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How does crypto mock trading work and how can you get started?

One of the most significant developments in the financial world in the previous decade has been the introduction of cryptocurrencies as an asset class. Because of its blockchain-based decentralised nature, which allows it to flourish outside of the supervision of governments and central agencies, the budding business is dubbed "the future." Furthermore, low costs, great security, and the potential for big gains make it an appealing option for new-generation investors.

However, investing in cryptocurrency has its own set of challenges. These assets are extremely volatile, and their prices can swing dramatically. Furthermore, choose which cryptocurrency to invest in requires extensive research and market time. All of this makes the crypto market a difficult environment for new investors to navigate.

Mock trading platforms for cryptocurrency can help lessen some of the agony. These platforms mimic exchange-like settings, allowing investors to trade cryptocurrency without risking their own money. This allows new investors to dip their toes into the crypto waters without ever having to enter the real market. Consider it a warm-up game before the main game.

Let's look at some of the benefits of these simulated trading platforms :

Risk-free

The ability to purchase and sell tokens without utilising fiat money is perhaps the most significant advantage of these platforms. New investors can use what they've learned and put plans in place to create notional profits or losses. This allows students to gain experience and learn the ins and outs of the ever-changing sector without risking their money.

Practice

Mock trading is an excellent approach to put your theory to the test. "No one knows what the market will do tomorrow, next week, or next year," says seasoned investor Warren Buffett. Combining academic knowledge with actual application, on the other hand, allows you to make more plausible assumptions, increasing your chances of making a profit in the market.

Exposure

Mock trading platforms can aid in the understanding of the crypto markets' mechanics as well as the many types of hazards involved. In addition, theoretical knowledge provides useful insight into investor psychology, which is difficult to comprehend.

Here are some platforms to get you started with your mock trading trip :

Roostoo

Roostoo is a gamified mock trading app created by a group of students from the University of Southern California's Blockchain@USC student club.

Users can use the app to browse the crypto-world and test trading methods in real time with fake money. Roostoo is a simple, user-friendly interface that anyone can use, even if they aren't tech-savvy. The trading simulator also has an Order History feature that displays a detailed history of your trading activity and may be used to track your progress.

Users receive 50,000 USD in their portfolios when they sign up. This mock money can be used to trade bitcoin in real time. You can also take part in Mock Trading Contests, which will allow you to assess your trading performance while also allowing you to interact with a developing community.

Both Android and iOS versions of Roostoo are available.

Crypto Trader: Cryptocurrency

Crypto Trader is a cryptocurrency trading simulator created by Ronan Stark that allows you to experience investing without risk. To begin investing, new users are given free virtual currency. All data is current and accurate, allowing you to see how your actual assets might fare. Crypto Trader, on the other hand, is presently exclusively available on iOS.

Securities by ADS

The Abu Dhabi-based financial firm provides a demo platform where users may trade in a variety of asset classes, including stocks and cryptocurrencies. Users receive a 50,000 USD fake portfolio when they sign up. For the time being, the service is free.