Are you interested in trading cryptocurrencies but don't want to risk your hard-earned money right away? If so, you may want to check out crypto paper trading apps! These apps allow you to simulate trading in a real market environment without putting any actual funds at risk.
Some of the most famous exchange platforms in the market, such as Binance, Bybit, and Kraken, provide crypto paper trading. Since there are so many options, it’s important to really know each one of them, so you can choose the best one.
But don’t get overwhelmed just yet! To make things easier for you, I’ll help by showing you some of the best crypto paper trading apps. We’ll explore what they are, how they work, and why they're worth considering for both novice and experienced traders.
The crypto paper trading apps that will be discussed are:
So, if you're ready to take your crypto trading game to the next level and want to do so in a safe and risk-free way, stick with me!
Crypto Paper Trading App: What is Paper Trading?
If I'm going to talk about crypto paper trading apps, it makes sense to first assure you know what crypto paper trading is, right? Well, then let’s talk about it!
Essentially, crypto paper trading is the tool to simulate live transactions, without the need to actually put real money into it. In other words, a paper trade is a way for investors to practice trading with no risk of losing funds.
By the way, when I mention “live transactions” or “live markets”, I mean the actual, real-time trading that takes place on financial markets - like Binance, Coinbase, Bybit, and so on - for assets like stocks, cryptocurrencies, and commodities.
Since there is no risk of losing your money, the contrary is also true: you don’t earn anything in return, even if you make a really successful trade. Given that, you might be wondering, “Then, what’s the point?”
Well, the point is to experiment and learn! Paper trading is meant for beginners to familiarize themselves with trading and for seasoned traders to explore new strategies while honing their skills in buying and selling securities.
Not only that, by paper trading crypto assets, investors and traders can test out different trading platforms and even different order types, such as limit orders, stop-loss, and market orders.
By the way, paper transactions work by using a virtual trading account with fake funds! However, even though it’s a fabricated scenario, crypto paper trading apps track the crypto market and mimic real-time changes, making the whole experience quite genuine.
Pretty interesting, right?!
Note that, since it’s a simulation, crypto paper trading apps will not always be able to completely reproduce the reality of live markets, as there are many variables that are not necessarily predictable! Furthermore, they are better suited for day trading, rather than for long-term strategies.
Though, there is a way to overcome the limitation of paper trading: the investors need to use genuine trading techniques and goals in order to get the most out of paper trading. This entails taking into consideration the same risk-return goals, investment restrictions, and trading time frame that would be used with a live account.
That way, the crypto paper trading can be as accurate as possible!
Now, some of the platforms I included in this list refer to their paper trading feature as “testnet”. What are those? Simply put, in this context, testnet is a type of paper trading, in the sense that it’s used to test trading strategies.
Though, note that a lot of times testnets are viewed as a playground for blockchain developers to test their ideas and make sure everything is working smoothly - by finding and fixing bugs, for example - before they launch their projects on the mainnet (the main network).
Overall, I will be talking about tools that help you simulate live trading - whether they are called testnet, paper trading, or even mock trading, they all refer to the same thing in this context!
Having said all of that, let’s dive into the options of paper trading crypto apps I selected!
1. Binance - Futures and Spot Paper Trading
Ranks #1 out of 9 Crypto Exchanges
- + A very well-known crypto exchange platform
- + More than 500 different cryptos available
- + Two-factor authentication
- + P2P trading option
- + Emphasis on security and KYC
- + Supports fiat-crypto acquisitions
- - Might be a bit difficult for beginners
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Binance is one of the biggest and most renowned exchange platforms due to the diversity and quality of its services. But, besides being an exchange platform, Binance is also a crypto paper trading app!
Binance’s paper trading service encompasses both futures and spot trading - they are the Binance Testnet Futures and Testnet Spot.
Just like other testnets, these simulated environments provide traders and developers with an opportunity to test their trading strategies and algorithms using virtual funds, eliminating the risk of financial losses.
However, do you know what futures trading and spot trading mean? If not, allow me to explain them to you:
When people talk about spot trading, they're talking about buying and selling stuff like stocks or commodities and getting them right away or pretty soon after. Futures trading, on the other hand, is the opposite of that: in futures trading, you agree to buy or sell stuff at a later time. In other words, people make an agreement to buy or sell something at a certain price and date in the future.
So, Binance Testnet Spot is a simulated trading environment for buying and selling cryptocurrencies for immediate delivery. Hence, in the Testnet Spot environment, users can do fake transactions with fake funds. The good part, though, is that the prices are based on real market data, providing realistic trading!
