So you’ve done all your research and have been learning about trading by reading books. However, you haven’t been able to put the theories you have learned into practice. Fortunately, like more traditional stock markets, a number of crypto trading simulators have sprung up that enable users to learned theory into practice. Whilst these won’t totally capture the essence of making trades with real money, simulators are great for when you want to build confidence in what you are doing or even for experienced traders who want to see if a new strategy might work. We have compiled below a list of some of the best cryptocurrency trading simulators currently available.
Trading is a risky business and BitMex understands this. This is why BitMEX has created a demo account, the BitMex Testnet where traders can formulate and try strategies in an environment that mimics current markets as closely as possible. It has a very intimidating and overwhelming interface though, where trading newbies may be put off. Furthermore, you begin only with 0.01 Bitcoin and have to deposit additional testnest Bitcoin to make additional trades. This is probably not a great starting point for complete beginners, but something to work up to using as you become more used to trading.
Alternatively, there are other platforms that make the process more user friendly for beginners. Coins2Learn offers users the opportunity to practice trading with good range of different cryptocurrencies (though not exhaustive) using $10000 in imaginary starting money. The analysis tools are very helpful, yet not too overwhelming and there are a number of ways you can practice buying crypto that would feature on a real exchange. And this is totally free, unless you wish to pay for extra features (i.e. creating your own league and purchasing trading signals).
Crypto Parrot (formerly Niffler)
Formerly known as Niffler, Crypto Parrot is another trading simulator that is useful for learning and practice. You are given $100000 in imaginary money to get started, however the range of currencies you can buy is limited. This may be no good if you have your heart set on practising trading altcoins. For general training though this site is worth looking at.
Another practice simulator, Coin Market Game offers you $20000 as a fictional budget to trade cryptocurrencies. The range of cryptocurrencies on offer are again limited in number, and there are few analysis tools.
Best Cryptocurrency Trading Simulators: Conclusion
We hope these sites will help you if you are learning to trade crypto. While they will never fully simulate the emotions as if you are trading with your real money, trading simulators are nonetheless useful for putting theory into practice. Veteren traders will also find these useful as they provide a useful test environment for new strategies or somewhere to practice executing trades.