- January 5, 2018
- Posted by: Michael
- Category: Cryptocurrency trading
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 trading. Although trading with imaginary funds can’t simulate the psychological pressure of having your real money at stake, a demo account is still by far the best way to learn and understand the bitcoin market.
Bitcoin trading – where to open a free demo account
A free demo account for bitcoin trading is offered by dozens of CFD brokers. These companies greatly differ and one should choose a company featuring low fees for bitcoin trading and minimum deposit requirements in accordance with your financial situation. If you want to trade other cryptocurrencies aside from bitcoin as well, verify that the broker you consider choosing offers those. We have selected for you 3 industry’s leading bitcoin brokers that are regulated by the European regulator CySEC or/and by the British FCA where no initial deposit is required to open a test account.
General warning: Between 65-84.94% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money.
The comparison above doesn't cover all brokers out there. We might be partners with some of the listed companies
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 for other readers and traders visiting our website.
How to open a practice account for bitcoin investing
Creating a demo account for bitcoin trading is very simple. Just select a company that offers demo account type for free. All brokers listed above support demo trading, but there are also many other companies featuring this type of service. However, unlike IQ Option, Plus500, or Markets, they might have higher fees or lack regulation and support of millions of traders. To establish a demo account, only your name and an email address are usually required. Out of the brokers listed, IQ Option also offers to replenish your funds in case you lose them while trading using a practice account. Plus500, as well as Markets, do not offer this option. A new account can be, however, created at any time.
Bitcoin trading – purpose of a demo account
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 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