Cryptocurrency exchanges with a TOP-10 demo account: test trading on crypto-exchanges with examples and explanations

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A demo account on a cryptocurrency exchange is a kind of simulation of real trading. The work on it takes place in real market conditions, however, using virtual coins from the Testnet test network. The demo account has nothing to do with the usual one, they are separate; you cannot replenish it or withdraw money from it.

Crypto exchanges with demo:

Stock exchangeWebsiteDemo accountTrade typeMargin tradingFiat money gateway
Binance Futuresbinance.comYesFuturesNoNo
Currency.comcurrency.comYesFutures; SpotYesYes
Bybitbybit.comYesFuturesYesYes
Bitmexbitmex.comYesFuturesYesNo
OKExokex.comYesSpot, futuresYesNo
Bitforexbitforex.comYesFuturesYesNo
StormGainstormgain.comYesFuturesYesYes
BTC-alphabtc-alpha.comYesSpotNoYes
Deribitderibit.comYesFuturesYesNo
Bityardbityard.comYesFuturesYesNo

Demo accounts have become widespread as a way for a trader to test the capabilities of the platform or test their personal skills. Provide the opportunity to practice without risk and any investments, only on virtual money. Also, a demo account on a crypto exchange can be used by an experienced trader to test the performance of a new strategy.

There are practically no spot cryptocurrency exchanges with test accounts, except for the BTC-alpha and Currency crypto exchanges. Such accounts are common on futures exchanges. The Btcnewsweb.com editorial team will tell you about the best cryptocurrency platforms with the ability to trade in demo mode.

List of the best cryptocurrency exchanges with demo trading in 2022:

  1. Binance Futures.
  2. Bitmex.
  3. Currency.com.
  4. Bybit.
  5. OKEx.
  6. BitForex.
  7. BTC-Alpha.
  8. Deribit.
  9. Stormgain.
  10. PrimeXBT (options demo).

What is a demo account

A test account is a type of account that is funded with a fake cryptocurrency. Allows a potential user to experiment with the functionality before creating a real account and funding it. This method is used by some popular trading platforms and has already proven its worth.

Demo accounts are also relevant among traders who are accustomed to one asset, but want to try themselves with others. For example, a person who has been trading cryptocurrencies for a long time may want to practice before getting started with futures or options. After all, these markets are subject to different factors of influence, allow different types of orders and have different trading conditions.

What is a demo account for

It is best to start with a demo account for those who are just getting acquainted with the world of crypto trading. It is advisable to work with him a little longer and make as many mistakes as possible in order to get a feel for how the market works and realize all the potential risks.

By the time of switching to a regular account, the user has already formed a certain strategy, which he finds the most effective. Subsequently, you can check it “live”. However, you should be aware that real trade still has some differences from the demo trade. This is primarily a psychological aspect. As long as a person perceives trading as a computer game where it is impossible to lose, he does not feel a threat to his money. When switching to a real account, many do not cope because they constantly feel emotional pressure due to the risk of losing money.

Therefore, when leaving a demo account, you should start trading with the minimum amounts of cryptocurrency, which are not a pity to lose. Of course, you won’t be able to earn much on them either, but it will help to achieve consistency in trading and reduce psychological pressure. The main goal is to double your first deposit. When you succeed in doing this, you can raise the rates.

Advantages and disadvantages of test accounts

Pros

✅ They allow you to get acquainted with the basic concepts and aspects of the market, give an understanding of what the risks are, how to react to rate fluctuations.

✅ Introduce the concept of leverage, which is difficult for beginners. Trading on margin can help you earn large sums, but it can also take away your entire investment. On a demo account, you can test it without fear of losses.

✅ Provides an opportunity to learn how to work with the site’s functionality – how to create orders, study different types of charts for technical analysis, etc.

✅ They allow you to study and practice trading strategies.

Cons

❌ It does not give psychological development – there is no excitement in the process of trading, with success – satisfaction, and with failure – frustration. Therefore, although it is quite possible to learn how to manage capital or study trading strategies using a demo account, it is unlikely to fully learn how to trade in a plus.

❌ Does not provide discipline experience. In real trading, it is necessary to strictly follow the trading plan, while in demo trading, many relax and act on a whim.

