By
Chimamanda U. Martha
April 11th, 2024
Like the vast majority of tools and features on NewsCrypto, the Trading Simulator is provided free of charge to all registered users.
This year, the vast majority of cryptocurrencies have exploded in value, and many are now at or close to their highest value in 2020 so far. As a result, there has been a surge in interest in the market, and a large number of cryptocurrency traders are pulling in impressive returns.
But it isn’t without its risks. Cryptocurrency trading can be a double-edged sword, where the knowledgeable and experienced tend to fare far better than those that jump into the market full of hope but lacking in practice. Instead, these hopeful newbies more often than not end up suffering losses as a result of poor trading strategy.
This is an issue NewsCrypto looks to solve with its newly released Crypto Simulator 2.0 tool – a demo trading platform that allows traders to test out their trading strategies without incurring any risk.
Learn to Trade without Risks
Though cryptocurrency trading can be a lucrative endeavor, a large proportion of traders jump into the market with little to no experience. As a result, the majority of cryptocurrency traders end up losing money in their first trades, rather than gaining it when venturing into the market.
Up until recently, the only way to learn how to trade cryptocurrencies was to study market theory, chart patterns, technical analysis, and trading strategy, before diving into live markets and risking money to put this knowledge to the test. While this is more effective than simply jumping in unprepared, it is far from optimal, since hands-on experience and direct exposure to markets is needed to truly get a grip on the nature of complicated cryptocurrency markets.
To help bridge this divide, NewsCrypto launched its Trading Simulator tool earlier this year, allowing users to get hands-on experience trading cryptocurrency markets with zero risks, by using play money to open trades using live exchange data. Now, NewsCrypto has launched an updated version of the tool, known as Trading Simulator 2.0 – allowing users to easily feel their way around a wide variety of crypto markets and trade them just like when using a real exchange.
The Trading Simulator platform – which was sponsored by the cryptocurrency exchange KuCoin, aims to give budding cryptocurrency traders the best shot at profitable trading, by ensuring they know their way around an order book and cryptocurrency market before they risk any real funds.
This week's activities at NewsCrypto:
• NWC partnered with KuCoin and released Trading Simulator 2.0
• $NWC App insights
• Trading competition launched
• AMA with the Team
• $WAVES Trade Setup
• CBDCs report
• Weekly Crypto overviewFull report:https://t.co/8ptiVckc4C pic.twitter.com/p0bOvbk9Qb
— NewsCrypto.io (@NwcPublic) November 8, 2020
When combined with NewsCrypto’s wide array of other resources, including its trading education platform NewsCrypto School, and the numerous technical indicator and market insights tools it offers, the platform provides a simple place for beginner traders to build the confidence and experience necessary to succeed in cryptocurrency trading.
For more experienced traders, Trading Simulator 2.0 represents a simple way to test new and/or experimental strategies, without incurring any risk while doing so.
Using the Trading Simulator
Like the vast majority of tools and features on NewsCrypto, the Trading Simulator is provided free of charge to all registered users.
Once logged in, the Trading Simulator feature will be visible under the beginner’s section of the lefthand tools menu. Upon opening the Simulator, you will be able to select from a wide range of supported trading pairs on the right. This includes more than two dozen of the most popular cryptocurrency trading pairs with live data sourced directly from KuCoin.
On the left of the Trading Simulator, you will find the order panel. This can be used to set a variety of simulated order types, including limit, market, and stop orders using demo funds. Once these orders are placed, they will be matched against demo order books populated based on live data taken from KuCoin.
Once placed, orders will become visible in the ‘History’ section of the dashboard, where you are able to check the execution price of each order. Limit orders, on the other hand, will show in the ‘Trades’ section, and stop orders will show in the ‘STOP’ section before they are executed.
Since you start with a demo balance of $10,000, you can easily check your trading performance by looking at your equity. If you’re net negative, your equity will be lower than this starting value, whereas if you’re net positive, it will be higher. Once you are able to consistently bring your demo equity to above its starting level, you can be confident that you will fare similarly well on live markets.
If you run out of demo balance, you will be able to recharge it using NewsCrypto Coin (NWC) tokens to buy credits. These credit packages start from just 1,000 NWC – currently around $2, giving you 200 credits worth of demo funds to play with.