Best Crypto Paper Trading App: Top Picks for 2024 there is so much going round about trading in cryptocurrencies but I don’t think I want to invest my money at the moment. Otherwise, it is recommended to take a look at what is called crypto paper trading apps! These apps give you a chance to try trading on the real market while not losing any of your own money.
Many of the most popular exchange platforms in the market that are currently available include Binance, Bybit, and Kraken, which offer crypto paper trading. As has been observed there are many methods, it is necessary to really know each of them in order to make the right choice.
Don’t panic just yet! Let it be easier for me to show you some of the best apps for crypto paper trading to give you a headstart. Let me explain then what they are, how they are used and why it could be a worthy investment for traders of all kinds, starting with novices.
The crypto paper trading apps I’ll cover in this article include:
- Binance
- Kraken
- Bybit
- KuCoin
- Bitfinex
- BitMEX
- CryptoHopper
- TradingView
So, brace yourself and let’s use some test data to level up your crypto trading game even more safely and without much risks!
1. Binance – Futures and Spot Simulation Trading: Best Crypto Paper Trading App: Top Picks for 2024
They rank 1 of 8 Crypto Exchanges.
Best Crypto Paper Trading App: Top Picks for 2024 the Binance exchange is one of the largest and most popular exchange platforms because of the variety and availability of services. However, apart from being an exchange, Binance is also a crypto paper trading application that allows users.
Binance’s paper trading service operates in two categories; futures and spot trading which are Binance Testnet Futures and Binance Testnet Spot.
Like other testnets, these are basically sandbox spaces giving traders and developers the chance to practice trading and experimentation of algorithms without actually risking money.
But what does futures trading and spot trading signify? If not, allow me to explain them to you:
Spot trading means people buying and selling goods for instance the stocks or commodities and gaining them immediately or after some time. Futures trading, on the other hand, is the opposite of that: It is a financial contract where two parties settle to buy or sell an asset at a set price and on a specific time in the future [1].
Therefore, Binance Testnet Spot is a virtual trading platform to purchase or sale digital assets with the settlement in immediate physical availability. Thus, in Testnet Spot environment, users can perform fake transactions with fake money, if you wish. The better part of it, however, is that the prices are real market value and therefore offer real trading.
Now, Binance Testnet Futures is rather an opportunity to give the traders an option for the future transactions, test their theories, and options on the future price of an asset. Futures trading strategies can be valuable for new entry as they can get to learn the working of futures trading without engaging real money.
Important to mention is that these two testnets are entirely distinct and separate systems different from each other. However, Futures paper trading and Spot paper trading is available with the same Binance account, but these both are again a different thing, and have to do them separately.
Furthermore, Binance Testnets are also free of charge in firing up and using them. They are also easy to use and understand because a big drawback with paper trading is that it can be really irritating given that most of the times we are dealing with the computer stuffs.
Incidentally, to begin with the paper trading it is provided you $3000 of test fund free from any real value, into which it is impossible to cash out – they are for the purpose of the paper trading only.
Well, that is more or less all there is to Binance Testnets. However, do you know what API (Application Programming Interface) is? You may be surprised to learn that it can provide you with additional opportunities in paper trading as for both buying and selling.
Well, that is because API gives traders and developers the ability to link their software or applications to the Binance’s trading platform”, where they can use trading operations including; placing orders on trades, checking account balance, and others like trade history among others.
When it comes to trading in Binance Testnets, you may need to use API to control your trade to enable you execute trades as per your set strategy and this will also enable you test your automated trades as well. Pretty cool, right? That is something worth bearing in mind each time one will be using paper trading to trade with Binance.
Thus, in general, Binance Testnet Futures and Testnet Spot are regulating instruments for facilitating trading strategies and testing trading algorithms without stake and real funds.
2. Kraken – For futures, Kostenloses Kryptowährung-Marketing-Tool: Best Crypto Paper Trading App: Top Picks for 2024
Located eighth among the Crypto Exchanges.
