Best Crypto Paper Trading Apps and How to Practice Trading in 2024

Using a crypto paper trading app that provides a crypto trading demo account, an investor may practice crypto trading, buying, and selling without risking real money. Before internet trading platforms were commonplace, prospective traders would practice trading on paper before attempting their money in fundamental markets. This is when the phrase “paper trade” originated. A paper trader manually keeps track of all deals while learning and tracking hypothetical trading positions, portfolios, and gains or losses. These days, most practice trading is done on an electronic stock market simulator, which simulates the appearance and feel of a real trading platform.

The course of action of learning to trade is referred to in the investing sector as “paper trading.” It enables day traders and other people, including new and inexperienced investors, to understand the fundamentals of buying and selling stocks without using real money. Paper trading is essentially a kind of paper-based trading simulator. Making trading decisions and putting investments should adhere to absolute trading methods and objectives to maximize the benefits of paper trading. The same risk-return goals, investment restrictions, and trading horizon that apply to a live account should also apply to paper investors. For instance, it wouldn’t make sense for a long-term investor who is risk averse to engage in a lot of short-term trading, similar to that of a day trader.

In addition to giving traders access to various markets, such as spot trading, swaps, and futures, the OKX crypto trading demo platform is user-friendly. It offers an intuitive interface that makes it easy for novices to begin investing in financial markets and practice crypto trading. It is a trading platform that lets users hone their trading strategies in a simulated environment while experiencing all the benefits of real-time trading without risking money.

The platform also has cutting-edge tools like automated trading that may assist seasoned traders in increasing their earnings. Comprehensive analytics and reports are also available to assist users in making knowledgeable crypto paper trading decisions. The WAGMI price bot is one of the most remarkable features of the OKX demo. By automatically adjusting pricing in response to changes in the market, this bot helps dealers stay one step ahead of their rivals. Furthermore, individuals who meet specific trading activity milestones can win prizes through OKX’s Demo Trading Challenge.

The OKX demo is an excellent crypto paper trading app for new and seasoned traders who want to practice their methods without risking real money. While the platform’s sophisticated capabilities give seasoned traders the resources they need to optimize their earnings, its user-friendly layout makes it simple for newcomers to get started. Another well-liked cryptocurrency sample account site, OKX, supports spot trading and futures contracts and provides various trading pairings. Options trading and margin trading are two advanced tools that make the OKX exchange well-known. However, those who are unfamiliar with trading may find the platform’s UI to be complicated.

eToro has one of the best cryptocurrency trading simulators, offering services for stocks, currencies, commodities, indices, EFTs, and cryptocurrencies. Users of this crypto paper trading app can also practice trading with provided virtual accounts. Users may register free eToro virtual accounts and get access to $100,000 in virtual money. It’s just right—big enough to allow effective learning but not so big that you must strive beyond your potential.

You may use the crypto trading demo account service to use eToro’s services and practice crypto paper trading. To manage your virtual portfolio, you’ll have access to a simple and intuitive interface where you can install measurements, research up to 16 different digital currencies, and create lines and trends. Next, to enter a position without running the danger of losing money, you’ll enter buy and sell orders. The virtual crypto trading account allows users to play with different risk levels through leverage, stop loss, and take profit. It also offers insight into temporal patterns with sophisticated analytical tools.
The feature that excites anybody the most about eToro is its social news stream, which allows users to discuss concepts, analyze charts, and practice crypto trading. You may mimic their portfolios and establish connections with elite traders worldwide. You’ll also get the opportunity to learn from top-performing investors and debate tactics. Before investing with real money, eToro allows you to build your trading confidence. It is the industry’s top cryptocurrency paper trading app.

A fantastic method to learn about cryptocurrency trading without risking your money is using a Binance Mock Account and doing crypto paper trading on a virtual crypto trading account. It allows users to hone their trading abilities in a virtual setting and build confidence before using real money to trade. The elements available on the live platform—such as order types, charting tools, and market data—are also accessible with the Binance Mock Account. Establishing a Binance Mock Account is an easy process.
To enable access to your account and practice crypto trading, sign in or create a new account on the Binance Futures crypto paper trading app. After doing that, you will have access to the trading platform that mimics the actual platform, allowing you to place orders and observe market data. The sole distinction is that orders in this setting won’t involve exchanging money. Using a Binance Mock Account is an excellent way for traders to experiment with new strategies without taking any real risks.
You may experiment with various order types, such as stop-loss or limit orders, and observe their real-time functionality without risking any financial loss in the event of an error. Because of this feature, it’s perfect for novices who wish to learn more about trading cryptocurrencies without incurring unnecessary risks.

