5 best Bitcoin trading demo accounts
The popular cryptocurrency, Bitcoin, has been gaining popularity through the years. Naturally, people think of investing in the said crypto, but the problem for most is they don’t know how or where to start.
In this review, you will be presented with the 5 best Bitcoin trading demo accounts that you can practice on. You will also gain more knowledge on how to trade this famous cryptocurrency properly.
eToro has been operating since 2007 as an online multi-asset broker. This Cyprus-based company is regulated by CySEC or the Cyprus Securities Exchange. What makes this broker so famous is that this is the world’s first and best social trading platform. Its CopyTrader feature allows traders to mirror the trades of other clients using the same platform. This catches the eye of a lot of beginners and even professional or well-seasoned traders.
One reason why eToro is your best choice if you want to trade Bitcoin is that they pioneered Bitcoin trading via CFDs in 2013. If you take a look at their website, you will also see that Bitcoin is their top cryptocurrency. This ensures traders that they completely understand the cryptocurrency as a whole.
eToro’s platform is surprisingly easy to navigate and easy to understand. You can even access articles, charts, and analytics of the particular asset that you’re thinking of trading. It’s very well organized and even supports multiple languages. These are English, Spanish, Italian, German, Russian, Chinese, Arabic, French, Polish, Dutch, Portuguese, Norwegian, Swedish, Czech, Danish, Romanian, Thai, Vietnamese, and Finnish.
This broker’s demo account or virtual portfolio gives their potential clients the opportunity to test out their platform without having to deposit any money. Equipped with virtual funds, you will be able to trade on live market conditions and check out all the tools and features on eToro’s trading platform.
To sign up, just fill out the registration form on the website. It will ask for your desired username, email address, and password. For an easier way to open a demo account, you can link your Facebook or Google account. If you decide to open a live account, you won’t need to register again. All you have to do is switch from your virtual portfolio to a live account via the trading platform.
eToro’s platform can be accessed from any web browser. You won’t need to download the software. If you prefer to trade on a mobile device, you can download their mobile trading application from the Apple App Store or Google Playstore.
To contact their customer support, you will need to open a ticket with your concern or question. Keep in mind that the standard wait time for a response is one business day. You can track the progress of your ticket on the customer service center tab on the website. They also have a help desk that has answers to frequently asked questions or a wide range of common concerns like how to verify your account or how to change account details.
Traders from Macao, Madagascar, India, Saudi Arabia, New Zealand, Singapore, Hong Kong, Japan, Canada, Iran, and Turkey are not eligible to sign up for an eToro account.
#2: IQ Option
IQ Option is a Cyprus-based broker that is owned and managed by IQ Options Europe Ltd and is designated as CIF or Cypriot Investment Firm. It was established in 2013 and has since been improving and extending its global presence. To date, this broker has over 48 million registered clients and has a trading volume of 1.3 million per month.
This specific broker has its own trading platform that is specifically designed for IQ Option clients. What makes this platform so unique is the number of advanced trading tools that clients can use to their own advantage. Examples of these popular technical indicators are RSI, MACD, Bollinger Bands, and Moving averages. IQ Option’s trading platform is also available on mobile devices. You can download it from the Google Playstore or Apple App store.
Here, you can practice trading Bitcoin with a virtual fund of $1,000. This will help you hone your skills and devise new strategies for trading this popular cryptocurrency without taking cash out of your wallet. To sign up for a demo account, you can simply link your Facebook or Google account. You may also register by filling out the form. It will ask for your complete name, country of residence, contact number, email address, and password.
IQ Option is also fairly proud of its customer support service. Customer service representatives are available round the clock to ensure smooth transactions and executions for their clients. You can contact them via email or live chat on Facebook, Telegram, Twitter, and Instagram. Below is a list of telephone numbers with their corresponding supported country.
- Brazil – +0800 878 3257 or +55 61 3550 0638
- South Africa – +27 87 550 21 61
- Argentina – +54 115 173 7455
- Mexico – +52 18 002 889 985
- Macau – 0800 504
- Hong Kong – 800 931 703
- Singapore – +65 3163 7458 or 800 321 1244
- Nigeria – +23 41 227 91 63
- Chile – +56 442 045 012
- Vietnam – 121 020 156
- UAE – 800 032 0891
- Indonesia – 001 803 3216 0102
- India – 000 800 040 13 61
- Thailand – +66 2 104 07 95 or 1800 013 228
- Colombia – 01800 519 0167
- Taiwan – 00 801 491 442
- Saudi Arabia – 800 850 0621
IQ Option’s website supports 22 languages. These are English, Russian, German, Chinese, Spanish, Portuguese, Indonesia, Arabic, Turkish, Italian, Korean, French, Thai, Vietnamese, Malay, Afrikaans, Azerbaijani, Hindi, Dutch, Tamil, Zulu, and Urdu.
