Webull paper trading title card reading How to Paper Trade, a step by step guide by Stock Moe

Webull Paper Trading: How to Paper Trade Step by Step

ByStock Moe

Last updated November 2, 2026. By Stock Moe, former financial advisor, MBA and finance teacher.

Disclosure: Some links on this page are affiliate links. If you open an account through them, Stock Moe gets paid by Webull or Kalshi at no extra cost to you. I only link to products I use myself. This is not financial advice.

Webull paper trading is a free simulator inside the Webull app that lets you practice buying and selling with virtual money against live market data. To start, open the app, go to the Accounts tab, open Accounts Overview and tap Switch to paperTrade; on desktop you flip the paperTrade toggle at the top right of the account page. As of November 2, 2026, Webull says you can paper trade stocks, ETFs, options, crypto, futures and event contracts, and reset the account whenever you want.

I taught finance for years, and the first thing I tell a new trader is to practice before you put a single real dollar on the line. Paper trading is how you learn the buttons, the order types and your own habits while the only thing at stake is your pride. Here is exactly how to paper trade on Webull, what it gets right, where it fools you, and the plan I would follow before switching to real money.

Key takeaways

  • Where it is: Accounts tab, then Accounts Overview, then Switch to paperTrade on mobile. On desktop, turn on the paperTrade toggle at the top right.
  • Cost: Webull labels paperTrade free and gives you virtual funds. You do not need to deposit money to practice.
  • What you can trade: stocks, ETFs, options, crypto, futures and event contracts, per Webull’s help center on November 2, 2026.
  • Hours: eligible stocks and ETFs can be paper traded 24 hours a day, Monday through Friday, while options follow regular hours, 9:30 AM to 4:00 PM ET.
  • The catch: paper fills are friendlier than real fills, and fake money never makes you nervous. Treat great paper results as a starting point, not proof.

What is Webull paper trading?

Paper trading means placing pretend trades with pretend money while real prices move. The name comes from the old days, when people wrote their trades down on paper and tracked them by hand. Webull calls its version paperTrade and describes it as a simulator that “mirrors Webull’s live trading platform” with virtual funds, according to its paperTrade page on November 2, 2026.

In plain words, you get a second account inside the same app. It shows the same charts, the same quotes and the same order ticket. The difference is that the money is not real, so a bad trade costs you nothing but a lesson. Webull’s help center says paper funds cannot be moved into or out of the paper account, so you cannot turn a paper win into cash.

That is why I like it for two kinds of people. Beginners who have never placed a trade can learn what a limit order is without fear. Experienced traders can test a new idea, like a new options spread or a new entry rule, before they risk anything. If you are still deciding which broker to use at all, my Webull review covers the fees, the safety and who the app fits.

How to paper trade on Webull, step by step

Here is the whole process on the mobile app, using the path Webull gives on its paperTrade page as of November 2, 2026. Webull says to update the app to the latest version first, because the new paperTrade system does not show up on older versions.

How to paper trade on Webull using the mobile app.

  1. Update and open the Webull app

    Install or update the Webull app from the App Store or Google Play and sign in. You do not need to deposit money to practice.

  2. Switch to paperTrade

    Go to the Accounts tab, open Accounts Overview and tap Switch to paperTrade. On desktop, turn on the paperTrade toggle at the top right of the account page.

  3. Check the paper theme

    Paper accounts use a different look so you do not confuse them with real money. Webull says paper order buttons are orange. If you do not see that, stop and switch again.

  4. Search a ticker and open the order ticket

    Type a symbol such as QQQ or AAPL, open its page and tap Trade. Pick buy or sell, the order type, the quantity and the time in force.

  5. Use a limit order for your first trade

    Set a limit price near the current price so you control what you pay. Market orders only fill during regular hours, 9:30 AM to 4:00 PM ET, per Webull.

  6. Review, submit and manage the position

    Submit the order, then find it under positions or open orders. Set a stop or a target the same way you would with real money.

  7. Track your results

    Open the account and performance screens to see your profit and loss. Write down why you took each trade so you learn from the numbers.

On desktop, Webull’s help center says the new system opens from the left navigation bar, and the paperTrade page says you can flip the toggle on the account page. On the web version, WebTrade, the help center says to choose Paper Trading in the left navigation bar, and notes that the newest paper system lives on mobile and desktop.

Want to practice on the same app I use? Open a Webull account through my link (affiliate link, I get paid if you sign up). As of November 2, 2026, Webull’s offer page for my link reads: “Plus, earn up to 5.0% APY* with Premium and get 12 fractional shares worth up to $3,600!” Any new account offer is subject to Webull’s current terms and eligibility, so check the offer page for the current terms before you deposit. Investing can lose money, and paper results do not predict real results.

