Bitcoin Forum

I will open accounts on some exchanges soon. I would like to prioritize one where I will be able to practice for free. From what I have read and seen so far, Binance seems to be considered the best exchange overall. However, I didn't see any mention of being able to practice for free on Binance website. So which exchanges would be best for that?

Binance doesn't have that feature implemented. You can try BitsGap (https://bitsgap.com/). It's a platform that I came across a not long time ago, and it seems like they allow demo trading through 5 different exchanges (not sure which). You also have BitMex testnet  (https://testnet.bitmex.com/)which is another reputable exchange.

Apart from the exchanges suggested by an user, we've got HitBtc providing the service. One can learn and practice for free. This is truly a must feature with each and every exchange, because no one will be with cent percent knowledge about trading from the very beginning days into the cryptomarket or any other market through which any form of trading takes place.

Hey, I work at mushino (https://mushino.com). We have a welcome bonus where you can get $12 to practice with for free (no deposit required). This will allow you to open a $1200 position (using 100x leverage).

We also have a testnet version (https://testnet.mushino.com) of the site where your account is automatically funded with 0.05 testnet BTC, 400 testnet USDT and 2 testnet ETH. You can use these to test out the trading.

I will be able to personally assist you in the chat (or through pm's here or on Telegram), should you have any questions.

I don't know any reliable crypto exchanges here that can give you fake crypto to do mock trades but maybe a cryptocurrency portofolio management app like Blockfolio would be a good alternative for doing it. Since you'll just be creating your own mock portfolio of your trades you can easily copy your buy and sell records with it and the good thing about it is you can also mimic the fees and commissions exchanges have which will give you a more accurate reading on what your mock trades are. I know the fun in pushing orders won't be their but you are just here to study and do some trial and error with what you have learned which I think a portfolio management app can do for you plus you'll also learn how to manage you crypto well with it. 

I'm not aware of any spot exchanges that offer demo trading. That's something you see more often on broker platforms.

You can demo trade BTC on eToro: https://content.etoro.com/lp/bitcoin/

Tradingview also has a paper trading panel, which you can use to achieve the same thing (although it doesn't account for liquidity and slippage): https://www.tradingview.com/wiki/Paper_Trading


I highly recommend demoing the Bitmex testnet if you plan to trade leveraged derivatives. However, if you've never even traded spot BTC, I would start with something simpler like above.

Try Bitmex exchange, although this exchange is for leverage trading/margin trading where you can short the market(earn profits if price is falling) or long the market (normal trading- earn profits if pricing is increasing).
They have their testnet: https://testnet.bitmex.com/ (as what OmegaStarScream said above)
You can get free bitcoins balance there and trade by your own.
I already tried it and it is good, especially it will not affect your main account in Bitmex.

The majority of Exchanges have to do that type of practice, with fictitious money they give the opportunity to do it, in Bitfinex, with Bitmex, they are excellent exchanges that offer you that way to be able to test all your trading techniques, respecting the real movements of the market. In fact, it is always advisable that before operating with real money, it is operated on the platform to know and have reaction speed, as well as the multiple functionalities they have to offer.

Another leveraged derivatives exchange that provides a testnet for paper trading is Bybit (click for link (https://testnet.bybit.com/)), which is functionally and visually very similar to Bitmex except for a few details that become obvious as you use both sites. I'd still highly recommend using TradingView's paper trading function for beginners, though, as I find the general interface of TradingView to be simpler and easier-to-use compared to the clunkier interface that ByBit has.

I think mostly you will found on the web as crypto trading simulators should be fine as long as no money was involved and the service should be free. The same system on this demo account will be the same once you put your trading in actual.

I suggest rather than finding a demo account, test the actual trades with a small amount and do it on Binance. The reasons is, demo account platform do have a different interface once you now decided to start on Binance. At least, while you are learning how trading should work, you are now slowly recognizing the Binance interface which will make it easier for you to navigate while you are progressing.

In terms of practice trade I also using Bitmex. Before I use a newly learned tading setup in a real trade, I first trying it in bitsmex to see if it is suitable for me. The practice trading helps me to improve my trading psychology and also my proper risks and management. Before I open a account in a reputable exchanges, I practiced first in this reputable exchange and it takes me a month for me to master the basics.

