Bybit Demo Account - How to Paper Trade on Bybit
The cryptocurrency market is highly volatile. Any trader who wants to succeed in this market needs to be equipped with the right tools and strategies. If you are new to the world of crypto and want to trade Bitcoin or altcoins, you will need a practice account first before diving into the real thing.
To get you started on your crypto trading journey, you can use Bybit testnet demo account. This is a great place to test out trading strategies without risking any real money. But how good is the Bybit demo account? What are the best pracices for using it to maximize profits when you graduate to a live account. This article aims to answer these questions.
How to open ByBit demo account:
Visit the Bybit testnet website, which is separate from the official Bybit website
Enter your email address, a strong password, and a referral code (optional)
Learn terms and privacy policy
After successfully signing up, you can now access your demo account
How to Best Use Your Bybit Demo Account
Users can demo trade on the Bybit testnet without depositing any money. Utilizing the current Bitcoin spot price, the app offers a platform for practicing crypto trading with virtual money.
Visit testnet.bybit.com and click 'Register' in the top right corner to sign up for a Bybit demo account. You only need a phone number and an email address. Before making a trade, you'll need testnet Bitcoin coins. We provide more details on how to do that later in this article.
How to Open Bybit Demo Account
Visit the Bybit testnet website, which is separate from the official Bybit website, for traders on the web. On the left side of the page, you'll find the registration box. The registration page can be accessed by clicking "Sign Up" in the upper right corner of another page, such as the Home page.
You will need to enter your email address, a strong password, and a referral code (optional).
After reading and agreeing to the terms and privacy policy, check that the information entered is accurate, and then click "Continue". You will receive a verification code in your inbox. You may need to check your spam folder if you haven't received the confirmation email. Once you receive the verification code, enter it in the required field.
After successfully signing up with Bybit testnet, you can now access your demo account.
How to Trade on a Bybit Demo Account
To begin trading on the Bybit demo account, you must first “fund” it with virtual BTC.
To credit your Bybit testnet account, follow these steps:
Sign in to your live account.
Next, go to your testnet account and log in
Chat with support on the live account
Make sure your UID is ready for customer support (it's in your account details)
Connect with customer service and request 10,000USDT and 1 BTC.
Now that you have “funded” your Bybit demo account, it’s time to start trading. To do this, click on the “Trade” tab. On the next page, select your preferred trading pair. For example, you can select BTC/USD if you want to trade Bitcoin against the US dollar. Next, enter the amount of contracts you want to trade.
For example, to buy 1 contract, you have to select “BUY”. To sell 1 contract, you have to select “SELL”. Once you have created your order, click on the “Open order” button. This will redirect you to the order book where your order will be listed. The order book lists the current open orders of the people trading on the exchange.
How to Switch to a Live Account Bybit
A Bybit testnet is a dummy version of Bybit where you can make a demo account, trade contracts, and learn how it all works. So, in order to switch to a live account, you must sign up on the official Bybit site.
Download the Bybit app from your app store or register on the website. On the startup page, enter your email or mobile number to sign up. It is optional to provide a referral code. Please note that this guide uses the Mobile App, but the process is pretty similar. After filling out the form, ensure that you agree to the terms of service and privacy statement before proceeding.
Ensure you're not in one of Bybit's restricted countries by reviewing its list.
In order to confirm your registration, the platform will send you a verification code; enter the code in the space provided. The code expires in five minutes.
Is Bybit Demo Good For Beginners?
Yes, Bybit’s demo account is the best place to start if you are new to the world of crypto trading. With the demo account, you can test out various trading strategies without risking any real money. If you use the demo account wisely and make the most of it, you will be well prepared to switch to a live account and start trading with real money.
Using the Bybit demo account is a great way to get a feel for the trading environment without having to risk any real money. With the flexibility of being able to adjust the settings, you can try out different strategies and get the feel for the market. Once you are feeling more confident and ready to move to the next level, you can easily switch to a live account using the “Switch” button.
FAQs
Does Bybit have a demo account?
For users who want to demo trade crypto without making a deposit, Bybit offers a testnet. With it, you can practice crypto trading with fake money using the live Bitcoin spot price as a virtual account of the platform.
Who is Bybit testnet for?
Before signing up, you can test the Bybit platform on the testnet. It is possible to create a demo account and test how orders work.
Is Bybit testnet similar to their live professional account?
Yes and no. Testnet was created by Bybit to allow new traders to practice setting orders and familiarizing themselves with the platform interface. But things differ between the two, including last price/mark price, recent trades, and liquidity.
How to log in to Bybit testnet account?
To log in to Bybit live and testnet, you need two separate login details on two separate web addresses: https://testnet.bybit.com/en-US/ (testnet) and https://www.bybit.com/ (live).
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.