--- title: "QuantConnect Paper Trading" description: "This page explains the default security-level models and markets of the DefaultBrokerageModel." canonical: https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/brokerages/supported-models/quantconnect-paper-trading markdown: https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/brokerages/supported-models/quantconnect-paper-trading.md language: python source: https://github.com/QuantConnect/Documentation/tree/master/03%20Writing%20Algorithms/24%20Reality%20Modeling/05%20Brokerages/02%20Supported%20Models/01%20QuantConnect%20Paper%20Trading modified: 2026-10-29 index: https://www.quantconnect.com/llms.txt --- # QuantConnect Paper Trading [Documentation](https://www.quantconnect.com/docs/v2.md) > [Writing Algorithms](https://www.quantconnect.com/docs/v2/writing-algorithms.md) > Reality Modeling > Brokerages > [Supported Models](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/brokerages/supported-models.md) > QuantConnect Paper Trading > Code examples are shown in Python. Append `?lang=csharp` to this URL for the C# version of this page. ## Introduction This page explains the `DefaultBrokerageModel`, including the asset classes it supports, its default [security-level models](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/key-concepts.md#02-Security-Level-Models), and its default markets. ```python self.set_brokerage_model(BrokerageName.QUANT_CONNECT_BROKERAGE) # Defaults to margin account self.set_brokerage_model(BrokerageName.QUANT_CONNECT_BROKERAGE, AccountType.MARGIN) # Overrides the default account type ``` For more information about this model, see the [class reference](https://www.lean.io/docs/v2/lean-engine/class-reference/py/QuantConnect/Brokerages/DefaultBrokerageModel/) and [implementation](https://github.com/QuantConnect/Lean/blob/master/Common/Brokerages/DefaultBrokerageModel.cs). ## Asset Classes The `DefaultBrokerageModel` supports trading for all [asset classes](https://www.quantconnect.com/docs/v2/writing-algorithms/securities/asset-classes.md). ## Orders The following sections describe how the `DefaultBrokerageModel` handles orders. ### Order Types The following table describes the available order types for each asset class that the `DefaultBrokerageModel` supports: | Order Type | US Equity | Equity Options | Crypto | Crypto Futures | Forex | CFD | Futures | Futures Options | Index Options | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Market](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/market-orders.md) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Limit](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/limit-orders.md) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Limit if touched](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/limit-if-touched-orders.md) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Stop market](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/stop-market-orders.md) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Stop limit](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/stop-limit-orders.md) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Market on open](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/market-on-open-orders.md) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Market on close](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/market-on-close-orders.md) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Combo market](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/combo-market-orders.md) | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | | | | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Combo limit](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/combo-limit-orders.md) | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | | | | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Combo leg limit](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/combo-leg-limit-orders.md) | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | | | | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | [Exercise Option](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-types/option-exercise-orders.md) | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) Not supported for cash-settled Options | | | | | | ![green check](https://cdn.quantconnect.com/i/tu/check.png) | | In live trading, the [QuantConnect data provider](https://www.quantconnect.com/docs/v2/cloud-platform/datasets/quantconnect.md) supplies US Equity Options and US Index Options data. Future Options orders require a third-party data provider that supports Future Options. To view the data providers that support Options, see their respective documentation in [Cloud Platform](https://www.quantconnect.com/docs/v2/cloud-platform/datasets.md), [Local Platform](https://www.quantconnect.com/docs/v2/local-platform/datasets/getting-started.md), or the [CLI](https://www.quantconnect.com/docs/v2/lean-cli/live-trading/data-providers.md). ### Time In Force The `DefaultBrokerageModel` supports the following [TimeInForce](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-properties.md#03-Time-In-Force) instructions: - `DAY` - `good_til_canceled` - `good_til_date` ### Updates The `DefaultBrokerageModel` supports [order updates](https://www.quantconnect.com/docs/v2/writing-algorithms/trading-and-orders/order-management/order-tickets.md#04-Update-Orders). ### Handling Splits If you're using raw [data