What can you paper trade on Webull?

Webull’s paper trading help page says its platform “supports paper trading for stocks, ETFs, options, crypto, futures, and events.” That covers almost everything in the live app, including the event contracts I explain in my guide to Webull prediction markets.

The hours are where the assets differ. Eligible stocks and ETFs can be paper traded 24 hours a day, Monday through Friday, in the new system. The legacy system stops at 4:00 AM to 8:00 PM ET. Options follow regular market hours, 9:30 AM to 4:00 PM ET, with some index options trading until 4:15 PM ET. Webull’s paperTrade page adds that crypto and event contracts can be paper traded through the weekend.

Chart of Webull paper trading hours per week by asset: crypto 168 hours, stocks and ETFs in the new system 120 hours, stocks and ETFs in the legacy system 80 hours, options 32.5 hours, as of November 2, 2026
Hours per week you can paper trade on Webull by asset, from Webull’s paperTrade page and help center, November 2, 2026.

That chart is why I tell people to practice at the hours they will really trade. If you work a day job and can only trade at night, the new system lets you practice stocks then. Just remember that overnight sessions have far fewer buyers and sellers than the regular session.

Is Webull paper trading free?

Yes. Webull labels paperTrade “Free” on its paperTrade page and describes “unlimited virtual funds.” Its own FAQ says new traders can use it to get familiar with the platform’s tools “if you don’t have enough funds to start live trading.” So you can practice without depositing anything.

Real time data in paper trading also comes at no cost, according to that page, which says paperTrade runs on “live market Level 2 data.” In the live account, a standard Webull user pays $2.99 a month for Level 2 data, while Premium members pay $0, per Webull’s offer page on November 2, 2026.

Is Webull paper trading realistic?

It is realistic about prices and tools. It is not realistic about you. Webull says new paperTrade orders are “processed and filled against real-time data,” with the same charts, more than 60 indicators and the same active trader layouts as the live app. The paper account even follows margin rules, so you can see a margin call happen before it happens with real money.

The fills are where paper trading flatters you. Webull’s older how to paper trade article says paper trades are executed “based on the last price in real-time quotes instead of the bid and ask quotes.” In a real account you buy at the ask and sell at the bid, and that gap costs money on every trade, especially in options and thinly traded stocks. The help center does say an order will not fill if there is no trading volume, which keeps things a little more honest.

The bigger gap is emotion. With fake money, cutting a loser is easy. With real money, your hand freezes. That is why so many people say paper trading feels easy. If you double a paper account in a month, take it as a sign your process might work, not as proof that it will.

How to reset Webull paper trading

Webull lets you reset the paper account whenever you want. Per its help center on November 2, 2026, here is where the button lives:

  • New system on mobile: go to Account, select the paper account, then tap Reset Account.
  • New system on desktop: select your account at the top right, then choose Reset Paper Account.
  • Legacy on mobile: tap the pencil icon next to Net Account Value and type a new amount.
  • Legacy on desktop: open the Paper Account Detail widget and click the blue Reset button.

A reset wipes the slate. Webull’s older guide says it restores the starting balance and erases positions, open orders, order history and profit and loss data. Export or screenshot your results before you reset if you want to keep a record. The help center also warns that legacy paper data can reset on its own after 180 days without activity or after a desktop update.

My advice: do not reset just because you are losing. Resetting after every bad week hides the one thing paper trading is supposed to show you, which is how you handle a drawdown.

Can you paper trade options on Webull?

Yes. Webull’s help center says options paper trading supports all the options strategies available for live trading, and its paperTrade page names multi leg strategies like “butterflies, condors, and spreads.” Options paper trades follow regular hours, 9:30 AM to 4:00 PM ET.

Options are where I think paper trading earns its keep. Options lose value as time passes, they can expire worthless, and a spread can behave in ways that surprise you. Watching that happen with fake money is a lot cheaper than learning it live. Just know that the bid and ask gap on options is often wide, so real fills will usually be worse than paper fills. To trade options with real money, Webull says you must complete an options application and get approved.

New paperTrade vs legacy paperTrade

Webull is running two paper systems right now. The paperTrade page says the legacy version “will remain available for some time before being migrated and retired.” Here is how they differ, per the help center on November 2, 2026:

  • Order types: the new system adds algo, conditional and trailing stop orders, among others. Legacy has fewer.
  • Hours: the new system supports overnight stock trading. Legacy stocks run 4:00 AM to 8:00 PM ET.
  • Options: legacy does not support rolling options, legging in or out, or Level 3 and 4 strategies.
  • Data: legacy paper data can reset after 180 days of inactivity or a desktop update.

