Where can I practice crypto?
Starting with crypto might not be as easy a task as you wish. Although it ain’t that hard, once you understand crypto and its financial markets. Including trading, saving, and earning interest. So before you start pouring in all your money into a new crypto trading strategy, hot altcoin, DeFi, or a crypto interest account. You might want to practice your crypto skills a bit.
That is why in this blog we take a look at how you can practice crypto trading, transactions on-chain, how to start with crypto, and how you can try out all of the features that come with blockchain technology. So you will be ultimately prepared for starting with anything crypto, wheater gaming or trading.
Feel free to skip to other sections in this blog if you look for specific things like trading, earning interest, sending on-chain transactions, and many more topics.
Practice crypto trading
At the very beginning of everyone’s crypto journey, we all have considered trading. However, being a trader is not really a job for everyone. Some people are better at just hodling their Bitcoin. Or working in the crypto space as a writer.
So if you are just getting started with crypto you might want to test out if trading is something you like. Or if it is stressing you out way too much. You can only really find this out by trying it. You can start trading right away. But that would not be the best move if you have zero experience with crypto trading. What you could do is practice crypto trading with a crypto demo account. Before you put in your hard-earned cash. Because you can better lose some fake points than your BTC.
So here we have a list of:
The 3 best Crypto Demo accounts
Bux is a great platform for stock traders and crypto traders alike. They have a focus on small-time investors and mostly new investors. They approach these newbies to the space with their sleek design and user interface (UI).
Bux gives anyone new to its app the option to practice before they start trading. So you will receive some Bux dollars/points that you can trade with, to try out if it is something for you or not. This way you can get used to trading crypto before you deposit your own money.
Tradingview might be the most popular chart website in the world. It is the place where basically every trader goes to look at the chart and draw their lines and patterns. Tradingview however is not a trading platform. Which makes it ideal to use as a practicing tool. Trading like this we call paper trading. As you just write it down on paper.
If you simply write down your prices and positions in an excel sheet and then make your predictions with Tradingview. You can practice crypto trading without any risk attached to it.
Bitcoin Flip App
The Bitcoin Flip App was made especially for those people that want to practice crypto trading. The web app lets you choose between a variety of different coins and tokens to speculate on with some fake dollars. And to make it more interesting they also added the option to add leverage to your position.
The Bitcoin Flip App brings trading a bit like a game but can give you the simple start that you need if you never traded anything before.
Reading crypto charts
Most crypto exchanges offer you the option to look at the charts on their website. However, these charts come with a limited set of tools. Making it so that you can often only see the depth of the order book and price.
If you want to really trade and not just gamble, you will need more of an accurate toolset that lets you draw lines and set indicators. The same program as we mentioned before can help you with this, Tradingview. With Tradingview you can draw any pattern on any chart you would like. Plus you can add indicators that show you things like the RSI, moving average, and much more of a stock/crypto.
With tools like these, you can much easier make trades based on a specific strategy.
Start trading crypto with 100$
If you want to start with crypto (trading) but you do not want to put your money at risk. You could always try to earn a sign-up bonus and use that money for trading. This way you didn’t really put any of your own cash at risk but you can still reap the benefits if you do well. Although sign-up bonuses change all the time there are always a few that give you good cash.
The other 2 ways to get some crypto to trade with, without having to buy into it. Is by either earning it with your gaming skills or by earning it on your fiat currency.
First, gaming can be done on many blockchains. By playing games like DeFi Kingdom or Crazydefenceheroes which pay you a bit of their token to play. Which you then can exchange for other crypto’s or directly trade with. But if you prefer BTC you can also earn some free Bitcoin by playing Bitcoin lightning games together with the Zebedee wallet.
If gaming is not your thing, do not worry. One easy way to earn some crypto with your cash is by depositing your fiat in an interest account at NEXO or Coinloan. Both these providers pay you a high-interest rate of 10%+ on your fiat currencies like the Dollar and Euro. This earned interest can then be paid out in your fiat currency or a cryptocurrency. If you then use this crypto for trading, you basically did not buy any of it.
Use crypto test nets
If you want to practice sending, receiving, and using Dapps on a blockchain. But are afraid to lose your cash, you might want to try on a testnet first. With wallets like Metamask, you can add a testnet yourself. Just go to Chailist.org, search for the testnet you want and click add to the wallet. You can now use this specific testnet and try out some testnet applications.
But you of course do need some tokens before you can send them. With a quick Google search for “testnet *network of choice* token faucet,” you will have found a website that gives testnet tokens out for free. These tokens hold no real value so you can do whatever you want with them and try out some of the Dapps that you might be interested in.
start using crypto for real
Once you are finally ready to start using crypto for real. You should start with getting some for yourself. But note that this nor anything else in this article is financial advice in any way. You can do this through exchanges or platforms like NEXO and Coinloan that pay you interest.
Buying crypto on any platform works almost the same. You will have to start by verifying your account so they know it is really you. After you have passed this you can start by depositing the fiat currency of your choice. Depending on the exchange platform. Most platforms take Euros and Dollars. But if you need a very specific smaller fiat currency you might have to search for a more local crypto exchange that accepts your currency.
Choose a wallet
Now that you have gotten yourself some BTC, ETH, BNB, or any other crypto. You can start to withdraw it to your own crypto wallet. For this, you will of course need a wallet first. Just go to our wallet finder, then select the blockchains you want and the website will show you all the wallets that offer support for those blockchains. Choose one that you find to be the best fit for you. But do not be afraid you can always switch wallets later on.
Use the financial services on the blockchain
Now that you have your crypto on your own wallet, you can really start to benefit from the whole financial space on the blockchain. Whether it is for gaming or earning interest through DeFi. You can choose what to do with your crypto. Because blockchain ecosystems are all permissionless. This means you are ultimately in control and no one can tell you what to do or not do with your crypto.
We hope this blog taught you something about how you can practice and start with crypto. As we aim to educate and spur crypto adoption around the world.
If you have any questions for us, feel free to reach out to us on our socials. Or let us know what we should write about next.