If you are here reading this article, you might be looking for the best apps and simulators for paper trading cryptocurrency. Paper trading is a boon to investors when it comes to the fun and the opportunity to practise trading. Do you know why it is called Paper trading? Well, back in the day, when online trading was not in the picture, investors used to practise trading without risking their money. They used to record all the hypothetical profits, losses, portfolios, and trade details by hand. This way they used to practise their trade strategies beforehand, without having to risk their real money to the live market.
With the advancement of technology and the recent developments in the trading world, paper trading has become even more realistic. It is almost like investing in the live market but here you won’t be investing real money so there is no risk involved. You could test out your investing strategies and see how they would work out for you and analyse the profits and losses before employing those strategies with real money. You don’t even need to record the trends by yourself as the apps and simulators will take care of them.
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TradingView
TradingView offers one of the best paper trading tools. The platform has a user-friendly interface and also provides comprehensive yet simple charts. You can find charts related to both crypto and regular markets on Trading view. The platform offers a free trial of 30 days. During this time you can find your way around the platform and check out all its tools and features. Following this you have to choose a paid plan from different plans the platform is offering. There are 3 paid plans- Pro plan, Pro+ plan and Premium plan and you can choose the plan you think suits your requirements.
On TradingView, not only can you paper trade, but you can also come up with your own trading ideas and share it with the trading community on the app. You can interact with other traders in a public chat or a private chat. There is more to TradingView than we can mention here, you can check it out for yourself by visiting the platform on your own.
Cryptohopper
Cryptohopper is unlike the other simulators you find on the internet. The platform is a bit advanced. It is a crypto trading bot and if you are interested in learning how the bot works and experimenting with it you can proceed with Cryptohopper. You can create a paper trading account with Cryptohopper and test it away with their bots. They offer both free and paid plans. If you want to try it out for free you can access a majority of their bots with a free plan too.
Cryptohopper lets you deposit upto 100 thousand of any cryptocurrency you want and paper trade it as you like. You can experiment with your trading strategies here with a free simulator. Also, the paper trading on Cryptohopper doesn’t seem any different than the real trading but instead of connecting to your exchange account, we connect it to the public data.
eToro
eToro is pretty much popular in the trading industry. The platform offers several trading options like commodity trading, crypto trading, currency trading etc. But what most people might miss out on is the paper trading simulator the platform offers for you to practice your trading strategies. The platform only allows simulation of real crypto assets in the United States and doesn’t support CFDs.
With eToro practice account, you get a free $100,000 for practice. You can start paper trading with that amount in your practice account and test out new strategies. Traders around the world can trade ideas in the app and if you are a newbie, you can also follow famous and expert investors on the platform and follow their trading ideas.
BitMEX
You might have already heard about BitMEX several times by now. It is the most popular as well as the world’s largest margin trading platform out there. Traders can test out their trading strategies on their testnet. Even if you already have the main BitMEX account, you will be asked to create another testnet account for paper trading. Once you register on a BitMEX testnet account you will get a sum of 0.01 XBT testnet balance.
StormGain
StormGain is the most comprehensive trading platform in the market. Users can swap seventeen distinct derivatives for almost 200x leverage. You can use their simulator to practice and learn trading strategies and also familiarise yourself with the market and its interface. StormGain has a cutting edge interface that has all the tools and features that you need for a trading advantage. The platform also offers a great interface for real crypto trading as well. It has a sleek GUI, great user experience, two-factor verification and a safe wallet too. If you are interested in checking out, StormGain has a pretty good simulator and one of the best user-friendly interfaces for new traders.
Altcoin Fantasy
Altcoin Fantasy is unlike any paper trading simulators that we have seen on the list until now. If you like a bit of competition and are a fan of games this could be just the one you like. Altcoin Fantasy is more like a fantasy trading game. On signing up for Altcoin Fantasy you will get fantasy money of $10,000. Following that you will trade with 144 plus cryptocurrencies. While doing so you compete with other traders on the platform for a period of seven to fourteen days. The value of your account goes up and down based on the real changes in the crypto market. At the end of the fantasy period, the winner will get rewards like a year subscription to TradingView, or Bitcoin worth $150 etc.
Wrapping Up
Since you have made it this far, we hope you found the one you were searching for. All of these are good paper trading and simulation platforms available out there. You can check out each one of them and choose the one you like. Found this article helpful? If you want to read more such articles visit Postling.