Best Crypto Paper Trading App: Top Picks for 2024 what do you know about Kraken’s futures demo/test accounts? It will be of particular interest to individuals who may wish to test the waters on cryptocurrency futures contracts without having to invest in the physical currency. You might even consider it to be quite similar to a crypto paper trading app since it is a trading simulation.
Before we dive deep into Kraken, let’s recap what futures trading means: futures trading is the ability of making a contract between two parties that they will trade an asset at a specified price and a specified time in the future.
Now, through Kraken futures demo/test account; clients are offered the opportunity to trade futures contracts of several cryptocurrencies on a simulated platform.
Oh and yeah, theíre are realistic so you get a feel of what it is like to trade in the real world. That means that you will be able to see real time market data and also allow practicing trading scenarios and investigate the ability of the strategies in operating in various market conditions.
Furthermore, what I actually love about Kraken’s futures demo/test account is that it is free to open to anybody. Furthermore, there aren’t any awkward procedures which you have to go through to get into it – all you need is a Kraken account, which you can sign up for on the site for free.
Please remember this feature is associated with the Kraken Pro platform that is tailored towards more professional users. In this regard, futures trading is not really suitable for the newbies at all. But then again, that is where rming it with Kraken’s futures demo/test accounts is useful.
Of course, Kraken’s futures demo/test accounts are also that you can get an idea of Kraken’s trading platform. Therefore, this may be a great chance to enjoy the practical experience as well as deepen the knowledge about how futures trading in Kraken works even if you are rather experienced trader.
In general, I would recommend the futures demo/test accounts for anybody who wishes to get into futures and paper trading. It is free, simple to understand and works perfectly fine, it gives a real environment where you can practice what you learn about trading.
Bybit is among some of the most famous exchange platforms that can be observed in the market. But, do you know that it also has a highly popular crypto paper trading app? Well, it’s the Bybit Testnet!
Like other testnets, Bybit Testnet is an alternative trading platform where you can trade in cryptocurrencies without risking your money. Still, there are some features that separate it from all other paper trading platforms percentage.
First of all, it has been developed to resemble the Bybit Mainnet as closely as possible that you can test the mechanical structure of it. That explains why trading is as real and lifelike as it can be with the software system. That way you can practice making trades and find out that trading can be done in a safe manner.
Therefore, you can even trade completely free on the platform and gain an understanding of the trading capabilities, cryptocurrencies, and strategies as well as trading bots.
Moreover, Bybit offers several forms of trading such as a limit, a market, stop-loss, and many others. Therefore, you can try all of them through Bybit Testnet.
There are more benefits of Bybit Testnet you need to know since using this platform is easy peasy. In other words, there is nothing complicated about the site and it does not bother with many features to require when starting. However, it has also a clear layout of the interface presenting necessary data and statistics, including various crypto rates.
To begin using Bybit Testnet, it is necessary to go through the registration procedure and receive Testnet coins from various faucets –, as you might have guessed, those coins are actually meaningless, but, on the other hand, they open great opportunities on Bybit Testnet. That is about it, after that, you are ready to engage in paper trading the cryptos.
By the way, Bybit also used the testnet and launched demo derivatives trading, which function almost the same way as real trading. There is registration of a paper trading account where you get virtual trading capital which consists of 50000 USDT, 50000 USDC, 1 BTC, and 1 ETH. You can then use these assets to start practicing.
However, there is the Bybit Learn website, where users can find tradeschool and articles in order to familiarize themselves with the alternatives concerning cryptocurrencies and trading patterns. When you add this to Bybit Testnet derivatives trading or demo, you will be ready to engage in real trade.
In sum, the Bybit Testnet and the demo derivatives trading function provide such trading-related functions and a simple layout. Add that to the learning site filled with tutorials and articles and you’ve got one of the best crypto paper trading platforms.
Among new platforms, KuCoin, the altcoin exchange that started in 2017, introduced paper trading in KuCoin Futures, which is Future Beta Trading, making KuCoin Futures a full-blown crypto paper trading app.
