The post 5 Best Crypto Paper Trading Platforms by Alex Kiriakides appeared first on Benzinga. Visit Benzinga to get more great content like this.
Ready to jump into crypto paper trading? You can start paper trading with eToro, Trading View or CryptoHopper right now!
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.
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The 5 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
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.
get started
securely through eToro’s
website
eToro is headquartered in Cyprus, England and Israel. A major eToro plus is its social trading operations, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its underwhelming research and customer service features.
Best For
- Investors looking to CopyTrade other traders
- Simple user interface
- Several major cryptocurrencies and altcoins
- Expansive network of social trading features
- Large client base for new traders to imitate
- Only 29 coins available
TradingView
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.
get started
securely through Tradingview’s
website
TradingView is a powerful stock screener, charting platform and research powerhouse providing a massive range of tools investors can use to learn more about the markets. Some of TradingView’s most impressive features include its fully operational mobile app, wide range of screening criteria, custom script incorporation and much more.
In addition to charting and research tools, TradingView also offers a wide range of educational tools. View news feeds associated with each asset, read articles, view real-time market data and even watch livestreams with professional traders to improve your skills. Paper trading accounts are also available to help you master TradingView’s wide selection of tools.
Although TradingView’s content can be overwhelming for newer traders and investors, the platform remains among the most impressive research hubs on the internet.
Best For
- Professional investors
- Investors with programming experience
- Traders who need minute-by-minute updates
- Impressive selection of research tools
- Comprehensive stock screening
- Free accounts available
- Wide selection of engaging educational resources
- Customer service choices not all-inclusive
- Higher-tier plans out of some investors’ budgets
- Certain areas of the website poorly organized
Cryptohopper
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.
get started
securely through Cryptohopper’s
website
Cryptohopper is an all-inclusive trading terminal that aims to make investing in the cryptocurrency market easier and more intuitive. Investors can automate their investing processes, copy professional traders, set signals and alerts through their mobile app and more directly through Cryptohopper. This allows investors to stay on top of the market no matter which coins they trade, which exchanges they use and where they travel.
Although investors will need to invest in a paid platform to use Cryptohopper’s most advanced features, the platform doesn’t charge a per-trade commission. Instead, it bills investors a flat monthly rate proportional to the number of tools they have access to.
Best For
- Investors interested in copy trading
- Investors who already have accounts set up with their brokerages of choice
- Investors looking for advanced analysis tools that don’t require professional coding experience to implement
- Doesn’t charge an additional commission on top of monthly fees
- Provides investors with access to high-level analysis tools
- Comprehensive mobile app includes advanced security features
- No phone customer service options
- Must purchase a monthly plan to access most useful features
Altrady
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.
get started
securely through Altrady’s
website
Altrady is a comprehensive trading terminal that allows cryptocurrency investors to buy and sell on multiple exchanges from a single platform. This can be a major benefit for investors who want to diversify their portfolios quickly and easily. Altrady also provides investors with a large range of customization tools and features that can be used to create a personalized trading platform. Altrady’s system can be a bit overwhelming for investors who are complete beginners, but the platform offers a wealth of educational resources and instruction videos to help ease the learning curve.
Best For
- Investors who have previous experience trading cryptocurrencies
- Investors who are looking for a single terminal to manage all of their investments
- Traders who value cross-platform syncing and the ability to invest from their desktop
- Wide range of customization tools
- Hotkeys and journaling features allow investors to make notes on their trades and progress
- Its education system includes a wealth of videos showing users how to use the platform’s most popular features
- Monthly pricing comes in addition to standard broker fees
- Can be overwhelming for new users
BitMEX
BitMex is one of the oldest exchanges in the cryptocurrency industry and has seen several bull and bear markets. Its platform offers a unique world-class multi-sig feature to protect your assets. If you are looking for a battle-tested exchange to paper trade on and seek security, then BitMEX might be your best bet.
How to Start 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.
The post 5 Best Crypto Paper Trading Platforms by Alex Kiriakides appeared first on Benzinga. Visit Benzinga to get more great content like this.
