If you’re completely new to the world of trading, we’d suggest you first read – How to Start Trading to get yourself familiar with the basics of trading. In this article, we’ll be looking at what a simulator is, the benefits, and how to start trading with a simulator in one of the most popular trading platforms, Bitsgap.
What is a simulator?
A simulator is a demo account or practical account, that allows you to practice day trading with a host of financial instruments ranging from stocks, futures, and options to CFDs and cryptocurrency.
Simulator accounts allow you to acquire trading experience without the risk of losing your capital. With a simulator account, you can establish your strategies and build self-confidence while familiarizing yourself with the market.
What are the benefits of Using a simulator Account?
Risk: Since the account is already funded, you stand no risk of losing your capital. You won’t need to use your money for trading.
Price Action: The best way to understand the price movement is by trading. Simulator accounts will show you the market reactions – the volatility and the price fluctuations in the market.
Broker and platforms: Trading with a demo account is an avenue to test a potential broker and platform. For example; you can check whether the platform’s software has all the charts and tools you need. Also, you can check if they have other useful extras, like a trading contest? In summary, you will be exposed to the broker’s services before you commit real capital.
Our favorite platforms for demo account:
Let’s look at one of the popular trading platforms and how to start trading with a test account. In this article, we will be looking at the Bitsgap trading platform.
Bitsgap is one of the popular trading platforms which connects to the API of your exchange. With Bitsgap, you have full control of the markets, track portfolio coins, set smart orders, and execute trades in a few clicks.
Bitsgap gives you direct access to a different cryptocurrency exchange. From its single app, you can carry out different functions, like trading, charting, and portfolio management that these exchanges provide.
It is a cross-exchange which gives you direct access to link all of your exchanges in one location. And with its popularity, Bitsgap is now one of the pioneers in arbitrage.
Benefits of using Bitsgap Simulator Account
Bitsgap simulator account allows users to;
- Practice trading with 5 BTC virtual funds
- Choose 5 most popular crypto exchanges to play with
- Offers users Live Market experience
- Allows users to Test strategies on the go with a Mobile Web version
- Allows users to Try Arbitrage, Signals, and Trading Bots
How To Start Trading With A Test Account (simulator) on Bitsgap
Once you sign up to the Bitsgap demo account, your Bitsgap account will be funded with simulated demo money, allowing you to gain trading experience with zero risks.
To start trading with a simulator account on Bitsgap,
- Go to your browser and open Bitsgap
- At the header, you will see a product tour (see the picture above).
- Toggle on it to see the dropdown.
- Then click on demo in the dropdown to open the Bitsgap demo page
- Now, sign up with your email and password (ensure that you are on the demo page)
- Validate your email.
How to Access your demo Dashboard
- Login to your demo account to see the picture below.
- See your virtual holding that you will be able to trade
How to choose a Popular Asset to trade
Login to your demo Bitsgap account and at the top of the page, click on exchange trading to see your trading platforms.
On the right part, you can see all available assets, select one to start trading it.
Steps to open a position (order type, price, amount, buy/sell)
To open a position,
- Login to your Bitsgap platform.
- Scroll down, and locate your order type, price, amount, buy/sell.
- Open your choice of the coin you want to view.
- See the screenshot below.
How to see the results of the trade.
In order to see your trading results, you will need to login to your demo dashboard and go scroll down to see your trading result, you can also check the holding section to see that you now virtually bought this asset.
The amazing thing about Bitsgap is that it is very fast and user friendly. The platform has amazing customer service reps who are always ready to help you with any issues you encounter in the trading platform. The group has built an extensive knowledge base of internal user resources to help new users get acquainted with the trading platform.
Bitsgap is one of the leading trading platforms which is currently revolutionizing the market for cryptocurrency trading services. The platform has everything users need to have a friendly trading atmosphere – from there attractive software, trading bots, signal support, fund management to a host of other features. It is one of the reasons why they’re currently leading in the market today. If you are looking for a platform to learn to trade, you can try Bitsgap.
Written by Narender Charan