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Phemex Demo Trading Guide 2024 (Step-by-Step)


March 21, 2024
Phemex Demo Trading Guide

Demo trading is a simulation of crypto trading. It provides a real-time trading environment that allows beginners to practice and learn how to trade crypto. It enables beginners to master the trading interface, learn how to analyze market trends, place orders, and close positions. Demo trading offers a realistic trading environment. You are given enough virtual currency to trade with. This affords users the liberty of errors and a chance to correct them. Like many crypto exchanges, Phemex offers a demo trading feature.

For additional information about the exchange, read our detailed review of the platform. Also, you can check out our list of best demo trading accounts.


What is Phemex Demo Trading?

Phemex is a high-performance crypto exchange. In addition to offering other trading options, it allows users access to their demo trading platform. The live market condition, easy-to-use interface, and accessible analytical tools give demo trading a real feel. Phemex provides sufficient demo funds that allow learners to trade multiple pairs simultaneously. New users on the platform use this means to master the Phemex trading interface.


How to use Phemex Demo Trading

Phemex offers a seamless demo trading environment. It helps accelerate the learning process.

Below is a step-by-step guide on how to use the platform.


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Step 1: Sign Up/Login

To use the demo trading feature on the platform, it is important to register. Visit the website and provide a valid email address and a login password. Verify your email address with a verification code sent to your email address.


Step 2: Access the Demo Trading Interface

Log in on the platform with the login details. Navigate your cursor over the ‘Learn’ tab on the menu bar. From the drop-down menu, select the ‘Mock Trading’ option. You will be directed to a demo trading page.


Step 3: Trading User Interface

The mock trading platform is pre-funded with 5,000 m-USDT. Mock-USDT is the virtual currency you can use to practice trading. The platform shows live charts, trading pairs, an order book, and an order panel. It also features analytical tools and indications used for market trend analysis.


Step 4: Start Demo Trading

Initially, Phemex listed only four mock trading pairs: the BTC/M-USDT, ETH/M-USDT, MATIC/M-USDT, and DOGE/M-USDT. The list has been updated, adding two other pairs, SOL/M-USDT and ATOM/M-USDT. To kick-start the trading process, select any of the above trading pairs from the section indicated in the image below.


Step 5: Place an Order

After you have selected your preferred trading pair, you can open a position by placing an order from the order module on the right. Choose a leverage type and adjust to your preferred size. Choose the order type, and fill in the price and the quantity of crypto. You can also set a TP/SL on the order module. Once you are satisfied with your setting, confirm your order by selecting the ‘Open Long’ or ‘Open Short’ button, depending on your market prediction.


Step 6: Close a Position

You can monitor the progress of your position at the bottom of the page. To close a position, under the Open Positions tab, select the position you wish to close. At the right of the position panel, fill in the price and percentage of the position you want to close and select the order type to confirm. Also, you can close all positions using the ‘Close All Positions’ button above the order type.


Get more Phemex m-USDT

Phemex automatically offers 5,000 virtual USDT (m-USDT) for practice trading. It is credited as soon as you open the mock trading page. However, when you run low on virtual funds, there are several ways you can claim more. The methods are listed below.

  1. You can claim 500 m-USDT daily.
  2. You can claim 3,000 m-USDT when your balance falls below 1,000 m-USDT. However, you can only use this feature every 72 hours.
  3. Invite friends to complete registration through a referral link and receive 5,000 m-USDT for each friend.
  4. Deposit real funds to earn its equivalent in m-USDT.


To claim more funds through any of the methods listed above, click on the faucet icon on the top right corner of the page, as indicated in the image below.


Why use Phemex Demo Trading?

The mock trading on Phemex gives users access to real-time market conditions, analytical tools and indicators, and nearly everything live trading offers. It has a simple and interactive interface that makes learning seamless. Phemex offers virtual funds as high as 5,000 m-USDT and promises several ways to claim more. New users use this medium to get a hang of the platform before risking their real money. Also, you can practice trading with major pairs that include BTC/M-USDT, ETH/M-USDT, MATIC/M-USDT, and more.


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Bottom Line

Demo trading is an excellent innovation for learning crypto trading. Crypto trading can be complex with an overwhelming interface. Beginners are easily overwhelmed by several sections, features, and tools on a trading interface. It is important to get acquainted with the interface through mock trading before risking real money. Through demo trading, beginners build and master their trading strategies. Demo trading reduces the overall learning curve as newbies get hands-on experience.

Phemex offers a simple platform with an interactive interface that facilitates beginners’ learning process. Register on the platform and enjoy a seamless trading adventure.


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