Have you been learning about crypto trading of late? Have you finally decided to explore crypto trading or investment? Then you might also have been worried about making losses from lack of expertise. As a beginner, consider crypto paper trading as an alternative that you can trust. You can polish your crypto trading skills minus wagering actual money with paper trading apps and simulators.
The process wherein you use simulated trades for practising crypto trade or investment is called crypto paper trading. It simply allows you to understand how a crypto market works without any risk of committing money to un-informed crypto trading. Experienced traders recommend the platforms for beginners who can begin real trading after clarifying how things work in the market.
6 Best crypto paper trading apps & simulators in 2023
Among the several methods to improve your crypto trading understanding and skills, engaging with crypto simulators ranks at the top. Take a look at the most popular and reliable paper trading apps and simulators for crypto paper trading below-
1. KuCoin Sandbox
KuCoin Sandbox is apt for traders looking to test strategies without any risk of losing money. The paper trading app allows you to connect over an API or a test trading network to prepare for real trading.
Its top features are-
- KuCoin Sandbox offers trading across a variety of coins
- Anonymous trading available
- Easy to navigate app interface
2. Bitcoin Hero
This trading simulator is accessible at all times and on just about any device. It doesn’t need any download, either.
Its top features are-
- Access to $100,000 mock money for beginning to trade
- Bitcoin Hero prices are always updated live and are for real
- Cryptocurrencies available for buying and selling on the simulator are Ethereum, Bitcoin, Dash, and Litecoin
3. CryptoSpaniards
An apt choice for prospective crypto traders willing to get accustomed to what the market offers prior to investing real funds.
Its top features are-
- The platform allows you to pick the starting amount in mock dollar form
- Allows viewing of top cryptos in the market with recent growth tracking
- Allows viewing of detailed activity log
4. Bitcoin Flip
An interface for virtual trading that is suited for crypto beginners, it lets you track your overall losses and gains via a display figure on the page’s top corner.
Its top features are-
- Bitcoin Flip has a wide array of mock assets on offer
- Allows you to track the graph for profit or loss in funds from the mock purchases on a real-time basis
- Allows you to understand if the timing of a sale of an asset had been well-timed
5. Bitfinex
The decentralised exchange comes with a popular feature for Paper Trading, where you can polish those trading techniques. You can verify your email or use Fido to complete the account opening formalities, then tick the Paper trading checkbox and get going!
Its top features are-
- Authenticated mock trading on page
- Technical add-ons that mimic real crypto trading, such as the presence of candlestick charts, order forms, tickers and more
- Allows trading only in US dollars, Bitcoin, and Tether
6. eToro
eToro is a trading exchange for traditional as well as decentralised assets and offers its demo account for traders willing to catch up on some learning.
Its top features are-
- Platform lets you sell the assets in a simulated exchange setup
- Platform offers $100,000 as mock money for trading
- Platform lets you post from your account to connect with other eToro traders
Limitations of crypto paper trading platforms & simulators
While crypto paper trading is a reliable learning tool, it does come with its own set of limitations or disadvantages. Here are some potential issues you need to have an idea about, as you begin to engage with crypto paper trading apps and simulators.
Accuracy issues with fee depiction
When you begin to use paper trading or virtual trading apps, you may not get an idea of what effect this has on real money. There are additional inaccuracies that might not be clear in terms of commissions or platform fees.
For example, consider the fact that when you purchase crypto in real, it could cost around an additional $0.50 higher than in the case of paper trading. Such costs might multiply, but the paper trading platforms fail to display the same with accuracy.
Confusion between market trade and individual actions
When you start out with paper trading for crypto, be on the watch for market correlation-related problems.
Cryptocurrency tends to fluctuate as a result of lockstep movements. However, as a beginner, you might not understand why such price movements occur when you engage in paper trading. For instance, when you put in a lump sum of virtual funds in any meme coin on a paper trade app, your portfolio will grow since BTC prices will trigger coin jumps. But then, if you keep pumping money into the same coin, assuming success, you could have losses when the correlation ends.
A tip here is always to research the crypto markets you are involved in. Check up on market trends to correlate the rise or fall in prices and to know what triggers these movements.
Lesser emotional connect
Paper trading does not use real money; thus, you do not feel the excitement of making a profit or the lows of going through a loss. This might help you make decisions without any stress, but it also kills the joy of feeling high when you trade in real life.
Hop onto the TradingLeagues app and engage in simulating games that help polish your crypto trading skills without the limitations of paper trading on other apps. Read on to know how.
Play ClassicLeagues on TradingLeagues for real-time, simulated day-trading
TradingLeagues offers various games under four leagues, introducing you to the world of crypto trading. One of these leagues is called the Classic Leagues.
Classic Leagues allows players to compete with each other as they engage in day-trading. Experience a rush of competitive juices as you compete in an environment that is completely skills-based. Check the ‘Leaderboard’ that showcases the list of participants with their avatars and the winning positions. Classic Leagues fosters competition while transparently displaying the add-on transaction costs that could be part of real-time crypto trading. Classic Leagues offers a way better alternative to most paper trading apps because it:
- Offers options for applying basic technical indicators
- Offers real-time charts for tracking price movements
- It helps to figure out the optimal time for purchasing or selling
Employ various strategies as you play the different games across the four leagues, namely-
- Battle Leagues
- Target Leagues
- Selection Leagues
- Classic Leagues
Make crypto pricing predictions and win when your guess comes true. Playing on TradingLeagues helps you understand how the market works! Enhance your skills for execution by testing various strategies across the games. The app lets you train well before transitioning towards real cryptocurrency trading. head over to TradingLeagues now!
Conclusion
Choosing the apt paper trading apps can enhance your beginner-level trading skills and add to your knowledge. Paper trading takes to a level close to understanding how the crypto market works for traders. It lets you experience the rush of trading without the risks. Meanwhile, this makes you well poised to face the real risks of trading in crypto.
