Demo Trading: 7 Best Crypto Platforms
Demo trading serves as a practical platform for beginners to familiarize themselves with the financial markets and trader tools without risking real money.
Demo trading platforms often mirror their full-fledged counterparts: they allow users to employ leverage, initiate both short and long positions, and choose from a variety of order types. The chart displayed in a demo trading app replicates the real-time graph of the respective asset. The singular distinction? No real money is at stake.
Join us as we explore 7 cryptocurrency demo trading platforms, invaluable not only to novice traders but also to seasoned professionals seeking to trial their strategies and algorithms without risking real money.
dYdX
dYdX is a decentralized futures platform that runs on the Ethereum blockchain. The dYdX team has signaled an impending transition to their proprietary blockchain. This move is anticipated to drive demand for their native token and decrease transaction fees within the network.
For those keen on exploring demo trading, dYdX provides this facility via the Ethereum Goerli testnet, a sandbox where developers can test decentralized apps and a myriad of smart contracts.
To begin:
- Integrate the Goerli Testnet into your Metamask wallet via Chainlis.
- Connect your wallet to the dYdX exchange, and then switch from the mainnet to the testnet.
- Secure 2000 test USD for trading.
The dYdX Testnet interface. Source: trade.stage.dydx.exchange
Notably, the trading interface on the testnet mirrors that of the mainnet. Traders can engage with numerous cryptocurrencies, such as BTC, ETH, SOL, ATOM, XTZ, and more. Given the platform's ample liquidity, users will find the demo trading experience exceptionally user-friendly.
D8X
D8X is a decentralized platform on the Polygon zkEVM testnet. We've discussed this DEX more comprehensively in a dedicated article.
To get started with D8X, you should:
- Go to their website and add the Polygon zkEVM testnet to your wallet. Alternatively, Chainlist can be used for this purpose.
- Claim test MATIC and ETH coins via a faucet.
- Engage in token trading in the “Trade” section.
The D8X trading interface. Source: app.testnet.d8x.exchange
The platform supports transactions with the MATIC cryptocurrency and offers a maximum leverage of up to 10X. Additionally, users can add liquidity to the platform. Engaging consistently could qualify you for a potential future airdrop, especially since, currently, neither the protocol nor the Polygon zkEVM network has a native token.
Binance Futures Testnet
Binance Futures Testnet is a simulation platform provided by the Binance cryptocurrency exchange. It replicates the exchange's primary futures terminal, allowing users to experiment with isolated and cross-margin trading and apply leverage up to 125X.
Registration is straightforward; no full verification is required, just an email sign-up. Upon entry, users are granted 3000 USDT for trial trades. If these funds are depleted, replenishment is available through an adjacent faucet feature.
The Binance Futures Testnet interface. Source: testnet.binancefuture.com
While the BTC and other crypto charts replicate live market data, sometimes there's a noticeable lack of liquidity. This can lead to pronounced candle wicks, a factor users should consider before engaging in mock trades.
Syncswap
Syncswap operates as a decentralized exchange across networks like zkSync and Linea and on testnets, including Scroll Sepolia and Polygon zkEVM.
Although futures trading isn't an option, Syncswap offers a valuable practice ground for decentralized token swaps, liquidity farming, and staking in pools.
To tap into Syncswap's features, users must secure test ETH for the respective networks via the “Faucet” button. Note that your wallet should already hold a nominal amount of ETH to perform transactions. Detailed guidance on securing ETH in the required testnets is available in another article.
The DEX Syncswap homepage. Source: syncswap.xyz
Gains Network (Mumbai Polygon)
The Gains Network is a decentralized derivatives platform active on the Polygon, Arbitrum, and Polygon Mumbai Testnet networks. Its test mode offers the same features and experience as the live environment.
To get started with demo trading on the Gains Network:
- Add the Polygon Mumbai network via Chainlist.
- Claim test MATIC tokens. A detailed guide for this is available in our previous article.
- Connect to the Gains Network platform and select “Get 10,000 DAI”.
The Gains Network interface. Source: gains.trade
The platform allows for a maximum leverage of up to 150X, supporting trading activities with cryptocurrency pairs, forex, and precious metals.
Bybit Testnet
The Bybit Testnet is a simulated futures platform presented by the cryptocurrency exchange, Bybit. It not only replicates the futures terminal but also embodies the comprehensive functionalities of the main Bybit platform. This setup facilitates hands-on learning for trading and features like staking, spot transactions, options, copy trading, and more.
To procure test tokens on the Bybit Testnet, navigate to the “Assets” section and select “Request Test Tokens.” Subsequently, your account will be credited with 10,000 USDT and 1 BTC for your trading experiments. Note that verification isn't required on the platform for demo trading.
The Bybit Futures interface. Source: testnet.bybit.com
Kwenta (Optimism Goerli)
Kwenta is a derivatives platform that operates on both the Optimism Mainnet and Testnet. To utilize its Testnet:
- Add the Optimism Goerli network through Chainlist.
- Obtain test ETH for the network using one of the available services.
- Create a trading account by selecting the “Create account” option. After this step, you'll be able to claim test tokens and start trading.
The Kwenta interface. Source: kwenta.eth.limo
The exchange offers a maximum leverage of up to 50X. Users have the option to trade across a variety of pairs, encompassing cryptocurrencies, gold, and several synthetic assets.
Final Words
For a comprehensive understanding of the advantages and disadvantages of demo trading, we recommend our dedicated article on the topic.
In essence, demo trading is a valuable opportunity to grasp the nuances of futures trading before venturing into transactions with real funds. This method minimizes risk to personal assets and allows for extensive testing of trading strategies.