The best crypto exchanges with demo trading

Of the well-known cryptocurrency exchanges, there are three that provide the opportunity to trade using a demo account:

Binance Futures Exchange

A demo account for futures trading on Binance is available at http://testnet.binancefuture.com/. You need a separate account to use it, but you can use the same mail as the main Binance account. Then click Log In and enter your credentials.

After authorization, you will see a sufficient amount of funds on your account to try yourself in trading. Initially, 100,000 virtual USDT are given.

Binance Demo Account

The functionality of the exchange, in addition to directly creating orders, includes:

  • Checking and adjusting the credit leverage (x20 by default).
  • Tracking the time remaining until the delivery of financing.
  • Tracking the price of the mark on the basis of which positions are liquidated.
  • Monitoring of the position queue for auto-deleveraging.
  • You can also track general market data, including trend over the last 24 hours and trading volume over 24 hours.

OKEx Exchange

To open a demo account on the OKEx exchange, you first need to create a main exchange account. If you already have it, log in. Open the “Assets” menu and select the last item – “Switch to a demo account”.

Login to OKEx demo account

You can start trading – the account initially has 3000 USDT.

Bitmex Exchange

Bitmex Testnet Exchange

Bitmex crypto exchange specializes in trading futures and perpetual contracts. The main type of contract used is XBTUSD. Deposits and withdrawals of funds are carried out in Bitcoins (the ticker is XBT instead of the usual BTC) and without commission (except for the network commission).

The main site of the exchange is www.bitmex.com. But in order to use the functionality of the demo account, you will need to go to the testnet https://testnet.bitmex.com/. When registering, you can use the same e-mail as for a real account.

Instructions for opening a test account on Bitmex

  1. Go to the testnet website and click the “Register” button.
  1. Enter your email address, password, region of residence, first / last name (optional). Accept the terms of service and click the “Register” button.
  1. An e-mail will be sent with a confirmation link.
  1. Open the email and click “Verify my email address”.
  1. After that, you will be automatically redirected to the trading terminal.
  2. Virtual Bitcoins (0.01 XBT) are automatically credited to the account. You can start trading.

Orders are created on the left side of the screen. You can choose the type:

✅ limit;

✅ market;

✅ market stop order;

✅ limit stop order;

✅ trailing stop;

✅ limit with profit fixation;

✅ market with profit taking.

Then the amount of funds to sell or buy is indicated, as well as the price (for limit orders). When finished, you need to click on the “Buy / Long” or “Sell / Short” button to create an order.

Additional test BTC can be obtained from the following free faucets:

https://coinfaucet.eu/en/btc-testnet/

https://tbtc.bitaps.com/

https://testnet-faucet.mempool.co/

The personal address of the deposit is located in the settings on the “Deposit” tab.

The minimum deposit amount is 0.0001 XBT (10,000 Satoshi). It is credited to the balance after one confirmation in the network. You should not send any other cryptocurrency to this address – any unsupported coins will be considered invalid and will be lost.

Exchange Currency

Regulated crypto exchange Currency.com allows you to work with cryptocurrencies and tokenized assets. Its functionality makes it possible to invest cryptocurrency in ordinary shares of companies (Amazon, Apple …), bonds, stock indices, raw materials, etc. Trading is carried out using cryptocurrency, profit is withdrawn in it. There is a mobile application.

Exchange Currency

After simple registration, where you only need to enter your e-mail and password, and then confirm your e-mail, the transition to a demo account takes place in two clicks – to the Live button in the upper right corner, and then to the button “Switch to demo account” …

After the transition, virtual funds in the amount of 1 BTC will appear on the account.

The balance can be increased or decreased at any time. To do this, click on the Demo button in the upper right corner, and then “Set balance”.

Trade orders are created by clicking on the “Buy” or “Sell” button for the pair of assets of interest. Then a panel will open on the right where you can set order parameters:

✅ the amount of the transaction;

✅ a certain price at which the asset should be sold / bought (if desired);

✅ leverage;

✅ prepayment (depends on the leverage);

✅ wallet from which funds will be debited;

✅ stop loss and take profit options to minimize trading risks.

Bybit Exchange

Bybit Testnet Exchange

On the Bybit exchange, you can trade perpetual futures contracts BTCUSD, ETHUSD, EOSUSD, XRPUSD. You can replenish your balance not only with Bitcoin, as on Bitmex, but also with other cryptocurrencies. The crypto exchange provides a demo account at: https://testnet.bybit.com/app/register.

