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Even though the overwhelming majority of individuals cannot profit from digital currency trading, the only way to evaluate whether you have what it takes is to create a crypto trading account and try at least once. If you can multiply a crypto demo or paper trading account various times, you can earn the mentality and expertise that is required to evolve a small fund into a huge fortune. So, in this article, we will talk about the best crypto paper trading apps.
You have come to the article if you are searching for the latest crypto paper trading apps. As such allow us to invite you to the space of crypto trading and to also congratulate you to take the crucial leap.
Trading is just another art that one can master by practice. Instead of losing the actual capital, you can employ your paper trading account. In comparison to the traditional markets, paper trading simulator apps for cryptos are more effective and they can offer you a sense of real trading. This list will also include free crypto paper trading applications.
What Is Paper Trading?
Paper trading crypto is a simulation of actual trading by using digital currency. Paper trading enables a trader to test varied financial instruments and also approaches without risking their own capital. It is a type of backtesting. Paper trading is a simulation of actual trading where traders can test varied financial instruments and approaches without risking their invested funds.
What To Look For In A Crypto Paper Trading Apps?
Now that you know the basics of paper trading, don’t you just love this idea? The concept is that you can practice your crypto trading approaches without risking your hard-earned money. You can try varied approaches, sharpen your skills and idealize your timing without risking a cent. You can commit a lot of mistakes without losing money. You can take your time and also master the art of trading prior to investing a single dime. There are ample good reasons why paper trading is an important part of every trader’s career. A good crypto paper trading app will enable you to test out distinct strategies, risk levels, and even the time frames. You can also practice your own trading methodologies and test out your emotional control.
How To Begin Paper Trading?
Crypto paper trading is an effective way to learn how to trade. It is suggested for trading starters and experienced traders alike. This is how paper trading operates: Initially, you create a demo account with a broker. Then, you move the amount of money that you wish to employ for your trading. In practice, traders use original money for paper trading. You can set a small restriction on your demo account, but you should know that you cannot withdraw the amount from your demo account. Some brokers have an option that enables you to withdraw just a small portion of money from their demo account. If you do not wish to use a demo account, you can create a paper trading account. In this scenario, everything is the same as when you utilize a demo account, except that you will not carry a real balance. You can monitor your performance along with a paper trading account.
5 Best Crypto Paper Trading Apps
With the developments of technology and the latest advancements in the trading spaces, paper trading has changed to be even more realistic. It is almost similar to investing in the live market but in this case, you will not be making an investment in real money so there is no risk included. You could test out your investing approaches and see how they would function out for you and analyze the losses and profits before employing those approaches with real money. You do not even require to record the trends by yourself as the applications and simulators will take care of them.
With that, let us now have a look at the top 5 crypto paper trading apps that you can use to start your trading experience.
TradingView
This is the first application of crypto paper trading. TradingView provides one of the ideal paper trading tools. The exchange has a user-friendly interface and it also offers comprehensive yet simple charts. You can find charts associated with both crypto and regular markets on Trading view. The platform provides a free trial of 30 days. During this span of time, you can find your way around the exchange and check out all its features and tools. Following this, you have to select a paid plan from the varied plans that the platform is providing. There are 3 paid plans – the Pro plan, the Pro+ plan, and the Premium plan and you can select the plan you think caters to your requirements.
On this exchange, not only can you paper trade, but you can also come up with your own trading ventures and share it with the trading sector on the application. You can communicate with other traders in a public chat or in a private chat. There is more to TradingView than we can state here, you can check it out for yourself by going to the platform on your own.
Cryptohopper
Cryptohopper is not the same as the other simulators one finds on the internet. The application is a bit developed. It is basically a crypto trading bot and if you are interested in learning how the bot operates and experimenting with it you can move forward with Cryptohopper. You can formulate a paper trading account with Cryptohopper and test it with their bots. They provide both free and paid plans. If you wish to try it out for free you can avail a majority of their bots with a free plan as well.
Cryptohopper allows you to deposit up to 100 thousand of any digital currency you wish and paper trade it as you like. You can test your trading approaches here with a free simulator. Also, the feature of paper trading on Cryptohopper does not seem any different in comparison to real trading but instead of linking to your exchange account, we link it to the public data. So if you are looking for the best paper trading app for cryptocurrency then you can surely choose this one.
eToro
eToro is pretty famous in the trading space. The platform provides various trading choices like crypto trading, currency trading, commodity trading, and many more. But what many might miss out on is the paper trading simulator the platform provides for you to practice your trading approaches. The platform only enables simulation of real crypto assets in the US and does not support CFDs.
With an eToro practice account, you receive a free $100,000 for practice. You can begin paper trading with that sum in your practice account and experiment with new approaches. Traders across the globe can trade ideas in the application and if you are a beginner, you can also follow popular and expert investors on the exchange and follow their trading ideas.
BitMEX
You might have already known about BitMEX various times by now. It is the most famous as well as the largest margin trading platform across the globe. Traders can test out their trading approaches on their testnet. Even if you already carry the original BitMEX account, you will be asked to formulate another testnet account for the purpose of paper trading. Once you create a BitMEX testnet account you will receive a sum of 0.01 XBT testnet balance.
Altcoin Fantasy
Altcoin Fantasy is different from any crypto paper trading apps that we have witnessed on the list until now. If you like competition and enjoy games this could be just the one you like. This crypto paper trading app is more like a fantasy trading game. On creating an account on Altcoin Fantasy you will receive fantasy money of $10,000. Following that you will trade more than 144 digital currencies. While doing so you fight with other traders on the market for a span of seven to fourteen days. The value of your account increases and decreases based on the real alterations in the crypto space. At the end of the fantasy period, the winner will receive rewards like a year subscription to Bitcoin worth $150, or TradingView, etc.
Wrapping Up
Paper trading is basically trading in a demo account to understand the market and the trends prevailing in the market. This is the ideal way for any beginner to enter the crypto space. There are various platforms that offer this feature and we recommend all beginners to first try paper trading and then enter the trading space fully fledged. In the above article, we have stated the top 5 crypto paper trading apps that you can choose to begin your crypto trading journey.
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