BYDFi is a renowned cryptocurrency trading platform with innovative and user-friendly solutions. The platform has various trading options: spot trading, perpetual contracts, lite contracts, and copy trading. BYDFi was launched in 2020 and has its headquarters in Singapore. The platform offers its traders 400+ cryptos and supports deposits and withdrawals in 60+ fiat currencies.
You can learn more about the platform in our in-depth BYDFi review.
Practicing crypto trading in BYDFi with its demo trading feature allows a risk-free process. The trading account is simulated to replicate real-world market conditions and uses simulated assets. Users can learn trading approaches and understand the BYDFi platform better with the demo process.
The demo trading procedure with BYDFi is simple and elaborated below:
You will find the ‘Get started’ option in the top right corner of the official website. Click on that option. Please provide a working email ID and verify it instantly with the received code, after which the registration will be complete. The verification code might take a few seconds to be sent to your email; refresh your inbox if you have not received it.
It is possible to start Demo trading before completing your KYC (Know your Customer) procedure, but to begin real-time trading, it is essential to complete KYC.
After registering with BYDFi, you can login to the site. You will receive a security verification notification box, as shown below. By choosing the ‘Trust this device and no security verification is needed when logging in for 30 days’ option, you can avoid verification for 30 days each time you log in.
Now, you can start the demo trading process. On the home page, you can see a ‘Derivatives’ option at the top task bar. Click on derivatives.
From there, click on the evolving menu, and you will be displayed with some options. Under the options, choose demo trading.
The live demo trading page will be presented to you.
When the demo page starts, you will be offered USDT 50,000 to practice trading.
Note: It is not real money or an actual trading process but a simulated procedure. Also, you can find order guides at the top of the demo trading page for better understanding.
The first step towards placing an order in the demo account is to choose leverage. Leverage amplifies purchase power. For instance, if you buy with 20x leverage, and the price increases by 2%, your profit will attain 20%. Similarly, if the price falls by 2%, the loss will drop by 20%.
In this example, we have chosen 1x to keep risks under control.
Choose your expected opening price. You will have to enter the number of positions you wish to open. The highest number you can open is the maximum purchase power (currently 50,000 USDT in a demo account) you hold.
After you enter the price and quantity, assess the increase or decrease. If you evaluate, it will increase; choose long; if you assess, it will decrease; choose short.
In this demo trade, we choose long and confirm the order.
You can click the ‘orders’ option at the top of the page to view your order history, as shown in the image below.
Under the order bar, you can find the time, futures, sub-wallet, type of order, price, and the quantity filled from the order. You can monitor your order history to understand price movements and profit and loss.
To get more funds for demo trading, use the Add demo funds option on the right bottom portion of the demo trading page.
Traders must experience demo trading practices before trading with real money. Even if you already have experience in cryptocurrency trading. Provided that these markets are subject to varied external influences, BYDFi’s demo trading practice can give you a better understanding of the platform and more skill development.
Though you cannot earn money through investing in BYDFi demo trading, the simulated effect ensures you do not lose any real money either.
The demo trading account is free of cost and can be accessed from anywhere. It is open to anyone, making it a good source for learning new trading skills and developing better trading strategies in a real market.
You can also have a look at our BYDFi review to know the platform’s fees, charges, and other features.
Demo trading accounts gained popularity with the beginning of online trading and are provided to all kinds of investors and traders to test a platform’s user experience. A demo account from BYDFi allows traders to buy and sell assets and test the platform’s performance. As an added benefit, the traders can also practice cryptocurrency trading without risking real money.
For a better understanding, go through the BYDFi review to understand BYDFi’s trading platform and acquire reliability.