Bitcoin trading is very popular nowadays. With more traders joining the ranks, the number is steadily increasing. The popularity of Bitcoin as a currency is well-known to the gaming industry. This industry is well-known for implementing different trends.
Mobile gaming was a big part of the industry, and gamers continue to look for these types of games. It is why Bitcoin is so popular in the industry. It is usually a payment method. There has been a crypto-gaming market since 2017.
This app allows both experienced traders and beginners to trade. Several apps make it easy for novice traders to learn the basics. These games can also be used by experts to take a break from trading.
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Instructive Trading Simulations
These simulation games allow people to learn the basics of Bitcoin trading. These simulation games give traders a sense of the market and its competition. These are just a few examples of top cryptocurrency trading simulator like these:
Altcoin Fantasy
Altcoin Fantasy can be downloaded to your smartphone. You can trade with fictional Bitcoins and other cryptocurrency. The prices of assets are not fictional, they are real. Your competition is the other players.
This game offers many competitions. The prizes for skilled traders include actual Bitcoin and any other supported cryptocurrency. This means that you will get a real reward for your skill.
Bitcoin Flip
Another trading simulator, this one can help you get started or improve your skills if it’s already a pro. You start the game with a fictional $10,000. Your profits will change as you trade. Bitcoin Flip allows you to make mistakes, learn from them, and even trade bitcoin. To become a trader, you must learn how to analyze the market and take important decisions.
Traders like to be ahead of the rest. A trading bot is one way to achieve this advantage. This service is offered by a number of platforms, including the Bitcoin Circuit. You’re half way to becoming a successful trader if you have an account and a minimum deposit. You can now set up the bot to trade for you after you have read the tutorials.
HitBTC
HitBTC is a global platform that supports digital assets, fiat currencies and tokens. It was founded in 2013. You can trade Bitcoin and Litecoin here without even having to register. Like many competitors, HitBTC offers a demo account. However, HitBTC’s demo account stands out.
This platform is a great educational and training tool. Users can trade either manually or through the API. HitBTC claims that the test mode is just as responsive and fast as regular exchange platforms. To use the demo account, you don’t need any other information except your email address and password. This helps potential clients keep their privacy.
Users don’t like high withdrawal fees for multiple tokens. HitBTC charges flat fees, which don’t change regardless of how many coins the user wishes to withdraw. There have been instances of sudden delisting that caused problems for traders over the years. HitBTC has been warning about how it reacts to changes in the market via social media since then. The System Monitor page allows users to check the current status of each coin.
Although multi-factor authentication may seem like a problem, it is actually a security feature. “I appreciate that the company is trying to protect users’ funds so they don’t have to disable their accounts until they enable 2fa protection. “It saved me from a hacker trying to steal my money but he couldn’t because the team took care” – CryptoCompare user.
eToro
eToro is a fascinating concept in global Fintech. It started as a small brokerage firm and grew to become a social trading platform with crypto coins, currencies stocks, commodities, and other instruments.
The exchange’s strength is its ability to allow traders to share their knowledge. OpenBook and WebTraders allow users to see trading strategies and then copy them. You can also get a demo account for 100.000 virtual dollars to see trends and learn how the system works. Besides the demo account, eToro also offers a marketplace that allows you to trade with other traders.
You will need to provide personal data such as your telephone number and email address. You can also login via Facebook or Google+. However, this doesn’t sound as secure. Copy-trading, which was deemed a great feature, is also controversial because it doesn’t guarantee gains or losses for newbies.
You should be aware of the pitfalls when using the demo account to trade on eToro. They charge higher fees than the average. This provider is not recommended for retail investors who are looking to trade CFDs. The lack of a standalone version or connecting technology for third party software is another disappointment. eToro is also said to be “designed to people who never leave their country.” This means that you should be aware of the quirk if your plan to trade from different IPs.
OKEx
The $1 billion daily trading volume of this cryptocurrency exchange, which is based in Malta, is impressive. OKEx boasts 400+ trading pairs, as well as one of the largest lists of supported cryptocurrency. Although OKEx is often considered one of the most popular platforms, its options trading demo was launched in December 2019.
Register now to be eligible for the OKEx options simulation contest. Participants can win up $150,000 and receive a simulation fund of 10 BTC. If you enjoy options, this sounds fun. What are the things to be aware of?
UX is an issue with the trading simulator. OKEx demo has some unique features, such as site navigation, transferring money, and the settings menu.
You should be aware that this broker isn’t the most trusted and reliable. OKEX frozen the account of a trader in 2018 and it was able to liquidate $400 million. It appears that trading volume, which is the crown jewel of this exchange’s platform, is fake. The analysis by this crypto enthusiast of publicly available OKEx data shows that 93% of the volume is not real.
Bitfinex
Bitfinex is just as well-known as its neighbors on this list. Bitfinex was the “world’s biggest Bitcoin exchange” before 2016. It is now popular among seasoned traders. It is well-suited for lending and margin trading. It supports crypto to-crypto (only USD) and crypto-to–fiat (only US).
You can use the demo mode to show you around the site without having to log in. It will help you to understand the functions and buttons.
You will need to sign-up for full demo functionality. Bitfinex support section states that the site does not offer a demo account, which allows for site-wide navigation and the placement of paper trade orders.
