Cryptocurrency Skills

How To Practice Cryptocurrency Trading / Binance – Demo Account

Aug 13, 2022
In this crypto blog post, we will talk about how you can trade Bitcoin and Cryptocurrency RISK-FREE with binance demo trading account.


We will talk about what is a demo trading account
What are the pros/cons of having a demo account
How to open a demo account on Binance
How to start trading Bitcoin and Crypto like a pro


You can also watch the video, by clicking on the picture below, where we explain everything you need to know about testnet Binance trading account.


What is a demo trading account


A trading demo account is a type of account offered by trading platforms that allows a prospective customer to experiment with the trading platform before activating an account. Demo accounts are used by crypto exchanges, stock trading platforms, forex brokers, and for all assets that you can trade, or invest in with the goal for you to try the platform, get a sense of trading and practice.


What are the pros and cons of having a demo account


It is very good to practice trading before you start with real money. It brings you confidence, experience and knowledge. But there are also a few things that are not in your favor:


  1. Demo accounts are usually making you lose the feeling of trading with real money, so you wouldn’t do what you would actually if you are using your own cash. That is why it’s important to trade with just the money that you would start trading with your own cash and behave like you are trading with your money all the time.
  2. Demo trading accounts are different for filling orders. If you for example when trading demo wants to buy 1 million coins of Cardano for 1 dollar and 20 cents, you will get it imidiately, while in real life, you need to have sellers for that price, and you will get a much more expensive price when buying.
  3. Demo trading account is showing different candles, moving averages and other indicators, so sometimes strategy that would work on a real account may not work on a demo.



    How to open a demo account on binance using their testnet platform.


    If you go to https://testnet.binancefuture.com you would see a register button in the upper right corner. Just follow the orders to open your account and you will get 3000 USDT to practice your trading skills.


    To conclude: A Demo Trading account is good if you are a beginner to get a sense of trading and practice on the platform, but if you are serious about trading, it may be better to start with the real account and buy just a small amount of coins that you are comfortable losing.


    If you are interested in learning about Bitcoin and Crypto more...


    then click here to download the book: THE ULTIMATE GUIDE TO BITCOIN

    AND CRYPTOCURRENCY TRADING AND INVESTING


    We also have a free course where you can learn about Crypto Trading. You can find a course on this link: Free Crypto Trading And Crypto Investing Course


    If you are serious about learning and you want to take your knowledge to the next level, we have the most complete Cryptocurrency Trading And Investing course - Crypto Masterclass, that you can find on this link.


    Thank you for your time,


    We wish you all the best in your ventures,


    ADV Capital Academy Team