Like previous mentioned platforms, the Bybitcrypto paper trading app allows you to practice cryptocurrency trading virtually without using real money. Nonetheless, it differs from the other paper trading platforms in several ways.
You may utilize the crypto paper trading platform to understand how the real platform operates because it is made to replicate the Bybit Mainnet accurately. This indicates that the trading environment is as authentic as it gets. In this manner, you may practice crypto trading in a secure setting. As a result, you may experiment with the trading capabilities of the platform, various cryptocurrencies, trading methods, and even trading bots! By the way, Bybit offers many sophisticated trading features, including market orders, stop-loss orders, limit orders, and much more. Therefore, you may test them all out via the Bybit.
But because utilizing Bybit is so simple, its benefits don’t stop there! In other words, not much is needed to start, making it easy to use and navigate. Additionally, it features a simple interface that shows metrics and essential data, such as different cryptocurrency prices. Thus, to use Bybit, you must first create an account and obtain virtual coins from other faucets. These assets aren’t worth anything but provide access to various Bybit options.
Bybit offers a 100% mainnet replication of its products and services, allowing for a risk-free testing and learning environment on one of the best cryptocurrency trading simulators.

With its many features, ByBit is excellent for traders wishing to start trading cryptocurrency derivatives. One of the most helpful tools provided by ByBit is the ADL rating system. You may monitor your success compared to other traders by using this ranking system, which provides a score based on your leverage and the profit ratio of your positions. Furthermore, users may register a crypto trading demo account on ByBit and trade contracts without risking any actual money. This facilitates novice traders’ understanding of the platform’s operation before investing. To assist traders in reducing risk and protecting their capital, ByBit offers risk management features, including Limit Orders and Conditional Orders. Thanks to the platform’s 24/7 customer service and user-friendly design, you can always obtain assistance with your virtual crypto trading.

One unique feature of the BitMEX crypto paper trading app is that it allows you to operate with derivatives and buy and sell regular coins. Additionally, you may utilize the site to experiment with different trading methods and tactics on BitMEX without risking any money and practicing crypto paper trading. As a result, BitMEX, one of the best cryptocurrency trading simulators, was created primarily to let newcomers into the world of trading cryptocurrency derivatives. Of course, experienced traders can also use it to practice crypto trading strategies.

All you need to do to access the BitMEX is to enter your email address and password. You will now receive 100,000 Tether when creating an account on the BitMEX. Using Bitmex virtual crypto trading service, you may experiment with different tactics and methods without risking money with these coins. You may reload virtual coins from several online faucets if you run out of them. BitMEX remains a solid paper trading tool for individuals interested in trading cryptocurrency derivatives.

KuCoin offers a crypto paper trading app that transforms it into a legitimate cryptocurrency paper trading program. KuCoin is a crypto exchange that debuted in 2017 and is the best cryptocurrency trading simulator in different aspects. Because kucoin’s paper trading tool has various trading tools, indicators, and charts that closely mimic the actual trading atmosphere, it can replicate the market environment. Users may now, for instance, instantly monitor position risk and modify leverage multiples.

KuCoin’s paper trading function further enhances the experience, providing a 20x speed improvement and 90% lower latency. However, the functionality currently supports only a small number of contracts, including USDT contracts and coin-margined contracts like BTC Perpetual/USDT and BTC Perpetual/USD.

You have great freedom since you can switch between virtual crypto trading and real trading accounts whenever you want. As a result, things are undoubtedly more sensible. You will get your initial account funds after setting up Futures Paper Trading. A total of 3.6 BTC will be yours, including 30,000 USDT, 1 BTC, and 80,000 XRP, which will let you practice crypto-trading easily. Once more, those are intended to be test monies and cannot be moved outside of the app; thus, they have no value.

Additionally, placing an order using KuCoin’s cryptocurrency paper trading software is like the real thing: you select the order type, input the leverage and amount, and then submit the order. The three forms of supported orders are market price, stop order, and limit price. KuCoin has improved the paper trading system by adding mobile page support, updated API documentation, and a new URL for the official website. 

Bitfinex Testnet is the Bitfinex crypto paper trading app where you can create and test trading strategies in a virtual market. You may experience trading in various markets using Bitfinex Testnet, including exchange, margin and derivatives trading, margin funding, Bitfinex borrowing, and OTC trading desk. Without going via the public order books, you may experiment with huge orders, borrow money from other users, and access reserve test financing.

To select a paper trading sub-account, log into your Bitfinex account and navigate to the sub-accounts area. After that, you’ll need to establish a username, a password, and an email address. Creating a sub-account using a different email address and login would be best. A sub-account cannot be changed back to a regular account after it has been designed and made available for paper trading.