Now, Binance Testnet Futures is a simulated trading environment that allows traders to speculate on the future price of an asset and test their strategies. It’s great for beginners to understand the mechanics of futures trading without risking real funds.
Note that these two testnets are completely different and independent systems! So, although you can access both with your Binance account, you will have to do futures paper trading and spot paper trading separately.
Moreover, Binance Testnets are completely free! They are also easy to use and understand, which makes the whole paper trading experience a lot better.
By the way, to start your journey with paper trading, you will be given a risk-free balance of 3,000 USDT - you can only use this for paper trading, as it has no value outside of it!
That’s basically it for Binance Testnets! However, before going to the next platform in this list, there is one last thing I need to tell you: are you familiar with API (Application Programming Interface)? Did you know that it can give you more options for buying and selling in paper trading?
Well, that’s because API allows traders and developers to connect their own software or applications to Binance's trading platform, which enables them to access trading functions such as placing orders, checking account balances, and monitoring trading history, among other things.
In Binance Testnets, the use of API keys and Secret keys can automate trading strategies and execute trades in a more efficient and timely manner! Pretty cool, right?! That’s something really important to have in mind when paper trading with Binance.
So, overall, Binance Testnet Futures and Testnet Spot are valuable tools for traders and developers to test their trading strategies and algorithms before risking real money in the live trading environment.
2. Bybit - Advanced Trading Functions
Ranks #2 out of 9 Crypto Exchanges
- + Very low trading fees
- + Exceptional functionality
- + Mobile trading app
- + Helpful customer support
- + Up to 100x leverage
- - Might have a steep learning curve
Bybit is among some of the most famous exchange platforms in the market. However, did you know it also has a well-renowned crypto paper trading app? Well, it’s the Bybit Testnet!
Like other testnets, Bybit Testnet is a simulated trading environment where you can practice trading cryptocurrencies without using real funds. Though, there are certain things that make it stand out from the other paper trading platforms:
The platform is designed to truly mirror the Bybit Mainnet, so you can use it to get a feel for how the real platform works. That means that the trading experience is as realistic as it can get! That way you can learn how to trade in a safe environment.
Thus, it allows you to test out the platform’s trading features, as well as different cryptocurrencies, trading strategies, and even trading bots!
By the way, Bybit provides advanced trading functions such as limit orders, market orders, stop-loss orders, and many others. Hence, through Bybit Testnet, you can try them all out.
The advantages of Bybit Testnet don’t end there, though, since using this platform is a breeze! In other words, it’s simple to use and navigate through, as it doesn’t require much to start out. Besides, it also has a clean interface that displays essential data and metrics, including various crypto prices.
So, to start using Bybit Testnet, you need to first sign up for an account and receive Testnet coins from various faucets - of course, these assets don’t contain any real value, but they do offer an array of opportunities within Bybit Testnet.
That’s basically it, after that, you are good to begin paper trading cryptos!
Moreover, there is one more thing I need to mention when it comes to Bybit: the Bybit Learn site, where traders can access tutorials and articles to gain knowledge about cryptocurrency, as well as trading strategies. Combining this with Bybit Testnet, you will have everything in hand to start live trading or to spice up your investments!
So, overall, Bybit Testnet has advanced trading functions and a clean interface. Bybit also offers a Learn site for tutorials and articles on cryptocurrency and trading strategies. All of that makes it one of the best crypto paper trading platforms out there!
3. KuCoin - Perfect Imitation of Market Environment
Ranks #3 out of 9 Crypto Exchanges
- + Anonymous trading
- + Secure
- + Supports a variety of cryptocurrencies
- - Low trading volume
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KuCoin, the altcoin exchange that made its debut in 2017, has launched paper trading on KuCoin Futures, making it a proper crypto paper trading app.
KuCoin's paper trading tool manages to imitate the market environment due to the various trading tools, indicators, and charts that are really similar to the real trading ambiance. This allows the users to, for example, adjust leverage multiples and manage position risk in real time.
What’s more, KuCoin's paper trading feature offers a 20x performance boost and 90% reduced latency, which makes the experience even better!
The feature currently supports only a limited number of contracts, including USDT contracts and coin-margined contracts, such as BTC Perpetual/USDT and BTC Perpetual/USD.
Now, to use this app, you need to create a KuCoin account. In case you already have one, it’s simple and straightforward: you don’t need to do anything other than start trading right away! What do I mean by that? Well, both the live trading and the paper trading are done with the same KuCoin account.
Plus, because of that, you can switch between the paper trading feature and the live trading platform at any time, giving you a lot of flexibility. That surely makes things more practical!
