Best crypto demo accounts

Best crypto demo accounts

Robert McDougall 

January 8, 2024

Cryptocurrency

One thing we’ve learned from our time in the world of cryptocurrency trading is that practice makes perfect. That's why we wholeheartedly recommend the use of crypto demo accounts to both beginners and experts.

With these demo accounts, new traders can learn how to use trading tools and get a feel for the market without risking real money. But demo accounts are not just for novices either. Experienced traders can also use them to test out new strategies or refine existing ones. 

In this article, we will be exploring the best crypto demo accounts available. We’ll test their features and benefits, and understand how each of them can help traders of all levels improve their skills.

What is a Crypto Demo Account?

In the simplest terms, a demo account is a simulation of the real crypto trading market. These simulations are designed to give traders the ability to practice buying and selling crypto assets without using real money. 

Demo accounts also offer the same UI and trading tools that actual traders get on the platform. This way, a demo account user can experience trading in a live market, but without the risk of losing their money.

The key advantages of using demo accounts include:

  • Risk-free practice: Demo accounts allow you to practice trading as much as you want without any actual risk. All you need to become good at trading with demo accounts is enough time & dedication.
  • Platform testing: If you want to test the tools and features of a different trading platform, demo accounts let you in without any upfront cost.
  • Strategy evaluation: Demo accounts are the way to go if you’ve come up with a new strategy and want to see how it performs in the live market. You get a new strategy in your trading arsenal if it succeeds, but you lose nothing if it fails. 
  • Confidence building: New traders often lack the confidence to trade freely without worrying about a loss at every single step. Demo accounts can help them get past this fear of failure.

Top Crypto Demo Accounts

After analyzing many of the well-known crypto demo accounts on the market, these are six that stood out to us as the best:

1. eToro

Ever since its launch in 2007, eToro has established itself as one of the premier platforms in the online trading world. You can use eToro to invest in both traditional stocks and crypto assets. One of the most prominent features of eToro for us is its copy-trade ability that lets you follow the investment decisions of more successful traders. 

The reason we’ve put eToro as the number one crypto demo account on our list is its ease of use. Its trading UI is exceptionally beginner-friendly — making it the perfect learning tool for new traders. This ease of use is also reflected in the available funds and crypto assets. 

New demo account users get $100,000 virtual dollars to practice. This amount is enough to allow experimentation, but not enough to make wild trades without actually thinking about what you’re doing. Similarly, eToro allows you to trade 110 different crypto assets. These provide enough variety to understand diversification, but not too many to confuse novice crypto traders. 

However, don’t let its beginner-friendly starting UI trick you into thinking that it’s for new traders only. For experienced traders, the eToro demo account also includes features like price analysis of 16 different assets and a long list of indicators & drawing options.

2. Bybit

Bybit earns the number two spot on our list due to its focus on facilitating experienced crypto traders. The platform itself is one of the most popular crypto exchanges and is the best choice for day traders. It launched back in 2018 with the goal of providing professional crypto investors with a fast & reliable trading platform and its demo account reflects that completely. 

Unlike many platforms that offer a watered-down version of their trading UI, Bybit’s demo account is nearly identical to its live counterpart. You will have to sign up with an email address or a phone number, but the process takes only a few minutes. Once logged in, you’ll get access to $50,000 in virtual funds and more than 280 assets to experiment with. 

You also have unrestricted access to most types of trading features like the ability to set and execute trades automatically based on asset prices. Not to mention the plethora of charting tools like dozens of different indicators, depth analysis, and color customization options. These tools also make Bybit the ideal choice for traders looking to develop and refine new strategies.

3. KuCoin

KuCoin is one of our personal favorite crypto trading platforms for its large selection of assets and rock-bottom fees. It’s also one of the most reliable trading platforms as we’ve rarely had any hiccups during our time on KuCoin. 

As for a crypto demo account, KuCoin offers a fully-fledged demo environment called the KuCoin sandbox. This sandbox isn’t just limited to the trading UI but includes almost every other aspect of KuCoin’s online platform as well. This allows users to experience crypto trading from step one — making it a fantastic option for fully novice traders.

KuCoin sandbox also has one of the most refined trading interfaces in the business. All the necessary information and customization options are displayed on the same screen so you don’t have to go digging in menu labyrinths. The most impressive thing about this open interface is that it’s still cohesive and easy to understand.

Even if you don’t care about the interface, the 700+ unique tradable assets on KuCoin make its sandbox a worthy consideration. There are also over 1,000 different trading pairs so investors can experiment outside the established trends and assets. 

4. OKX

OKX exploded onto the crypto trading scene as one of the best exchanges for high-volume trading due to its low fees. It also offers further discounts on larger traders which makes it a desirable platform for professional traders. 

OKX is also known for its features like a balanced trading interface and a diverse cast of over 350 tradable assets. Fortunately, all of these features are also present in its demo account. Its trading UI is especially notable as it’s a great mix of efficiency and readability. 

However, the main reason we’ve included the OKX in our list is that it offers unlimited virtual funds. This might not sound like a big deal at first, but it completely revolutionized what you can do with that demo account. 

