A digital currency trial account can be a great place to start if you’re interested in cryptocurrencies you the options available. Using virtual money to try your hand at cryptocurrency trading without the risk associated with a real transaction is known as demo trading, or paper trading.
As a novice, diving right into crypto currency trading might greatly raise your risk of losing money. As such, all traders must understand the dangers involved in the market and be equipped to make wise financial judgments. A cryptocurrency demo account offers the ideal “safe space” to learn about trading crypto currencies and try out various trading tactics because the market is notoriously volatile.
Many types of fake cryptocurrency and bitcoin trading accounts are available for anyone wishing to get a taste of the market. This article will provide an overview of some of the top cryptocurrency demo accounts available, as well as discuss the advantages, pitfalls, and strategies of demo trading.
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What is crypto demo trading?
The purpose of cryptocurrency demo trading is to provide traders with the chance to practice trading without risking their own money and to become more familiar with market circumstances. You will be given a certain amount of virtual money at the start of your demo, which you may use to buy, sell, and trade cryptocurrencies.
Since a virtual account is usually connected to actual market data, these accounts may be helpful for novice cryptocurrency traders as well as experienced traders looking to experiment with different approaches.
Many cryptocurrency exchanges and trading platforms provide demo accounts. While not all cryptocurrency practice accounts are free, the majority will be. The ease of use, selection of cryptocurrency pairings and trading instruments, and beginner-friendliness of each platform will differ.
Benefits of Crypto Demo Trading
The use of demo trading has several advantages. These practice accounts are great for new investors to help them get a feel for the market, but they’re also a great place for seasoned traders to test out trading tactics. The advantages of cryptocurrency demo accounts may be summed up as follows:
- Excellent for developing trading methods,
- Beneficial for novice traders, and a great way to acquire abilities that might lower financial risk.
- Availability of sophisticated trading instruments
- Always keep in mind that experimenting with a free trial account does not replace doing extensive research before making any investments.
Traders are able to test their research using these accounts. Make sure you understand the trade you want to do, and then use a demo account to expand on that expertise.
1. Swyftx
Beginner-friendly, Swyftx’s demo mode prioritizes usability and lets users replicate the majority of its trading functionalities. The demo version of Swyftx is quite user-friendly and emulates the layout of its actual trading platform. As a result, there is no longer any chance for misunderstanding for traders transferring to a different Swyftx trading platform. Users may use capabilities like these since the demo platform is in line with the actual platform.
- price notifications
- Over 310 assets that may be traded
- Depth of the market and worldwide liquidity
- Following the progress of a portfolio
- Desktop and mobile programs, as well as current market trends
Each and every Swyftx demo account comes with $10,000 USD in “Mock Currency,” or virtual money. Once the account is established, it cannot be closed. However, you can request that the customer care staff reset your Swyftx demo trading mode. Among many other cryptocurrencies, these funds may be used to purchase, sell, and trade BTC, ETH, XRP, DOGE, and ADA.
2. eToro
eToro, a worldwide financial brokerage and trading website, has one of the most extensive sample accounts. Interestingly, users of eToro’s demo mode may trade on a considerably wider range of markets, such as indices, cryptocurrency, commodities, equities, and ETFs.
With the help of eToro’s sample cryptocurrency trading account, traders may create a virtual portfolio worth $100,000 using fictitious cash.Users of eToro may choose from 15 different cryptocurrencies for their imitation transactions in addition to Bitcoin demo trading.
Furthermore, one noteworthy aspect of the eToro demo is the “social trading news feed.” You may connect with other traders in this ideal setting, sharing your techniques and picking up tips from them.
Even while you should always do your own research before blindly following a strategy, this may be a terrific method to pick up tips from more seasoned traders. You may sort this social platform by “popular investors” to have direct access to the trading tactics of profitable traders.
With the use of sophisticated research tools, traders may track the current movements of any investment with the eToro trial account. Additionally, traders are free to play with the Take Profit, Stop Loss, and Leverage tools. For even more convenience, eToro offers its users access to pre-made themed portfolios.