I still don't know what kind of deal you're talking about.  But for normal trading, exchange doesn't seem to support it.  because it is one of those transactions that is easy to understand.  As for margin trading, there seems to be a lot of support exchanges.  You can access and try demo accounts at Bitmex, Snapex, Bingbon.  There you can freely demo transactions with huge accounts.

I suggest trying with Bitmex testnet to practice as many of us suggest the same website. I think that will better to him to practice his skills and he can improve from that trading before he enters the market with his money. Perhaps, he wants to know and learn about how to analyze the coin movement, how to analyze the chart.

But I don't suggest to try margin trading as he should have enough skills to trade. Margin trading will be more complicated than the usual trading at the exchanges because you use the money from the exchanges to trade. If you make a profit, then your profit will be bigger, but if you lose, your loss will be bigger too.

You should try these crypto demo trading sites:
CoinMarketGame Simulator
https://coinmarketgame.com/

Niffler.co Learn Crypto Trading Simulated Crypto Traders
https://niffler.co/
.

Cpaytoday Exchange Simulator
https://www.cpaytoday.com/trialbitcoinexchange/

Those are the few I know. Been long I visited any of them... , so check them out to see what still works and doesn't.
There probably other Crypto demo trading sites out there. Try searching them via Google.

You can implement what you learn on bitmex testnet to regular trading as well so it is not really a lost cause. If you open an account there, get the free money they give you and basically start trading there using all the information you learned (I hope you studied a bit or research how it is done) then you can basically just implement that to regular trading as well and would work.

I have never heard anyone who made a lot of money on testnet and started to lose on regular trading or a person who lost all the free money testnet gives but suddenly became rich on regular trading, if you are good at one of them then you are good at the other, if you are bad at one then you are bad at the other, it is just how it works or at least that is how it is in my mind.

https://testnet.bitmex.com/app/trade/XBTUSD

the best site i know for trial, you can use bitcoin testnet faucet to ge some testnet coin
https://coinfaucet.eu/en/btc-testnet/

You can also try IQ Option. Their binary options suck but you can use their app to learn some basic technical trading with their demo mode. Not to mention it has a lot of choices from options, futures, to forex. But I don't suggest to use it to do your real trade.

The only exchange that i know is etoro that will let you practice using a demo account and for the Margin trading you can try Bitmextestnet.
for me the best way to practice is by reading the chart and watching the orderbooks but it will only in your mind or you can write down. what price you will going to entry and exit with that you are like having a practice but it would be always better to practice it with a live demo account. choose your own preferences.

each exchange is specific and has something unique to it. All big and reputed exchange have his own platform, it is not like on Forex where all broker house use MT4/MT5 platform. For example, that is mean if you practice using HitBTC, does not mean that you can use all your strategies on Binance.
Also, I am not sure did you ever try to use any demo trading platform, there is a difference between demo and real trading, and everything is in your head.

Tradeogre is good, you can try to get any of those twitter airdrops and send the coins there and do some test trades and have a glance of what trading crypto is,
Tradeogre has many cryptonote coins listed that their value is literary pennies.

Copying any of the pre-existing traders might not really need any confidence. What you would need is to find a trader who has good portfolio, good ROI and also you have to check the number of people copying the trader. Understanding these basic things can make you copy any professional trader and earn a decent amount but you need to pay some fees which would directly be transferred to the trader you are copying and also you would need a good capital to invest on such traders.

It would be good for OP if he starts learning trading on his own because it would not cause him any extra fees and also he might perhaps get higher returns if he move onto real trading with immense knowledge and experience.

There are a number of platforms where you can practice your trading skills with some testnet coins. Bybit also offers testnet trading feature so it might be something which would be best for you to start learning how trading actually works. You can learn about leverage trading because it might give you good profits as compared to spot trading or margin trading.

You have to bear you own loss in such kind of trading but the profits would make you bear the loss. Even holding $500 to $1000 might make you able to trade with a whole number of bitcoins which would indeed give you major profits if you calculate fees approximately.

I would have suggested Binance but it does not offer this feature. I found a site/platform online and most people claim it is helpful. It is https://altcoinfantasy.com/

But the truth is, you don't have to look for a site like this but you can start from an exchange even with a reputable one. While you do so, instead of playing with good coins, play with shitcoins that cost little. It might cost you a little money, but it will help you to get used to it quickly as you are doing the real thing.

