Cryptocurrencies have become increasingly popular over the past few years, with more and more investors looking to get into the market.
But with volatile markets and high risk-reward ratios, it’s important that new investors understand the risks before committing their funds.
Paper trading can be a great way to gain experience in the crypto markets without risking any capital. In this article, we’ll go over some of the best paper trading apps & simulators available today.
Best Crypto Paper Trading Apps and Simulators 2023:
What is Crypto Paper Trading?
Crypto paper trading is the activity of purchasing and selling assets on simulated cryptocurrency exchanges without actually risking any money.
The custom stretches back a few decades to when people used to write hypothetical deals on paper and monitor the markets to see how well they performed. The act is now performed online and resembles demo accounts.
Most online cryptocurrency trading programs provide paper trading that is similar to their services.
Customers are to be given a preview of what to anticipate, a sense of how the markets operate, and a chance to try out other approaches. You get knowledge without spending any money since there is no stake.
The use of instructional resources is a key component of the ideal paper trading experience. Start your study and go through key learning resources, including tutorials and videos.
Some of the Best Crypto Paper Trading Apps & Simulators
You may utilize Altrady’s Crypto Base Scanner and Crypto Market Scanner, two special tools, to hone your trading strategies.
The Crypto Base Scanner will search all cryptocurrency exchange rates to determine the optimal price at which to trade your asset. If you want to scalp trade or are seeking arbitrage chances, this tool can be helpful.
The Crypto Market Scanner scans all cryptocurrency pairings and exchanges while also looking for market volatility that might be used for profitable trades.
This program will let you know when a potential deal comes up, even when the market is quiet.
A complicated yet effective trading platform for cryptocurrency is called Cryptohopper. If you are a programmer with knowledge of AI and bot trading, this platform might be better suited for you.
On this platform, you may try out several automated trading bots in addition to trading bitcoins. Programming is challenging, and a trading bot’s optimization is considerably more challenging.
With the help of Cryptohopper, you may evaluate your cryptocurrency trading bot’s profitability without putting your assets at risk.
One of the greatest cryptocurrency paper trading platforms is Cryptohopper since it provides a simple method to practice utilizing trading bots—a very uncommon and distinctive feature.
With a ton of amazing features and all the technical tools you could ever want, TradingView is unquestionably the best price charting software available today.
With only a press of a button, TradingView’s exclusive feature allows you to capture a screenshot of your trade setups and charts.
TradingView could be an excellent location to chart if you want to compare old setups with new ones to create better future trading plans.
The chart save tool will assist you in understanding previous losses for better future trades. Keeping track of your transactions is crucial to being a successful trader in any market.
The worlds of social networking and trade were first brought together by eToro. The social trading component of eToro is its most distinctive characteristic.
Anyone with an eToro account has the ability to display their transactions for everyone to view, along with their trading history and track record.
The community’s traders vary from novices to seasoned professionals. On eToro, traders will be able to imitate your trades with only a few clicks if you are at the top of the food chain.
By duplicating deals from professionals and seeing them unfold in real-time with no risk, eToro’s social trading feature may potentially provide people wishing to paper trade with an even simpler approach to gain trading knowledge.
You might join the community and use its strength to quickly create effective trading methods for paper trading and beyond rather than beginning from scratch.
With Bitsgap, you may trade on many exchanges from the convenience of a single smartphone. It is a well-known trading terminal and automated trading tool.
A sample account with a balance of 1 BTC and 1000 USDT is provided by Bitsgap (Paper money).
Through the Bitsgap interface, you may trade on any supported exchanges using this sample account.
Among the various intelligent trading techniques offered by Bitsgap are trailing take profits, conditional stop limits, and many more.
To test automatic trading, you may also use this example account to run a grid bot. Overall, Bitsgap ought to be your top pick if you only have room for one recommendation for a cryptocurrency paper trading program.
How to Get Started With Crypto Paper Trading? Beginners Guide:
The greatest method to become proficient in cryptocurrency trading is to practice it. Using paper trading applications is the greatest method to learn, and eToro is the industry leader in this regard.
Here are the steps for beginning eToro paper trading:
- Account Opening: Users must go to the website and look for the eToro Demo Trading Account. After that, click on “Create a Free Account” and fill out the form. Your new account username, email address, and password must be entered. As an alternative, people may create a free account using their Facebook and Google accounts.
- Choose your Trading Platform: You must choose the platform you want to utilize after creating an account. You have access to trade with eToro on a number of platforms, including desktop, mobile, and the web. You may log in by visiting the platform’s website, clicking on “log in,” and then providing the necessary details and a password.
- Access Paper Trading Account: You will get free access to $100,000 in virtual currency after logging up. You may practice using leverage, Stop Loss and Take Profit, various techniques, and investing in portfolios and communities while learning how to trade effectively and open positions.
- Start Trading: You may begin trading after you’ve navigated the platform, got the ability to trade and learned more about the financial instruments you’d want to invest in. You may initiate short trades using CFDs, invest in stocks with no fee, and acquire knowledge utilizing pro charts and the research tab.
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Conclusion: Best Crypto Paper Trading Apps and Simulators 2023
Paper trading is an excellent way for new traders to familiarize themselves with cryptocurrency markets without putting their own money at risk.
By using one of these top paper trading apps or simulators, you can hone your skills as a trader without having to worry about the risks associated with real-world trading.
The best paper trading app or simulator for you depends on your needs, so be sure to choose the one that is right for you!