Trading Bitcoin can be quite risky when one does not have a lot of experience with the cryptocurrency market. Luckily, there is a way how to try Bitcoin trading without taking any risks whatsoever. A Bitcoin trading demo account is intended for this very purpose. A practice version can be created free of charge and any beginner, as well as any advanced trader, can experiment and test Bitcoin and altcoin trading risk-free.
Unlike the real account, the practice version is loaded with play money. Although trading with imaginary funds can’t simulate the psychological pressure of having your real money at stake, a practice account is still by far the best way to learn and understand the Bitcoin market.
How to simply open a free Bitcoin demo
There are a number of Bitcoin and altcoin trading platforms that offer a free demo account. These brokers, however, greatly differ and one should choose a company featuring low fees for crypto trading and minimum deposit requirements in accordance with your financial situation. Should you plan to trade less popular altcoins, always verify the broker you plan to choose has them in its offer. We have selected for you 3 industry’s leading Bitcoin brokers that are regulated and authorised by at least one financial regulatory body, have decent fees and do not require any initial deposit to open a test account.
List of popular brokers who feature a free Bitcoin demo account
Opening a new Bitcoin demo account takes each of these companies only about 15 seconds. All you need is a valid email address and a password.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
All trading involves risk. Only risk capital you're prepared to lose.
More information can be found within a separate review of each company. Do not forget to leave a comment under a company you select to trade with so other readers of the website would know about your experience.
How to get started Risk-free Bitcoin trading
It is very easy to get started. Just select a brokerage company that supports on its platform Bitcoin trading and also offers a free demo account. All 3 brokers listed above meet both these requirements, but there are also many other companies that offer this service as well. However, unlike the ones featured above, they might have higher fees, lack regulation or might not be trusted by hundreds of thousands of traders.
So, make sure to properly research the Bitcoin broker you plan to trade with. To establish a demo account, only your name and email address are usually required. Most Bitcoin brokers offer a function that will replenish your funds in case you lose them while trading on a practice account. If this option is not available, I advise opening a new demo with a different email address.
The real purpose of a trading simulator
It is a great feeling not having to worry about losing your funds while trading cryptocurrencies. Nevertheless, a demo account for Bitcoin or any other cryptocurrency should not serve only to learn how trades can be carried out, but also to:
- Understand how the Bitcoin market behaves – price fluctuations
- Test selected company and all its tools
- Test Bitcoin strategies and techniques that you plan to use when trading with real money