normalization](https://www.quantconnect.com/docs/v2/writing-algorithms/securities/asset-classes/us-equity/requesting-data.md#11-Data-Normalization) and you have active orders with a limit, stop, or trigger price in the market for a US Equity when a [stock split](https://www.quantconnect.com/docs/v2/writing-algorithms/securities/asset-classes/us-equity/corporate-actions.md#02-Splits) occurs, the following properties of your orders automatically adjust to reflect the stock split: - Quantity - Limit price - Stop price - Trigger price ## Fills The following table shows the [fill model](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/trade-fills/key-concepts.md) that the `DefaultBrokerageModel` uses for each `SecurityType`: | `SecurityType` | Fill Model | | --- | --- | | `Equity` | [EquityFillModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/trade-fills/supported-models/equity-model.md) | | `Future` | [FutureFillModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/trade-fills/supported-models/future-model.md) | | `FutureOption` | [FutureOptionFillModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/trade-fills/supported-models/future-option-model.md) | | Remaining `SecurityType` values | [ImmediateFillModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/trade-fills/supported-models/immediate-model.md) | ## Slippage The `DefaultBrokerageModel` uses the [NullSlippageModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/slippage/supported-models.md#02-Null-Model). ## Fees The `DefaultBrokerageModel` uses the [ConstantFeeModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/transaction-fees/supported-models.md#02-Constant-Model) with no fees for Forex, CFD, Crypto, and Crypto Future assets and the [InteractiveBrokersFeeModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/transaction-fees/supported-models.md#13-Interactive-Brokers-Model) for the remaining asset classes. ```python # For Forex, CFD, Crypto, and Crypto Future assets: security.set_fee_model(ConstantFeeModel(0)) # For the remaining asset classes: security.set_fee_model(InteractiveBrokersFeeModel()) ``` ## Buying Power The `DefaultBrokerageModel` sets the buying power model based on the asset class of the security. The following table shows the default buying power model of each asset class: | Asset Class | Model | | --- | --- | | Equity Options | `OptionMarginModel` | | Futures | `FutureMarginModel` | | Future Options | `FuturesOptionsMarginModel` | | Index Options | `OptionMarginModel` | | Crypto | `CashBuyingPowerModel` for cash accounts or `BuyingPowerModel` for margin accounts | | CryptoFuture | `CryptoFutureMarginModel` | | Forex | `CashBuyingPowerModel` for cash accounts or `BuyingPowerModel` for margin accounts | | Other | `BuyingPowerModel` | If you have a margin account, the `DefaultBrokerageModel` allows 2x leverage for Equities, 50x leverage for Forex and CFDs, and 1x leverage for the remaining asset classes. ## Settlement The following table shows which [settlement model](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/settlement/key-concepts.md) the `DefaultBrokerageModel` uses based on the security type and your account type: | Security Type | Account Type | Settlement Model | | --- | --- | --- | | Equity | Cash | [DelayedSettlementModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/settlement/supported-models.md#03-Delayed-Model) with the [default settlement rules](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/settlement/key-concepts.md#03-Default-Behavior) | | Option | Cash | [DelayedSettlementModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/settlement/supported-models.md#03-Delayed-Model) with the [default settlement rules](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/settlement/key-concepts.md#03-Default-Behavior) | | Future | Any | [FutureSettlementModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/settlement/supported-models.md#05-Future-Model) | For all other cases, the `DefaultBrokerageModel` uses the [ImmediateSettlementModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/settlement/supported-models.md#02-Immediate-Model). ```python # For US Equities with a cash account: security.set_settlement_model(DelayedSettlementModel(Equity.DEFAULT_SETTLEMENT_DAYS, Equity.DEFAULT_SETTLEMENT_TIME)) # For Equity Options with a cash account: security.set_settlement_model(DelayedSettlementModel(Option.DEFAULT_SETTLEMENT_DAYS, Option.DEFAULT_SETTLEMENT_TIME)) # For Futures security.set_settlement_model(FutureSettlementModel()) # For remaining cases: security.set_settlement_model(ImmediateSettlementModel()) ``` ## Margin Interest Rate The `DefaultBrokerageModel` uses the [NullMarginInterestRateModel](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/margin-interest-rate/supported-models.md#02-Null-Model). ## Default Markets The following table describes the default markets of each `SecurityType` for the `DefaultBrokerageModel`: | `SecurityType` | `Market` | | --- | --- | | `Equity` | `USA` | | `Option` | `USA` | | `Future` | `CME` | | `FutureOption` | `CME` | | `Index` | `USA` | | `IndexOption` | `USA` | | `Forex` | `Oanda` | | `Cfd` | `Oanda` | | `Crypto` | `Coinbase` | | `CryptoFuture` | `Binance` | ## Account Currency The `DefaultBrokerageModel` doesn't set a default currency. To change the algorithm's currency from USD to a different currency, see [Set Account Currency](https://www.quantconnect.com/docs/v2/writing-algorithms/initialization.md#03-Set-Account-Currency).