Trading with real funds is a risky endeavor and this is why most traders first trade using simulated funds before putting their real money at risk. You are about to enter the stock and crypto market and you are after a sense of added confidence through the experience gained by using a risk-free simulator? So the question is where could you practice cryptocurrency trading for free?
Want to jump straight to the answer? Top Bitcoin & Crypto Trading Simulators In December 2023:
Top Cryptocurrency trading simulators Guide Contents
If it free and risk-free crypto trading practice that you are after, then rush to join CryptoParrot, an excellent tool which gives you access to real-time market data and great analysis tools at zero commission. If you go by the motto that practice makes perfect, which is indeed often the case when it comes to learning how the trade, and especially when learning to trade cryptocurrencies, then read on to learn all you need to know about crypto trading simulators.
The turbulent trading history of Bitcoin and other cryptocurrencies, and their hugely unpredictable prices, mean that aspiring investors are having a hard time achieving profit. This does not mean that you should be discouraged. The truth is that cryptocurrencies lie somewhere between currencies and commodities in terms of their trading, and this fact alone creates ample money making opportunities, provided one knows what they are doing.
If you do wish to enter the wonderful crypto world then, and gain access to this alternative trading way and money management method, your first step is to learn how it is all done in a safe environment that does not put any of your funds at risk. Crypto simulators are the ideal solution for this purpose, since they allow you to try out the trading of multiple cryptocurrencies in a risk free manner, without using any real money, allowing you to learn and test your skills before you start trading for real. Find out more about cryptocurrency simulators and choose the best suited for your needs to maximize your chances for crypto trading success.
Simulators are common place in world of video games, with multiple games across different consoles, simulating real life situations, such as those of sports leagues. But while playing football or basketball on a simulator will not make you a better athlete, trading on a crypto simulator will most likely turn you into a much better trader. Novice investors can greatly benefit from trading on a simulator, since it allows them to experience trading under real market conditions, the only difference being that they trade using fake money and thus any losses they incur will not hurt their pockets.
Cryptocurrency simulators are tools developed purposely to be working in real time, displaying real-life current prices and rates and allow the placing of orders and transactions on all the different cryptocurrencies supported by any specific cryptocurrency exchange. Moreover, each transaction performed is recorded in a diary so that users can access their trading history at any time and analyze and evaluate their trading decisions and performance for learning purposes. Since trading on a crypto simulator is done using simulated money, crypto simulators are thus the best and safest method for novice traders to learn how to trade and for seasoned traders to test, experiment with and try out different and new trading strategies, without ever risking a single penny!
Learning is a process and learning how to trade cryptocurrencies is no exception. During the learning process it is natural and inevitable to make mistakes and to be forced to take risks in order to explore new approaches, methods and strategies. However, when risks are involved and when real money is at stake, one tends to be more reserved and less inclined to experiment. And here is where trading simulators come to play, as tools that serve the goal of improvement, allowing traders to improve their skills without the fear of loss of any real funds.
By using crypto simulators traders learn to better identify trading chart patterns and trends and thus learn how to take more timely and successful trading decisions. And with most trading simulators being available online to be downloaded and instantly charged with simulated funds, you can instantly start your simulated trading experience. Since crypto trading is always risky and entails the element of gamble, traders are called to apply several investment tactics and techniques in an attempt to mitigate such risks. Crypto trading simulators, which offer a safe venue for practicing all money management and investment making skills are thus useful for all types of traders, regardless of their previous experience and level of proficiency.
Such high tech trading simulators would not have been possible in the past, when trading charts were hand drawn on paper, and the placement of a trading order on time, depended on how fast one could actually run! Thankfully, nowadays, advanced technological solutions, high-speed computers and internet connectivity make possible the development of such sophisticated software on which trading simulators are based catering for practicing trading techniques and testing out trading strategies.
There are two main cryptocurrency simulator types for you to choose which suits you best:
If you are looking for trading simulators you are in luck as there are several options out there from you to choose from. Actual online brokerages are perhaps amongst the top providers of virtual-trading practice environments, since the simulated investing platforms are as close to the real thing as you can get, as the practice accounts they offer mirror the offering and the working of the broker’s actual live trading platform. Usually you can access such simulated trading venues offered by brokers for free, though most will require you to set up an account before you can use them. What is great about such simulators is that brokers usually give simulated users full access to a set up that is fully functioning and includes the same array of tools offered to live trading clients, such as watch lists, stock screens, research and live data feeds.
The top cryptocurrency trading simulators, some of which we present below, share a few common merits to deserve the title of top-notch simulated trading venues. Such characteristics and qualities include:
Becoming a better investor is an important need for traders, be they novices or pros. This is why finding the best crypto simulator is a crucial decision. However, there is no “best” simulator all around, as all traders are different and thus have different needs, goals and requirements. In short, the best crypto simulator for each trader is the one that best serves and matches those specific needs. To help you with your quest, we highlight below a handful of simulators which we consider among the best and most trusted, having received high credentials by independent reviewers and actual users alike. We invite you to give them a closer look and make your final pick according to which best serves your own specific needs, expectations and aims.
