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
- BingX ($50,000 demo funds)
- ByBit ($10,000 demo funds)
- OKX ($9,000 demo funds)
- Phemex ($10,000 demo funds)
- 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 |
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
2. Bybit Paper 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.
One key thing to understand about Bybits paper trading account is that it is completely separate from your normal account.
Bybit testnet Pros & Cons
| 👍 Bybit Pros | 👎 Bybit Cons |
|---|---|
| ✅ 100% Simulated Trading Environment | ❌ No demo copy trading |
| ✅ 500+ supported cryptos | ❌ Not integrated in main account |
| ✅ Accurate limit order book simulation | ❌ Requires separate account set up |
| ✅ 125x leverage | ❌ Slower than live trading |
| ✅ Most popular derivatives exchange |
How to start demo trading on ByBit
Step 1: Create your Bybit account and go to the home page.
Step 2: Go to the testnet page and create your crypto demo trading account. Note that your Bybit paper trading demo account is separated from your live account. That means you must create a new account on the testnet after creating your account on Bybits live page.
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
3. Phemex Testnet
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.
The best thing about Phemexs testnet platform is the choice of coins. Unlike MEXC and Bybit, Phemex actually supports every single coin that is available on the live platform as well.
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.
One downside of the Phemex demo trading feature is the page speed. Unfortunately, it is not as fast as BingX or MEXC. So if you plan to do high-frequency trading, Phemex crypto paper trading might not be suitable for you, but it is still one of the best options for new traders trying to get a foot into the world of crypto trading when it comes to day trading and swing trading.
Phemex testnet Pros & Cons:
| 👍 Phemex Pros | 👎 Phemex Cons |
|---|---|
| ✅ 100% Live orderbook | ❌ Not integrated in main account |
| ✅ 200+ supported cryptos | ❌ Requires separate account set up |
| ✅ Accurate limit order book simulation | |
| ✅ 125x leverage | |
| ✅ Hedge mode | |
| ✅ No KYC required |
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: Register for a Phemex testnet account. Note that this is a completely separate account from your live trading account. However, you can still use the same login details if you wish. Verify your email with the code that you receive, and your account will be set up.
Step 3: You will have 10,000 USDT and 2 BTC in your Phemex demo crypto trading wallet, which you can use for risk-free trading.
Step 4: Start trading. One great thing about Phemex is that you can trade every available asset from the live platform. You can use not only the derivatives market but also the spot market. Choose the pairs you want to demo trade and start learning today!
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 |
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 | |
| ✅ Hedge mode | |
| ✅ Very fast futures trading platform |
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.
