Cryptocurrency is becoming more popular among investors and ordinary users. People seek ways to diversify their investment portfolios, and cryptocurrency is a great way to achieve this goal. However, cryptocurrency exchange or trade requires knowledge, skills, and experience.
Most crypto traders gain experience by making mistakes and sometimes getting a profit. But is there a way to avoid making mistakes and losing money? Beginners can try a relatively new option: using demo accounts for exchanges. This article focuses on explaining what a demo account is and its advantages and disadvantages.
Demo Account on WhiteBIT
WhiteBIT Demo Account offers virtual funds (WhiteBIT Demo Tokens). Users get WhiteBIT Demo Tokens free to learn how to trade on WhiteBIT without losing or gaining money. Simply put, it’s a simulation where you use virtual currency to trade in actual market conditions without profit or losses.
Here are a few advantages of using a WhiteBIT Demo:
- Easier to understand how WhiteBIT financial instruments (such as indexes, charts, etc.) work in a real market environment.
- Users can learn how to trade.
- WhiteBIT members get free tokens to test strategies and use them in real markets.
- Users improve their trading skills without losing money.
Simply put, you can’t lose money since you don’t invest your money. However, you don’t gain money as well. Moreover, you spend time learning how to trade and what strategies work, but it’s technically a waste of time without gaining profit. So, these are two disadvantages of demo accounts.
On the other side, users don’t lose money when trading. They learn what mistakes not to make and get a better understanding of how the cryptocurrency market works. It’s a mistakes-free way of learning how to trade cryptocurrency.
Demo Token and Its Advantages
WhiteBIT Demo Token is a free token to trade on a Demo account. It’s a virtual cryptocurrency, so you can’t buy anything real with these tokens. You can use WhiteBIT Demo Token to learn how to trade.
Here are some of the advantages of a WhiteBIT Demo Token:
- It’s easy to get WhiteBIT tokens. Users need to create an account and start training.
- WhiteBIT tokens are free of charge. Users don’t have to pay anything since it’s only a virtual token.
- WhiteBIT tokens are perfect for getting acquainted with the platform. If you want to trade or buy crypto on WhiteBIT, Demo tokens enable users to delve into the WhiteBIT trade platform environment. The rules used on Demo accounts are applicable in the real trading environment on WhiteBIT.
- Tokens have no expiration date.
Overall, users get a fantastic chance to test their strategies and learn how WhiteBIT works. Yes, you don’t gain profit, but you also don’t lose money.
How to Get Demo Token on WhiteBIT
Users don’t have to spend money to get Demo Tokens on WhiteBIT. Here’s the instruction to get tokens:
- Visit the Codes page. Click on “Get Demo Token” to open the tokens panel.
- The panel features Demo Token codes for DBTC and DUSDT, equivalents to Bitcoin and Tether. The panel contains comprehensive instructions on how to activate codes. Copy code(s), and close the panel.
- Click on the Activate Code option, and paste code(s). Then activate codes and proceed with CAPTCHA.
Upon completing these steps, you get Demo Tokens on your main balance in the WhiteBIT account. The activation procedure guarantees 0.5 DBTC and 1000 DUSDT. Start trading on a Demo account by transferring these tokens from the main balance to the trade balance. If you have any questions, please, contact the customer support team.
Demo tokens offer one of the best ways to understand the cryptocurrency market better. You can test various combinations of indexes, orders, etc. When you feel comfortable with your knowledge and skills, consider trading real cryptocurrencies.