If the app asks which one you want, pick the new system unless you have a reason not to. It is the one Webull is building on.

My 30 day paper trading plan

A simulator only helps if you use it like it is real. Here is the plan I would give any new student before they trade real money:

  • Size it like your real account. If you plan to start with $2,000, trade the paper account as if it holds $2,000. Webull advertises unlimited virtual funds, and practicing with money you will never have teaches bad habits.
  • Write your rules first. Entry, exit, stop and position size, on paper or in a note, before the first trade. If you cannot write it down, you do not have a strategy yet.
  • Practice one setup. I learned my own trading by watching the same moving averages every day, the 5, 13 and 50 day EMAs, until the patterns were boring. Pick one setup and repeat it.
  • Log every trade. Date, ticker, why you entered, why you exited and the result. After 30 days, count your wins, your losses and your average gain against your average loss.
  • Use limit orders and assume worse fills. Subtract a few cents from every paper win to account for the bid and ask gap you will pay later.

If you want to learn the way I trade, with live teachers walking through charts every day, that is what the Stock Moe Academy is for. If you just want my weekly view of the market for free, the Sunday Letter lands every Sunday morning, and it is a good thing to read before you plan a week of paper trades.

When to switch from paper trading to real money

There is no magic number, but I look for three things: at least a month of logged trades, rules you actually followed, and a result you can explain. If your results came from one lucky trade, keep practicing.

When you do switch, start small. The SEC’s Investor.gov defines risk tolerance as “your ability and willingness to lose some or all of your original investment.” Only invest money you can afford to lose. Fractional shares let you buy pieces of a stock with a few dollars, and I show how in my guide on how to buy fractional shares. If you are still choosing between apps, my Webull vs Robinhood comparison and Webull vs Fidelity comparison lay out the fees side by side.

Ready to move from paper to a real account? Open a Webull account through my link (affiliate link, I get paid if you sign up), and you can keep using paperTrade in the same app while you start small. Any new account offer is subject to Webull’s current terms and eligibility, so check the offer page for the current terms before you deposit. Investing can lose money, and past results do not predict future results.

Common questions about Webull paper trading

Does Webull have paper trading?

Yes. Webull calls it paperTrade. It is built into the Webull app on mobile and desktop, and Webull says it supports stocks, ETFs, options, crypto, futures and event contracts as of November 2, 2026.

What is paper trading on Webull?

It is a simulator that gives you virtual money to place practice trades against live market data, using the same charts and order tools as the real app. Paper funds cannot be moved into or out of the account.

Is Webull paper trading free?

Yes. Webull labels paperTrade free, and you do not need to deposit money to use it. Webull pitches it to new traders who do not have enough funds to start live trading yet.

How do you reset Webull paper trading?

In the new system on mobile, go to Account, select the paper account and tap Reset Account. On desktop, select your account at the top right and choose Reset Paper Account. A reset erases positions, orders and profit and loss history.

Can you paper trade options on Webull?

Yes. Webull says options paper trading supports all the strategies available for live trading, including multi leg spreads. Options paper trades run during regular hours, 9:30 AM to 4:00 PM ET.

Is Webull paper trading real time and accurate?

Prices are real time, and Webull says paperTrade uses live Level 2 data. Fills are friendlier than live trading, because Webull has said paper trades fill at the last price instead of the bid and ask, so expect real results to be somewhat worse.

Can you paper trade at night on Webull?

In the new system, eligible stocks and ETFs can be paper traded 24 hours a day, Monday through Friday, and crypto and event contracts can be paper traded on weekends. Options follow regular market hours.

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Want live trades, my personal indicator and live teachers? Join the Stock Moe Academy with code MOE. Prefer the free version? The Sunday Letter lands every Sunday morning.

Sources

I am not a financial advisor and nothing in this article is financial advice. Everything here is my own opinion, for educational and entertainment purposes only. Do your own research and talk to a licensed professional before you make any financial decision.

Stock Moe headshot

Stock Moe is a former financial advisor who worked at one of the largest financial firms in the country before moving into teaching. He holds an M.B.A. and an M.Ed. in Business Education, taught college and high school finance, and has coached teams to 15 state and 2 back to back national Stock Market Game championships. He runs the Stock Moe YouTube channel with over 720,000 subscribers, where he breaks down stocks, crypto, housing and the economy in plain English.

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