Cryptocurrency trading can be a lucrative venture, but it also carries a high level of risk unless you have enough knowledge and experience. Many more investors are getting involved in cryptocurrency trading, and paper trading has become an increasingly popular way to get comfortable with the markets and hone your skills as a crypto trader.
Paper trading is essentially simulated buying and selling of digital assets without using any real money, this allows you to assess risk management strategies without risking actual capital. It gives traders an opportunity to become familiar with different exchanges and find strategies that minimize risks while maximizing gains.
If you’re looking for the best crypto paper trading platforms to simulate real-world cryptocurrency investing, then you’ve come to the right place. In this article, we’ll give you an overview of the 10 top Crypto Paper Trading Platforms so that you can choose one that fits your needs.
What is Crypto Paper Trading?
Crypto paper trading is the process that allows traders to practice buying and selling various digital assets without investing real money. Crypto paper trading is the best way to learn how the market works and master trading in crypto.
This is an important step before you start trading with real capital so that you can become familiar with different exchanges and find strategies that best suit your needs. Crypto Paper trading is the best tool for any trader to learn the market and develop their skills.
How Does Crypto Paper Trading Work?
Crypto paper trading starts with signing up on exchanges that provide the paper trading tool. This trading is done through virtual money so you don’t have to invest any of your own money or capital. Instead, you will receive an account with virtual money that you can use to take trades without taking any real risk.
Once you have virtual currency, you can simulate buying and selling digital assets on a real-time market, and you’ll get to experience the same challenges a real trader would go through. These platforms offer a range of features and security levels.
The best part about paper trading is that you can make mistakes and learn from them without losing any of your own money. Crypto paper trading is a great way to practice strategies and get to grips with the market without taking on any risk.
Also Read: High Growth Cryptos to Invest in for 2023
Top 10 Crypto Paper Trading Platforms
Paper trading apps in the crypto market are more useful and will give you a feel of real trading. We always recommend that you have at least 100-150 trades in paper trading apps, before putting in real money.
Here are the top 10 crypto paper trading platforms that you can start using today.
1. Crypto Parrot
Crypto Parrot is a web-based paper trading platform that allows users to simulate trades with data from real exchanges. This platform doesn’t offer any chart feature, you simply need to enter the amounts to make a trade.
The best part about Crypto Parrot is that it offers an easy-to-use interface with unique features like unlimited paper trading accounts, technical analysis tools, and investment tracking. Once you sign up on this platform, you will receive $100,000.
Apart from crypto simulation, the platform also conducts trading competitions and provides updates on the latest news in the crypto industry.
3Commas is a popular crypto trading terminal and automated bot tool available on the market. This platform allows you to connect multiple crypto exchanges and choose different Coins without any limit on the virtual currency.
This platform also offers charting tools, technical analysis, and real market data, and the best part is that it has a mobile app as well. 3Commas also has two types of paper trading accounts; the Basic account and the Pro account.
The Pro account comes with paid plans that start from $8 per month and offer more features like backtesting strategies, DCA bots, and portfolio management tools.
Bitsgap is a popular cryptocurrency trading platform and automated trading tool that enables users to simulate trades with real market data without risking their funds. Also, the platform offers a mobile app as well and you can get started with a balance of 1 BTC and $1,000 virtual money.
The best part about this platform is that it offers many smart trading tools like conditional stop limits, trailing take profits, and many more. This platform also offers additional features such as portfolio tracking and automated bots for paper trading.
This platform also provides access to different exchanges like Binance and KuCoin and allows you to buy and sell different coins from the comfort of a single app. Overall, if you want to learn crypto trading skills, then Bitsgap should be the first option.
Cryptohopper is not a trading platform, it is a crypto-trading bot that allows you to create a paper trading account. to test their bot. This platform offers free and paid plans but with the free plan, you can create a paper trading account and access the majority of their trading bots.
If you start crypto paper trading on Cryptohopper, you will get real trading experience that connects to public data, not your own exchange account. Also, you can deposit up to $100,000 of any crypto that you want, and you can start paper trading with 100k currency.
This platform also offers a mobile app and real-time data that you can use to track your trades while on the move.
TradingView is the #1 charting tool, as it offers a sophisticated charting feature with multiple timeframes and technical analysis tools. This platform has recently launched a crypto paper trading tool.
This tool can be used directly from the charting panel, and it only works for Crypto: fiat pair. (Ex: BTC: USD). TradingView provides free and paid accounts (Costing between $15 to $60 per month), but you can also access the simulation feature in the free account as well.
In addition, you can also create unlimited accounts for virtual trading and track your performance against other investors.
Phemex is a registered and Singapore-based trading platform for crypto that allows you to trade using leverage. This platform also offers a testnet account that you can use its features to practice trades with virtual money and test your strategies before deploying real money.
This platform also allows you to trade with up to 100x leverage and has a mobile app as well. The best part about the Phemex platform is that it offers many advanced trading tools such as auto-take profit and auto-stop loss, and you can even adjust the order execution speed as well.
