A paper trading account, alternatively referred to as a demo account, virtual practice account, or simulator, functions similarly to a free trial for utilizing a broker’s trading platform for financial market trading or investing. These test accounts are often provided with a complimentary amount of fictitious money so that the program can be tested through simulated trading. After spending some time getting to know the trading platform in demo mode, you can choose to fund a real account to access the trading platform in real-time.