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Top 5 FREE Crypto Demo Trading Platforms & Simulators

Publisher

May 2, 2024
Disclosure At Cryptowinrate.com, we believe in transparency and building trust with our audience. Some of the links on our website are affiliate links, which means we may earn a commission at no additional cost to you if you decide to make a purchase through these links. Please note that we only recommend products and services that we have used ourselves or that have been highly recommended by trusted sources.
Our goal is to provide informative and useful content to help you navigate the world of cryptocurrency. The compensation we receive from affiliate partnerships helps us maintain and improve our site, but does not influence our reviews or the information we present.
crypto demo trading

Trading cryptocurrencies can be highly profitable if you know exactly what you are doing. However, many people make the costly mistake of jumping right into the real market with real money without practicing. Trading is nothing that you can learn overnight. It takes a long time until you figure out your edge in the market so that you are consistently profitable.

Stop wasting your hard-earned money by losing trades. Instead, you can simulate crypto trades on so-called “testnets” or “crypto paper trading accounts”. Those demo accounts are available on some crypto trading platforms such as Bybit and MEXC. You can receive tokens from the exchange which have no value and can only be used for simulating crypto trades on the exchange. In other words, testnets are demo or paper trading accounts.

The best thing is that these crypto paper trading and demo accounts are completely free and behave exactly like the real market.

We tested every crypto demo and simulated trading platform. Instead of making a long list of useless platforms, we choose to only present to you the best demo trading platforms for crypto traders. All exchanges are tier 1 exchanges, with top-notch security, high liquidity, and low fees. Furthermore, all of the exchanges provide full proof of reserves. Lastly, all crypto paper trading accounts in our list are completely free and simple to set up.

 

Best Crypto Trading Demo accounts

  1. BingX ($50,000 demo funds)
  2. ByBit ($10,000 demo funds)
  3. Phemex ($550,000 demo funds)
  4. OKX ($9,000 demo funds)
  5. MEXC ($50,000 demo funds)

 

What is a testnet?

A crypto trading testnet is a simulated trading environment reflecting the real market movements. Other terms for testnets are demo or paper trading accounts, which are essentially the same thing. Crypto paper trading features allow new traders to practice trading with a demo account without having to worry about losing money (like a paper trading account). It is great to get a feel for the market, and hopefully, it makes you realize how easy it is to lose all of your money in the crypto market.

Also, experienced traders can utilize a crypto paper trading account for trying out new strategies and collecting data without blowing their money away.

These demo trading features make crypto paper trading accounts perfect for beginners and also people that simply want to test new things. Essentially, a testnet offers you a crypto trading experience that feels real while your money is not at risk.

On a crypto paper trading account, you usually have to request demo tokens which you can then use for trading. While the testnet or paper trading feature is reflecting the live market movements, it is important to note that usually only the big cryptocurrencies such as BTC, ETH, or SOL are supported. However, this is more than enough for getting your foot into the game!

 

The best Crypto Paper Trading Demo Platforms

 

1. BingX Demo Trading Account

BingX is a no-KYC crypto exchange with over 5 million users across 150 different countries. With over 500 supported cryptos and a fully simulated crypto demo trading environment, BingX is one of the best crypto exchanges for new traders. Aside from offering a great demo trading platform, BingX offers low trading fees and a user-friendly platform, making it a great option for serious crypto traders.

What we love about the BingX crypto paper trading account is that it is directly integrated into the trading platform. Getting started is super simple and only takes a few clicks. All functions from the live trading dasboard are available in the demo trading dashboard.

You can learn more about BingX in our full BingX review.

 

BingX testnet Pros & Cons

👍 BingX Pros 👎 BingX Cons
✅ 100% Simulated Trading Environment❌ No demo copy trading
✅ Very beginner-friendly
✅ 500+ supported cryptos
✅ Accurate limit order book simulation
✅ 150x leverage
✅ Direclty integrated demo account

 

Demo Trade on BingX!

