If you are looking for a simulator to practice trading cryptocurrencies, then this a good choice. They don’t have all the bells and whistles that real digital currency exchanges have but it will still help you fine tune your skills before risking real money.
CoinMarketGame is a cryptocurrency trading simulator that enables crypto traders to practice and learn the trading of altcoins. It was developed to follow the real oscillations of the cryptocurrency markets.
As part of Coinimpress, a crypto media group, CoinMarketGame is a free platform that is easy to use. Since its launch, CoinMarketGame sole mission has been to make cryptocurrencies and altcoins more accessible. In addition, the company has positioned itself at the forefront of promoting the decentralization of the crypto-financial markets.
CoinMarketGame Features and Services
As said earlier, CoinMarketGame is an intuitive cryptocurrency trading simulator that is also very easy to use. To get started, you need to create an account. Simply click “Register” on the top right hand corner and you will be redirected to a registration form.
One thing you need to know about CoinMarketGame is that the cryptocurrency trading simulator does not request the name, address or any other personal credentials from new users in order to get started. All you need is to fill in your email address and password. Once you have confirmed your password, submit the form and activate your account by clicking on the available link sent to your email address.
Using your credentials (email and password), sign into your account to familiarize yourself with the trading simulator’s available features.
Since cryptocurrency trading allows crypto traders to trade multiple altcoins, to diversify your risk, you can choose to invest in multiple altcoins. CoinMarketGame portfolio is a feature that enables you to track all your investments and their overall worth. As a trading simulator that enables you to use virtual money, you can build your cryptocurrency portfolio that consists of valuable cryptocurrencies.
To become a better crypto trader, diversification is key. Doing so will lower your overall risk adjusted return. In order to build a solid cryptocurrency portfolio, it’s important to come up with a framework. This framework will act as a guide and help you evaluate your potential investments.
If you want to build a valuable portfolio, consider the following:
To diversify your cryptocurrency portfolio, begin by investing in 3 to 7 cryptocurrencies. Doing so enables you to lower your exposure risk as well as improving your risk adjusted return.
Learn more about building a diversified cryptocurrency portfolio that balances risk.
Every new user at CoinMarketGame is given a fictional budget of $20,000 to purchase and trade cryptocurrencies. Since this is not a real cryptocurrency exchange, the funds cannot be withdrawn nor are you allowed to deposit your own.
Basically, CoinMarketGame is supposed to build your trading confidence allowing you to transition to a real cryptocurrency exchange where you can begin to trade with real money.
CoinMarketGame market is unlike any other platform. Instead of charts and indicators, you have a simplified list of cryptocurrencies that displays the following information:
Cryptocurrency current price
Changes in last 24 hours
To the right of the table, you have the column “Actions” with the following option “Buy.” To better understand how CoinMarketGame market works, here is an example. Let’s assume you want to trade in Civic (CVC) currently priced at $0.33 at the time of writing. In the last 24 hours, the currency had gained 7.80%. If you intend to purchase the cryptocurrency, simply click on “Buy.”
You will be directed to another page where you have the opportunity of adding your desired quantity. CoinMarketGame will calculate the total amount needed to purchase the cryptocurrency by multiplying the number of units you intend to purchase by the current price of the cryptocurrency in this case Civic (CVC).
For instance, if you intend to purchase 1000 CVC, the total price will be:
(1000 * $0.33) = $328.441
If you agree with the amount, simply click on “Buy CVC” and your purchase will be added to your portfolio. From your CoinMarketGame portfolio, you can track your portfolio using the following variables:
If you intend to purchase more of the cryptocurrency, simply click on “Buy” from your portfolio and if you want to sell part or all of a specific cryptocurrency, click on “Sell.”
CoinMarketGame Weekly Leaderboard
Every week, CoinMarketGame lists the Top10 cryptocurrency traders who are currently participating in its trading simulator. CoinMarketGame calculates the leaderboard potentials by considering the following factors:
Users are usually listed using their usernames which are auto generated by the system. As a result, users’ anonymity is maintained. The goal of CoinMarketGame’s leaderboard is to enable you to compare yourself against other crypto traders. CoinMarketGame gives you the opportunity of following any of the top 10 cryptocurrency traders. To follow any of the cryptocurrency traders, simply click on their user name then click “Follow.”
Click on “Profile” and check under “Following” to know the number of CoinMarketGame users you are currently following.
The one reason why cryptocurrencies became so popular is because users are charged lower fees when transacting with different crypto-coins. As a trading simulator, CoinMarketGame extends the same feature to all its users.
When you purchase or sell any of the cryptocurrencies, you will be charged a fee of 0.1%. The fee is deducted from your virtual capital once you complete an order.
Market data is provided for free.
As you already know, cryptocurrencies are full of risk and they are volatile too. Trading in them without having the basic skills may result in the loss of capital. CoinMarketGame is a free trading simulator that helps to teach you how to trade in cryptocurrencies and altcoins. As a result, you get to improve your trading capabilities in readiness for trading on a real cryptocurrency exchange.
Although CoinMarketGame offers an intuitive and easy to use interface that is immediately understandable to users, its current interface lacks vital features available on real cryptocurrency exchanges which are suitable for professionals.
For starters, it lacks charting tools, indicators and orders such as stop and limit. In addition, users have to refresh CoinMarketGame market manually in order to access real time market data for all cryptocurrencies. The available data on listed cryptocurrencies at CoinMarketGame lacks detailed information to help users make informed decisions. That is not all. I found that the leaderboard remained unchanged for a period of 24 hours especially users portfolio change.
In my opinion, there is a lot that needs to be done on CoinMarketGame for it to become a go to trading simulator especially for intermediate and expert traders. For starters, CoinMarketGame must start offering the trading of cryptocurrency pairs which is common with professional cryptocurrency exchanges.
It should also provide vital data such as 24 hour max price, last price, 24 hour min price and 24 hour total volume plus charting tools and indicators to help traders create winning strategies.
All in all, CoinMarketGame is a useful trading simulator for newbies interested in learning how to trade in cryptocurrencies.