IQ Option accepts traders from most countries except Ireland, the Czech Republic, United Kingdom, Portugal, Spain, Romania, Netherlands, Italy, Germany, Canada, Australia, the Russian Federation, Belgium, Turkey, Israel, Japan, and the United States of America.
StormGain is the youngest broker on this list. Founded in 2019, this company focuses on cryptocurrency trading and caters to over 120,000 registered clients from more than 100 countries. This broker has forged a partnership with NUFC or Newcastle United Football Club, and this lead to their popularity.
When it comes to trading platforms, StormGain utilizes its own groundbreaking web trading platform that allows clients to customize their dashboards fully. It is both user-friendly and very useful considering the number of charting tools that you can use to keep track of market trends and price movements. There are also 40 technical indicators like Stochastics and Ichimoku Cloud.
Signing up for a StormGain demo account will require you to input your email address, contact number, and password on the registration form. You also have the option to link your Google or Apple account to save more time. This signs you up for both a demo and a live account.
StormGain’s demo account allows you to trade on their proprietary platform with a virtual fund of 50,000 USD or Tether, which is a cryptocurrency. You will gain full access to the tools and features of the platform, and you can train using live market conditions.
The website supports a number of languages. These are Vietnamese, Turkish, Portuguese, Russian, Polish, Italian, French, Dutch, German, Spanish, Chinese, and English. You can access the platform from any web browser, or you can download the trading app on either the Google Playstore or Apple App store.
Unlike other brokers, StormGain features a Bitcoin mining application. This software will basically mine Bitcoin for you that you can withdraw or use to trade on StormGain’s platform. Once you start mining, it’s important to note that you will only gain a mining reward every 4 hours. Also, you will need to mine a Bitcoin equivalent of $10 before you can withdraw this.
If you encounter any problem, you can contact StormGain’s support team by filling up the query form on their website. Their live customer support is only available to clients who own a live account and have already made a deposit.
StormGain is open to traders in most countries except Afghanistan, Japan, Bosnia and Herzegovina, Guyana, Iraq, Laos, Yemen, Uganda, Syria, Vanuatu, Sri Lanka, Ethiopia, Trinidad and Tobago, Iran, Korea, Tunisia, and the United States of America.
Libertex is a Cyprus-based broker that has been operating since 1997. It is part of Indication Investments Ltd, which is a part of the Libertex Group. To date, this broker has over 2.2 million registered users from 11 countries around the globe.
With more than 20 years of experience, this trustworthy brand has won more than 40 industry awards, including Best Trading Platform of 2020 and many more. To add to its fame, this multi-asset broker is the official trading partner of Tottenham Hotspur, a Premier League team that is one of the top contenders in European football.
With Libertex, you have the option to trade on the MetaTrader 4, MetaTrader 5, or their own Libertex trading platform. Libertex’s platform is completely web-based, which means you won’t need to download the software in order to start trading with them. Their proprietary platform is also available on mobile devices. You can download it from the Apple App Store, Google Playstore, or Huawei AppGallery.
Libertex’s trading platform features fast execution speeds and a number of tools that will help you trade efficiently. It is considered one of the most user-friendly trading platforms available, which makes it perfect for newbie traders.
Signing up for a demo account entitles you to a virtual fund of €50,000 that you can use to practice trading Bitcoin without risking your hard-earned money. You will be trading in a simulated environment that mimics live market conditions.
Opening a demo account won’t take more than a minute. The account registration form will only ask for your email address and your desired password. Keep in mind that when you register, you will own both a live and demo account. However, you won’t be able to access your live account without first depositing money.
You can contact their customer support representatives via email or telephone. You also have the option to contact them via their social media accounts on Facebook or Twitter. The average wait time for a response from them is one hour.
Libertex’s website supports eight languages. These are English, Spanish, Italian, Polish, German, French, Dutch, and Portuguese. This broker accepts traders from Belgium, Bulgaria, Czechia, Denmark, Cyprus, Latvia, Lithuania, Luxembourg, Spain, France, Croatia, Italy, Poland, Portugal, Slovenia, Romania, Hungary, Netherlands, Malta, Austria, Liechtenstein, Iceland, Norway, Finland, Slovakia, Sweden, Estonia, Germany, Ireland, and Greece.
