Paper trading is an excellent way to learn how to trade stocks and cryptocurrencies without having to risk your hard-earned cash. Paper trading cryptocurrencies is a prudent option offered by many exchanges that allows you to practice buying and selling crypto with no risk.
You can practice your trading skills without risking your funds, which is especially helpful if you are not used to trading with leverage. A vast array of options are available to choose from. Below is a Benzinga-curated list of the best crypto paper trading platforms.
Best Risk-Free Crypto Paper Trading Platforms
If you are looking for a platform to paper trade crypto, it is important to gauge how seasoned a trader you are. It is also essential to determine how often you want to trade and if you want to run trading software to test out your favorite bot. Here are some of the best crypto paper trading platforms:
eToro was a pioneer in bringing the world of social media and trading into one spot. 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 track record and trading history.
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 in just a few clicks.
eToro's social trading feature could easily give those looking to paper trade an even easier way to get experience trading by copying trades from experts and seeing them play out in real time with no risk. Instead of starting from square one, you could join the community and use the power of the community to easily formulate good trading strategies for paper trading and beyond.
- securely through eToro's websiteBest For:Demo Accounts
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
TradingView is easily the top price charting platform out there with tons of fantastic features and all the technical tools you could dream of. TradingView has the unique feature of being able to take a snapshot of your trade setups and charts with a click of a button. If you want to compare past setups with new ones to formulate better future strategies, then TradingView might be a good place to chart.
Keeping track of your trades is of the utmost importance to becoming a successful trader in any space, and the chart save feature will help you understand past losses for better future trades.
Cryptohopper is a technical but powerful trading platform for cryptocurrencies. This platform would be better suited for you if you are a programmer with an understanding of AI and bot trading.
Its platform lets you trade cryptocurrencies but also test out different automated trading bots. Programming is difficult and optimizing a trading bot is even more difficult.
Cryptohopper allows you to optimize your crypto trading bot and test whether it is capable of being 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.
Altrady offers the Crypto Base Scanner and Crypto Market Scanner, which are two unique tools that you can use to improve your trading techniques.
The Crypto Base Scanner will scan the prices of crypto across all exchanges and find you the best price to trade your asset. This tool could be useful if you are looking for arbitrage opportunities or if you want to scalp trade.
The Crypto Market Scanner looks across all exchanges and crypto pairs as well but looks for market volatility that you could use for a good trade. Even when the market is slow, this tool will notify you when a trade comes up that might be of interest.
How to Start Crypto Paper Trading
Follow these steps below to get started with crypto paper trading.
How to start paper trading with eToro?
eToro’s flexibility makes paper trading easy. The maximum amount eToro allows users to add to their paper trading account balance is $100,000. If you started at a high amount and want to scale your account to smaller amounts to gauge risk, then eToro's team can do that just as easily by submitting a ticket. If you wish to add funds to your virtual account, open a ticket with eToro's customer service team.
How to start paper trading with TradingView?
Starting paper trading with Trading View is easy. On the website, scroll down on the right-hand side where it reads symbol until you come across the crypto trading pairs. Select whatever crypto you want to practice paper trading. Below the chart, you’ll see TradingView prompting you to select a broker. Click "Paper Trading'' and you are all set to trade.
How to start paper trading with Cryptohopper?
Once you open an account with Cryptohopper, you can simulate bot trading and test out your skills as much as you need. Cryptohopper's paper trading feature can be activated with a toggle in its main trading menu.
How to start paper trading with Altrady?
To start paper trading on Altrady, you sign up for a demo account and open a support ticket defining how much you want to start with.
How to start paper trading with BitMEX?
To start paper trading 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 view BitMEX's simulated trading dashboard if you would like to get an idea of what the platform looks like.
Paper Trading Account Functions
Paper trading should be as close to the actual experience of trading in real time as possible. The price analysis tools and order books should mirror what you would see if you were trading with a regular account. Cryptohopper offers simulated bot and AI trading, while eToro offers social trading and a community to leverage for your trading knowledge. At the end of the day, it all comes down to your trading preferences and which option best fits your needs. It's also important to learn about the cryptos you are trading so make sure you keep up with the market while paper trading.
- Exclusive Crypto Airdrops
- Altcoin of the Week
- Insider Interviews
- News & Show Highlights
- Completely FREE