🔥 Trade with Bybit: partner.bybit.com/b/999btc ($30,800 BONUS 💰)
In this video, I'll explain what a demo account is on the ByBit cryptocurrency exchange.
First, we go to the homepage and click on our avatar. At the bottom of the list, we see "demo trading." Now we have a demo account.
Next, we go to futures trading and can comfortably trade with our demo balance. We can choose the leverage we want to trade with. Let's select 50x leverage and try opening a long position.
After opening the position, we can monitor it below. It shows the estimated PNL, how much we've earned or lost. But as long as the trade is open, we haven't gained or lost anything. We realize gains or losses only when we close the position, which can be done by clicking "close position" and selecting the amount and type of closing.
We can also trade in the spot market. We switch to spot trading. Here it's simpler; we can either buy or sell the desired currency. There are two main types of orders: market and limit. If we want to buy at a specific price, we set a limit and wait for the price to reach it. If we want to buy instantly, we choose the market order.
Demo trading helps us understand the exchange's functionality. Once comfortable with the demo, we can easily transition to real money trading.
Keywords: ByBit, cryptocurrency exchange, demo account, futures trading, spot trading, leverage, long position, PNL, market order, limit order, demo trading benefits.