$1,000,000 (or its corresponding value in other currencies) is the maximum limit for replenishing the total balance per sub-account, while the maximum amount per paper currency is $100,000 (or its equivalent value in other currencies). Bitfinex Honey offers an adaptable and open-source trading toolset. With an easy-to-use interface, traders can create bespoke orders, execute different algorithmic trading methods, and get notifications with Bitfinex Honey, one of the best cryptocurrency trading simulators.

Bitfinex Honey is available to all traders at different levels with a virtual crypto trading account. This can help novice traders feel less intimidated by the process and give seasoned traders a great chance to practice crypto trading strategies and hone their skills.

Using Kraken’s demo/test account, you can experience trading futures contracts on different cryptocurrencies in a simulated crypto paper trading app. The platform is made to be as realistic as possible to provide an idea of what it’s like to trade in the real world. This implies that you will be able to test out various trading techniques and observe how they perform in different market situations, in addition to having access to real-time market data.

One of Kraken’s many wonderful features is that its virtual crypto trading account is totally free to use. Additionally, there are no unique prerequisites to use it; all you need is a Kraken account, which you can create on the website for free. Be aware that Kraken Pro, a tool created especially for experienced traders, is connected to this function. Thus, futures trading isn’t necessarily the best option for novices.

For seasoned traders, this might be an excellent chance to learn about Kraken’s futures trading process and get some practice. Anyone interested in beginning futures and paper trading can benefit significantly from using Kraken’s demo/test accounts to practice crypto trading and test their skills. It’s simple to use and accessible and offers an authentic environment in which to practice and acquire trading techniques.

The most excellent method to improve cryptocurrency trading is to practice crypto trading techniques on the best cryptocurrency trading simulators. Using a proper crypto paper trading app is the most efficient learning method, and OKX is the ideal place to start. The following instructions will help you begin trading OKX Paper.

Step 1: Access Trade by logging into your OKX account. Next, choose Demo trading to enter the mode of trading simulation. 

Step 2: Click on My Assets after navigating to Assets – Demo Trading in the upper right corner.

Step 3: The whole quantity of crypto trading demo assets, including USDT, BTC, OKB, and other cryptocurrencies, that you may trade with will be displayed to you. (Remember that this is only for simulated trading; it’s not real money!)

Step 4: You may test out all of OKX’s trading products, including spot, margin, futures, perpetual swaps, and options, by automatically allocating your whole virtual asset portfolio between them.
Step 5: You are now prepared to begin trading simulations! 

You can’t lose money by making poor choices or waiting too long. It costs nothing. It also lets you see any imperfection in your analytical procedure, which will help you start the complex process of developing a clear trading advantage.
Trading often causes players to lose sight of the necessary information required for efficient risk management since it arouses the twin emotions of fear and greed. By avoiding this emotional roller coaster, paper trading allows the novice to concentrate only on the mathematical method rather than potential hazards.
A novice’s confidence is significantly bolstered by making difficult decisions rewarded with hypothetical earnings in virtual crypto trading. This allows them to act similarly when actual money is at risk.
More experienced traders utilize crypto trading demo accounts on the best cryptocurrency trading simulators to try out new platforms or tactics they haven’t used previously. It’s an excellent approach for novice traders to learn about the market and, more importantly, about themselves as traders. This is a beneficial instrument in the trading industry.

All levels of crypto traders need to have a demo account to practice crypto trading methods in a virtual crypto trading account. It provides a risk-free setting where traders may hone their skills, try novel tactics, and grow patient, orderly, and disciplined. With a crypto trading demo account, traders may sample the crypto market without jeopardizing their money. Additionally, they have access to a wealth of information and instruments that may help them decide on their trades with knowledge. Using this account can improve your crypto trading skills regardless of your level of expertise. Opening a trading demo account for crypto trading is straightforward and only requires a few basic steps.

Trading with a demo account on the best cryptocurrency trading simulators helps traders gain the patience and discipline necessary for profitable trading. Because of how rapidly values may change in the crypto market, traders frequently react emotionally. On the other hand, traders can exercise discipline and patience while placing trades by creating an account. They can also form the habits of adhering to a trading strategy and using risk control techniques, essential for long-term crypto trading success.

When done correctly, cryptocurrency trading can be both rewarding and very dangerous. The good news is that many paper trading apps are available to assist novices in learning the ropes and experienced traders in practicing methods before utilizing them in actual trading. The secret is choosing a trustworthy paper account that will allow you to experience realistic trading emotions. Examine the features and offerings of the accounts before registering—practice methods and approaches to determine what works and what doesn’t.

So, you need to know what virtual crypto trading is about and how it can help you improve your trading techniques on the best cryptocurrency trading simulators without risking any real money. Thus, crypto paper trading may be a handy tool for learning and experimenting, regardless of your experience as a trader or desire to try new tactics. Therefore, consider trying paper trading cryptocurrency if you’re considering entering the market.