We received a lot of questions regarding Bybit testnet (demo account).
Some of you call it also paper-trading and practice account.
1. Is ByBit testnet close to LIVE account in 2021?
2. How to deposit BTC (add money)? Link needed?
3. Should I start trading with their demo?
4. How to log in Bybit testnet account?
1. Is Bybit testnet similar to their live professional account?
A quick answer is: Yes and No. Bybit created Testnet for 2 main reasons:
a) For all investors building their trade BOTS as an environment to test it with no spamming a Live Platform with 1USD trade value. (Bots are used to trade automatically, to arbitrage or to make the market by advanced traders and HFT companies.
b) Allowing new traders to credit a testnet account with virtual cryptocurrencies and get familiar with the platform interface and setting orders.
What is similar?
Testnet gives you an opportunity to see almost the same interface and features of the Bybit main (live) platform. Almost!
You will see exactly the same instruments, logo and the interface is pretty the same. Margins, PNL and ROE calculations are usually displayed correctly with reference to Testnet prices. On paper trading account
What is different?
Demo perpetual and future contracts live their own life but usually more or less follow current market prices. Sometimes testnet price of BTCUSD can differ even 200USD.
What is more, different are:
Amounts of limit orders in the orderbook (liquidity)
Last Price / Mark Price
Liquidation and trade execution price
And testnet currently allows to hegde trades! This feature has not added to Bybit live yet (June21).
ByBit testnet screen screenshot ByBit live account screenshot