Interactive Brokers gives you $1,000,000 in virtual funds to practice trading on the same platforms used with real money — IBKR Desktop, TWS, IBKR Mobile, and Client Portal — across stocks, options, futures, currencies, and bonds on 170+ global markets. Paper trading is free with every account. If you don’t have an account yet, the IBKR Free Trial gives you the same $1,000,000 with no deposit required, and IBKR GlobalTrader offers an instant $10,000 simulated account you can open in 30 seconds with no application at all.

Whether you’re evaluating IBKR before committing real money, testing a new strategy on paper, or validating API code before deploying it live, this guide covers all three practice options — how to set each one up, what you can and can’t do with it, the specific limitations of IBKR’s paper trading simulation, and what changes when you transition to live trading.

Three Ways to Practice on Interactive Brokers

Interactive Brokers offers three distinct ways to practice trading without risking real money — and choosing the right one depends on where you are in the process. Unlike most brokers that give you a single demo account with a “Sign Up” button, IBKR’s practice options differ in what they require from you, what platforms you can access, and how realistic the simulation is. (For IBKR’s full regulation, fees, and account types, see our Interactive Brokers Review.)

If you want to try IBKR right now without any paperwork, download IBKR GlobalTrader and open a simulated account in 30 seconds — $10,000 in virtual funds, real-time prices, no application needed. If you want to test the full professional platforms before committing, apply for a Free Trial — you get $1,000,000 in simulated equity across IBKR Desktop, TWS, and Mobile with delayed market data. If you already have an IBKR account and want to test strategies, enable Paper Trading in your account settings — same $1,000,000 starting balance, but with the market data subscriptions from your live account.

Below, we cover each option in detail — how to set it up, what you can do with it, and its limitations.

1. GlobalTrader Simulated Account — Try IBKR in 30 Seconds

IBKR GlobalTrader’s simulated account is the fastest way to experience IBKR, because it requires no application, no identity verification, no email registration, and no funding — you download the app, tap “Try for Free,” and you’re trading with $10,000 in virtual funds within 30 seconds. This is the closest IBKR gets to the instant demo experience offered by retail brokers.

How to Open

1. Download IBKR GlobalTrader from the App Store or Google Play.
2. Open the app and tap “Try for Free” or “Simulated Trading.”
3. You’re in — $10,000 in virtual funds, ready to trade.

What You Can Do

GlobalTrader’s simulated mode gives you access to stocks and ETFs across 90+ markets, fractional shares from $1, AI-generated news summaries, Investment Themes across the S&P 1500, and forecast contracts. Commissions and fees are simulated realistically, so the P&L you see reflects what you’d experience on a live account. You can also explore options trading on 30+ markets and cryptocurrency (Bitcoin, Ethereum, and others).

What You Can’t Do

GlobalTrader is a simplified mobile app — it doesn’t give you access to TWS, IBKR Desktop, or the professional trading tools (scanners, Option Strategy Lab, Risk Navigator, algorithmic order types). If you want to test those, you need a Free Trial or Paper Trading account. GlobalTrader’s simulated mode also doesn’t connect to the broader IBKR platform ecosystem — it’s a self-contained experience.

2. IBKR Free Trial — Full Platform Access Without Funding

The IBKR Free Trial gives you access to the full professional platform suite — IBKR Desktop, Trader Workstation (TWS), IBKR Mobile, and Client Portal — with $1,000,000 in simulated equity and no requirement to fund the account. This is the option for people who want to seriously evaluate IBKR’s tools, test trading strategies across multiple asset classes, or compare IBKR’s platforms to their current broker before switching.

How to Open

1. Go to interactivebrokers.com/en/trading/free-trial.php and click “Start Your Free Trial.”
2. Complete the application form — name, email, country of residence, and basic financial information. This is lighter than a full live account application but still requires more than just an email address.
3. Create your username and password.
4. Once approved, log in to IBKR Desktop, TWS, or Client Portal with your credentials. Your account starts with $1,000,000 in simulated equity.

What You Can Do

The Free Trial gives you access to everything the paid platforms offer except real-time market data and some premium research services: advanced charting with 100+ technical indicators, the full order type library (limit, stop, trailing stop, bracket orders, and more), market scanners, Option Strategy Lab, Probability Lab, Volatility Lab, Risk Navigator, and paper trading across stocks, options, futures, currencies, bonds, and funds on 170+ global markets.

This is the environment to test whether IBKR’s platforms match your workflow before you go through the full account application and funding process. If you’re migrating from another broker, run your current strategy on the Free Trial to compare execution quality, available instruments, and platform ergonomics.

Converting to a Live Account

When you’re ready, you can convert your Free Trial directly into a live account — go to Open Account → Finish an Application on the IBKR website and log in with your Free Trial credentials. Your platform settings, watchlists, and configurations transfer to the live account. This is the only IBKR demo option that can be upgraded to a live account; Paper Trading accounts are permanently linked to their parent live account and cannot be converted.

3. Paper Trading Account — For Existing Account Holders

The Paper Trading account is IBKR’s most realistic simulation, because it inherits your live account’s market data subscriptions, trading permissions, and base currency settings — giving you a practice environment that closely mirrors your actual trading conditions. It starts with $1,000,000 in simulated equity and is available on IBKR Desktop, TWS, IBKR Mobile, and Client Portal.

New individual account holders automatically receive a paper trading account when they open a live account. If you don’t already have one, you can request it through Client Portal.

