A crypto trading demo account can be pretty helpful. Since the crypto market is highly volatile, it allows you to test your trading strategies and knowledge in the demo trading platform and not live market conditions.
There are many exchanges that offer you demo accounts for trading crypto. But the question is, is the best crypto trading demo account available out there?
To help you out with this question, I have handpicked some of the best demo accounts available for crypto trading and mentioned them below.
Using these accounts, you can not only test your trading strategies. But beginners can also use it to understand how trading works.
So let’s get into the topic right away:
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6 Crypto Futures Demo Account & Paper Trading Apps
- Bybit MT4 Demo Trading Account
- Binance Demo Trading Account
- Phemex Demo Trading Account
- BitMEX Demo Trading Account
- StromGain Demo Trading Account
- Kraken Demo Trading Account`
1. Bybit MT4 Demo Trading Account
Bybit is one of the most popular crypto derivative exchanges out there. The company was established back in 2018, and since then, it has been growing only. It is a cryptocurrency derivatives exchange that also offers you a demo trading account.
With Bybit, you will get the support of MetaTrader 4 or MT4. So if you have ever done forex trading, you would find MT4 for crypto trading super useful.
You can use the same MT4 interface and EA integration when trading crypto on the platform with minimum learning curves.
Also, thanks to its MT4 support as a trader, you get exposed to a wide range of features and currency pairs. For instance, you can perform automated trades, backtest your strategies, perform advanced technical analysis, and more.
Also, you will get access to advanced analytical tools and trading customization, which will help you to make your trading experience better than ever.
Getting started with Bybit MT4 demo trading account is also super easy. You need to download MT4 for your preferred platforms like Windows, Mac, Android, or iOS and log in with your demo account details.
Also, once you decide to move to the real account. Simply add your Bybit account details into the MT4 to start trading. Alternatively, you can use bybit’s web or mobile platform to trade Bitcoin or other cryptocurrencies. To know more about the exchange, here is a detailed Bybit review.
2. StormGain Demo Trading Account
StormGain is one stop shop solution for everything about crypto. Using this exchange, you can buy, sell, earn, trade and hodl and learn crypto. Also, it is one of the newest exchanges in the market that was launched in 2019.
Also, it offers you a demo trading platform for the new traders so they can learn how to trade. StormGain’s demo mode is completely free to use and requires no prior experience.
The demo account comes with 50,000 USDT. So traders can try out their own trading strategy without the fear of losing money rapidly.
Also, the demo mode is as same as the real trading account. Just like the real account, you can set both a market and pending order, set a stop loss, and take profit. Plus, you will get a bunch of advanced crypto trading tools to maximize your profits and limit losses.
Another cool part about the demo mode is that you can set various alerts. This will help you to keep monitoring the crypto market and know what is really happening.
Getting started with StormGain’s demo mode is pretty easy. You can open a demo account within seconds and start trading, learn crypto trading or test your skills.
And once you have gained enough knowledge and become one of the intermediate traders, you can move to retail investor accounts and start trading CFDs, crypto, or other instruments. To find out more, check this StormGain review.
3. Phemex Demo Trading Account
Phemex is a Singapore based crypto exchange that lets you trade in the crypto spot and derivatives market. Also, it comes with a practice trading account, or Phemex better calls it Phemex Testnet.
It is the same thing as a Binance Mock Trading account. As it offers you a simulation trading account where you can learn to trade cryptocurrencies and test different trading strategies without the risk of losing money.
The simulation happens over the live market only. So whatever strategies you apply will work in the real market as well.
But with its practice trading account, you can use free virtual funds to execute your trades without taking any financial risk. So even if you make money or lose money in your trades, it will not affect your real-world trading account.
Also, it offers you the Phemex Academy, where you can watch short introductory videos about crypto to gain knowledge.
And once you have gained enough knowledge, you can trade crypto in the real market and book profits.
It allows you to trade both spot and derivates or perpetual contracts. With derivatives trading, you will enjoy up to 1000x leverage and BTC or USD settlement.
Also, its spot markets have zero trading fees. So for each of your trades, you will get to book higher profits. To help you know more, here is a detailed Phemex review.
4. Binance Demo Trading Account
If you are into crypto trading, you already know about Binance Futures. It is one of the largest crypto contract trading platform out there which offers you lots of advanced trading tools, digital assets, real market data and so on.
