Place Trade PaperTrader
Test Place Trader Workstation’s full range of trading facilities risk-free with the Place Trade PaperTrader. The simulated trading environment allows users to explore trading strategies, become comfortable with the trading platform and its tools, and learn the market dynamics of new exchanges and products without risk or pressure. Real market conditions govern trades executed through PaperTrader accounts, which are linked to active Place Trader Workstation (TWS) accounts.
To create an account: You must have an approved and funded online trading account with Place Trade.
To access PaperTrader: Simply log into Account Management and use the “Trading Access Menu” to create a username and password for the tool. Your account will be active and ready to use within 24 hours under normal business conditions.
Login to PaperTrader at any time through the Place Trader Workstation login box.
How it Works:
The Place Trade PaperTrader mimics the Place Trader Workstation as closely as possible. Most order types, equity contracts, and trading tools that are available through your real-world account will be accessible via the simulator.
Trades executed through the PaperTrader won’t appear on any securities exchange or pass through a clearinghouse, but the trade prices that you view in your simulation account are determined by real-time market prices and quantities.
When your account is activated, you will be granted USD 1,000,000 in paper trading Equity with Loan Value, but your equity fluctuates according to market movements once invested (just like in a real-world account).
Conveniently, your trading permissions, market data subscriptions, base currency, and account configurations in PaperTrader match those you have set for your production account. You won’t have to worry about reconstructing your ideal platform.
Online statements for your simulated account are posted daily in Account Management, and if your paper trading equity dips, you can reset your cash supply at any time (the equity will be available for trading the following business day) in the same menu.
Although the Place Trade PaperTrader is a highly capable application, a few differences between PaperTrader and the Place Trader Workstation arise due to variances in construction.
Most of the features available through a production account have been replicated in the simulator, but the following inherent limitations remain:
- VWAP, Auction, RFQ, and Pegged to Market order types are not supported
- Fills are simulated from the top of the book; no deep book access is available
- Combo and EFP trading are limited
- Behavior differing slightly from that of a Place Trader Workstation account may result from the fact that stops and other complex order types are always simulated in paper trading
- The simulator does not support penny trading for US Options: although you can still submit an order, it will not receive a penny fill
- PaperTrader rejects the remainder of any exchange-directed market order that is only partially carried out. This may or may not match behavior of a real-world exchange. Market orders received while there is no quote on the opposite side will be held until the market data arrives (i.e. until the first partial fill).
- Mutual fund trading is not supported