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Are you interested in trading cryptocurrencies but don't want to risk your hard-earned money right away? If so, you may want to check out crypto paper trading apps! These apps allow you to simulate trading in a real market environment without putting any actual funds at risk.

Some of the most famous exchange platforms in the market, such as Binance, Bybit, and Kraken, provide crypto paper trading. Since there are so many options, it’s important to really know each one of them, so you can choose the best one.

But don’t get overwhelmed just yet! To make things easier for you, I’ll show you some of the best crypto paper trading apps. I'll go over what they are, how they work, and why they're worth considering for both novice and experienced traders.

The crypto paper trading apps I'll cover in this article include:

So, let's take your crypto trading game to the next level in a safe and risk-free way!

1. Kraken - Best for Futures Trading

Ranks #1 out of 8 Crypto Exchanges

Have you heard of Kraken's futures demo/test accounts? It's a great tool for anyone interested in trading cryptocurrency futures contracts without risking real money. Because it’s a trading simulation, you can think of it as a crypto paper trading app.

Before we dive deep into Kraken, let’s recap what futures trading means: futures trading is when people make an agreement to buy or sell something at a certain price and date in the future.

Now, with Kraken's futures demo/test accounts, you get access to a virtual trading environment where you can practice trading futures contracts on various cryptocurrencies.

By the way, the platform is designed to be as realistic as possible, so you can get a sense of what it's like to trade in the real world. That means that you'll have access to real-time market data and also be able to test out different trading strategies and see how they work in different market conditions.

Crypto paper trading app: Kraken.

What’s more, one of the great things about Kraken's futures demo/test account is that it's completely free to use. Also, it doesn’t demand any special requirements in order to access it - all you need is a Kraken account, which you can create for free on the website.

Note that this feature is linked to Kraken Pro, which is specially designed for advanced traders. In this sense, futures trading is not really ideal for beginners. However, that’s when testing it out with Kraken’s futures demo/test accounts comes in handy.

Of course, Kraken's futures demo/test accounts are a great way to get familiar with Kraken’s platform, as well. So, even if you are an experienced trader, this can be a great opportunity not only to practice but also to understand how Kraken’s futures trading works.

Overall, Kraken's futures demo/test accounts are a fantastic tool for anyone who wants to get into futures and paper trading. It's free, easy to use, and provides a realistic environment that can help you learn and practice your trading skills.

👉🏻 Visit Kraken
...or read our Kraken review

2. Coinbase - The Beginner’s Choice

Ranks #2 out of 8 Crypto Exchanges

Coinbase is one of the most well-known and user-friendly cryptocurrency exchanges globally, especially popular in the United States. Founded in 2012 and headquartered in San Francisco, it has grown into a publicly traded company (NASDAQ: COIN), which adds to its credibility and transparency. Coinbase is often the first choice for beginners due to its simple interface and straightforward buying process.

As of 2024, Coinbase supports over 250 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and a wide range of altcoins. It caters to different user levels through two platforms:

  • Coinbase (Standard Platform): Focused on beginners, offering easy buying, selling, and holding of crypto.
  • Coinbase Advanced (formerly Coinbase Pro): Designed for more experienced traders, providing advanced charting tools, lower fees, and a range of order types.

Coinbase places a strong emphasis on security to protect user funds and data. It secures approximately 98% of customer assets in cold storage, keeping them offline and away from potential hackers. Additionally, two-factor authentication (2FA) is required for account access, adding an extra layer of protection.

Coinbase review summary: Coinbase's security.

For US-based customers, USD balances are FDIC-insured up to $250,000, providing a safety net in case of platform issues. Sensitive user data is safeguarded through encryption protocols, ensuring that personal and financial information remains private. Coinbase also runs a bug bounty program, encouraging security researchers to report vulnerabilities, which helps maintain the platform’s robust defense systems.

