Skip to content
Can You Paper Trade Options on Webull?

Can You Paper Trade Options on Webull?

Paper trading gives you the opportunity to practice your trading skills in a simulation before using your real money. Unfortunately, with most brokers, paper trading is only available for stocks and not for options. However, Webull offers a slightly different approach:

You can paper trade all American-style options on Webull. These are options that can be exercised anytime before expiration. You will also receive unlimited virtual cash and real-time data to hone your trading skills.

In this article, I’ll go over everything related to paper trading options on Webull. We’ll look at whether Webull is actually good for paper trading options if you can also short Webull paper trade and how to start paper trading options on Webull.

TIP: Keep track of all your investments with Personal Capital. I use this amazing tool to aggregate all investments in one place and make sure I'm on track to financial freedom. Oh, and did I mention it's free? Try it out here (link to Personal Capital).

Does Webull do paper options?

Webull offers an almost unparalleled paper trading experience for options. You will essentially interact with the same user interface as if placing real option orders. The only difference is that you will be using Webull’s virtual cash to place orders.

While Webull offers investors a lot of incentives to start paper trading with them, let’s look at some of the pros and cons of paper trading options on Webull!

FYI: The best way I've found to invest in ETFs is through M1 Finance. It's free and you even get an instant line of credit! Have a look here (link to M1 Finance).

Is Webull good for paper trading options?

Paper trading options is essentially a risk-free way of getting your feet wet when it comes to trading. One of the most important things to keep in mind when paper trading is to create an experience that will simulate the live trading experience as closely as possible.

Webull has put the following features in place:

  • Zero Risk: When paper trading options you incur zero financial risk. No matter how many trades go wrong you will never be personally liable for your losses.
  • Unlimited Virtual Cash: With many other brokers you may only get a limited amount of play money. However, when paper trading on Webull you will receive unlimited virtual dollars to place trades. Truly deep pockets!
  • Real-Time Data: Receiving real-time and accurate data is crucial in testing new strategies for options trading. When paper trading on Webull you will receive the same data streams as you would with live trading.
  • Strategy Testing: Webull also allows you to test pre-programmed trading strategies even in paper trading mode! This will help validate your strategies with a live market.
  • Professional Charts: Also the charting tools that Webull offers paper traders do not differ substantially from the ones live traders see. Over 50 indicators are available to guide you through the most chalenging trades.

As you can see from the list above Webull offers a ton of features that make it a very attractive place to start paper trading options. I especially like the unlimited virtual cash they offer and the quality of the charts.

NOTE: The easiest way to add diversification to your portfolio is to invest in real estate through Fundrise. You can become private real estate investor without the burden of property management! Check it out here (link to Fundrise).

How to start paper trading options on Webull

If you are looking to build your options trading experience signing up for Webull’s paper trading account is a fantastic idea. I’ll walk you through the steps you need to take to start paper trading as soon as possible.

  1. Create a Webull Account: Assuming you don’t already have one, go to and click on the “Sign Up” button in the top right corner. Follow the sign-up process and verify your identity.
  2. Sign Up For Paper Trading: In addition to having a regular Webull account, you will also register for paper trade options. Go to and click on “Try it now”. Your account will then be enabled for paper trading options.
  3. Switch to Live Mode: Once you feel comfortable paper trading on Webull you can easily switch to live mode and deploy your strategies in real-time with real money.

Starting paper trading on Webull is quick and easy, especially if you already have a Webull account. The step that actually takes the longest is the initial sign-up process, the KYC verification, and the initial deposit into your Webull account.

Now that I have gone through all the steps necessary to start paper trading options on Webull I’ll just give my two cents on the value of paper trading.

FYI: Another great way to get exposure to the real estate sector is by investing in real estate debt. Groundfloor offers fantastic short-term, high-yield bonds that can add diversification to your portfolio!

Do I recommend paper trading options on Webull?

Those of you who have been following my blog for some time now probably know that I am not the biggest fan of options trading in general. The main reason being that trading options are a lot like gambling!

Trading options encourages short-term thinking and is far more speculative than buying and holding an ETF over the long term it’s more rewarding to an options trade right than to wait for an ETF to pay out dividends but in the end, you are just accustoming your brain to these quick dopamine hits.

ALSO: Small-cap equities can add a lot of upside to a portfolio while mitigating risks. Recently, I've discovered Mainvest's investment platform which makes it easy to invest in small and local businesses with returns of 10-25%. Take a look here (link to Mainvest).


Since early 2022 you can paper trade options on Webull! You will have access to the full features of trading just with virtual money and zero risk. Webull offers professional charts and real-time data to simulate live options trades.

Current recommendations:

Over the past years, I have discovered several tools and products that have helped me tremendously on my path to financial freedom:

P.S.: The links below are affiliate links, which means I receive a small commission at no extra cost to you when you sign up for one of the services. Thank you for your support!

1)Personal Capital is simply the best tool out there to track your net worth and plan for financial freedom. Just their retirement planner alone has become an invaluable tool to keep myself on track financially. Try it out, it's free!

2) Take a look at M1 Finance, my favorite broker. I love how easy it is to invest and maintain my portfolio with them. I can set up automatic transfers, rebalance my portfolio with one click and even borrow up to 35% of my assets at super low interest rates!

3) Fundrise is by far the best way I've found to invest in Real Estate. You can diversify your portfolio by investing in their eREITs or even allocate capital to individual properties (without the hassle of managing tenants!).

4) Groundfloor is another great way to get exposure to the real estate sector by investing in short-term, high-yield real estate debt. Current returns are >10% and you can get started with just $10.

5) If you are interested in startup investing, check out Mainvest. I've started allocating a small amount of assets to invest in and support small businesses. Return targets are between 10-25% and you can start with just $100!

To see all of my most up-to-date recommendations, check out the Recommended Tools section.

Leave a Reply

Your email address will not be published. Required fields are marked *