That is why KuCoin’s paper trading tool is very close to the imitation of the market environment since many trading tools, indicators, and charts are truly resemble the real trading context. This enables the users to for instance modify leverage multiples also control on position risk in realtime.
Additionally, the KuCoin’s paper trading provides and impressive example: the performance is boosted 20 times, and the latency is reduced to 10%.
For the time being, the feature is available only for several contracts, such as USDT contracts as well as coin-margined contracts like BTC Perpetual/USDT or BTC Perpetual/USD.
Currently, KuCoin is only open to registered members, so if you do not have a KuCoin account, you’ll need to join, successfully joining the application. In case you already have one, it’s simple and straightforward: there is no more to it than to begin trading immediately! What do I mean by that? Oh, what I have to say is that the live trading and the paper trading are performed here using the same KuCoin account.
Also, due to it, you can easily move from the paper trading feature to the live trading platform, and back, which is quite beneficial. Of course that must make things easier in a practical way.
Once you get signed up you get the initial capital for the Futures Paper Trading. They will distribute a total of 3,6 BTC, including 30,000 USDT, 1 BTC, and 80,000 XRP. Once more, those aren’t usable outside of the app since they’re merely demo money; moreover, the funds cannot be withdrawn.
Moreover, the act of placing an order in KuCoin’s crypto paper trading app is exactly like the real deal: they are selected by you depending on what order type you want to use, then you type in the amount and leverage and pass the order. Only three types of orders are allowed: limit price, a market price, and stop order.
In case you don’t know what “leverage” implies in the context of cryptocurrency transactions, let me tell you: leverage means the act of applying other people’s money to realizing the presumed enhanced gains of an investment [2]. However, do not assume it makes the profit of a trade higher because it also increases the potential of a loss.
Incidentally, the paper trading system has been latest upgraded with an upgraded API documentation together with a change in the official website URL and mobile page.
Therefore, it is generally agreed that KuCoin’s paper trading feature will be particularly useful for anyone who wishes to learn how to trade cryptocurrencies or experiment with new techniques of trading. For easy and convenient user interface along with easy access to trading tools, it is a platform suitable best for both the novice as well as expert traders.
5. Bitfinex – Learn to Trade in various areas: Best Crypto Paper Trading App: Top Picks for 2024
Rated 5 out of 8 in Crypto Exchangesbcrypt
Have you heard of Bitfinex? And it is one of the oldest crypto exchanges that also offers you a crypto paper trading app in which you can learn and practice your trading strategies in the virtual environment.
From the Bitfinex paper trading you can get a simulation of trading at areas such as the spot, margin and derivatives trading, margin financing, Bitfinex Borrow, OTC trading desk among others.
In that way, you can get access to the reserve test funding and borrow funds from other users, and test large orders which you don’t need to go through the public order books.
But as I pointed out before, paper trading doesn’t utilize tokens with actual value since they can only be traded in a virtual space (a simulation) – the same thing applies to Bitfinex paper trading.
Before we proceed further, you could be asking yourself, “How do I begin paper trading with Bitfinex?”. Well, it’s very simple.
However, for them to be this vague, you will have to create a sub-account focus on it and to create one at Bitfinex you have to log in to your account and go to the sub-accounts tab, where you can select a paper trading sub-account. Then you will have to specify an e-mail address and to set up the login and password as well as the username.
By the way, when creating sub-account, new email and username should be used. However, as soon as money has been deposited into sub-account and paper trading mode has been enabled, changing the sub-account type is not possible.
It might not be very convenient to have to use another account to paper trade cryptos but then again there are no stipulations for the creation of sub- account on the part of Bitfinex crypto paper trading app.
Please also bear in mind that although there is no limit on the total amount which can be refilled to any sub account, the amount that can be credited to the total account balance is $1,000,000 (or the equivalent of the value of such amount in other currencies) per sub account type and $100,000 (or the equivalent of the value of such amount in other currencies) per paper currency.
