Cryptocurrencies have brought a variety of opportunities for modern investors and traders and with them a big group of platforms to choose where to buy and sell coins or practice several crypto trading strategies through paper trading.
Choosing the right platform will demand research and understanding of every one of these platforms. If beginner traders want to practice new strategies, it would play an important role to be familiar with the features of the chosen platform.
On this occasion, we will examine different platforms and evaluate why Altrady is a more convenient option for beginner traders who want to start crypto paper trading easily and professionally.
Table of Contents
Key Takeaways
- Altrady has an advanced and intuitive interface designed for all types of traders, professionals and beginners.
- Crypto paper trading could be complex to understand its results when a platform is difficult to use. Best platforms are streamlined to fulfill the needs of every trader at any level.
- Why Technical indicators are useful when paper trading to develop good strategies.
- Why is tracking performance necessary for every beginner trader to understand how his strategies and implementations are evolving?
- Watchlists and alerts are part of the features of the best platforms for crypto paper trading.
How to choose a Crypto Paper Trading Platform. Why Altrady an excellent option?
To get the best out of every platform for crypto paper trading it is important to know all the options and features these can offer. Some will offer bot trading or algorithmic trading, journaling, free and paid plans, and so on. Others will even offer their academy and resources to learn about the platform itself and trading in general.
Getting familiar with all these features will help beginner traders accelerate their learning path as well as improve the execution of trades.
Let’s dive a little more:
- Bot and algorithmic trading: this type of feature helps to develop strategies based on automation, useful for beginners who want to test swing trading strategies. Altrady offers a well-documented wide range of options associated with bots and algorithms.
- Academy: some platforms offer resources not only to trade but to learn to trade and to know about how the crypto ecosystem works. Binance is an example of this with Binance Academy.
- Easy to use: having an easy interface that showcases the most important functionalities can help new traders maintain focus on the more relevant aspects of their strategies. Bybit’s platform stands out for this reason for absolute new traders.
Additional Considerations:
- Mobile App: is indispensable nowadays for a crypto trading platform to offer access from mobile devices.
- Integration with exchanges: Altrady is an example of this type of feature. Offering integration with multiple exchanges, this platform stands out in this field.
- Free vs. Premium Features: different platforms have different plans to offer, from paid to free options. For example, Altrady, Bybit, and Bitget have free paper trading plans.
Top 3 Crypto Paper Trading Platforms for Beginners
Altrady: The World’s Most Powerful Crypto Trading Platform
Altrady is a full fledged platform that goes beyond a simple exchange. Its focus is to improve the performance of traders of all levels while making complex processes easy, trackable, and interconnected.
Binance
Binance is the exchange with the highest volume of trades placed in the crypto market. It is commonly the first option considered by traders from traditional markets and absolute beginners to participate in the crypto world.
As we remarked previously, Binance offers its academy for new users to learn all the basics and advanced concepts of blockchain and the crypto ecosystem.
ByBit
This platform is generally seen as the right option for beginners who want to explore the market easily.
It carries a specific design tailored to be comprehensible for this type of user, allowing them to start playing with basic options like order types, and exploring multiple tactics with indicators while staying up to date with market news.
Benefits Of Crypto Paper Trading
All traders are at risk of losing a percentage of their capital every time they enter the market. To minimize this risk it is mandatory to test strategies constantly to figure out what works and what does not; this is especially true with beginners.
Crypto paper trading is an option intended to solve this issue, this modality lets novice traders develop strategies based on technical indicators and price action concepts. Also, it allows to track new markets and study their historical data; all in a risk-free environment with virtual funds.
What can a trader achieve with crypto paper trading?
- Set appropriate risk-reward ratio: knowing how much capital a trader is willing to risk is fundamental to outlining a trading plan that preserves capital, minimizes risk, and maximizes profits.
- Strengthen psychological skills: for beginners it can be very painful to lose money as it can be very greedy when winning it. One of the most common erratic behaviors is adding to a losing position while closing early a winning one leaving money on the table, to avoid those mistakes it is necessary to know enough about the strategy used to gain confidence and manage the trade methodologically. This can only be achieved with well-trained psychological skills.
- Development of better strategies: paper trading allows traders to identify weaknesses of the strategy as well as improve it for different market conditions as the market evolves.
Best Strategies to Start Crypto Paper Trading
Nowadays, there is a vast array of trading strategies to choose from, but choosing the right one will depend on the trader’s mindset, goals, risk aversion, and experience.
Let’s see what types of trading are popular for beginners to start today:
- Day trading: this daily focus expects to profit from small price action within a day.
- Swing trading is a method for forecasting large price movements in the market over weeks or even months.
- Investor: This mode aims to build strong and manageable portfolios that grow capital over the years.
Strategies to start testing as a beginner trader:
- End-of-day is a popular day trading strategy easy to learn and to test in paper trading environments
- For swing trading, beginners can study powerful candlestick patterns like “Shoulder-head-shoulder” or look for divergences with technical indicators.
- The investor strategy relies on evaluating projects and their viability in the long term, to build and manage portfolios that minimize risks and maximize profits.
Conclusion
We have briefly covered the most relevant aspects of choosing a platform for crypto paper trading that lets beginner traders have a smooth learning curve and trading path.
Binance, Bybit, and Altrady have been the chosen ones to showcase the benefits of paper trading as a beginner, but the main difference is that Algtrady is exclusively designed for trades from traders and the others are just exchange platforms .
Setup Your First Account and Get Started with Paper Trading on Altrady
Altrady offers a free paper trading account which you might sign up for right now. This plan lets beginner and advanced traders test the platform and its features.
Remember you can visit the resources and blog section of Altrady and find all the documentation regarding paper trading and how to use it to build powerful strategies.
Also, Binance Academy will teach you about blockchain technologies and Bybit might make your trading experience desirable. These two platforms can be integrated with Altrady through its powerful integration interface.
