“The paper trading feature aims to improve trading skills in a friendly setup.”
Bitfinex, a state-of-the-art crypto trading platform has introduced paper trading of live crypto markets. Noting that this feature is a demo account service that lets users practice trading strategies without the risk of losing funds in live accounts.
This feature will be available on newly-created sub-accounts. It will reportedly allow Bitfinex users totrade bitcoin (BTC)in a simulated environment. As such, the traders won’t have to deposit real funds into their accounts.
The new service features a wide variety of tools, including simulated Bitcoin trading with test balance, the ability to share trading strategies with Bitfinex Pulse community and the capacity yo create numerous demo accounts for various strategies.
Highlighting the benefits of paper trading, Bitfinex stated that the feature would offer,
- Simulated Bitcoin trading without the need to make a deposit.
- Capacity to create multiple paper trading accounts to test various trading strategies.
- Ability to share paper trading strategies and ideas within the Bitfinex Pulse community.
- Test balance available to all users for paper trading strategies.
- No risk to funds in a live trading account.
The trading pairs that will be available for paper trading include, TESTBTC:TESTUSD, TESTBTC:TESTUSDT, and TESTAAA:TESTBBB. Apart from these pairs, paper tradingwill also be available for margin trading, funding, derivatives, and over the counter (OTC) trading.
Paolo Ardoino, Bitfinex’s CTO commenting on the benefits of Paper trading, said: “Paper trading will enable our users to hone their trading skills in a fun and safe environment. Trading, especially at leverage, is not a game. Paper trading lets users perform a test run of strategies before risking capital in a live account. As an exchange that serves professional traders and those executing more sophisticated strategies, the launch of paper trading forms part of our commitment to ensuring our users are well educated and informed.”
To enable a paper trading account, users should follow the guidelines below.
- Log in to their account
- Click on the Sub-Account section
- Create a new sub-account that they wish to set up for paper trading