Also, it offers you a free demo account which is named as Binance Future’s Mock Trading. Binance Future’s Mock Trading is a testnet simulation trading platform where you can practice trading and gain trading skills at your own pace.
The simulation is based on live cryptocurrency markets in real time. So whichever trades you will take will be executed based on the real market conditions. Thanks to this real-time market data, you can test your strategies at a deeper level without risking real funds.
You can access Binance’s Mock Trading Feature by going to Binance Futures and then create an account or login to your existing account. Then click on your profile icon and you will find the Mock Trading feature.
With the practice trading account, you will get balance of 3,000 USDT which should be enough to test your strategies and gain experience in the market. Along with that, you will also get access to features like leverage and stop-loss and so on. To learn more about the exchange, check this Binance review.
5. BitMEX Demo Trading Account
BitMex is another popular leverage trading platform out there. It allows the top traders to buy and sell crypto futures and perpetual on a wide range of crypto assets.
However, unlike other crypto exchanges, BitMEX does not have a good impression among the trades due to the exchange’s lack of regulatory compliance.
But as long as you are using its demo account, there is nothing to worry about. It offers you a pretty amazing crypto demo account which is better known as BitMEX Testnet.
Just like any other exchange, it offers you a trading simulation based on real market data and lets you trade with fake money or virtual funds.
With its crypto demo account, you will get up to 100x leverage. Plus, it allows you to execute trades without any expiry dates.
Also, it lets you trade in a wide range of contracts through its demo account. So you are not limited to a few handful contracts to test your crypto trading skills. However, the leverage varies from contract pairs to contact pairs.
You can sign up on Bitmex Testnet free of cost. However, if you have a BitMEX account already, you will still need to sign up for BitMEX’s free demo account. As BitMEX exchange and its testnet platform are two different things.
6. Kraken Demo Trading Account
Kraken is one of the oldest cryptocurrency trading exchanges out there. It was launched back in 2011, and since then, the company has been growing only. Kraken offers a suitable environment to both new investors and pro traders.
With Kraken, you will enjoy a smooth crypto investment procedure, handy trading tools, chart patterns, low fees, versatile funding options, and more.
Along with that, it also comes with a demo or test trading account. Although, Kraken does not offer you a practice account with free crypto coins for your trades.
But you can create a demo account for Kraken futures. Using Kraken futures demo mode, you can try out futures exchange without using real money.
The demo account is made to give investors a quick heads up about how Kraken’s future exchange works. But you can also use it to practice your trading skills.
Kraken Futures offers a real world trading experience where you can use leverage to trade bitcoin or other currencies, choose your own collateral, and go long or short based on your trading strategy.
Also, you will find a bunch of trading pairs to test your trading knowledge across different markets at zero risk. To know more, have a look at this Kraken review.
- Is there any demo account for crypto trading?
Yes, there is a demo account available for crypto trading. There is a wide range of brokers and crypto exchanges that offers you a virtual account with virtual funds to execute trades.
These accounts are helpful for learning how to trade and test out strategies. Some of the popular crypto exchanges that offer demo modes for crypto trading are Binance, Phemex, BitMEX etc.
- Does Binance have a demo account?
Yes, Binance does offer you a free crypto demo account. However, Binance calls it Mock Trading, and it is only available with a Binance Futures account. You cannot use a Mock Trading account for trading in the spot market.
But if you are interested in exploring crypto futures trading, the mock trading account would come in handy.
You can access the feature by creating a Binance Futures account and then going to your Profile > Mock Trading. Mock trading has the same user interface as the normal Binance user interface, and you will find different trading pairs and other trading tools.
- How long should I trade a demo account?
There is no clear answer for how long you should trade in a demo account. A demo account is useful for both testing strategies and for new traders who want to learn how to trade crypto.
So even if you are a pro trader, you would still need to use a demo account once in a while to test your strategies. Or, if you are a beginner, you can use it to gain market experience till you have enough knowledge about how the market works.
So those were some of the best crypto trading demo accounts offering exchanges. Most cryptocurrency day trading platforms offer you a demo mode in the name of testnet. So do check if your preferred exchange has anything like that or not.
Alternatively, you can try using paper trading as demo trading. In paper trading, you need to write the total amount of funds and then note down the buy price and sell price of each trade, trading fees, and other details and then calculate your trades based on that.
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