Binance is a secure online cryptocurrency trading platform. It was founded in 2017 by Changpeng Zhao, a famous developer that is known for programming high-frequency trading software. Despite only being around for a couple of years, Binance already has a daily trading volume of more than $2 billion with over 1.4 million transactions per second. It is currently the leading cryptocurrency exchange worldwide.
The brand name Binance is a combination of the words Bitcoin and finance. As the name suggests, its main product is Bitcoin. This is why this broker is perfect for beginners who are looking to trade this particular cryptocurrency.
What makes this company so great is it focuses on educating and helping newbie traders. Their educational tab, Binance Academy, offers both intermediate and beginner courses and informative articles that will surely help you grow as a Bitcoin trader.
However, signing up for a practice account with this broker can be quite tricky. On Binance’s main website, you are not given the option to open a demo account. To access their training grounds, you will need to type in testnet.binance.org on your browser’s URL and hit enter. This will open Binance’s TestNet page, which serves as their demo platform.
After you register, you will be given a virtual value of $100,000 that you can use to practice trading Bitcoin on their platform with zero risks. It’s important to note that you will need to download the TestNet software or its browser extension before you can open a demo account. There are video tutorials that will guide you through this.
Binance has a built-in live chat system on its website that is readily available 24/7. It supports English, Filipino, Italian, French, Vietnamese, Spanish, Turkish, Japanese, Portuguese, Chinese, and Russian. You may also send them a message through their social media accounts on Telegram, Facebook, Twitter, Reddit, and Instagram.
Binance currently does not accept traders from Zimbabwe, Yemen, Syria, South Sudan, Venezuela, Sudan, Somalia, Iraq, Iran, Kosovo, Liberia, Lebanon, Libya, Moldova, Macedonia, Cuba, Herzegovina, Cuba, Croatia, the Crimea region of Ukraine, The Democratic Republic of Congo, Democratic People’s Republic of Korea, Cote D’Ivoire, Central African Republic, Bosnia, Burma, Belarus, Albania, and the United States of America.
What is a Bitcoin demo account?
A Bitcoin demo account, as the name suggests, is a demo account that allows you to trade Bitcoin. As a demo account, you will not be risking any funds, nor will you be asked to deposit even a single cent. All you need is to simply make an account by providing a few details, such as your email address and name. Sometimes, you’ll be asked to provide your phone number.
Demo accounts, in general, will provide an experience akin to that of a live account. That means you will get to try trading with market conditions such as commissions, spreads with leverage, and margin. For Bitcoin demo accounts, you’ll be allowed to virtually trade Bitcoin, most likely with other assets and asset classes depending on your broker.
In your demo account, you’ll be given either a set or adjustable amount of cash with an adjustable margin. Assuming you get 10,000 dollars in virtual funds, you are free to use this however you wish. Even if you blow up the account or perhaps incur a negative value, you can refresh your virtual funds by contacting customer service or adjust this value in the setting tab, or you can always make a new account since there is no charge for this.
You can even make multiple accounts designed for different strategies may it be manual or automatic via bots. Depending on your broker, you can also copy trade other traders on their future performance when trading Bitcoin.
Why should you use a Bitcoin demo account?
When Bitcoin was created in 2009, not a lot of people knew of its existence, and it wasn’t used for any transactions. As time went on, worldwide adoption of Bitcoin began but a majority of people still have their doubts about this new asset and the cryptocurrency asset class as a whole.
Nevertheless, prices of numerous cryptocurrencies have skyrocketed to having gains of thousands. This brings about the opportunity to trade multiple assets to both traders and investors alike while rewarding those that have invested earlier on.
With the doubt circulating around, trading cryptocurrencies bear an added fear that they might be worthless in the end. For this concern, having a Bitcoin demo account lets you try trading Bitcoin in the short and long term with no risk involved.
This would give you confidence in trading Bitcoin since it’s almost the same as trading the other asset classes. You could buy and sell these cryptos, or you could also do transactions that involve futures and options, and you can even use margin and leverage.
Since Bitcoin and other related assets are a bit different, you would learn more about each coin as most of them are paired or traded against Bitcoin. These are called crypto pairs. There are more crypto pairs such as those paired with Ethereum and Tether, which you will undoubtedly learn about as well as your trade.
Trading terminologies slightly differ as well. In the crypto world, you will encounter words like satoshis, meme coins, and mining.
Volatility in cryptocurrencies is also on a different level compared to regular stocks or other asset classes as it’s regular to see multiple high gainers per day. With this, of course, comes great risk since this new form of currency can drop as fast as it can go up. Having a demo account would prepare you for all of these.