After establishing your account, you will earn initial funds for Futures Paper Trading. You'll get a total amount of 3.6 BTC, which includes 30,000 USDT, 1 BTC, and 80,000 XRP. Again, those don’t have any value outside the app, as they are only meant to be test funds - also, they can’t be transferred out.
Moreover, the act of placing an order in KuCoin’s crypto paper trading app is exactly like the real deal: you choose the order type, type out the amount and leverage, then submit the order. Supported order types consist of limit price, market price, and stop order.
In case you don’t know what “leverage” implies in the context of cryptocurrency transactions, let me tell you: leverage is the act of using borrowed funds to potentially increase the profits of an investment. However, note that, while it can amplify the gains of a trade, it also heightens the possibility of losses.
By the way, KuCoin has recently optimized the paper trading system, enhancing it with upgraded API documentation, a changed official website URL, and mobile page support!
Thus, KuCoin's paper trading feature is an excellent tool for anyone looking to learn how to trade crypto or test out new trading strategies. With its user-friendly interface and access to trading tools, it's a great option for both beginners and experienced traders.
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Compare Crypto Exchanges Side by Side With Others
All Crypto Exchanges may look similar to you but they're NOT all the same!
Yes! Show me the Comparison Chart4. Kraken - Best for Futures Trading
Ranks #4 out of 9 Crypto Exchanges
- + Secure and reliable
- + Low fees
- + A good amount of fiat currencies accepted
- - Not the most helpful customer service
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Have you heard of Kraken's futures demo/test accounts? It's a great tool for anyone interested in trading cryptocurrency futures contracts without risking real money. Because it’s a trading simulation, you can think of it as a crypto paper trading app!
Before we dive deep into Kraken, let’s recap what futures trading means: futures trading is when people make an agreement to buy or sell something at a certain price and date in the future.
Now, with Kraken's futures demo/test accounts, you get access to a virtual trading environment where you can practice trading futures contracts on various cryptocurrencies.
By the way, the platform is designed to be as realistic as possible, so you can get a sense of what it's like to trade in the real world. That means that you'll have access to real-time market data and also be able to test out different trading strategies and see how they work in different market conditions.
What’s more, one of the great things about Kraken's futures demo/test account is that it's completely free to use! Also, it doesn’t demand any special requirements in order to access it - all you need is a Kraken account, which you can create for free on the website!
Note that this feature is linked to Kraken Pro, which is specially designed for advanced traders. In this sense, futures trading is not really ideal for beginners. However, that’s when testing it out with Kraken’s futures demo/test accounts comes in handy!
Of course, Kraken's futures demo/test accounts are a great way to get familiar with Kraken’s platform, as well. So, even if you are an experienced trader, this can be a great opportunity not only to practice but also to understand how Kraken’s futures trading works.
Overall, Kraken's futures demo/test accounts are a fantastic tool for anyone who wants to get into futures and paper trading. It's free, easy to use, and provides a realistic environment that can help you learn and practice your trading skills.
5. Bitfinex - Practice Trading in Different Areas
Ranks #5 out of 9 Crypto Exchanges
- + More than 170 crypto assets to trade with
- + Supports fiat deposits
- + Advanced trading tools
- + Small fees
- + Highly-improved security features
- - Controversial past
- - Might not be suitable for beginner traders
Have you heard of Bitfinex Testnet? It’s the crypto paper trading app provided by Bitfinex, where you can develop and test your trading strategies in a simulated market environment. Here's what you need to know about it:
With Bitfinex Testnet, you can practice trading in different areas like Exchange, Margin and Derivatives Trading, Margin Funding, Bitfinex Borrow, and OTC trading desk.
That way, you can access reserve test funding, borrow funds from other users, and experiment with large orders without having to go through the public order books - all in one platform!
However, as I mentioned, paper trading does not involve tokens with real value, as they can only be traded in a mock environment (a simulation) - that is naturally also true when it comes to Bitfinex Testnet.
Now, you might be wondering, “How can I start paper trading with Bitfinex?” Well, it’s very simple!
In Bitfinex’s case, you will need to create a sub-account, and, to do that, first, you need to log in to your Bitfinex account and go to the sub-accounts section, where you will find the option to choose a paper trading sub-account. Then, you will have to provide an email address and create a username, as well as a password.
By the way, it's important to use a new email and username when creating a sub-account. Moreover, once a sub-account has been created and enabled for paper trading, it cannot be converted to a regular account.
Having to use a different account to paper trade cryptos might not be so practical, but the good news is that there are no requirements to create a sub-account on Bitfinex’s crypto paper trading app!