3. Binance
The largest cryptocurrency exchange, Binance, refers to its practice trading account, which is accessible under Binance Futures trading, as “Mock Trading.” Trading derivative contracts at a predetermined future price and date is part of the more speculative futures trading strategy.
Although the simulation trading platform is not as easily available as other demos, it may still be highly beneficial to learn without having to commit to anything because trading futures is a very dangerous endeavor.
The amount credited to your Binance Futures testnet (demo) account upon opening it is 3000 USDT, or $3000 USD. You will be able to set stop-loss and take profit orders, and use up to 25x leverage with your virtual portfolio. Additionally, traders may modify the risk level on the testnet, giving investors of all skill levels a chance to profit.
You may also use your mobile device to access this sample account. Keep in mind that the prices and candlestick charts in the mock trading environment might not match the market value.
Be aware that the Binance demo account’s inability to support spot trading is one of its drawbacks.
4. Trading View
Trading View, a social networking platform with charting capabilities, was first developed for stock scanning and charting. But the website just entered the cryptocurrency space and is already tracking the past values of trade pairs on many platforms.
Finding patterns that could predict future changes in asset values can be aided by researching past prices and performing technical analysis. Since Trading View is not an exchange, users are unable to deposit or trade with actual money.
Trading View does, however, provide sample cryptocurrency trading so that consumers may benefit from its sophisticated graphing system.
TradingView refers to its virtual cryptocurrency account as “Paper Trading” and targets mostly experienced traders who want to use a range of charting tools to further their understanding. Among the main characteristics of a TradingView cryptocurrency demo are:
- Actual market information from several exchanges
- Price notifications as well as additional chart indications
- Trading strategy modeling and outcome assessment
- Numerous trading pairings
5. Plus500
However, Plus500 is among the best-performing platforms for trading contracts for differences, or CFDs. Investing in financial instruments that track the values of assets like stocks, indices, Forex, ETFs, and cryptocurrencies is known as CFD trading.
As a result, you are unable to withdraw any money you invest in cryptocurrency to an external wallet. Plus500 can educate potential traders the ropes, which makes it particularly beneficial for novices. The “order entry window,” which summarizes helpful transactions for novices using the sample cryptocurrency account, is an easy-to-use interface.
Demo users get access to 17 different cryptocurrencies and may trade CFDs with up to 30x leverage by using fictitious money. Because of Plus500’s capabilities, experienced traders may practice making high-risk transactions.
Beginner traders may access tutorials to help them along, and customer support is always accessible. Returning to live trading is a straightforward process if you believe you have acquired enough experience.
6. Bit Mart
Bit Mart is well-known for a number of intriguing features, such as staking, lending for cryptocurrencies, and futures trading. Users may access integrated Trading View charts, which provide a variety of technical indicators to help with trading techniques.
The demo crypto account interface nearly exactly mirrors the actual trading experience. There are a few minor visual differences in the user interface between its futures markets and leverage options.
A training amount is provided for the purchase of cryptocurrencies via the practice account. Additionally, moving to live trading gives a number of benefits, even if the majority of live features are already accessible on the demo:
- Trading futures with up to 100x leverage
- Spot market trading against BTC, BMX, USDT, and ETH tokens using over 90 cryptocurrency pairs
- Lending on digital assets and earning up to 6.25% APY in cryptocurrency interest; access to mobile apps for
- Trading and portfolio management.
7. Bits gap
Bits gap is an online trading platform that offers a number of useful features, including the ability to trade numerous digital assets, manage multiple portfolios, and utilize trading bots.
All of the features of Bits gap’s live trading platform are accessible through its demo account (https://bitsgap.com/demo-trading), which is integrated with 25 of the largest cryptocurrency exchanges in the world (including Kraken and Coin base Pro). The demo account works by simulating the order books of the supported exchange, giving traders the chance to:
- To develop secure investing strategies, make use of the risk management tools and Smart order choices.
- When you’re not online, let trading bots make trades for you.
- Practice using different order types when trading.
- Track the gains and losses in your portfolio.