The platform also offers other features like margin trading, order-canceling tools, and a demo account that you can use to practice your trades.
eToro is one of the popular social trading platforms that offer a virtual portfolio with $100,000 of virtual money. With this platform, you can practice different trading strategies risk-free as you will be investing in virtual currency.
The best part about this platform is that it is social trading where traders can post their chart analysis, trade ideas, and sentiment on market directions which you can copy other traders’ trades as you do on social networks. On the eToro platform, you can also access news and insights related to crypto trading.
Also, the platform provides social trading features like chat rooms and forums that you can use to communicate with other traders. In addition, eToro also provides resources such as live webinars and online trading tutorials that you can use to enhance your trading skills.
8. BitMEX Testnet
BitMEX is the popular crypto margin trading exchange that also offers BitMEX Testnet, which is a platform for paper trading to practice and learn cryptocurrency trading without any real risk. By using BitMEX Testnet, you can practice buying and selling cryptocurrency with all the features of BitMEX.
The best part about BitMEX Testnet is that it has all the features of the live BitMEX platform except for the real money part. Also, you can use margin trading and other advanced trading tools Just like the original platform.
BitMEX Testnet also offers a mobile app so you can trade on the go, and it also allows you to connect with real-time data and provides educational resources to enhance your trading skills and strategies.
CryptoSpaniards is the best simulator platform that allows you to practice cryptocurrency trading in both traditional and digital markets. This platform offers access to virtual currencies such as Bitcoin, Ethereum, Litecoin, and Dash.
This platform provides you to trade in 30 different cryptos and gives you $10,000 virtual currency while joining. Also, you can use stop loss, take profit and more advanced features
CryptoSpaniards also offers real-time data that you can use to practice trading as well as advanced tools like charts and technical analysis. As a beginner, you can create an unlimited number of accounts for paper trading and track your performance against other investors.
Bybit is a crypto derivatives trading platform, popular for offering 100x leverage. This platform also offers a demo trading account with virtual money, where you can practice trading without any risks.
The best part about this platform is that you can use all the features of Bybit and practice trading with virtual money. Also, you can access real-time data, use advanced trading tools such as charts and indicators, and set stop loss and take profit orders.
Benefits of Crypto Paper Trading Apps for Beginners
Crypto paper trading apps are best for beginners, as you can practice trading without any risks involved. Paper trading also helps you to understand the crypto markets and the different trading strategies.
It also helps to analyze how different market conditions affect your trades and how you can adjust your strategies accordingly. Some of the important benefits are mentioned below:
- Crypto paper trading apps and stimulators provide a risk-free platform to practice crypto trading without risking your actual money.
- You can get access to real-time data and use advanced trading tools such as charts, technical indicators, etc.
- You can improve your trading skill set without risking your actual money.
- You can also use social trading features such as chat rooms and forums to connect with other traders.
- Crypto paper trading apps also provide educational resources to help you learn new strategies.
By using crypto paper trading apps, you can gain the knowledge and confidence needed to start trading with real money in the crypto market. So, if you’re a beginner looking to practice trading without any risk, then these best crypto paper trading platforms are the best options to get started.
How to Start with Crypto Paper Trading?
If you’re a beginner and want to learn crypto trading skills, then start with crypto paper trading which is easy and simple. You just need to find the best crypto paper trading platform that we have already mentioned above. Below is the step-by-step guide for beginners to start.
- Sign up with the best paper trading platform of your choice.
- Fund your virtual account with the allocated amount of virtual money.
- Practice trading by using the platform’s features such as advanced tools, real-time data, and educational resources.
- Monitor your performance and adjust your strategies accordingly.
- Practice trading with different markets and test out various strategies until you gain the confidence to start trading with real money.
Overall, these best crypto paper trading platforms are great options for anyone who wants to practice and learn about crypto trading without risking any of their actual money. These platforms offer the best tools, resources, and data for you to practice trading with virtual money.
So if you are a beginner or an experienced trader, these platforms can help you get a better understanding of crypto trading. We hope this article has given you a better understanding of crypto paper trading and the best crypto paper trading platforms that you can use.
Note: Investing in cryptocurrencies involves high risk and you should always do your own research and proper risk management before investing.
Frequently Asked Questions
Is Crypto Paper Trading Risk-Free?
Yes, crypto paper trading is completely risk-free as it allows you to practice trading with virtual money. So there are no risks involved.
Which are the best Crypto Paper Trading Platforms?
There are various crypto paper trading platforms available such as Cryptohopper, TradingView, 3Commas, Bitsgap, Phemex, etc.
Is it Safe to Invest in Cryptocurrencies?
Cryptos are not only beneficial digital assets but also the riskiest ones, so Investing in cryptocurrencies involves a high degree of risk. So, we always suggest doing your own research before investing in any cryptos.