Crypto trading can be risky for inexperienced traders. Even experienced traders have to deal with losses every now and then, which leaves no chance for an absolute newbie at all. You may get lucky on your first trade and make some profit, but a big burn may await you in your next trade.
There is a way to avoid this though. You can practice and perfect your strategy before going into the real trading business. Thanks to recent advancements in technology, there are platforms that allow you to practice trading with pseudo money before you start risking your real funds.
Crypto demo account platforms provide such an environment where you can make all the mistakes and learn from them. We discuss some of the best ones in this guide, giving you options to choose from and start your trading journey where every newbie should – with a demo account.
The following are the best trading platforms for you to start a demo account and test out your strategies.
You can access up to $100,000 in pseudo money to practice on eToro. It is the overall best platform for trying out your strategies, because it provides all the necessary tools you need, no matter what kind of trading you wish to do.
By using all the tools, you’ll develop confidence in trading, which helps to reduce pressure that can cause you to make avoidable mistakes. The demo account has a simple user interface that you can easily figure out and start using immediately.
You can experiment with leverage, stop losses, and take profits to know how to use them in your real trades. eToro is also a leading copy trading platform that allows users to copy the trades of pro traders and learn in the process. You can also leverage this to increase your knowledge and experience.
You may know Binance as the largest cryptocurrency exchange in the world by trading volume, but it is also an ideal demo platform for practicing crypto trading. The platform is particularly suitable for those planning to go into futures trading.
Binance Futures’ Mock Trading platform allows you to practice in real time without risking any money. You can start your trade with an initial 3,000 USDT that the platform will give you, and add more funds in any asset of your choice.
You can use up to 25x leverage for your trades, allowing you to test out your risk tolerance. You’ll also be able to test out profit orders, stop losses, and trailing stops.
Like eToro, it has a clear and simple user interface that you can easily use. The difference between the demo account and the real one is just the use of real funds, and you can switch between the two by simply clicking on the “Back to Live” button when you’re ready to start live trading.
TradingView
TradingView is technically not a crypto exchange, but it is an important platform for traders. It provides data analysis tools that traders can use to accurately predict the market, but also has a demo trading platform.
You can access capital of up to $100,000 for your demo account and start practicing your trades. Trading has so many features and you’ll use all features you can find on any exchange. The user interface is however a little complex since it is a platform for experienced traders. It is mostly for testing strategies rather than a place for newbies to start their trading journey.
You’ll also have access to price analyses for different cryptocurrencies by expert traders, giving you an idea of what to trade at what time. This can significantly increase your capacity to make the best trading decisions.
Conclusion
Are you a new crypto trader or you’re seeking to hone your skills and test your strategies? Whichever it is, you can easily do that with any of these platforms and increase your chances of winning in future trades.
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