Do note that the maximum limit for refilling the total balance per sub-account is $1,000,000 (or its equivalent value in other currencies) and up to $100,000 (or its equivalent value in other currencies) per paper currency.
Furthermore, when it comes to paper trading and Bitfinex, we also have to talk about the option of paper trading using Bitfinex Honey.
Bitfinex Honey is an open-source and customizable toolkit for traders. It offers a range of features to enhance the functionalities of the Bitfinex platform. Thus, with Bitfinex Honey, traders can run multiple algorithmic trading strategies, design custom orders, and receive notifications, all through an intuitive interface.
Seems cool, right?! And it is! But, it actually gets better, as the Bitfinex Honey toolkit comprises both standalone versions and a web application, providing traders with flexibility in how they access and use the tool!
“How does it connect to paper trading?”, you might ask. Simply put, you can try out Bitfinex Honey with a paper trading account! This can make the experience less daunting for new traders and provide a valuable opportunity for more experienced traders to practice.
That's it! Now you are aware of the opportunities provided by Bitfinex Testnet’s crypto paper trading app to develop and test your trading strategies without risking any real funds! If it piqued your interest, don’t forget to check out this platform.
6. BitMEX - Best for Crypto Derivatives
Ranks #6 out of 9 Crypto Exchanges
- + Strong security
- + Advanced features
- + Low fees
- - Doesn't support fiat currencies
- - Not recommended for beginners
- - Deposits and withdrawals only in Bitcoin
BitMEX is a popular trading platform for crypto derivatives that allows traders to buy and sell contracts for cryptocurrencies with a leverage of up to 100 times. It’s a great platform for experienced crypto traders. However, it also offers a really nice opportunity for new traders with their crypto paper trading app!
So, the way to paper trade cryptos with BitMEX is through the BitMEX Testnet.
BitMEX Testnet lets you work with derivatives, in addition to buying and selling standard coins, which is a unique feature. You can also use the platform to learn how to trade on BitMEX and try out several strategies and techniques without risking your money!
Therefore, BitMEX Testnet was specially designed for beginners to get into the world of crypto derivatives trading. But, of course, it is beneficial for advanced traders, as well.
It’s worth noting the BitMEX and BitMEX Testnet are different platforms, meaning that the latter is independent from the former. Due to that, you need to create a completely new account on BitMEX Testnet, regardless if you already have one on BitMEX.
Though, no need to worry, as it’s very simple to sign in to BitMEX Testnet - essentially, you just need to provide an email address and a password.
Now, once you create an account on BitMEX Testnet, you'll receive 100,000 Testnet Tether. You can use these coins to try out various strategies and techniques without risking your money. If you run out of Testnet coins, you can replenish them from various faucets on the internet.
Just a heads up, the Testnet creates a replica of the original account to provide users with a genuine experience. However, users get to trade with Testnet coins that hold no actual value.
Also, it’s important to know one more thing: some users have pointed out that BitMEX Testnet’s prices are not always aligned with those on BitMEX. So, be aware of this when paper trading on this platform!
Regardless of that, BitMEX is still a good paper trading crypto app, especially for those interested in crypto derivatives trading.
7. eToro - Great for Beginners
Ranks #7 out of 9 Crypto Exchanges
- + Copy trading service available
- + A variety of cryptocurrencies to choose from
- + Beginner-friendly
- - Withdrawals can be slow
- - Slow verification process
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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Are you familiar with eToro? You might have heard of it as a trading platform, but did you know that it is also considered a crypto paper trading app? Well, that’s because it provides demo accounts so you can practice live trading.
The demo account gives access to all eToro's features. So, you can install metrics, draw lines, and trends, and enter buy and sell orders - all without risking real money, of course.
Not only that, the virtual account provides advanced trading tools, including leverage, Stop-Loss, and Take-Profit, to experiment with various risk levels.
Furthermore, when it comes to usability, eToro doesn’t stay behind! The interface is clean and easy to use. It is also very simple to start paper trading cryptos in eToro, as you only need to open a demo account on the platform!
By the way, it’s completely free to sign up and, after you create your account, you receive $100,000 in virtual funds so you can practice paper trading right away! By the way, this amount is sufficient to help you learn the ropes of trading, but not too much to prevent you from working within reasonable limits.
Given everything I said so far, it seems clear that eToro’s paper trading crypto app was specially created for beginners, due to its simple interface and beginner-friendly protocols.
This doesn't come as a surprise, though, as their goal is to give confidence to users who are still new to trading!
However, if you are an advanced trader, don’t give up on eToro just yet, as this platform also encourages you to try the tool out, as it’s primarily designed to hone trading skills overall!