Cryptoparrot’s primary aim as a simulated, practice cryptocurrency exchange is to help its users learn about all aspects of cryptocurrency trading. To achieve this, Cryptoparrot does not merely simulate the buying and selling of cryptos, but also the use of leverage as well as different trading types such as, going long, shorting a position, etc.
What is mostly interesting about Cryptoparrot, making it stand out from other cryptocurrency trading simulators, are some unique features, such as for example the earning of progression badges as a user moves on to learn about the different types of trades available on Bitcoin and crypto exchanges. Rewarding your effort and helping you keep track of your progress, after you complete a minimum of 30 trades, achieve an average 1.5% profit margin, and manage to complete a minimum $25,000 Play USD (the Cryptoparrot simulation currency), then you receive “verified status,” indicating your enhanced level of trading experience. Having earned the verified trading experience status, Cryptoparrot then allows you to act as a mentor and tutor, offering advice to other users who are prospective crypto traders. And if the advice you offer proves to be good quality, then more reward points and Play USD will come your way. Moreover, you can use these earnings to purchase rewards from the Cryptoparrot rewards store, which features various goodies from Cryptoparrot’s trading partners. Thus, by using Cryptoparrot, you can not only improve your trading skills and learn risk-free but actually stand to win much more.
The Bitcoin Mining Profit Calculator (BMPC) is exceptionally suited to complete novices in the world of Bitcoin and crypto trading, as it is a truly easy trading simulator to use, while at the same time including a full introduction to the trading of Bitcoin. The BMPC website is set out as an interactive, clicker game with explanations coming up on the screen as you click on different prompts and tabs, guiding you through in a fun and easy to follow process, which also includes regular updates. This ensures that you will never miss out on any relevant information which affects the price of Bitcoin and other cryptos, while also granting you access to the inner workings of the Bitcoin community.
This simulator is more suited to users who are already familiar with what cryptocurrencies are and are thus ready to jump right into their simulated trading. Bitcoin Hero is essentially an online trading simulator which comes in the form of an online app that can be accessed at any time, even on the go, and from any device, working great on mobile screens as well and not requiring to even be installed. For those who do wish to download it, there is an Android App available, while if you also create an account, though this not necessary, you can better track your progress and be able to monitor your performance over multiple sessions. The prices quoted on Bitcoin Hero are live, real prices and thus the simulated trading is done under real conditions, while the available cryptocurrencies to buy and sell on this particular simulator are Bitcoin, Ethereum, Litecoin, and Dash.
Altcoin Fantasy (ACF) is a far more advanced simulator than others, such as Bitcoin Hero, not least because it allows for simulated trading against other users, in a competitive mode which promises great real-life prizes. Besides such prizes, competing against others also rewards users with ACF points, which is the in-game simulated currency, which can also be traded for trading-related real-life prizes as well. Moreover, users get a daily sign-in bonus and can also gain more points through a free spin-wheel. The use of real market data and conditions from across a range of different exchanges ensures that the simulated trading experience is highly realistic, while the competitive mode pushes users to up their game and further sharpen their crypto analysis and trading skills to be able to effectively compete and stand better chances for earning coveted prizes and rewards.
For a full-fledged simulator consisting of all major cryptocurrencies, you can’t do much better than CoinMarketGame is a full-fledged crypto trading simulator, which caters for the simulated trading of all major cryptocurrencies, through a trading experience that is realistic and accurate of real-life market conditions. Once you sign up for a CoinMarketGame account you receive a $20,000 starting amount of simulated money, which you can use to trade on both popular and less known coins, helping you build up a diverse investment portfolio. Moreover, you can monitor your performance via the embedded leaderboard which allows you to know how your competitors are faring as well and give you further motive to trade more, learn more and become more successful.
The importance of a good stock and crypto trading simulator cannot be stressed enough, as such simulators are zero risk practice tools, where traders can learn how to make investments under real life conditions and also try out new and different trading strategies. As a practice venue then, a trading simulator is also a great source of learning the basics and then mastering the secrets of effective trading and investing. When trading on a simulator you learn how to perform asset analysis and also learn how to factor in trading costs. Moreover, though the use of analytical tools which are available on simulators users can learn all about financial ratios like price/earnings and debt/equity, which will greatly help their real-life trading efforts.
There is little doubt that using a trading simulator before actually starting to trade with real money is a much safer option, allowing traders to complete their learning curve and acquiring the necessary knowledge without risking any funds. Though some approach the use of simulators with some skepticism, this type of negative comments should not deter novice traders to reap the benefits to be had through simulated trading. After all, the knowledge, enhanced skills and added confidence which come with practicing will always bring better trading results than blindly clicking up and down. A reliable and highly realistic trading simulator is thus truly useful and important for any trader and you should always do your research and make sure you find the simulator which best suits your own needs. And once your trading game is up to scratch you can hit the real markets much better equipped and with far greater chances for success and profits.
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