How to Set Up

1. Log in to Client Portal at interactivebrokers.com with your live account credentials.
2. Click the user icon (top right) → Settings → Account Configuration → Paper Trading Account.
3. Create a separate username and password for the paper trading account. This is different from your live account credentials.
4. IBKR activates the paper account — this usually happens within 24 hours, sometimes faster. You’ll receive an email confirmation.
5. Log in to TWS or IBKR Desktop with your live credentials and select “Paper Trading” when prompted, or log in directly with your paper trading username and password.

What You Can Do

The Paper Trading account supports most of what the live account offers: stocks, options, futures, forex, bonds, and ETFs across 170+ markets. You can test order types (limit, stop, bracket, trailing stop, and most algo orders), use the scanner and screening tools, experiment with options strategies via the Option Strategy Lab, and monitor portfolio risk through Risk Navigator. Paper trading statements are available through Client Portal — you get daily P&L, transaction reports, and account statements just like a live account.

Resetting Your Balance

You can reset your paper trading equity at any time through Client Portal. The balance can be set to up to five times your live account’s value. Submit the reset request before 4:00 PM ET — it takes effect the next business day. This is useful if you’ve run an aggressive test that depleted or inflated the balance and want to start fresh.

What IBKR Paper Trading Can’t Simulate

IBKR’s paper trading environment is one of the most comprehensive in the industry, but it has specific limitations that can produce different results from live trading. Understanding these before you transition to a real account prevents surprises.

Execution Differences

Paper trading fills are simulated from the top of the order book — there is no deep book access. In live markets, your order interacts with real liquidity at multiple price levels, and large orders can experience partial fills, slippage, and price improvement through IBKR’s SmartRouting system. On paper, every order fills at the top-of-book price as if you were the only participant. This makes paper trading execution unrealistically clean — especially for larger positions or illiquid instruments.

Unsupported Order Types and Products

Several order types are not available in paper trading: VWAP, Auction, Request for Quote (RFQ), and Pegged to Market. Stops and other complex order types are always simulated rather than held at the exchange, which can result in different fill behaviour compared to a live account. Mutual fund trading is not supported. Penny fills for US options (sub-$0.01 pricing) are not supported — orders submit but won’t receive penny fills.

Market Data Delays

If you’re using a Free Trial or a paper account without shared market data subscriptions, your data is delayed:

The delay affects the quotes and charts you see, but simulated executions are still based on actual market prices at the time the order processes. This means your entry and exit prices will differ from what your charts showed when you placed the order — which can be confusing when reviewing your trades.

Combo and Spread Limitations

Combo trading (multi-leg orders) has limited support in paper trading. Simple two-leg spreads generally work, but more complex multi-leg structures may behave differently than on a live account. If you’re testing complex options strategies, verify the specific combo type you plan to use is supported in the paper environment before relying on the results.

Transitioning From Demo to Live Trading

Moving from paper to live on IBKR is a bigger step than at most retail brokers, because IBKR’s full account application requires identity verification (KYC), proof of address, financial disclosure, and trading experience assessment. The process typically takes 1–3 business days for approval, and you’ll need to fund the account before you can trade.

If You’re on a Free Trial

The transition is seamless: go to interactivebrokers.com → Open Account → Finish an Application and log in with your Free Trial credentials. Complete the identity verification, fund your account, and your platform settings transfer automatically. This is the smoothest path from demo to live.

If You’re on GlobalTrader Simulated

Tap “Open a Live Account” within the GlobalTrader app to begin the application. You’ll need to complete the full application process — it doesn’t pre-fill from your simulated account. Once approved and funded, your GlobalTrader app switches to live mode.

If You Already Have a Paper Trading Account

You already have a live account — you’re ready to trade with real money whenever you choose. No additional application is needed. Just log in with your live account credentials instead of your paper trading credentials.

IBKR does not have a minimum deposit requirement for most account types, but you need sufficient funds to meet the margin requirements of the instruments you want to trade. For stocks, options, and ETFs, a starting balance of $500–$2,000 is practical for most beginners. For futures trading, margin requirements are set by the exchanges and typically start higher. See our IBKR Deposit guide for all funding methods and step-by-step instructions.

Conclusion

Interactive Brokers gives you more ways to practice than any other major broker — from the instant GlobalTrader simulated account (30 seconds, no application, $10,000) to the full Paper Trading environment ($1,000,000, real-time data, every platform and tool). The challenge isn’t whether you can demo IBKR for free — you can — it’s choosing the right practice path for your situation.

If you’re curious about IBKR and want to explore without commitment, start with GlobalTrader’s simulated account on your phone. If you’re seriously evaluating IBKR’s professional tools, apply for a Free Trial — it gives you the full platform suite with $1,000,000 and converts directly into a live account when you’re ready. If you already have an IBKR account, Paper Trading is the most realistic simulation available — share your live market data subscriptions, test complex order types and strategies, and validate API connections before deploying them with real capital.

Whatever option you choose, remember that paper trading is a tool for learning platforms and testing mechanics — not a predictor of live performance. The psychological gap between simulated and real money is the one limitation no demo account, at any broker, can solve. When you’re ready to go live, start with small positions and scale up as you build real experience.

For IBKR’s full regulation, fees, account types, and our TIC assessment, read our Interactive Brokers Review. For platform downloads, see our IBKR App Download guide.

Frequently Asked Questions