The list is here with websites having free demo accounts and even it mentions the fee and BTC pairs: https://www.bitcointradingsites.net/features/demo-mode/

I don't know how useful it can be as unlike forex where demo accounts actually help you a lot to learn market trends with fiat, the altcoin and bitcoin prices are too volatile to even test pairs.

That’s a good plan before you do an official trading, and you can try on HitBtc which I believe have the feature of demo trading. Trading is not easy mate, you should also read books, attend seminars and watch youtube tutorial because you can just know the system of an exchange but still your trading action will depend on your knowledge about it. If you’re ready to the real world, then Binance is indeed the best option.

Thank you for this.
I had been looking all around the internet about this.
Before I was using SparkProfit for practice in foreign exchange and commodities.
So we do have this kind also in crypto currencies.

I thought I will be wasting a lot of dollars just so to test my own skills.  :D

It is good if you practice trading in a exchange where you can easily used to it. Try to practice also in Binance so that you can master how it works easily without any problem. I tried using Binance when I was a newbie and for a month of practicing and using it, it went well for me. As you read for some strategies and techniques on how to proper use the Binance, it has features that you will discover that is easier for you to trade with some customers. Finding an efficient and effective exchange will make you productive, improve, and earn more profit in the upcoming transactions.

I can't resist sharing this with you:
https://twitter.com/i/status/1222874359687262208
Source: https://twitter.com/crypto_blkbeard/status/1222874359687262208 (https://twitter.com/crypto_blkbeard/status/1222874359687262208)

I never understood people who like to use demo versions, especially people who trade or gamble with a demo version! Why would anyone do that? I think it's exactly like in this gif, it's what demo is, you are doing something but actually you are not doing anything! Better spend couple dollars and get the feeling of the real deal than to fool around.

The point in doing that imo is mostly to test if you are at least able to generate some kind of return on investissement before doing it with real money (or cryptocurrencies in this case).

I would rather loose money in a demo account than loose money in a live account. Having a demo account may not sound like a good idea specially to those who are into trading for quite some time now, but for the noobs who would like to try trading as a side hustle, having a demo account or a practice account is a good start. We dont want to hear headlines of  new trader jumped off the building because he lost all his money and besides, why would exchanges add such a feature if its not a good idea.

As i know some exchanges offer free demo account but not all and could practice there, but even so  not get good results.

Yeah haven't think of that it's better to have an practice exchange or maybe an artificial coins or something, I remember that there are some exchange or just a practice trading platform but it's been year now since I used it to have some experience on how trading works, however I forgot the what website it is.

It's great to have a practice area for a new investor so they would be able to practice first or to have an experience before they would invest to cryptocurrency and also it might be a good place as a training ground for different strategies of every users.

This is the main purpose why demo trading is created.Going back in forex trading platforms which most of those brokers do have that demo trading feature which it is somewhat already a standard but not
quite common here on crypto and only a few does offer this one.For total noobs its highly suggested on making some demo before doing the live one.Its true that better start off with real with small amounts
but you cant really avoid the impulsive reaction when you lose real money which would probably result into more complicated situation.

Suggestions on exchanges that do have demo is already mentioned, no need to repeat it.

Its psychological aspect, real money means real emotions. There are many articles about it, I found one interesting one that explains very good what I wish to say:
3 Psychological Differences between Demo and Live Trading - https://www.babypips.com/trading/demo-live-forex-20181031 (https://www.babypips.com/trading/demo-live-forex-20181031).
When you risk real money you know what's on stake, you know that good moves makes your profit bad moves hurts you, and that's a school, you need to learn what is good and what is bad for you if you wish to survive in long run. Article explains that, I figure that out by myself years ago. It good for reading, especially for people who think to try demo or real for the first time.

I recommendation you opening account on Binance, Houbi, Bitmax because Those are exchanges high secure with cheaper fees when you transaction altcoin or bitcoin.

Yes you could try some trading simulator there are so many of them you just have to look in the internet.
I think most of the best exchange doesn't offer that kind of game since there are already some dedicated website for such thing.

Binance exchange have no demo trading for beginners. Binance dex test net demo there is a opportunity you can try. Maximum cryptocurrencies exchanges not implement free trail method. I'm used Iq Option android apps for the first time practicing, it is forex binary trading platform. So helpful for android users. In the BitMex exchange you can free practice. 

