Bitcoin trading seems to be simple in theory: just buy it at the low and sell it at the top. In reality, however, the matter is much more difficult. There are many different factors that affect the bitcoin price. Without proper skills, we can quickly clear our deposit. And this is where the demo account for cryptocurrencies comes in handy, which allows us to trade bitcoin and other digital assets. In today’s article, we will show you which cryptocurrency exchanges allow demo trading of cryptocurrencies and we will guide you through the whole process step by step.
Cryptocurrency and bitcoin demo account – list of exchanges
In the past, cryptocurrency exchanges did not allow demo trading of cryptocurrencies. For this we had to use a broker. This made things difficult. It is true that we could learn to invest in cryptocurrencies, but after switching to a real digital asset exchange, everything became complicated because its interface was significantly different. Today, this problem has gone away. The cryptocurrency demo account is offered by the largest cryptocurrency exchanges in the world. Here is a list of platforms that will allow us to demo trade cryptocurrencies and bitcoin without depositing any funds:
Demo account on Binance
Binance.com is the largest and most reputable cryptocurrency exchange in the world. It also offers a bitcoin demo account, which allows us to play without depositing any funds. How to use it? It’s easy.
First, you need to set up an account on the www.binance.com exchange. You can do this by clicking on this link and following the instructions provided (optionally use the Binance welcome bonus). Then go through identity verification. Once you have successfully completed the registration process, you can proceed to setting up a cryptocurrency demo account on Binance.
To do this, hover your mouse over the top menu on “Derivatives”then click “USDM Futures”.
You will be taken to the main trading page on Binance Futures. Hover your mouse over your profile icon, then click “Trial Trade”. Now you need to complete a short quiz on futures trading. When you manage to complete it successfully, you will be transferred to the Binance demo account, which will be topped up with the amount $3,000.
Once you have the necessary skills to start playing with real money, just click in the top right corner Back to Live
It is worth noting here that the demo account on Binance allows you to trade futures contracts in many pairs. Therefore, you can practice trading not only on bitcoin, but also on smaller altcoins.
Demo account on Binance advantages:
- The largest stock exchange in the world
- A large number of trading pairs
- Simple interface
- Virtual $3,000 to start
- Opportunity to create an account with a welcome bonus
Demo account on Binance cons:
- Possibility of demo trading only on the futures platform.
Cryptocurrency demo account on the OKX exchange
A demo account for cryptocurrency trading is also offered by the exchange www.OKX.com. First, however, you must register for it by clicking on this link. On OKX, you don’t need to be verified to play on a demo account, as it is a cryptocurrency exchange without verification. Once you have logged into your account, in the top menu, hover over “Trade”then click “Demo Trading”
OKX will ask you a question about your experience with cryptocurrency trading. When you finish the short quiz, you will be able to conduct demo trading with virtual funds. OKX, in addition to futures trading (like Binance), also allows demo trading of cryptocurrencies on spot markets. Unfortunately, the number of pairs on the demo account is limited compared to real trading.
Demo account on OKX advantages:
- Simple and clear interface
- No identity verification
- Different types of markets (spot, futures, margin, etc.)
- Opportunity to create an account with a welcome bonus.
Demo account on OKX cons:
- Small amount of trading pairs available
Bitcoin demo account on ByBit
Bybit is another exchange that does not require verification and offers a cryptocurrency demo account. To register at www.bybit.com, just click on this link and follow the instructions. Also remember to claim the ByBit bonus. Once you complete this process successfully, log in to your account.
Now, to use the demo account on Bybit you will need to create an account on the testnet (separate from the main exchange) which is located at testnet.bybit.com. You will have to confirm them by clicking on the link from the email address.
Once you pass the verifications, you will be able to trade the biggest coins such as BTC, ETH, LTC, XRP, BCH, LINK, XTZ and hundreds of other coins. On the ByBit cryptocurrency demo account, you can trade spot, margin, futures and even create your own trading bots using virtual funds.
Bybit cryptocurrency demo account advantages:
- A large number of assets
- No identity verification
- Welcome bonus when creating an account.
- Trading spot, margin, futures and even setting up trading bots using virtual funds.
Demo account on OKX cons:
- The cryptocurrency demo account is on a different page than the main platform.
Other ways to demo cryptocurrency trading
As we mentioned at the beginning of this guide, brokers also allow demo trading of cryptocurrencies. In fact, not so long ago it was the only option available. So which brokers allow bitcoin demo trading. Here is a list of some of the biggest.
Bitcoin demo account – summary
A demo account on a cryptocurrency exchange is a great way to learn how to trade digital assets. Because you don’t have to deposit real funds to see what it’s all about. Different cryptocurrency exchanges offer different trading pairs as well as different types of trading. We hope that after reading the guide you already know which one will be right for you!
FAQ – Cryptocurrency demo account
Yes. Some major cryptocurrency exchanges offer a demo account. Among them are Binance, OKX or Bybit.
A demo account on the cryptocurrency exchange allows you to learn how to trade cryptocurrencies and bitcoin without any risk. We invest virtual funds.
Yes. Demo trading on the cryptocurrency exchange is safe if we use a reputable cryptocurrency exchange. All the platforms mentioned in this guide have great reviews and a solid reputation.