some simulators run slowly or are imprecise because they are educational, not commercial. Some brokers limit demos to 30 days, which forces you to trade with real money before you're ready. And there’s an important psychological issue: when you trade with money that isn’t yours, sometimes you invest without thinking about real risks. Plus, demos give you a lot of fake capital (tens of thousands of dollars), but when you trade with your own money, you’ll probably have much less, so you need to be more careful.

If you want to use a demo properly, the first thing is to go to the broker’s website, look for the demo account option (usually visible), create your user or browse as a guest. Then verify that the demo is active (you see it in the top right corner), and your fake capital will be ready. After that, it’s just a matter of starting to practice with the assets you’re interested in.

My advice: experiment without fear because it’s fake money, but take the process seriously. Do the same follow-up as you would with real money. Combine the demo with education, learn while you practice. And don’t think demos are only for beginners; professional managers also use them before making big moves in the open market.

The truth is, there’s a lot to gain from using these tools. They’re free, there’s plenty of options to choose from, and brokers like MyTrade let you switch between demo and real accounts whenever you want. So if you want to improve your trading without risk, a stock investing app with fake money is probably the best thing you can do before putting in real money.