Similarly, regarding paper trading and Bitfinex, it is impossible not to mention the opportunity to perform paper trading using Bitfinex Honey.
This is an open source and what many traders look forward to – a customizable toolkit called Bitfinex Honey. They include tools to improve functions of Bitfinex through providing extra services. Hence, using Bitfinex Honey, traders can perform multiple algorithms configured, ordinarily orders, hotkeys, and even fresh notifications.
Seems cool, right? And it is. Wait, it gets even better Folks; the Bitfinex Honey toolkit is in two formats – standalone and a web application, giving traders options on how to run the toolkit!
Where does this fit into paper trading? you must be wondering. In other words, for now, the only option for getting acquainted with Bitfinex Honey is practicing on a demo account. It can help make trading less uncomfortable for newbies and open a great opportunity for others to further hone their skills.
That’s it! Now you know about the opportunities that the Bitfinex crypto paper trading app offers to enhance and improve your trading skills without subjecting actual money to a risk.
6. BitMEX – Our pick for crypto derivatives: Best Crypto Paper Trading App: Top Picks for 2024
Was able to secure the 6th position up from 8 available Crypto Exchanges.
BitMEX is an online trading platform allowing its users to trade crypto derivatives that include contracts with leverage of up to 100x. It’s an excellent solution for investing in cryptocurrencies for experienced traders. But it is also providing really nice opportunity for new traders with their crypto paper trading app.
Hence, it is only possible to paper trade cryptos with BitMEX through the BitMEX Testnet.
On BitMEX Testnet, you don’t only get to trade using standard coins, but also utilize derivatives. With this platform, you can practice how it and BitMEX works while also being able to experiment with different strategies and approaches without using your own capital.
Thus, for newcomers wishing to try the world of crypto derivatives, there was developed the BitMEX Testnet. Still, it seems to be useful for more developed ones, though for more developed traders, this may be quite helpful.
The reader also needs to be aware that BitMEX and BitMEX Testnet are two different platforms; therefore, the latter one is different from the former one. Thus, for the purpose of this guide, you have to start with a totally different account from BitMEX Testnet even if the user already has an account on BitMEX.
However, not to worry, the process of signing up to BitMEX Testnet is very streamlined, in fact the only information you are required to enter is an email address and a password.
Now, after creating an account on BitMEX Testnet, initially you will be credited 100,000 Testnet Tether. These coins can also be used to test various different strategies and techniques without staking money. In case your Testnet coins become depleted, you can always refill them from various faucets found online Oh, by the way, the Testnet copies the first account to offer users the best experience possible for the service. But users can trade using Testnet coins that have no value on the real market at all.
Also, it’s important to know one more thing: it has also been noticed that the prices displayed on BitMEX Testnet are not always equivalent to those in the BitMEX marketplace. But that is quite alright because the Testnet possesses its own order book and trading traffic and live market changes cannot always be observed in testing.
Nonetheless, as an actual paper trading trading platform for Crypto, BitMEX remains very useful, the best suited for those who want to trade in Crypto derivatives in particular.
7. CryptoHopper – Perfect for Crypto Bots
Currently it is ranked 7th out of 8 available Crypto Exchanges
Best Crypto Paper Trading App: Top Picks for 2024 up to now, I have only discussed some exchanges that offer paper trading services. But this list also includes tools that allow users to practice trading with no real cash involved at all. CryptoHopper is one of them since it is both a crypto trading bot and a crypto paper trading application.
Some of the users may be wondering what CryptoHopper is used for. So, it is a professional automatic crypto trading platform whereby the user can create and design trading bot to purchase and sell virtual currencies without their interference. In simplest terms, it eliminates some of the barriers to a transaction.
That being said, before you begin the CryptoHopper software, you have to bear in mind the fact that it isn’t an exchange platform, but a platform used on exchanges.
Well, that’s one side of it. The other is the paper trading service which is the one that will be under discussion here. Being an application for paper trading in cryptos, CryptoHopper; allows you to create a demo account with which you can train multiple bots and experiment with automation of trading strategies.