👉🏻 Visit Coinbase
...or read our Coinbase review

3. BitMEX - Best for Crypto Derivatives

Ranks #3 out of 8 Crypto Exchanges

BitMEX is a popular trading platform for crypto derivatives that allows traders to buy and sell contracts for cryptocurrencies with a leverage of up to 100 times. It’s a great platform for experienced crypto traders. However, it also offers a really nice opportunity for new traders with their crypto paper trading app.

So, the way to paper trade cryptos with BitMEX is through the BitMEX Testnet.

BitMEX Testnet lets you work with derivatives, in addition to buying and selling standard coins. You can also use the platform to learn how to trade on BitMEX and try out several strategies and techniques without risking your money.

Therefore, BitMEX Testnet was specially designed for beginners to get into the world of crypto derivatives trading. But, of course, it is beneficial for advanced traders, as well.

It’s worth noting the BitMEX and BitMEX Testnet are different platforms, meaning that the latter is independent from the former. Due to that, you need to create a completely new account on BitMEX Testnet, regardless if you already have one on BitMEX.

Crypto paper trading app: BitMEX.

Though, no need to worry, as it’s very simple to sign in to BitMEX Testnet - essentially, you just need to provide an email address and a password.

Now, once you create an account on BitMEX Testnet, you'll receive 100,000 Testnet Tether. You can use these coins to try out various strategies and techniques without risking your money. If you run out of Testnet coins, you can replenish them from various faucets on the internet.

Just a heads up, the Testnet creates a replica of the original account to provide users with a genuine experience. However, users get to trade with Testnet coins that hold no actual value.

Also, it’s important to know one more thing: some users have pointed out that BitMEX Testnet’s prices are not always aligned with those on BitMEX. But that is completely normal, because the Testnet has its own order book and trading volume and real market movements may not always be reflected on it.

Regardless of that, BitMEX is still a good paper trading crypto app, especially for those interested in crypto derivatives trading.

👉🏻 Visit BitMEX
...or read our BitMEX review

Compare Crypto Exchanges Side by Side With Others

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Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

Yes! Show me the Comparison Chart

4. CryptoHopper - Ideal for Crypto Bots

Ranks #4 out of 8 Crypto Exchanges

So far, I’ve talked about some exchange platforms that provide paper trading services. However, this list also includes tools that enable users to simulate trading without any risks. CryptoHopper is one of them, as it’s a crypto trading bot and a crypto paper trading app.

What’s CryptoHopper used for?” you might ask. Well, it’s a crypto trading automation tool that allows users to create and customize trading bots that can buy and sell cryptocurrencies automatically. Put simply, it makes transactions easier and more efficient.

Just keep in mind that CryptoHopper is not an exchange platform; it’s a tool used on exchanges.

Well, that’s one side of it. The other, which is the one we are interested in now, is the paper trading service. As a paper trading crypto app, CryptoHopper lets you open a demo account and train various bots, testing out automation strategies for crypto trading.

Crypto paper trading app: CryptoHopper.

What’s more, you can link all of your crypto exchange accounts and manage them, all in one place. This way, you can keep track of cryptocurrency prices using a feature called "trailing," which will notify you when the trend changes.

Besides, this tool also provides helpful features, such as the ability to copy other traders and a variety of bot templates to start with.

Now, once you create a demo account, you can deposit up to 100,000 in any currency and use the simulator to practice. However, you'll have seven days to try out different features and trade various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.

By the way, there is a drawback for beginners, as Cryptohopper’s paper trading simulator is not so easy to use. Thus, it may not be recommended for new traders who want to focus on standard trading instead of automation. Though, If you're up for the challenge, Cryptohopper is a good choice for anyone who wants to use bots in trading.

...or read our Cryptohopper review

5. TradingView - Allows Tracking Multiple Strategies

Ranks #5 out of 8 Crypto Exchanges

TradingView is a trading tool that can be used for various purposes. I’ll tell you more about its use cases in a second, but know that it’s also a crypto paper trading app. You can use it to create a virtual account, receive fake money, and start trading cryptocurrencies in real time without risking any of your own funds.