Trading with real money actually helps, but what of those who can't take risk or can't afford to lose even a little amount?
I guess the available demo trading sites could use the carrot and stick to keep their users from becoming too complacent. Practicing with demo is safer approach to many/most people.

Im aware of articles made by babypips yet this mostly talks about forex and stock market concerns and all factors connected to it.
When it comes to real and demo trading it will really be different and as said this would be on psychological aspect since you know that
you would lose money if you wont trade well.Carelessness level will be different between the two.Platforms that do offer demo trades
is good but as said earlier i cant see this much on crypto market.

There is no doubt in this. Practicing trading with real money would only give you profits if you have any knowledge about trading. How could you start trading with real money if you have just started with trading? You need to gain a lot of knowledge before you could start with trading.

There are some major points which needs to be considered before investing real money in trading. You also need to understand the risk management which would help you to minimize your loss. Demo trading would only give you immense experience which would not charge back anything in return so it is a best head start for newbies who want to develop their career as a trader.

Mostly, newbies should try to avoid platforms which might give information about forex and stock markets because forex and crypto are both different perspectives which would hardly be compared. They might have some similarities but you need to understand the basics before you could spot the similarities and hence I would never prefer newbies to go through any platforms like babypips, etc.

There are some huge platforms in the crypto space which would help you gain the desired knowledge. OP can use bybittestnet platform in order to start with demo leverage trading. Leverage trading can prove much beneficial and also we could have immense profits if we consider leverage trading cautiously.

You do not really need an exchange for that, you can do something called paper trading, this is basically the practice of writing your trades and keeping track of them as if you were trading for real, this has the drawback of having to manually calculate commissions and stuff like that but when you are learning I see this as an advantage since it will allow you to familiarize yourself with all aspects of trading and when you finally decide to use real money you will be ready and you will not be surprised by those costs that eat away your capital.

Not the same way when you trading on free exchange and try to imply with real exchange market and use real money, many people become most success when trading with free exchange by after trying with real exchange they lost much money, if you wanna be success try at the real exchange without use free exchange site for trading.

Why wouldn't practicing your skill make you lose more?
Jumping in without a knowledge would just make you lose rather than making you a successful trader.

Do you have any proof about it?
It is like telling them that a soldier without a proper training would be more effective than the ones who studied it.
People learn from experience and it is true but learning from their experience is their choice so if they didn't learn anything from the simulator then it is their fault.
The simulator is build for us to try out our skill to enhance it so we wouldn't risk our own or real money in order to hone it.

I see that a lot of users are suggesting to use HitBtc for this purpose, am I the only one who can see that the demo platform is no longer functional? It used to be accessible from the homepage, but it appears that the button is not there anymore and if you ever try and access it directly using the URL: https://demo.hitbtc.com/ you'll get the following message:

http://i.epvpimg.com/EpsGgab.png

Juat make sure you dont choose a South African Exchange as their prices fixed. Im stuck with few grand on Altcoin Trader, prices at buyin is never less than 30 sat more. Scams and Fraud is to be expected in South Africa.
All Market are the same . At buyin the actual prices is at a peak ready to fall. Its so obvious South Africa being whored.
At this moment XLM is at 820 sat hanging over a cliff but buyin in south africa is 852 sat. lol

Im sure they use deposits of their customers as funds on buy side while dumping all the time what they buy on big exchanges. Its a team effort as all exchanges here are at same prices. Probably need to thank South African public for the help in Btc rise atm
Fuck the poor

He has a point, one of the issues of paper trading or trading with a demo account in an exchange is that you will be able to implement your strategy perfectly since no money is at stake, but it is impossible to tell if you have the psychology of a trader with demo accounts, for that you need to use real money and it does not mater how prepared you think you are since that is something you cannot train then you will experience losses at the beginning of your trading career for your inability to implement your strategy correctly.

I didn't see it mentioned yet, but Altcoin Fantasy is a free cryptocurrency trading simulator. Basically you sign up and can enter into mock competitions. All prices and coins are pulled from Binance, so it is a good replication of actually trading.

For me, I prefer binance to any other exchange out there because starting off trading I stated with binance and the experience has been great so far, although I enjoy using bitmex at some point but my first love for binance is still there. Moreover binance is constantly opting their features by bringing in new model which are beneficial to the traders.

What do you mean by saying “being able to practice”. Are you asking about trading? CEX Bro https://cexbro.com/ is good for trading, take a look at it. Or are you asking about demo account? Or what?)