 

How to start demo trading on BingX

Step 1: Create your BingX account and go to the home page.

Step 2: Go to your funding account, search for VST and click on “Apply for VST”. These funds will be used to simulate trading

 

Step 3: Go to the perpetual futures trading page and click on “Demo Trading”. 

 

Step 4: Start demo trading  cryptocurrencies on BingX. On the left hand side you can also change the crypto that you want to trade

 

Demo Trade on BingX!

 

2. Bybit Demo Trading Account

Bybit is one of the most popular crypto exchanges. Unfortunately, Bybit requires KYC. That means users from restricted areas, such as the United States, can not use their service.

Still, Bybit is one of the best crypto trading platforms and ranks in the top 3 exchanges in terms of volume and active users. With low fees and an amazing user interface, Bybit offers traders a great place to speculate on the crypto market. With a fully integrated paper trading account, Bybit is a great option for practicing trading with virtual funds.

 

Bybit testnet Pros & Cons

👍 Bybit Pros 👎 Bybit Cons
✅ 100% Simulated Trading Environment❌ No demo copy trading
✅ 500+ supported cryptos❌ Slower than live trading
✅ Accurate limit order book simulation
✅ 125x leverage
✅ Most popular derivatives exchange

 

Demo Trade on Bybit!

 

How to start demo trading on ByBit

Step 1: Create your Bybit account and go to the home page.

Step 2: Hover over “Derivatives” and click on “Demo Trading”.

Step 3: Go to your paper trading asset overview and click on “Request Test Coins”.

Step 4: You will receive 10,000 USDT and 1 BTC on your testnet account, which you can use for demo trading.

Step 5: Start practicing on Bybits demo testnet trading account

You can also read our full step-by-step review of the Bybit demo trading feature.

 

Demo Trade on Bybit!

 

3. Phemex Mock Trading

Phemex is a great cryptocurrency derivatives trading platform that launched in 2019. With a great user interface, many trading opportunities, and low fees, Phemex gained a lot of active users and is now considered a top-tier exchange.

Furthermore, Phemex appears to be a very secure crypto exchange. There has never been a case of a hack, and the user’s funds are safe in multi-sig cold wallets!

As a professional trading platform, Phemex also offers a testnet where you can demo trade cryptocurrencies. Just like BingX, Bybit and MEXC, the Phemex testnet mimics the real price movements. That means you get real trading experience without having to worry about losing money. Of course, Phemex also supports TradingView charts. That means you can analyze charts directly on Phemex and mark the levels that you want to keep an eye on.

 

Phemex testnet Pros & Cons:

👍 Phemex Pros 👎 Phemex Cons
✅ 100% Live orderbook❌ Only offers contract demo trading
✅ 200+ supported cryptos❌ Offers separate test-net which may be confusing
✅ Accurate limit order book simulation
✅ 125x leverage
✅ Hedge mode
✅ No KYC required

 

Demo Trade on Phemex!

 

How to demo trade on Phemex

Step 1: To use the Phemex simulated trading feature, head to the Top left corner, hover over “Learn” and click on “Simulated Trading

Step 2: Hover over “Learn” in the top bar and select “Mock Trading”

Step 3: You will have 550,000 USDT in your Phemex demo crypto trading wallet, which you can use for risk-free trading.

Read our dedicated Phemex demo trading review for more information.

 

Demo Trade on Phemex!

 

4. OKX Testnet

OKX is another top-tier exchange offering crypto demo trading via their paper trading feature. Similar to MEXC, the OKX paper trading account does not require a separate account, making it a very easy solution if you wish to simulate crypto trading on a demo account.

 

OKX Testnet Pros & Cons

👍 OKX Pros 👎 OKX Cons
✅ Directly integrated in main account❌ Separate Limit orderbook
✅ Accurate limit order book simulation❌ Large scam wicks
✅ 150x leverage❌ Extremely advanced, not beginner friendly
✅ Hedge mode

 

Demo Trade on OKX!