Now, talking about what this platform does, it provides traders and investors with a range of tools to examine financial markets. It offers live information, adjustable charts, tools for technical analysis, and a social network of traders where individuals can exchange their thoughts and tactics.

What’s more, it has the ability to track multiple trading strategies at once - this can be especially helpful for those who want to compare different approaches and find the one that works best for them.

Additionally, it enables users to take snapshots of their trade setups and view their virtual purchases and account balances, allowing them to make informed decisions and track their progress.

Crypto paper trading app: TradingView.

Again, the reason why TradingView is included in this list is exactly because, like the other options listed, it allows you to simulate live trading.

So, when you create an account and log in to use the paper trading feature, you will receive $100,000, which you can reset at any time.

Moreover, TradingView has an easy-to-use interface that makes it accessible to beginners, while its advanced charting tools make it attractive to more experienced traders.

However, there’s one major drawback to TradingView's paper trading platform, which is the lack of customer support. Many users have reported that customer support is almost nonexistent, which can be frustrating if you need help or have any issues with the app.

Overall, though, TradingView is a sufficient choice for those who want to practice crypto trading, as well as track multiple trading strategies. It’s good for both beginners and experienced traders alike.

...or read our TradingView review

6. Uphold - Trade Crypto, Fiat, Metals, and More

Ranks #6 out of 8 Crypto Exchanges

Uphold is a digital money platform that allows users to buy, sell, and trade a wide range of assets, including cryptocurrencies, fiat currencies, and even some precious metals. Founded in 2013 by Halsey Minor, Uphold aims to make financial services more accessible and transparent.

The platform supports more than 300 different cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as many lesser-known altcoins.

One of its key features is the ability to trade directly between different asset classes in a single step. For example, you can easily exchange Bitcoin (BTC) for gold or US dollars for euros without multiple transactions or conversions.

Uphold review summary: Uphold's homepage.

In terms of crypto investment, Uphold also offers staking, allowing you to lock up your assets and receive rewards of up to 17.6% APY. As of now, Uphold supports 19 digital assets on its staking platform.

Uphold is known for its transparency, publishing its assets and liabilities every 30 seconds for anyone to see. This "100%+ reserve" model aims to assure users that their funds are safe and available. The platform also has SOC 2 Type 2 and ISO 27001 certifications, which further enhances its credibility and demonstrates its commitment to secure and reliable operations.

Uphold is registered as a FinCEN Registered Money Services Business (MSB) in the United States and as an EMD Agent of an Electronic Money Issuer regulated by the FCA in the United Kingdom.

👉🏻 Visit Uphold
...or read our Uphold review

Disclaimer: don’t invest unless you’re prepared to lose all the money you invest.

7. Crypto.com - The All-In-One Crypto Exchange

Ranks #7 out of 8 Crypto Exchanges

Crypto.com is a prominent player in the cryptocurrency world, offering a comprehensive suite of financial services centered around digital assets. Founded in 2016, the platform has grown rapidly, boasting a user base of over 100 million by mid-2024.

Crypto.com provides a user-friendly app for buying, selling, and trading around 400 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and many altcoins. Beyond its exchange services, Crypto.com offers a non-custodial DeFi wallet, an NFT marketplace, and even a direct payment service for cryptocurrency transactions.

Crypto.com review summary: Crypto.com's homepage.

One of Crypto.com's most recognizable features is its Visa card, which allows users to earn cashback in CRO, the platform's native token, on their everyday spending. The card comes in various tiers, each offering different levels of rewards and perks, such as rebates on streaming subscriptions and airport lounge access.

Crypto.com also takes security seriously. It holds all customer assets deposited on our platform in institutional-grade reserve accounts on a 1:1 basis. Users’ accounts are protected by the latest security advancements, including Passkeys, HSMs, and FIDO2, as well as MFA methods like passwords, biometrics, and authenticator codes.

