Robinhood Paper Trading [2024] (2024)

Robinhood Paper Trade Simulator

Robinhood does not offer a paper trading platform, also known as a trading simulator or demo account. For a free practice trading account, visit Charles Schwab or learn about Charles Schwab paper trading.

Free Charles Schwab Account

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Free Robinhood Account

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Can You Day Trade on Robinhood?

Robinhood allows unlimited trades with no fees. Let’s explore how it works for day and swing trading.

Range of Offerings

Robinhood users can trade stocks (including some OTC and penny stocks), ETFs, closed-end funds, cryptocurrencies, and options.

Robinhood Day Trading Fees

As mentioned, Robinhood does not charge for trades, including options. There are no fees for assigning or exercising options either.

Robinhood Day Trading Experience

Robinhood lacks a desktop platform, a significant drawback for day and swing trading. However, it does offer a capable website with browser-based trading. Unfortunately, there is no quick trading bar.

The platform allows for full-screen charting by clicking the ‘Expand’ link under the small graph on a security’s profile. Available timeframes range from 1 day to 5 years, with line and candlestick chart styles. However, the candlestick interval on a 1-day chart is fixed at about 3 minutes.

A downside for traders is the limited technical analysis tools, with only four basic types: moving average, exponential moving average, MACD, and relative strength index. Volume display is also available.

Options trading is simplified with direct buy and sell buttons. The platform supports up to four components in an options strategy.

Recent news is linked directly on the stock’s profile page, including articles from sources like Reuters and CNBC, some updated as recently as an hour ago.

Robinhood lacks a comprehensive stock screener but offers category tags such as health and entertainment. Stocks within these categories can be sorted by criteria like analyst ratings and price changes.

Cryptocurrency trading mirrors that for stocks and options, with the added feature of tick-by-tick price history in the ‘LIVE’ view for 1-day charts. However, trading actions cannot be performed on full-screen charts.

Day Trading on Robinhood App

The mobile app facilitates day and swing trading with a similar order process and charting as the website, though charting and order entry are separate.

Robinhood Day Trading Comparison

Charles Schwab is another $0 commission broker that provides advanced options tools missing at Robinhood.

For a brokerage tailored to day traders, Webull, with its $0 commission structure, is recommended.

Webull Promotion

Grab your last chance to get up to 75 free stocks when you deposit at Webull!

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Robinhood Paper Trading Judgment

Robinhood provides only basic trading tools; therefore, it is best suited for budget-conscious day traders.

Free Robinhood Account

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Updated on 8/6/2024.

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