Do you want to use the Binance Demo account?
If your answer is YES then don’t worry, you are not the only person who wants to experience risk-free trading on Binance before setting up a real account.
Since not a single website on the internet has written a guide on how to use the demo or a mock account on Binance, a lot of people are having a hard time using it.
If you are one of them then don’t worry, we have got you covered.
This post will not only tell you whether Binance has a Demo account option or not but also teach you the simplest way to experience risk-free trading on Binance.
Without any further ado, let’s get started:
What is Demo Account?
As mentioned above, a Demo account is a kind of account offered by trading platforms like Binance.
The reason behind offering a Demo account is to provide an opportunity to people who want to experience risk-free trading on their platforms before they create a real trading account.
Here are some reasons why people want to use the Binance Demo account:
- It does not involve any risk.
- It is an awesome option for people who have always wanted to trade but could not because of money or knowledge.
- It is one of the best ways to learn to trade.
How To Use Binance Demo Account?
Yes, Binance has a Demo account option but it is called Mock Trading.
Similar to the Demo account, Binance’s Mock Trading option allows you to sharpen your trading skills without spending a single buck.
This option is created for people who want to trade on Binance but they don’t know how it is done.
With the help of using the Mock Trading feature on Binance, you can trade live cryptocurrency market in real-time without taking any risk.
To access Mock Trading on Binance, you will need to go to Future Binance and Create a Future Binance Account.
If you already have an account on Binance, you can use that account to access Mock Trading as well.
Once you have successfully logged in to Binance Futures, click on the profile icon located at the top right corner of the screen.
From the drop-down menu, you will have to click on the Mock Trading option as shown in the above picture.
When you do so, you will be asked to select the account to proceed.
Once selected, click on the Continue button.
When you access it for the first time, you will be asked to solve the Binance Futures Quiz, which contains 14 questions.
If you don’t know the correct answers to Binance Futures Quiz, click on the link.
Once you have successfully completed the quiz, you will be shown the features of Mock Trading.
Once you have got access the Mock Trading, you will have 3000 USDT to experience the features of Binance Futures and learn how trading works.
To add testnet funds to your Binance Demo account, you simply need to click on Faucet and select Coin.
Once selected, click on Add Assets. When you do so, you will see your available testnet balance and experiment with different risk levels to hone your trading skills.
Once you have learnt everything about trading, click on the ‘Back to Live’ option located at the top right corner of the screen to trade with your real account.
That’s everything you need to know about how to use Mock Trading or Demo accounts on Binance.