Crypto.com is the first cryptocurrency company in the world to have ISO 22301:2019, ISO/IEC 27701:2019, ISO/IEC 27001:2022, and PCI DSS v4.0 Level 1 Service Provider compliance.

It also runs an active bug bounty program on Hacker One, where people can disclose security vulnerabilities on the platform and get rewards.

👉🏻 Visit Crypto.com
...or read our Crypto.com review

8. BYDFi - User-Friendly Trading for All

Ranks #8 out of 8 Crypto Exchanges

BYDFi is a cryptocurrency exchange platform that aims to provide a user-friendly experience for both novice and experienced traders. While relatively newer compared to some established giants, BYDFi has focused on offering a diverse range of trading options. Some of BYDFi’s key features include:

  • Spot Trading: Buy and sell cryptocurrencies at current market prices.
  • Derivatives Trading: Trade cryptocurrency futures and options contracts.
  • Copy Trading: Automatically replicate the trades of experienced traders.
  • Mobile App: Trade on iOS and Android devices.
  • Educational Resources: Guides and tutorials for learning about crypto trading.
  • Trading Bots: Use automated tools to trade cryptocurrencies like a pro.

The platform supports more than 400 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). BYDFi also aims to provide competitive trading fees by offering a flat maker/taker rate of 0.1% on its spot trading platform.

BYDFi is available in the US, Canada, and 150 other countries.

When it comes to security, BYDFi implements essential measures to ensure users' data and funds safety. It uses Amazon Web Services, multi-factor authentication and hardware verification, as well as SHA512 with 512-bit encryption to protect the system. Users can also use two-factor authentication (2FA) using Google Authenticator and SMS to protect their accounts.

👉🏻 Visit BYDFi
...or read our BYDFi review

Best Crypto Paper Trading App: What is Paper Trading?

If you're looking for the best crypto paper trading app, you probably already know what crypto paper trading isHowever, just to be sure, let’s talk about it a bit.

Essentially, crypto paper trading is a tool that allows to simulate live transactions, without the need to actually put real money into it. In other words, a paper trade is a way for investors to practice trading with no risk of losing funds.

By the way, when I mention “live transactions” or “live markets”, I mean the actual, real-time trading that takes place on financial markets - like Binance, Coinbase, Bybit, and so on - for assets like stocks, cryptocurrencies, and commodities.

Since there is no risk of losing your money, the contrary is also true: you don’t earn anything in return, even if you make a really successful trade. Given that, you might be wondering – What’s the point, then?

Crypto paper trading app: Checklist.

Well, the point is to experiment and learn! Paper trading is meant for beginners to familiarize themselves with trading and for seasoned traders to explore new strategies while honing their skills in buying and selling securities.

Not only that, by paper trading crypto assets, investors and traders can test out different trading platforms and even different order types, such as limit orders, stop-loss, and market orders.

By the way, paper transactions work by using a virtual trading account with fake funds. However, even though it’s a fabricated scenario, crypto paper trading apps track the crypto market and mimic real-time changes, making the whole experience quite genuine.

Pretty interesting, right?

Note that, since it’s a simulation, crypto paper trading apps will not always be able to completely reproduce the reality of live markets, as there are many variables that are not necessarily predictable. Furthermore, they are better suited for day trading, rather than for long-term strategies.

Crypto paper trading app: Bitcoin.

Though, there is a way to overcome the limitation of paper trading: investors need to use genuine trading techniques and goals in order to get the most out of paper trading. This entails taking into consideration the same risk-return goals, investment restrictions, and trading time frame that would be used with a live account.

In other words, don't think of it as a simulation, take it seriously. That way, the crypto paper trading can be as accurate as possible.

Now, some of the platforms I included in this list refer to their paper trading feature as a “testnet”. What are those? Simply put, in this context, a testnet is a type of paper trading, in the sense that it’s used to test trading strategies.

