Ready to get started in crypto paper trading? You can start paper trading with eToro, Trading View or CryptoHopper right now!
Paper trading is a great way to learn how to trade stocks and cryptocurrencies without having to risk your hard-earned money. Paper-based cryptocurrency trading is a conservative option offered by many exchanges that allows you to practice buying and selling crypto risk-free.
You can practice your trading skills without risking your funds, which is especially useful if you are not used to trading with leverage. A wide range of options are available to choose from. Below is a Benzinga-curated list of the best crypto paper trading platforms.
Top 5 Risk-Free Crypto Paper Trading Platforms
If you are looking for a platform to trade crypto on paper, it is important to assess how seasoned a trader you are. It is also essential to determine how often you want to trade and whether you want to run trading software to test your favorite bot. Here are some of the best crypto paper trading platforms:
eToro has been a pioneer in bringing the world of social media and trading together in one place. The most unique aspect of eToro is its social trading feature. Anyone with an account on eToro can post their trades for all to see, along with their background and trading history.
The traders in the community range from amateurs to seasoned traders. If you are at the top of the food chain on eToro, traders will have the ability to copy your trades with just a few clicks.
eToro’s social trading feature could easily offer those looking for paper trading an even easier way to gain experience by copying expert trades and seeing them happen in real time without risk. Instead of starting from scratch, you can join the community and use the power of the community to easily formulate good trading strategies for paper trading and beyond.
This advertisement promotes investing in virtual cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) and the United States (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, without EU protection and unsupervised by the EU regulatory framework. Investments are subject to market risk, including loss of principal.
TradingView is easily the best price charting platform with tons of fantastic features and all the technical tools you could ever want. TradingView has the unique feature of being able to take a snapshot of your trade setups and charts with just one click. If you want to compare past setups with new ones to formulate better future strategies, then TradingView might be a good place to plot.
Keeping track of your trades is of utmost importance to becoming a successful trader in any space, and the chart saver feature will help you understand past losses for better future trades.
Cryptohopper is a technical yet powerful trading platform for cryptocurrencies. This platform would suit you best if you are a programmer with an understanding of AI and bot trading.
Its platform allows you to trade cryptocurrencies but also to test different automated trading robots. Programming is hard and optimizing a trading bot is even harder.
Cryptohopper allows you to optimize your crypto trading bot and test if it is able to be profitable without having to risk your holdings. Cryptohopper is one of the best crypto paper trading platforms because it offers an easy way to practice using trading bots, an extremely rare and unique feature.
Depends on asset
Altrady offers the Crypto Base Scanner and the Crypto Market Scanner, which are two unique tools that you can use to improve your trading techniques.
The Crypto Base Scanner will analyze crypto prices on all exchanges and find you the best price to trade your asset. This tool can be useful if you are looking for arbitrage opportunities or want to do some scalping.
The Crypto Market Scanner also reviews all crypto exchanges and pairs, but searches the market volatility that you could use for a good trade. Even when the market is slow, this tool will alert you when a trade that may be of interest to you comes along.
BitMex is one of the oldest exchanges in the cryptocurrency industry and has seen several bull and bear markets. Its platform offers unique world-class multi-signature functionality to protect your assets. If you are looking for a proven exchange on paper and crave security, then BitMEX might be your best bet.
How to Start Paper Trading
How to start paper trading with eToro?
eToro’s flexibility makes it easy to trade on paper. The maximum amount that eToro allows users to add to their paper trading account balance is $100,000. If you started with a large amount and want to scale your account to smaller amounts to assess the risk, the eToro team can do this just as easily by submitting a ticket. If you want to add funds to your virtual account, open a ticket with the eToro customer service team.
How to start paper trading with TradingView?
Getting started with paper trading with Trading View is easy. On the website, scroll down on the right side where it reads the symbol until you come across the crypto trading pairs. Select the crypto you want to practice trading on paper. Below the chart, you will see TradingView prompting you to select a broker. Click on “Paper Trading” and you are ready to trade.
How to start paper trading with Cryptohopper?
Once you have opened an account with Cryptohopper, you can simulate bot trading and test your skills as much as you need. Cryptohopper’s paper trading feature can be enabled with a toggle in its main trading menu.
How to start paper trading with Altrady?
To start trading paper on Altrady, you sign up for a demo account and open a support ticket defining the amount you want to start with.
How to start paper trading with BitMEX?
To start trading paper with BitMEX, open a Testnet account. If you have an account on BitMEX.com, you will still need to register on BitMEX Testnet. You can check out BitMEX’s simulated trading dashboard if you want to get an idea of what the platform looks like.
Paper Trading Account Functions
Paper trading should be as close as possible to the actual real-time trading experience. Price analysis tools and order books should reflect what you would see if you were trading with a regular account. Cryptohopper offers a simulated bot and AI trading, while eToro offers social trading and a community to tap into for your trading knowledge. In the end, it all comes down to your trading preferences and which option best suits your needs. Knowing the cryptos you are trading is also important, so be sure to follow the market while trading on paper.