 

How to Demo Trade on OKX

Step 1: Register on OKX here.

Step 2: Go to the homepage, hover over “Trade” in the top left corner and select “Demo Trading”

Step 3: Answer the question of the survey.

 

Step 4: Click on Upgrade to trade (Demo).

Step 5: Select the option you wish to use. We recommend using Single-currency margin as it is best for beginners. 

 

 

5. MEXC Paper Trading Testnet

MEXC is a global, non-kyc exchange with over 10 million users worldwide. With low fees, high liquidity, and high-security standards, MEXC quickly became one of the top trading platforms.

Aside from spot and derivatives trading on the live market, you can easily set up your demo trading account with just a few clicks, completely for free.

The demo and paper trading feature of MEXC mimics the actual market movements with the live limit order book, providing new traders with the perfect environment for learning and practicing how to trade. You may request up to 50,000 USDT, which is equal to $50,000, which you can then use for your demo trading.

On MEXCs demo trading account, you can trade Bitcoin, Ethereum, Solana, Shiba Inu, and the MEXC token. The pairs are traded in USDT, which is equal to the U.S Dollar. For beginners, learning how to trade Bitcoin is the best option, as the price does not move as much as altcoins.

One of the best things about MEXCs testnet is the page speed. We compared all crypto paper and demo trading platforms, and MEXC was the only exchange offering the exact same experience as the live platform. That means you won’t have any delays or slow page loading times when practicing crypto trading on MEXC.

Furthermore, MEXC offers you all the features that you have on the live account. There is no difference at all. You can even switch between hedge and one-way mode. Here are some features as well as pros and cons that MEXC offers for demo trading:

 

MEXC Testnet Pros & Cons

👍 MEXC Pros 👎 MEXC Cons
✅ Directly integrated in main account❌ Regulatory concerns
✅ Accurate limit order book simulation❌ Only 20 coins supported
✅ 200x leverage❌ Changes fees regularly
✅ Hedge mode
✅ Very fast futures trading platform

Demo Trade on MEXC!

 

MEXC is the one best option for traders that wish to simulate crypto trades on a demo account. You have all the features you require with an amazing and responsive interface on top. So if you are a beginner and you want to learn how to trade, make sure to give MEXCs testnet a try so you can simulate crypto trading with a free demo account!

You can sign up to MEXC here, and you can also read our full MEXC review here.

 

How to start demo trading on MEXC

Step 1: Sign up on MEXC and go to the home page.

Step 2: In the top left corner, hover over the “Futures Section”.

Step 3: Click on “Demo Trading” in the dropdown.

Step 4: Choose trading margin currency. By default, the margin currency will be set to BTC. If you want to change it to USDT, click on the BTC dropdown in the bottom right corner and select “USDT”.

Step 5: Lastly, click on “Receive Demo Coins” and start trading cryptos on a demo account without having to worry about losing money!

 

Why you should consider using a demo account

90-95% of traders lose money in the crypto market. What makes you think you can beat the market? There is no reason to blow your hard-earned money away due to the illusion you could beat the market just like that. You can’t.

Start practicing with a demo account, collect data, and track your progress. After you have data that backs up your profitability over a long period of time, you can start getting into the live markets with a small portfolio size e.g. with $100 or $1000.

By simulating crypto trades on free paper trading platforms such as the MEXC or Bybit testnet, you also get the chance to practice risk management which is a crucial part of trading. Learn the correlation of risk to reward to win rate in your trading and how to properly use position size. For this, we even have created free tools which you can use!

 

Crypto Demo Account FAQ

Which exchange has the best demo account?

MEXC and Bybit have the best-simulated crypto trading accounts

Can I lose money in a demo account?

On your demo account, you can not lose real money. You can only lose the demo tokens in the simulated account.

How much does a crypto demo account cost?

The demo accounts presented in this article, such as MEXC, ByBit, and OKX, are completely free of charge and simulate the real trading experience.

Our recommendation:

BingX Review
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