Though, note testnets are usually viewed as a playground for blockchain developers to test their ideas and make sure everything is working smoothly - by finding and fixing bugs, for example - before they launch their projects on the mainnet (the main network).

The paper trading crypto apps I've covered in this article, though, help you simulate live trading - whether they are called testnet, paper trading, or even mock trading, they all refer to the same thing in this context.

Conclusions

Well, that's it for our exploration of crypto paper trading apps. I've covered what they are, how they work, and why they're worth considering for anyone looking to get into crypto trading. I've also looked at some of the best crypto paper trading platforms available, including Binance, Bybit, and Kraken.

Thus, by now, you should have a good understanding of what paper trading cryptos can offer and how it can help you refine your trading skills without risking any real money. Therefore, whether you're a complete beginner or a seasoned trader looking to test out new strategies, paper trading can be an invaluable tool for learning and experimentation.

So, if you're thinking about getting into the crypto world, consider giving paper trading crypto a try. Who knows, you might just discover your inner trading wizard and start making some serious profits in the live markets.


Other Crypto Exchanges in This Category

Here are other crypto exchanges related to the category but not as favored by BitDegree readers yet. In my personal opinion, today there are much more optimal crypto exchanges in the list with the higher rating that I'd recommend for the same price range or less.

eToro - Great for Beginners

You might have heard of eToro as a trading platform, but did you know that it is also considered a crypto paper trading app? That's because it provides demo accounts so you can practice live trading.

The demo account gives access to all eToro's features. So, you can install metrics, draw lines, and trends, and enter buy and sell orders - all without risking real money, of course.

Not only that, the virtual account provides advanced trading tools, including leverage, stop-loss, and take-profit, to experiment with various risk levels.

Furthermore, when it comes to usability, eToro doesn’t stay behind. The interface is clean and easy to use. It is also simple to start paper trading cryptos in eToro, as you only need to open a demo account on the platform.

By the way, it’s free to sign up and, after you create your account, you receive $100,000 in virtual funds so you can practice paper trading right away. This amount is sufficient to help you learn the ropes of trading, but not too much to prevent you from working within reasonable limits.

Crypto paper trading app: eToro.

Given everything I said so far, it seems clear that eToro’s paper trading crypto app was specially created for beginners, due to its simple interface and beginner-friendly protocols.

However, if you are an advanced trader, it's still a sufficient platform for you as it’s primarily designed to hone trading skills overall.

At last, note that eToro has the social news stream, which enables you to discuss concepts and chart analysis with other users, creating a worldwide trader network.

So, to summarize, using eToro's virtual accounts can help you gain confidence in trading before investing real money. It is dubbed as one of the best crypto paper trading apps by some as it provides a safe environment to learn and practice trading.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.


Scientific References

1. A. Jalan, R. Matkovskyy, A. Urquhart: 'What Effect Did the Introduction of Bitcoin Futures Have On the Bitcoin Spot Market?';

2. J.R. Jensen, V. von Wachter, O. Ross: 'Leveraged Trading on Blockchain Technology'.

About Article's Experts & Analysts

By Aaron S.

Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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FAQ

What are crypto paper trading apps?

Crypto paper trading apps are software applications that simulate live trading of cryptocurrencies using fake funds, without risking any real money. So, they are a great way to learn how to trade or test out your trading strategies before using them on the actual crypto market. Some of the best crypto paper trading apps include Binance, Bybit, and Kraken.

Why should I use a crypto paper trading app?

Crypto paper trading apps can be beneficial for several reasons. Firstly, they allow users to practice trading in a risk-free environment, helping them gain confidence in their trading skills. Additionally, users can test and refine different trading strategies without risking real money. Finally, using a paper trading app, like Bybit, Binance, or Kraken, can help users learn about the cryptocurrency market and become more familiar with the trading process overall.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you're looking to trade only the main cryptocurrencies, you probably don't really care too much about the variety of coins available on the exchange. It's all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you're bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn't encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman's terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no "other person" - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

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