Bittfinex is a reliable exchange? After $70 million worth coins were stolen from multiple accounts, Bittfinex lost its trading volume in 2016. Bitfinex suffered another blowdown in 2017, except for the hacker attack. Bitfinex was also forced to cease serving verified US users like other traders. Bitfinex lost trust and its market cap. Fun fact: When you search Bitfinex reviews, you will only find information on how to recover your funds.
Binance
Binance, the fastest high frequency trading platform, is last but not least. The Chinese giant provides both a centralized as well as a decentralized exchange. Binance is known for its 500+ crypto pairs, increasing deposit and withdrawal options, and for the increased scope of fiat withdrawals.
The testnet sections are easy to use and convenient. Binance offers a detailed guide to funding a testnet DEX account and creating and unlocking DEX wallets.
You will need to follow a series of steps that might seem confusing to a new trader. Binance Chain testnet funds can only be obtained if your Binance account has at least 1 Binance Coin (BNB). Only then will you be asked to create a testnet wallet.
Customers might not be afraid of this anti-spam measure. Worse, hackers stole more than 7,000 BTC from Binance in May 2019. Trustpilot shows that Binance was rated by 26% of users as excellent. 38% deem it to be bad and call it “shady”
IQ Option
This is why these guys are not on the top of our list. IQ Option was originally a binary options broker. However, it now allows customers to trade FX, cryptos, FX, Contracts for Difference on stocks, Exchange Traded Funds and other digital options. The company is known for its jaw-dropping leverage ratios (which can also cause x300 losses in money)
It is easy to use and very smooth. You can get $10,000 in virtual money. You can replenish the money and have unlimited access to the account. This allows you to continue practicing. IQoption offers video tutorials that are a huge plus.
These are the minuses. IQ Option is not recognized as a broker by the majority of crypto sphere. They consider binary options a scam. Some people who won money were unable to withdraw their winnings. Even though the demo is very convenient, users do not recommend it.
Spark Profit
As a trader, it is crucial to be able to predict the value of crypto assets. This will allow you to make better trading decisions, and protect your assets. Spark Profit will teach this skill in a virtual market with assets that have real-time prices. You’ll earn points if you make correct predictions. If you make mistakes, you’ll lose points. This skill will make you a better trader than all the rest.
Altcoin Fantasy
Altcoin Fantasy will concentrate on the basics, while Spark Profit will teach you complex skills. It will also teach you how to trade assets on a virtual marketplace. This will make you more successful when you use the internet to exchange your assets. Altcoin Fantasy will also teach you market analysis skills.
Altcoin Fantasy has a number of competitions to keep you sharp. These competitions are shared with other players and will be your challenge. You’ll receive a certain amount of your digital currency if you win.
CoinMarketGame
Another trading simulator that focuses on basics. Once you have used CoinMarketGame, you will be able trade on any online exchange. There are many virtual currencies that are very popular and are available at real-time rates on the virtual marketplace.
Bitcoin Hero
Bitcoin Hero is easy to use and a popular choice among beginners. You can download the application for free to your Android phone, or you can use the web version.
It features a simple interface that allows you to buy and sell cryptocurrencies. You can sell Bitcoin, Ethereum and Dash as well as Litecoin. A graphical chart shows the current price of cryptocurrency in real time.
Altcoin Fantasy
Altcoin Fantasy will be the next step in bitcoin trading. The app will first credit your account with fake $10K to allow you to participate in various contests on the dashboard. These contests are extremely useful. They will teach you how to trade and how to use different trading tools to your advantage. The contest will be won by the participant who has the most cryptocurrency in their account.
CryptoParrot
You can trade crypto money in pairs with Niffler, also known as CryptoParrot. Niffler will credit your account immediately after you open an account. This money can be used to trade various crypto pairs such as Dogecoin and Ripple, Monero and Dash. You also have the option to use the sandbox.
There are multiple tabs in the dashboard, such as “Home” and “My Trades”. You can buy and sell assets from the “Home” tab. The “My Trades tab displays a complete list of all trades that you have made on the app. You can view the profiles of other traders and receive the most recent updates and rewards. Advanced levels allow you to trade on multiple exchanges.
HolderLab
HolderLab gives you the opportunity to practice real-life trading while you learn advanced trading techniques. You can use the website’s trial period to backtest your trading strategies, and then see how much you can make with your investments over a set time. You can create a portfolio that allows diversification of assets using altcoins. You can use the simulator to see your returns over a period of time.
TradingView
TradingView is one the most widely used simulators for paper trading. You can start with $100K, and then choose the pair you want from the menu section. Other features include technical analysis and buying and selling cryptos.
BitMex TestNet
BitMex tesnet, a platform built on Bitcoin testnet, allows traders to practice trading in a realistic environment before they start trading live. A demo account will be provided to users, which will contain 0.01 XBT. Users can then start trading.
Conclusion
Although crypto trading is similar to gambling, you can do it anonymously and without being regulated by any third party. Crypto traders can make mistakes and lose their funds if they aren’t well-informed about the market.
Simulators allow you to quickly learn the basics and become familiar with the trading tools and market values. However, simulators cannot replace real-time trading and practical knowledge of cryptocurrency markets that can only be gained by trading on real exchanges.