Hey there, friends! Today, I’m going to show you how to start demo trading on Bybit completely free. This is one of the best ways to learn trading without risking any real money.
Whether you're a beginner wanting to dip your toes into trading or an experienced trader testing new strategies, Bybit's demo trading feature is a great tool.
I’ll walk you through everything step by step, so by the end of this article, you'll feel confident and ready to start your demo trading journey. Let’s dive in!
What Is Demo Trading and Why Should You Try It?
Demo trading is trading with virtual funds instead of real money. Bybit gives you $100,000 in free demo coins to use for practising. Here are three reasons why this is awesome:
- Risk-Free Trading: Perfect for beginners! Learn how to trade without the fear of losing real money.
- Experimenting with Features: Test out different trading tools, such as order types, parameters, and chart indicators, without any financial risks.
- Testing Strategies: If you’re developing a new trading strategy, demo trading allows you to experiment safely. Once you're confident, you can transition to live trading.
Step 1: Create a Free Bybit Account
To get started, you’ll need a Bybit account. It’s free and easy to sign up.
- Visit the Official Bybit Website: This will take you to the Bybit registration page.
- Sign up using your email, phone number, Google account, or Apple ID.
- Once registered, you can also claim welcome bonuses worth up to $30,000 (for a limited time).
Tip: If you’re new, check out the “Rewards Hub” in your Bybit account to redeem bonuses and benefits.
Step 2: Access Demo Trading
Now that you have an account, here’s how to access demo trading:
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On a Computer:
- Go to the "Derivatives" section in the main menu.
- Select “Demo Trading.”
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On the Bybit App:
- Tap on “More” in the menu.
- Under the “Trade” section, find and select “Demo Trading.”
You’ll know you’re in demo trading mode when you see a label on the screen that says “Demo Trading.”
Step 3: Request Free Demo Funds
When you start demo trading, Bybit automatically gives you $100,000 in demo funds. If you ever need more:
- Click the “Request Demo Funds” button.
- The funds will be added instantly to your demo account.
Step 4: Explore the Demo Trading Platform
The demo trading platform looks just like the real trading platform, making it ideal for practice. Let’s break down what you’ll see:
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Trading Pairs:
- On the left, choose from various trading pairs like BTC/USDT (Bitcoin/US Dollar Tether), one of the most popular pairs on Bybit.
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Charts:
- In the middle, view real-time price charts. Switch between standard, trading, or advanced views to suit your preference.
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Order Types and Leverage:
- On the right, you can select your order type (e.g., limit, market, or conditional) and adjust leverage. Experiment with these settings to understand their impact.
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Order Book and Depth Chart:
- See real-time buy and sell orders and the market depth to gauge market activity.
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Open Positions:
- Once you place a trade, it appears in the “Positions” section. You can monitor, modify, or close trades from here.
Step 5: Try Out Advanced Features
Here’s where the fun begins! Demo trading lets you explore tools and strategies without risk. Here are some cool features to try:
1. Conditional Orders
Set a trigger price to execute trades automatically. Perfect for capturing opportunities when you’re not actively watching the market.
2. Take Profit and Stop Loss
Use these features to manage your risks and lock in profits. For instance:
- Take Profit: Set a target price where you want to secure your gains.
- Stop Loss: Limit your losses by setting a price where your trade closes automatically.
3. Reverse Positions
If you’re in a long (buy) position but suddenly expect prices to drop, hit the "Reverse" button. This instantly changes your position to short (sell).
4. Hedge Mode
This mode lets you hold both long and short positions on the same trading pair simultaneously. Test how this works in different market conditions.
Step 6: Test Different Strategies
Demo trading is the perfect sandbox for experimenting. Here are some strategies to try:
- Day Trading: Open and close trades within a single day to capture quick profits.
- Scalping: Make multiple small trades over short timeframes, focusing on tiny price movements.
- Position Trading: Hold trades for longer periods and aim for bigger gains.
- Indicator-Based Trading: Add moving averages, MACD, or Bollinger Bands to your charts and practice using these indicators.
Pro Tip: Switch to shorter timeframes (like 1-minute or 5-minute charts) when scalping, and use longer timeframes (like daily or weekly charts) for position trading.
Step 7: Transition to Real Trading
Once you feel confident, it’s time to move to real trading. Here’s how to switch:
- Go back to the menu and select “Start Real Trading.”
- The platform will automatically switch to your live account, showing your real funds.
Warning: Real trading involves actual money, so always apply proper risk management.
Important Tips for Real Trading
Before diving into real trading, keep these points in mind:
- Start Small: Trade with a small percentage of your portfolio to minimize risks.
- Use Take Profit and Stop Loss: Protect your trades and avoid unnecessary losses.
- Avoid High Leverage: While demo trading allows for crazy leverage (like 50x), stick to lower leverage (1x–5x) in real trading.
- Be Patient: Short-term profits don’t guarantee long-term success. Focus on learning and improving over time.
Final Thoughts
Demo trading on Bybit is a fantastic way to learn, practice, and grow as a trader. Whether you're testing a new strategy or exploring advanced features, this tool gives you a safe environment to do so.
Start your journey today and explore the exciting world of crypto trading risk-free! Once you’re ready, you can smoothly transition to real trading.
Have fun trading, and remember: Always trade responsibly!