Advantages and disadvantages
Trading Bitcoin virtually gives you the advantage of having the confidence to trade it with real money during bull markets. Taking advantage of months of uptrend that could reach hundreds and thousands of percentage gains would greatly benefit your portfolio. Bitcoin also opens up new avenues to invest in because BTC allows you also to buy other cryptocurrencies that have the same if not more potential than Bitcoin itself.
Learning to use Bitcoin as a hedge during quantitative easing is also an advantage. Since Bitcoin and Gold have been used as safe-haven assets in the past few months, they could benefit from this scenario.
For diversification purposes, Bitcoin can be a wonderful addition to any portfolio. It has been rising in value for many months, and even a small allocation to your portfolio will probably do great things as well. Some might also want exposure in this asset class even if they don’t believe in it because of the high chance of profitability and adoption.
Since Bitcoin is a fast-moving and volatile asset, trading it on lower time frames is actually a good practice for aspiring day traders. It’s a good trading ground to strategize new set-ups to help you in real trading. The volatility will also help you manage your own expectations and emotions with trading.
Though there are only a few disadvantages of trading Bitcoin, they can be pretty significant. One of those disadvantages is the chance that Bitcoin crashes because of volatility or because of non-adoption. BTC not having any use in the future would pose a problem for long-term believers.
Another disadvantage is that since BTC is digital, it could be hacked. There have been numerous reports of stolen Bitcoin that could not be tracked anymore because of BTC’s anonymity feature.
As BTC demo and live accounts, you might find it a hassle if your broker does not offer other asset classes. For example, Binance does not offer index or forex trading but has just only offered stock trading through their platform.
How to trade Bitcoin
Upon logging in to your virtual portfolio, or virtual wallet, in some cases, there are a few steps you’ll have to take to trade Bitcoin. First, you need to find this asset as it is listed on your broker’s exchange. It could be coded as BTC, BTCUSD, BTCUSDT, or perhaps something else. Be sure to double-check Bitcoin’s code on your broker to avoid mistakes in trading.
Then to trade Bitcoin, either you will be using virtual cash in the form of USD, USDT, or your desired currency. You then select the desired amount you want to trade and the price you want to buy or sell Bitcoin. Upon confirming this amount and the amount of Bitcoin you’ll be receiving, you can enter your trade.
Binance and other crypto-exclusive brokers handle trading a bit differently. First, you need to create a Testnet account through Binance. If you’re having difficulty creating a Testnet account, Binance has a special guide on their website.
Once you’re on their web platform, either on Testnet or on the live account, you’ll realize that you have five different ways to buy Bitcoin and these just differ based on the interface and the type of trade you’re going to do. These five ways are namely Convert, Classic, Advanced, Margin, and P2P.
The most basic way is through their Convert option wherein you just select the amount you wish to convert into, which is Bitcoin, and the amount you want to convert, which is usually in Tether, the dollar equivalent in crypto. After this step, your chosen amount of Tether will be converted to Bitcoin, and it will be reflected in your wallet.
Both the Classic, Advanced, and Margin options show you a trading platform where you can see the order book of BTC, which contains the full list of all buyers and sellers of Bitcoin at a given price. You can also set your leverage here, and it could be as cross leveraging or isolated leveraging.
Once you choose to use leverage or not, you can also select your order type to be limit order, market order, or stop-limit order. You can then input your order price and the amount of USD you want to spend in buying Bitcoin.
Do note that as much as Classic, Advanced, and Margin conversion is mostly the same, but the Advanced option features a one-click order system that facilitates faster order entries. The Margin option, on the other hand, will instantly set your orders to have a cross leveraging setting.
Although only for live accounts, you will also see P2P conversion as an option in your testnet accounts. P2P conversion allows you to buy Bitcoin directly via Bank transfer from other users. Depending on where you live, you can make bank transfers in different currencies from different countries.
Tips and tricks
No matter how long you plan to hold your Bitcoin, it would always be beneficial to check its chart. Do not blindly hold without a plan. Even having a simple indicator to tell you if it’s okay to buy, hold, or sell will ensure that you will be safe if Bitcoin crashes, or you can take advantage of it if it rises.
As mentioned, the volatility of Bitcoin should be taken advantage of both as a tool for practice and profit. It doesn’t matter if you trade breakouts or trade the ranges. As long as you learn or you profit from what you’re doing, you will succeed as a trader.
Do not take leverage for granted. As much as leverage and margin will allow you to profit more, it will also make you lose more. Losing a big chunk of your capital would lead you to have more hardships because it’s harder to get back that cash. For example, losing 50% of your money would need you to double your capital on the next trade.
Last Updated on March 14, 2022 by Andre Witzel