Instructions on how to open a demo account on the Bybit exchange

  1. Please register.
  1. Enter the code received in the email.
  1. Log in to the demo account of the Bybit exchange using your registration data.
  2. Refill your account with a test cryptocurrency: go to the “Assets” section and click “Deposit” in front of the selected coin. For example, let’s choose Bitcoin.
  3. The Bitcoin address and links to faucets with test coins will appear in a new window.
  1. Go to any of the taps, indicate the address, go through the captcha, indicate the quantity.
  1. Test coins have been successfully sent to the specified address.
  1. The demo account on the exchange will instantly be replenished with cryptocurrency:
  1. Go to the trading terminal. Everything functions the same as on a real account.

Stormgain Exchange

StormGain is a cryptocurrency exchange that allows spot or futures trading. You can buy assets using credit and debit cards from all banks. The exchange is distinguished by fairly low commissions and the presence of a cumulative discount.

To create an account on Stormgain you need an email, password and phone number.

After that, you can immediately go to the demo account. To do this, click on the name of the account and click the switch next to the item “Demo account”.

Confirm the action.

To trade on a demo account, the user is given 50,000 USDT. They can be used for trading in the same way as real ones, but the profit cannot be withdrawn. To start trading, you need to click “Open a new deal” at the bottom right.

Deribit exchange

ExchangeDeribit Testnet

Deribit cryptocurrency exchange, which works mainly with derivatives (derivative contracts), also has a separate platform for working with a demo account – test.deribit.com.

Instructions for opening a test account on Deribit

  1. It takes a few minutes to create an account. Click the “Register” button on the main page.
  1. Fill in the fields: e-mail address, nickname or pseudonym, password, password confirmation, country of residence. Confirm that you have read and agree to the terms of work, click “Send”.
  1. Confirm your e-mail by clicking on the link from the letter (if there is no letter, check the “Spam” folder).
  1. After that, you will need to log in with your data to get into the system.
  2. The demo account already has 10 BTC on its balance.
  1. You can top up your account with test coins for any amount at https://testapp.deribit.com/dericoins/. It is not recommended to enter an amount of more than 100 BTC, since the number of “Derikoins” is not infinite.
  1. You will find the address in the “Deposit” section. Do not send real cryptocurrency to it.
  1. After that, you can start trading. On the side, the type of trading instrument of interest is selected – futures, perpetual contract, option.

At the bottom of the screen, there are fields for creating orders. Specify the currency for settlements (BTC or USD), select the order type:

✅ limit;

✅ market;

✅ stop limit;

✅ market stop.

Then enter the required number of coins for the operation and the price, if the limit order type is selected. Click “buy” or “sell” for the application to join the rest of the active ones.

Bybit No Deposit Bonus – Alternative to Demo Account

Any user who has registered on the Bybit exchange can receive a bonus $ 10 to the account upon registration. They cannot be withdrawn, but can be used in trading. This way, even if the first trades are unsuccessful, you will not lose real money. The plus is that if, nevertheless, trading brings profit, then it can be withdrawn, while nothing can be withdrawn from demo accounts.

To get a bonus, follow the instructions:

✅ Register on the Bybit website.

✅ Subscribe to the official Twitter of the project https://twitter.com/Bybit_Official.

✅ Find the pinned post and retweet it with any comment.

✅ Copy the link to your retweet.

✅ Request a link to the bonus form from Bybit technical support or simply follow it now.

✅ Fill out the form and click “Submit”.

The application is considered up to five days. If the support considers that everything complies with the rules, then the bonus will be credited to the account ($ 10 in Bitcoin equivalent).

Conclusion

In general, a demo account on a cryptocurrency exchange is a convenient way to train and master the functionality. But in order for it to bring maximum benefit, you must always try to act as if you are trading on a real account. There is no point in relaxing, because then you will not learn anything. Always control risks as if your money is at stake, honestly earned.

For more realism, try to use such amounts on a demo account that you could operate on a real one. It is difficult for a trader who is accustomed to huge amounts in the test mode to adapt to moderate capitals in real life, he loses a sense of proportion.

After conducting several dozen test trades, getting used to the interface, you need to focus on choosing a suitable strategy. Each trader has his own. And only when the strategy is worked out to automatism, you can try your hand at a real account.

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