Volatility is an integral part of the crypto market, so any tool to help investors and traders predict the future prices of a cryptocurrency is a real jewel. One such tool is a crypto signal simulator, which allows traders to learn how to trade in a real-life situation. Reading this article, you’ll learn all about the best crypto signal simulators to start a lucrative business year.
What is a Crypto Signal Simulator?
In simple terms, a crypto signal simulator is a tool to predict future changes in a cryptocurrency’s price.
The development of these tools is driven by the desire to predict the unpredictable, a challenging but potentially rewarding effort.
Crypto traders use price actions, charts, analyses, and the best crypto signal simulators to predict the price changes of a given cryptocurrency in an unbiased way.
Price prediction websites also use these simulators to make predictions as accurately as possible.
Why Use a Crypto Signal Simulator?
Crypto signal simulators can benefit users in many ways, including:
- Crypto signal simulators simulate the trading situation and enable users to make informed investment decisions and avoid guessing.
- They provide the latest trends and news in the crypto market so users will not miss out on essential points.
- They can be considered reliable sources as their information can be up to 80% accurate.
- If used properly, crypto signal simulators can remove your need for expensive investment counselors.
Now that we’ve realized what a crypto signal simulator is and why it is getting more common every day, let’s get into the details and see how a crypto signal simulator works.
How Does a Crypto Signal Simulator Work?
As its name suggests, a crypto signal simulator simulates cryptocurrency signals. By signals, we mean hints for buying or selling certain cryptocurrencies.
Crypto simulators use historical data to create simulated trading signals to allow traders, especially novice ones who can’t consider all the factors, to test their trading strategies in a risk-free environment.
You must have heard about driving or spaceship control simulators that create a situation similar to the real driving or spacecraft docking interface to let users practice and see how the real thing works before embarking on a journey.
The same goes for a crypto signal simulator, which enables you to practice and test various trading strategies without losing money.
Generally, crypto signal simulators allow you to test the following strategies.
- Momentum
- Mean Reversion
- Arbitrage
- Trend-Following
Now that we’ve learned the basics of a crypto signal simulator and how it works, let’s see how we can choose the best crypto signal simulator.
How to Choose the Best Crypto Signal Simulator?
To begin with, remember that we can’t say one simulator is the best for everyone, as we have different needs, and each simulator offers some features and covers some needs. Overall, to choose the best crypto signal simulator, you need to
- Check what kind of information the simulator gives you and what you can actually test.
- Find out about the fees and packages offered (some can even be free).
- See if you have to put in real money.
- Discover if it is specialized in Bitcoin or if altcoins are provided as well.
- Check if it provides real-time data.
- See if it’s designed for more knowledgeable traders or beginners.
- Know if it offers anything other than crypto signal simulation.
- Find out how secure it is and how it values privacy.
Considering all the above factors, we’re going to introduce some of the best crypto signal simulators.
The Best Crypto Signal Simulators
The following table depicts the details of the best crypto signal simulator in 2024. Make sure you weigh your options, consider all factors, and DYOR before choosing any of these simulators.
| Platform | Description | Main Features |
| Bitsgap | A platform that connects to multiple exchanges and offers automated trading tools | Trading Terminal, Bots, Portfolio Manager |
| TradingView | A popular platform for charting, analysis, and simulated trading | Advanced Charting, Powerful Screeners, Effective Alerts, Immersive Bar Replay |
| Phemex | A cryptocurrency exchange that offers a free paper trading account to practice trading | Free Paper Trading Account, Realistic Trading Environment, Generous Virtual Funds, Real-Time Market Data |
| 3Commas | A platform that combines a trading terminal and automated trading bots | Paper Trading, Unified Exchange Access, Advanced Order Types, Real-Time Monitoring |
| Cryptohopper | An automated trading platform that allows you to set up and run trading bots | Paper Trading, Advanced Analysis Tools, Copy Trading |
Don’t forget that these are ‘simulators’ and you cannot rely on them 100%, and you need to consider a percentage of error or difference compared to real-life trading.
Bitsgap
The first trading simulator that we want to describe is Bistgap. While it is not a direct cryptocurrency exchange, Bitsgap is linked to various popular platforms.
It simplifies trading by offering automated tools and a user-friendly terminal for managing multiple exchanges.
To connect to an exchange, Bitsgap requires an API key. This key is securely stored using advanced encryption methods, similar to online banking.
However, it’s essential that you avoid granting withdrawal permissions to your API key to maintain control over your funds.
Overall, Bitsgap provides a safe and efficient way to trade cryptocurrencies across multiple exchanges.
Main Features
Bitsgap offers a user-friendly platform with three main features:
- Trading Terminal: Bitsgap has a manual trading interface for setting up custom orders.
- Bots: It gives you automated trading tools for various market conditions, including DCA bots for trending markets, Grid bots for sideways markets, Futures bots combining DCA and grid strategies, and Scalping bots for quick, small profits.
