With the known volatility of the cryptocurrency market, prices are often unpredictable, making it hard for investors to profit. Cryptocurrency trading simulators allow users to test their trading skills before splashing their cash on the real deal.
Knowing the best time to trade can be difficult at the best of times, never mind in a market where volatility is so high. Many traders end up losing out on large deals due to being apprehensive, or alternatively they trade at the wrong time.
Volatility cannot be controlled, but learning how to trade can help you read the markets. Cryptocurrency trading simulators allow beginners to learn and practice trading for free before they use their digital assets.
Best simulators for beginners
There are a number of cryptocurrency trading simulators available, but it is important to know which are the most safe and beginner friendly.
Bitcoin Mining Profit Calculator (BMPC)
This simulator is great if you are completely new to cryptocurrencies. It includes a full introduction to Bitcoin and the trading aspects around it and works as an interactive clicker game. The website updates constantly with news surrounding Bitcoin and the currency’s price.
If you do not need any information on what Bitcoin is, you can jump right in to trading simulations with Bitcoin Hero. This simulator works on desktop and mobile so is great for travellers. Users are advised to create an account where you will be given $10,000 in your wallet to play with. Users can then buy and sell Bitcoin, Litecoin, Dash, and Ethereum with this fake money and track their progress over a number of sessions. Bitcoin Hero takes prices live from the real world, so traders can practice as if it was real.
Altcoin Fantasy is a step up again from the previous simulator and lets users trade against other people like they would in real life. If a user wins a certain trade, they are then eligible to win real-life prizes. Again, users are given $10,000 to start with to work on their trading skills. Competing against other traders also allows users to earn in-game currency, which can then be traded in for real-life prizes such as a CryptoKitty subscription.
Finally, for a fully-equipped simulator consisting of all major cryptocurrencies, there is CoinMarketGame. It has all the basic features that a strong cryptocurrency trading simulator should have and utilises real-life market updates. Users start with a massive $20,000 in their pot, enabling investments in both popular and lesser-known altcoins. This simulator is perfect if you want to improve your trading game as it also features a leaderboard. On this, you can check out what your competitors are trading and pick up some handy tips.
Great for beginners
If you are new to the world of cryptocurrencies and keen to learn how to trade, cryptocurrency trading simulators might be your best bet. They give real-time prices and allow users to practice as much as they like with the value given. Practising trading before taking part in a real-life trade will save you money and time and give you the confidence to make good returns.