Best Crypto Demo Accounts in Australia

The crypto world is growing all the time, but there are millions of potential investors still on the fence. Rather than just taking the plunge with a major exchange like CoinSpot, you can open a demo account to try your hand in the crypto world. There is a lot of ground to cover, so let’s talk about crypto demo accounts.

What is a Crypto Demo Account?

A crypto demo account is essentially a trial run before opening a real crypto account. Demo accounts are used by foreign exchange trading venues, commodities exchanges, and stock trading platforms and can even help experienced traders test out different strategies.

The benefits of opening a crypto demo account are numerous. For inexperienced traders, it provides the opportunity to see what it’s like being involved in a real trading platform without the financial risk. The cool thing is that having a demo account can even be beneficial for experienced traders who want to feel out new techniques and strategies.

Why Use a Crypto Demo Account?

The most common reason to use a crypto demo account is to get beginners accustomed to the world of cryptocurrency. Rather than just jumping in and putting their funds at risk, beginners can participate in trading, gain access to unlimited practice funds, and even access live trading data.

Though the major selling point is geared toward new users, experienced traders can benefit from opening a crypto demo account as well. That’s because they get a chance to explore new platforms and new features to test out new strategies without the inherent risk involved in platforms ending.

Additionally, crypto demo accounts allow users to improve their decision-making, gain critical technical knowledge, build confidence in their trading habits, and better understand trends within the market.

Top Crypto Platforms with Demo Accounts

The most important question is, “Which platforms are the best with demo accounts available?” These six platforms are easily the best option for opening a crypto demo account.

1. eToro

As one of the biggest broking and social media platforms, it is awesome that eToro has a demo account that is completely free to join. The more advanced users can explore other features – like the crypto copy-trading platform – quickly and easily.

Demo Account Features:

·         Easy-to-use mobile interface

·         Desktop and mobile options

·         Virtual funds offered

·         Offers access to Bitcoin, Cardano, Ethereum, Chainlink, and many others

·         No time limits on use; available as long as your account is active

Pros

·         Fast execution and strong liquidity of trades

·         Deep array of trading tools, particularly for more experienced traders

·         Access to a huge range of top cryptocurrencies

Cons

·         Potential regional restrictions

·         A lot of features, can be a bit overwhelming for total newcomers

How to Open a Demo Account. Opening a demo account is quick and easy. Go to eToro’s website, complete the registration form, verify your address, and switch to a virtual portfolio after signing in. When you confirm the switch, you will go to your demo account, which has $100,000 in virtual funds waiting.

2. Coinbase

As one of the most popular crypto exchanges in the world, Coinbase is an excellent choice. The interface is easy to use and quite simple, making it perfect for beginners. With a demo account, users can get their practice in before investing for real.

Demo Account Features:

·         Available on mobile devices

·         Free testnet funds

·         Demo apps for developers

·         A huge range of top cryptocurrencies with most of the market leaders

Pros

·         Free to use for new and experienced users

·         Access to decentralised apps in Coinbase ecosystem

·         Practice before using real funds

Cons

·         Not a traditional demo account; more of a Dapp

·         Potential time limit restrictions for users

How to Open a Demo Account. Technically speaking, Coinbase does not have a crypto demo account. That said, you can access demos within the Coinbase ecosystem that act in the same manner.

3. Binance

The world’s largest crypto exchange by trading volume. With tons of products, including staking, lending, and P2P—not to mention the best mobile app out there—Binance is an excellent option for crypto demos.

Demo Account Features:

·         Smooth mobile interface

·         Wide market access

·         Advanced charting

·         Multiple order types like Iceberg, OCO, TWAP, etc.

Pros

·         Access to more than 500 markets

·         Advanced tools, including charting

·         Futures trading

·         Live market data

Cons

·         No demo trading for spot markets

·         Limited availability depending on region

How to Open a Demo Account. Start by registering for a new account, complete the registration, look for futures trading, select “mock trading” and activate your demo account. You will then start with virtual funds and can start trading right away.

4. Kraken

As one of the premier trading platforms on the market, users flock to Kraken on a regular basis. With the addition of a demo account, Kraken now gives users the chance to familiarise themselves with the various features.

Demo Account Features:

·         Futures trading

·         Test APIs

·         Access to DOM and Scalping

Pros

·         Supports API trading

·         Mobile and desktop options

·         Real testing conditions

Cons

·         No MT4/MT5 add-ons

·         No cTrader options

How to Open a Demo Account. Fil

5. FXEmpire

More than anything else, FXEmpire is an educational tool helping crypto users become more familiar with the market. Though it may not be as comprehensive as some of the others on the list, FXEmpire does offer its own tools to help newbies gain experience.

Demo Account Features:

·         Virtual funds available

·         Unlimited account access

·         Most top base currencies

·         Different demo account types

Pros

·         Different demo types based on user experience

·         FXTM Trader App

·         MetaTrader 4 platform

·         Up to 1,000,000 in virtual funds

Cons

·         Features limited compared to others

·         Available leverage varies by region

How to Open a Demo Account. Start by creating a new account with FXEmpire and verifying your email, and you will be able to access the demo trading platform nearly instantly.

6. HollaEx and verifying

Similar to FXEmpire, HollaEx is a white-label exchange platform. Offering control and unmatched flexibility, users are able to create their own exchanges thanks to a number of pricing plans and available features.

Demo Account Features:

·         Exchange creator feature

·         Open-source coding

·         Account manager and portfolio tracking

Pros

·         Build a customisable exchange

·         Access to comprehensive tracking tools

·         Wallet interface features detailed charting

Cons

·         Not technically a demo trading account, instead focused on creating exchanges

·         A lot of information to handle for new users

How to Open a Demo Account. Just like any other demo account, sign up on the site and verify your information. Sign in and begin your demo in no time, building your own crypto exchange.

How to Make the Most Out of Your Crypto Demo Account

In order to do the most with your crypto demo account, a few basic tips go a long way. Here’s how you can maximise your time with any of the aforementioned crypto demo accounts.

Start with basic trades. Keep it simple. Start by doing simple buy/sell orders in order to familiarise yourself with the various features, the interface, and all the intricacies of the platform.        

Experiment with different cryptocurrencies. Test out a number of different assets like Bitcoin, Litecoin, Ethereum, and more. See how each of them reacts in specific market conditions as well.

Simulate real trading scenarios. One of the best things to do is practise your strategy. Test out limit orders, stop losses, and margin trading if they are made available by your platform.

Take notes. Don’t just play around; track your performance. Go over the strategies that worked and the ones that didn’t, noting why or why not.

Evaluate platform tools. Use the various tools like charting, technical indicators, and more to amplify your trading skills and to hone your experience.

Risks and Limitations of Using Crypto Demo Accounts

Using a crypto demo account is definitely worthwhile. That said, there are a handful of risks and limitations that come along with opening a crypto demo account.

Market conditions. Though demo accounts are meant to mirror real conditions, they might not quite capture the full magnitude of real trading.

No real profit. While practising is a great idea, it can create unreasonable confidence. Remember, practising doesn’t automatically equate to successful trading.

Potential overconfidence. With no risk comes the potential for overconfidence. Take a cautious approach when trading at an actual exchange because the losses are very real.

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