- Portfolio Manager: Bitsgap also has a centralized dashboard to view and manage your assets, active bots, open positions, and trading history across multiple exchanges.
Is Bitsgap Free?
No, Bitsgap does not have a completely free plan. However, it offers a 7-day free trial of their top-tier plan that allows you to experience their advanced features before committing to a subscription.
TradingView
TradingView has a paper trading feature that lets you practice trading without risking real money. You start with a virtual $100,000 balance and can reset it at any time.
You can place buy and sell orders directly on the chart or by right-clicking on it. These orders can be adjusted by dragging them to a new price level.
This simulated trading environment allows you to experiment with different strategies, learn how to read charts and improve your overall trading skills.
Main Features
TradingView is a popular platform which is known for its advanced charting capabilities and diverse features.
In addition to paper trading, it provides a number of other essential features such as:
- Advanced Charting: TradingView has customizable charts with a wide range of technical indicators, drawing tools, and timeframes.
- Powerful Screeners: TradingView allows you to filter securities based on various criteria, such as market capitalization, industry, and technical indicators.
- Effective Alerts: You can also set price alerts to be notified of potential entry or exit points.
- Immersive Bar Replay: With TradingView, you can practice trading on historical data to refine skills and test strategies.
Is Trading View Free?
TradingView has a free plan. This free plan gives you access to basic charting features, technical indicators, and a limited number of alerts.
But if you want to unlock more advanced features like additional indicators, multiple chart layouts, and premium alerts, you’d better upgrade to a paid plan.
Phemex
Phemex is another platform where you can practice cryptocurrency trading without risking your real money. With its mock trading account, you get to experience trading in a simulated environment.
Apart from paper trading, Phemex provides a range of features, including copy trading, competitive contests, and passive income opportunities.
Its user-friendly interface and professional-grade tools make it an attractive choice for beginners as well as experienced traders.
Main Features
These are the major features of Phemex:
- Free Paper Trading Account: Phemex lets you practice trading without any initial investment or KYC requirements.
- Realistic Trading Environment: Phemex simulates real-world trading conditions with virtual funds and real-time market data.
- Generous Virtual Funds: With Phemex, you will be able to try out various strategies without worrying about running out of funds.
- Real-Time Market Data: Phemex helps you make informed decisions based on accurate and up-to-date market information.
Is Phemex Free?
Yes, Phemex offers a free paper trading account where you can practice trading.
3Commas
3Commas is a versatile platform that combines a trading terminal and automated bots. It allows you to connect to various cryptocurrency exchanges and manage your trades from a single interface.
You can also monitor and adjust your strategies on the go with the 3Commas mobile app.
3Commas offers three types of automated trading bots to help you optimize your trading:
- Gordon Bot: Designed for trend-following strategies.
- Advanced Bot: Provides advanced trading features for experienced users.
- Grid Bot: Great for range-bound markets.
Main Features
3Commas is a comprehensive crypto trading platform that offers a variety of useful features:
- Paper Trading: It allows you to test your strategies with virtual funds before risking real money.
- Unified Exchange Access: 3Commas connects and manages multiple exchanges from a single dashboard.
- Advanced Order Types: It makes use of advanced stop-loss and take-profit orders that adapt to market conditions.
- Real-Time Monitoring: It also helps you continuously track your positions and execute orders efficiently.
Is 3Commas Free?
No, 3Commas is not free. For serious traders, the Pro plan is a popular choice. However, the 3-day free trial or the free plan can be helpful for learning the platform and testing its capabilities.
Cryptohopper
Cryptohopper is an automated trading platform designed to help you trade cryptocurrencies more efficiently. By setting specific trading conditions, you can let the bot execute trades on your behalf.
However, you should bear in mind that Cryptohopper is only a tool, not a magic solution. Its success depends on the quality of the trading strategies you implement.
While it offers various features and educational resources, there is no guarantee of profitability.
Cryptohopper integrates with multiple major cryptocurrency exchanges to make sure that you have access to ample liquidity. This allows the bot to capitalize on market opportunities as they arise.
Main Features
Cryptohopper offers a comprehensive suite of features to help you automate your cryptocurrency trading:
- Paper Trading: Cryptohopper offers you the chance to try out your strategies risk-free with virtual funds.
- Advanced Analysis Tools: You are given access to a wide range of technical indicators and chart patterns to develop and refine your strategies.
- Copy Trading: With Cryptohopper, you get to learn from successful traders by copying their strategies or subscribing to their signals.
Is Cryptohopper Free?
Cryptohopper offers a 7-day free trial to allow you to explore its features and test your strategies. After the trial period, you can choose a paid plan to continue using the platform.
Summary
All you need to make the most confident crypto decisions in the volatile crypto market is knowledge, strategy, risk management, updated tools, analysis, and staying updated. What’s more, don’t forget to try out the trading simulators that we discussed above.