In addition, you can also tie all your exchange accounts and operate them, in one hub. This way, it provides you with the ability to monitor cryptocurrency prices with something called trailing.
which will let you know when it is time to change the trend.
In addition, this tool also contains beneficial tools like copy traders function, and moreover, multiple templates of bots with which one can start.
Now, once you open the demo account, you can put up to 100,000 in any currency and then you use the CFDs simulator to practice with. But, you will get 7 days to test out everything you want and to trade every sort of cryptocurrency, for example, Bitcoin, Ethereum, Litecoin, etc.
Well, there is one downside for newbies – Cryptohopper’s paper trading simulator is not very user-friendly. Therefore, it might not be ideal for new traders in particular, those who want to multiple standard trading rather than automation. Nevertheless, if you are interested, you can use Cryptohopper as a tool for trading with bots without a problem.
$grok Crypto: Understanding Maximizing of Crypto Investments
8. TradingView – This is a platform that enables following of Several Strategies at the same time.
Rank 8 out of 8 of Crypto Exchanges
As a trading tool, TradingView can be used for various things.TradingView has been developed and designed for different uses. It’s also a crypto paper trading app if you want to try trading without risking real money I’ll go over its features and use cases in the next section. You can use it as creating a fake account and receiving fake money and you can start to trade on actual digital currencies without putting a real penny into it.
Now, discussing what this platform does, it offers its customers, traders and investors, a set of tools for analyzing financial markets. It provides real-time quotes, customizable graphs, indicators, and signals, community where people can share ideas and strategies.
Also, it can screen several trading plans simultaneously – this may be instrumental in the case when a trader is going to select the most suitable strategy for himself.
Also, it allows users to capture screenshots of their combined trade configurations and view virtual bought items and balances to make sound decisions.
Once more, TradingView has been put in this list because that is what other options listed here provide, namely the possibility of making a live trading simulation.
Thus, once you sign up on the site and input your login credentials to activate the paper trading training, you have a balance of $100,000, which you can replenish anytime as it is a virtual sum.
However, TradingView is very simple, and therefore can be utilized for trading by beginners while containing several unique features including charts that are most preferred by professional traders.
But there is one significant downside of TradingView’s paper trading platform, namely no customer support. Virtual merchants are utilized and been downloaded by many users who have noted that they do not receive any customer support, which is unhelpful if you run into issues with the app or need assistance.
Nevertheless, TradingView is a sufficient choice for those who would like to practice crypto trading and also monitor multiple trading signals. It can be useful to newbies as well as professional traders because it can help them in one way or another.
Best Crypto Paper Trading App: What is Paper Trading?
If you are in search of the top crypto paper trading application, you may already know what crypto paper trading entails. However, just to make certain let us discuss this a little bit.
In other worlds, paper trading in the blog post refers to an actually practice of trading cryptocurrencies but without actually risking any fiat money in the process. Simply put, a paper trade is an attempt at stock investing that doesn’t risk one’s money in the least.
That is, when I speak of ‘live transactions’ or the ‘live markets’, I refer to the trading that goes on on financial markets – whether Binance, Coinbase, Bybit, and so on – for stock, cryptocurrency, and commodity markets.
Since there is no risk of losing your money, the contrary is also true: So if you run some kind of online selling site you don’t get some points or something in return even if you pull of a really good trade. Considering all this, you could ask yourself – Then what’s the good in it?
Well, the purpose, of course, is to try and explore, and see what works best! Paper trading is to allow people who have no experience with trading to get a feel for it and for veteran traders to test new strategies and perfect their buying and selling skills relating to securities.
In addition, through paper trading of crypto assets, investors and traders can try different trading platforms and, moreover, different types of orders, including limit, stop, and market ones.
And by the way, paper transactions involve a trading account with, you know, an imaginary amount of money. Nevertheless, despite its complete fictitious nature, the crypto paper trading applications follow the crypto market and adjust the cryptocurrency prices accordingly, thus providing a very realistic sense.
