Bitfinex launches ‘Paper Trading’ of live cryptocurrency markets

Source: IBS Intelligence 2020-07-07

Digital asset trading platform Bitfinex has launched paper trading, a demo account service that enables users to practice strategies without putting funds at risk in a live account. The service will be available on newly created sub accounts. It will enable users to trade Bitcoin in a simulated market environment without the need to deposit real funds.

As an exchange built to serve professional trading strategies, the addition of paper trading will enable users to explore the features of the platform without putting funds at risk.

“Paper trading will enable our users to hone their trading skills in a fun and safe environment,” said Paolo Ardoino, CTO at Bitfinex. “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.”

Trading pairs available for paper trading include: TESTBTC:TESTUSD, TESTBTC:TESTUSDT, TESTAAA:TESTBBB. The service is available for margin trading, funding, derivatives and over-the-counter (OTC) trading.

Traders can avail simulated Bitcoin trading without the need to make a deposit; have the capacity to create multiple paper trading accounts to test various trading strategies; have the ability to share paper trading strategies and ideas within the Bitfinex Pulse community; and test the balance available to all users for paper trading strategies.

Bitfinex has mentioned that it is leveraging its position as a one-stop-shop for crypto trading, offering a variety of services, including margin trading with up to 5x leverage.

Bitfinex

Bitfinex launches ‘Paper Trading’ of live cryptocurrency markets

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