At last, allow me to tell you about one more interesting feature of eToro, which is also meant to improve your financial journey. I’m referring to the social news stream, which enables you to discuss concepts and chart analysis with other users, creating a great network with some of the best traders in the world!
So, to summarize, using eToro's virtual accounts can help you gain confidence in trading before investing real money. It is undoubtedly one of the best crypto paper trading apps in the market, providing a safe environment to learn and practice trading!
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Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
8. CryptoHopper - Ideal for Crypto Bots
Ranks #8 out of 9 Crypto Exchanges
- + Free trial
- + Supports most major cryptocurrency exchanges
- + Beginner-friendly
- - Extra signals require extra payment
So far, I’ve talked about some exchange platforms that provide paper trading services. However, this list also includes tools that enable users to simulate trading without any risks. CryptoHopper is one of them, as it’s a crypto trading bot and a crypto paper trading app.
“What’s CryptoHopper used for?” you might ask. Well, it’s a crypto trading automation tool that allows users to create and customize trading bots that can buy and sell cryptocurrencies automatically. Put simply, it makes transactions easier and more efficient!
Note that CryptoHopper is not an exchange platform! It’s a tool used on exchanges.
Well, that’s one side of it. The other, which is the one we are interested in now, is the paper trading service. As a paper trading crypto app, CryptoHopper lets you open a demo account and train various bots, testing out automation strategies for crypto trading.
What’s more, you can link all of your crypto exchange accounts and manage them, all in one place. This way, you can keep track of cryptocurrency prices using a feature called "trailing," which will notify you when the trend changes.
Besides, this tool also provides helpful features, such as the ability to copy other traders and a variety of bot templates to start with.
Now, once you create a demo account, you can deposit up to 100,000 in any currency and use the simulator to practice. However, you'll have seven days to try out different features and trade various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
By the way, there is a drawback for beginners, as Cryptohopper’s paper trading simulator is not easy to use. So, it may not be recommended for new traders who want to focus on standard trading instead of automation. Though, If you're up for the challenge, Cryptohopper is a good choice for anyone who wants to use bots in trading.
Overall, Cryptohopper is a good tool for those who want to learn how to trade cryptocurrencies with automation, though it might be a bit complex for beginners.
9. TradingView - Allows Tracking Multiple Strategies
Ranks #9 out of 9 Crypto Exchanges
- + Free plan
- + A huge selection of trading tools
- + Great screening and chart analysis tools
- - Limited broker support
TradingView is a trading tool that can be used for various purposes. I’ll tell you more about its use cases in a second, but know that it’s also a crypto paper trading app, through which you can create a virtual account, receive fake money, and start trading cryptocurrencies in real time without risking any of your own funds.
Now, talking about what this tool does, it provides traders and investors with a range of tools to examine financial markets. It offers live information, adjustable charts, tools for technical analysis, and a social network of traders where individuals can exchange their thoughts and tactics.
What’s more, it has the ability to track multiple trading strategies at once - this can be especially helpful for those who want to compare different approaches and find the one that works best for them.
Additionally, it enables users to take snapshots of their trade setups and view their virtual purchases and account balances, allowing them to make informed decisions and track their progress.
Again, the reason why TradingView is included in this list is exactly because, like the other options listed, it allows you to simulate live trading.
So, when you create an account and log in to use the paper trading feature, you will receive $100,000, which you can reset at any time!
Moreover, TradingView has an easy-to-use interface that makes it accessible to beginners, while its advanced charting tools make it attractive to more experienced traders.
However, there’s one major drawback to TradingView's paper trading platform, which is the lack of customer support. Many users have reported that customer support is almost nonexistent, which can be frustrating if you need help or have any issues with the app.
Overall, though, TradingView is an interesting choice for those who want to practice crypto trading, as well as track multiple trading strategies. It’s good for both beginners and experienced traders alike.
Conclusions
Well, that's it for our exploration of crypto paper trading apps! I've covered what they are, how they work, and why they're worth considering for anyone looking to get into crypto trading. I've also looked at some of the best crypto paper trading platforms available, including Binance, Bybit, and Kraken.
Thus, by now, you should have a good understanding of what paper trading cryptos can offer and how it can help you refine your trading skills without risking any real money. Therefore, whether you're a complete beginner or a seasoned trader looking to test out new strategies, paper trading can be an invaluable tool for learning and experimentation.
So, if you're thinking about getting into the crypto world, consider giving paper trading crypto a try. Who knows, you might just discover your inner trading wizard and start making some serious profits in the live markets!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
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