Blockchain Oracles, Explained: Information Sourcing in the DeFi World
How to Practice Trading Crypto on OKEx With Paper Trading
For users looking to learn how to trade Bitcoin (BTC) and other cryptocurrencies without actually risking losing any real money, OKEx’s paper trading provides the ability to practice in a simulated environment without dropping a single satoshi.
Paper trading allows beginner traders who are just learning the ropes to practice before diving headfirst into real cryptocurrency markets. Likewise, it also provides a playground for advanced traders to hone their skills and practice advanced strategies before applying them to their real market trading portfolios.
Step 1: Switch to Paper Trading mode
Navigate to Assets at the top right of the OKEx homepage and click on Start Paper Trading to switch to the trading simulation mode.
Now, navigate to Assets – Paper Trading in the upper right corner and click on My Assets. You’ll see the total amount of virtual assets you’ve received by default, shown in USDT, BTC or OKB. (Remember, this is not real money — it’s for simulated trading only!)
Your total virtual assets are automatically distributed into all of OKEx’s trading products — Spot, Margin, Futures, Perpetual Swap and Options — so you can try them all!
Click on the Fees tab in the upper left portion of your screen to check out the “Standard Fee Schedule” for each product.
Step 2: Trade with virtual money
You’re now ready to start simulating trades! You can choose any market you’re interested in.
Spot trading example
Let’s take BTC/USDT spot trading as an example.
Choose the Order Type, input the price of BTC in USDT (if applicable) and the amount of BTC you want to buy, and click Buy BTC (Paper Trading).
It’s as simple as that!
Options trading example
Now, let’s take options trading as another example.
Click on Options and go to the Options Discovery tab to learn about how options work.
Choose what you think BTC’s price will do — will it rise or fall? In this case, let’s assume it will rise, just as an example.
Choose the time frame that you think it will take BTC for its price to rise. Here, we’ll choose nine days (9d) as an example.
The Options Discovery tool will show different available options contracts with different levels of cost and risk. For each contract, you’ll see the predicted price BTC will reach in nine days — known as the strike price.
Click on the contract you prefer and choose the number of options contracts (or Cont for short) you want to buy — or move the slider to choose the percentage amount of the default contracts shown — in order to see your break-even point and potential profit.
Once you’re ready, click on Buy Options to go to the “Options Trading” page and practice your simulated options trades.
After practicing with Paper Trading, you can navigate back to Trade in Real Market and test out your new skills! You can also read more in our guide to options trading.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.