Best Crypto Paper Trading App

Binance is one of the biggest and most renowned exchange platforms due to the diversity and quality of its services. But, besides being an exchange platform, Binance is also a crypto paper trading app.

Binance’s paper trading service encompasses both futures and spot trading - they are the Binance Testnet Futures and Testnet Spot.

Just like other testnets, these simulated environments provide traders and developers with an opportunity to test their trading strategies and algorithms using virtual funds, eliminating the risk of financial losses.

However, do you know what futures trading and spot trading mean? If not, allow me to explain them to you:

When people talk about spot trading, they're talking about buying and selling stuff like stocks or commodities and getting them right away or pretty soon after. Futures trading, on the other hand, is the opposite of that: you agree to buy or sell something at a certain price and date in the future^[1].

So, Binance Testnet Spot is a simulated trading environment for buying and selling cryptocurrencies for immediate delivery. Hence, in the Testnet Spot environment, users can do fake transactions with fake funds. The good part, though, is that the prices are based on real market data, providing realistic trading.

Now, Binance Testnet Futures is a simulated trading environment that allows traders to speculate on the future price of an asset and test their strategies. It’s great for beginners to understand the mechanics of futures trading without risking real funds.

Note that these two testnets are completely different and independent systems. So, although you can access both with your Binance account, you will have to do futures paper trading and spot paper trading separately.

Moreover, Binance Testnets are completely free. They are also easy to use and understand, which makes the whole paper trading experience a lot better.

By the way, to start your journey with paper trading, you will be given a risk-free balance of 3,000 USDT - you can only use this for paper trading, as it has no value outside of it.

That’s basically it for Binance Testnets. However, are you familiar with API (Application Programming Interface)? Did you know that it can give you more options for buying and selling in paper trading?

Well, that’s because API allows traders and developers to connect their own software or applications to Binance's trading platform, which enables them to access trading functions such as placing orders, checking account balances, and monitoring trading history, among other things.

In Binance Testnets, the use of API can help you automate trading strategies and execute trades in a more efficient and timely manner, hence testing out automated trading, too. Pretty cool, right? That’s something important to have in mind when paper trading with Binance.

So, overall, Binance Testnet Futures and Testnet Spot are valuable tools for traders and developers to test their trading strategies and algorithms before risking real money in the live trading environment.

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.

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.

Have you heard of Bitfinex? It’s a one of the oldest crypto exchanges that also provides users with a crypto paper trading app where you can develop and test your trading strategies in a simulated market environment.

With Bitfinex paper trading, you can practice trading in different areas like spot, margin and derivatives trading, as well as margin funding, Bitfinex Borrow, and the OTC trading desk.

That way, you can access reserve test funding, borrow funds from other users, and experiment with large orders without having to go through the public order books - all in one platform.

However, as I mentioned, paper trading does not involve tokens with real value, as they can only be traded in a mock environment (a simulation) - that is naturally also true when it comes to Bitfinex paper trading.

Now, you might be wondering, “How can I start paper trading with Bitfinex?”. Well, it’s very simple.

In Bitfinex’s case, you will need to create a sub-account, and, to do that, first, you need to log in to your Bitfinex account and go to the sub-accounts section, where you will find the option to choose a paper trading sub-account. Then, you will have to provide an email address and create a username, as well as a password.

By the way, it's important to use a new email and username when creating a sub-account. Moreover, once a sub-account has been created and enabled for paper trading, it cannot be converted to a regular account.

Having to use a different account to paper trade cryptos might not be so practical, but the good news is that there are no requirements to create a sub-account on Bitfinex’s crypto paper trading app.

Do note that the maximum limit for refilling the total balance per sub-account is $1,000,000 (or its equivalent value in other currencies) and up to $100,000 (or its equivalent value in other currencies) per paper currency.

Furthermore, when it comes to paper trading and Bitfinex, we also have to talk about the option of paper trading using Bitfinex Honey.

Bitfinex Honey is an open-source and customizable toolkit for traders. It offers a range of features to enhance the functionalities of the Bitfinex platform. Thus, with Bitfinex Honey, traders can run multiple algorithmic trading strategies, design custom orders, and receive notifications, all through an intuitive interface.

Seems cool, right? And it is. But, it actually gets better, as the Bitfinex Honey toolkit comprises both standalone versions and a web application, providing traders with flexibility in how they access and use the tool!

“How does it connect to paper trading?”, you might ask. Simply put, you can try out Bitfinex Honey with a paper trading account. This can make the experience less daunting for new traders and provide a valuable opportunity for more experienced traders to practice.

That's it! Now you are aware of the opportunities provided by Bitfinex crypto paper trading app to develop and test your trading strategies without risking any real funds.

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.

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.

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.

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.

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.

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.

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.

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.

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.

If you want a feature-rich exchange that’s easy to use and doesn’t force KYC right away, WEEX is a strong pick. It’s a centralized exchange available in 130+ countries, including the US and Canada. Its interface is clean and familiar, which makes switching between spot, futures, copy, and P2P trading frictionless.

The exchange supports over 1,000 cryptocurrencies and more than 3,000 spot pairs, as well as plenty of perpetual USDT futures pairs with leverage of up to 400x. Also, there’s a demo futures mode with virtual funds, and copy trading where you can follow Elite traders (or become one and get an up to 20% profit share).

Security on WEEX is layered, featuring 2FA, anti-phishing protections, withdrawal address whitelisting, cold storage, multi-signature, proof of reserves, and even a 1,000 BTC protection fund. On top of that, WEEX claims to run independent third-party security audits and utilize AI-powered risk controls.

KYC is optional for core use – VIP 0 users can deposit, trade, and withdraw up to 10K USDT per day without verification. If you complete KYC, though, withdrawal limits jump to 1M USDT daily, with even higher thresholds at top VIP tiers (up to 15M USDT for verified VIP 8; 500K USDT for unverified VIP 8). The only feature for which you must pass KYC to access is P2P trading.

When it comes to WEEX's fees, spot trading costs start at 0.1% for makers and takers, while futures fees at 0.02% for makers and 0.08% for takers. However, the VIP club can further reduce these rates. To increase your VIP level, you have to trade more, hold WXT, the exchange's native token, or keep a higher asset balance.

Speaking of perks like the VIP club, WEEX offers various ways to earn rewards daily, including a hefty welcome bonus, daily Spin to Win, trading competitions, and a referral program.

WEEX Deal Active Right Now:

Are there any trade-offs, though? Well, all platforms have those. As for WEEX, fiat on-ramping is currently limited to P2P and supports a narrow set of currencies, so most users will have to fund their accounts via crypto deposits. Also, some WEEX reviews report experiencing slower customer support during busy periods.

The bottom line is that WEEX combines optional KYC, a huge supported crypto list, various trading features, low fees, and strong security into a smooth package. So, I'd say this exchange is great for beginners and pro traders alike, with only minor caveats that might not even bother most users.