For starters, it allows traders to come up with and try out high-volume strategies that would not be viable with low funding. This also gives new traders the confidence to learn by experimentation without worrying about exhausting their available funds. Even if you choose some other platform for live trading, the OKX crypto demo account will always be a handy learning tool in your arsenal.

5. Binance

Binance is one of the most recognizable names in the world of cryptocurrency trading, and for good reason. It is extremely reliable as we’ve never had any issues trading, transferring, or withdrawing our crypto assets on this exchange. It also has some of the lowest trading fees on the market — making it one of the most well-rounded options for both novice and experienced traders.

The Binance mock trading environment continues the seal of quality of this platform. Demo account users receive 3,000 USDT in virtual funds that they can then use to practice trading more than 600 different crypto assets. These assets include a curated list of crypto tokens from the top options like BTC & ETH to meme coins like DOGE & SHIB.

Its trading interface is also well-organized and beginner friendly, while also maintaining advanced-level functionality. It also includes tutorials and guides for the basics of crypto trading to help complete novices.

One aspect of this interface that we especially like is the technical indicator menu. These indicators are one of the most powerful tools in the hands of crypto investors, and Binance makes it easy for new users to implement.

6. Kraken

Kraken is the second oldest crypto exchange on our list and one that we have extensive experience with. You’ll find many experienced traders that use Kraken for their main operations because of its low fees and industry-leading security. Another reason why many pro traders use Kraken is because of its high daily deposit and withdrawal limit of $100,000 for intermediate-level members.

Suffice it to say, Kraken is a platform tailored for pros and its cryptocurrency demo account mirrors that idea. Upon signup, you get $50,000 in virtual funds to test out the platform and experiment with new strategies. 

The trading interface of Kraken is also one of the cleanest and most straightforward that we’ve seen. Instead of everything being on the main screen, things like trading logs and wallets are separated into their own categories. This makes it easier to focus on the actual trading part of cryptocurrency trading which a lot of experienced investors prefer.

The only reason Kraken is last on this list is its limited asset availability. You can only trade 10 different assets on the demo account. That said, the asset selection is on-point with big names like BTC, LTC, ETH, and USDC.

Factors to Consider When Choosing a Crypto Demo Account

Here are some of the primary factors we considered to compile our list of the top crypto demo accounts:

User interface and ease of use

The crypto demo account UI should not be overly complicated to figure out and use efficiently. In an ideal case, the UI would be easy to use for beginners. But it will also have the option to add more advanced charting tools like technical indicators, drawing tools, and different timeframes.

Variety of cryptocurrencies supported

A demo account that limits you to a handful of crypto assets is not very useful for learning the wider market. So, look for a platform that lets you practice trading on a decent mix of both mainstream and less-known cryptocurrencies.

Trading features and tools

If you’re looking for a crypto demo account for practice and education, consider the trading features and tools of options you come across. Features like price trend analysis and the ability to set stop losses & take profits are crucial skills to develop. 

Also, keep the amount of virtual funds in mind. If you just want to let loose and practice to your heart’s content, go with demo accounts that offer unlimited funds. But, you should choose the option with limited funds if you want a more realistic simulation. 

Customer support and educational resources

This goes hand in hand with the previous consideration, where learning is your main objective for seeking the ideal crypto demo account. So, evaluate the educational resources a platform provides including material that covers strategies and guides. 

You can also try contacting customer support if you have a question or issue with the demo account. This will give you a good idea of what to expect when using that trading platform for real.

Tips for Using Crypto Demo Accounts

From our experience using crypto demo accounts, here’s how you can get the most out of the time you spend on them:

Setting realistic goals and expectations

It's important to have a clear understanding of what you hope to achieve with your demo account experience. This will help you set realistic goals and expectations for your trading performance. Don't expect to make huge profits right away — focus on learning the basics of trading and testing out different strategies.

Developing and testing trading strategies

Learning crypto trading strategies from online guides and YouTube videos is one thing, putting these strategies to the test is another. Take advantage of the risk-free demo environment by experimenting with different approaches to see what works for you and what doesn’t. You can also try coming up with unique strategies of your own and putting them to the test.

Learning from mistakes and improving skills

Don't be discouraged by losses or mistakes. Instead, use them as opportunities to learn and improve your trading skills. Analyze your trades, identify what went wrong, and adjust your strategy accordingly. Also, remember to take your time and don’t try to rush the learning process.

Transitioning from demo to live trading

Once you feel comfortable with your trading skills and have a solid strategy in place, it's time to transition from demo to live trading. Start with a small amount of real money and gradually increase your investment as you gain more experience and confidence.

Conclusion

As we mentioned in the beginning, practice makes perfect, and there is no better practicing tool for digital traders than crypto demo accounts. These accounts provide risk-free access to real-time market data and trading tools. Utilizing them fully can help you build the skills and confidence you need to succeed in the volatile world of cryptocurrency trading. 

Even if you’re an experienced trader already, demo accounts can still help you reach even more success. 

So, find a demo account that best suits your needs and make it a regular part of your crypto trading routine. You’d be surprised by how helpful it can be.


Tags


You may also like

Bybit Review

Bybit Review
>