In this post, we’ll answer the question: “Does tastyworks offer paper trading?” We get this question quite a bit, so let’s jump in!
tastyworks Paper Trading Capability
When tastyworks first came on the scene in 2017, they promised demo accounts (paper trading) capabilities. Unfortunately, 3 years later, it still does not exist.
The platform has a lot of good features and you can learn more on our tastyworks Review post, but when it comes to paper trading, you will have to look elsewhere.
thinkorswim Paper Trading
TD Ameritrad’s thinkorswim platform is our other Preferred Broker. They have (in our opinion) the best paper trading platform available.
Once you download their platform (you don’t need to fund an account), you can simply toggle between “Live Trading” and “Paper Money”.
When you click “Log in”, it'll open the platform and give you access to nearly all the features of a live trading account.
Thinkorswim allows you to place trades with virtual money, and become familiar with its trading platform.
As you can see, when the platform opens, the option buying power shows $200,000. So they give you a $200,000 virtual account to play around with. You can also change this amount, or reset at any time.
You can type in any symbol, set up your watch list, analyze your trades, and view the charts. You get near full functionality of the platform before you even fund an account.
I don't recommend paper trading for actual strategy performance. But, what paper trading is excellent for functionality and getting to know the platform. This will help cut down on mistakes when you actually go to place trades with real money.
If you're looking for a paper trading platform, I would suggest thinkorswim by TD Ameritrade. You can download the platform without having to fund an account.
Unfortunately paper trading on the tastyworks platform does not exist at this point. Hopefully they will add it at some point in the future.
-The NavigationTrading Team