Pretty interesting, right?
However, as the apps offer just a simulation, it’s essential to understand that the crypto paper trading apps will not always be as close to the live market, because there are many factors which are stochastic. Besides, they are more effective at working in day trading setting and not for long-term time frames.
Though, there is a way to overcome the limitation of paper trading: to make paper trading valid, investors must employ the real trading strategies and objectives. This involves making use of similar objectives like the degree of risk and return, limitations and even the time of trade as would of a real account.
In other words: do not treat it as some sort of game, do it for real. So that the paper trading of the crypto can be as close to the real thing as it can be.
However, some of the platforms I mentioned in my list call their paper trading option a “testnet”. What are those? In other words, in this context a testnet is kind of like paper trading, used for trading strategies.
However, note testnets are generally considered as a sandbox where blockchain developers can experiment to see how everything works and whether any issue is present, such as bugs – before they bring their projects to mainnet (the primary network).
The paper trading that enables you to trade the applications I have covered in this article, is live trading – whether it is called testnet trading, paper trading or mock trading, they are all the same in this context.
Conclusions
I suppose that concludes our journey through the crypto paper trading apps. Here, I’ve explained what they are, how the operate and why people should consider it if they are venturing into crypto trading. I have also reviewed some of the most effective crypto paper trading platforms, like Binance, Bybit, and Kraken.
By now, therefore, you should have a clear understanding of the objective of paper trading cryptos, and how it can assist in developing your trading skills without risking any cash. Hence who ever is new to the market or an existing trader who wants to try out new techniques, Paper trading has always been of great help.
Therefore, if you are planning to diving into the crypto market, you should try paper trading crypto. Perhaps you find out that you are a trading prodigy in the making and begin to make lots of money in the real world markets.
Other Crypto Exchanges in This Category
Here are other crypto exchanges related to the category but are not as popular with BitDegree readers yet. With my absolut opinion based on the list above, there are much more preferable crypto exchanges with a higher rank in the today’s market for the same or even less price.
eToro – Great for Beginners
You may have come across eToro as a trading platform, but it can also be regarded as a crypto paper trading app. That is because it has a demo account feature that allows the client to practice live trading.
The demo account allows you to trade on eToro with all the website’s functions available. Therefore, you can place metrics, put lines, and trends, and set buy/sell orders – all for paper gain, though.
Besides, virtual account also offers such facilities as leverage, stop-loss and take-profit to practice with different level of risks.
Also, when it comes to usability, eToro isn’t going to let you down either. HTML5 interface is quite simple and uncluttered. This is also straightforward in starting paper trade on the cryptos as all you need is to open a demo account on eToro.
Incidentally, free registration is offered and, after making the registration, you are endowed with $ 100,000 of virtual money so you can begin paper trading immediately. This amount is enough to let you get an idea about trading but not so much that you totally can work within restrictions.
Based on all the things I said above, it is now obvious that eToro’s Crypto trading paper app was intentionally made for newbies, and mainly because the design and trading rules are incredibly simple.
But if you are an advanced trader it is still enough for you because it is mainly aimed at improving trading skills in general.
Lastly, note that eToro has the social news, which you can use to discuss some ideas and analyse charts with other traders creating the worldwide trader commune.
In conclusion, getting acquainted with eToro’s virtual accounts should be useful before you start practicing with real money. Some are calling it one of the best Crypto paper trading apps because it offers a risk-free space to practice trading.
In this website, the content that has been published does not in any way, practice financial, investment, trading or any form of advice. BitDegree.org does not encourage or recommend you to invest in, or with, any kind of cryptocurrencies. Anyone planning to invest should first consult an investment expert advisor.
Scientific References
- A. Jalan, R. Matkovskyy, A. Urquhart: ’The Impact of Bitcoin Futures on the Bitcoin Spot Market’.
- J.R. Jensen, V. von Wachter, O. Ross: This paper seeks to discuss the topic ‘Leveraged Trading on Blockchain Technology’.
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