Bitfinex has announced the launch of the so-called “paper trading“, which are demo accounts that allow users to test their trading strategies without putting their funds at risk.
Paper trading will be available on newly created accounts and will allow users to trade bitcoins in a simulated market environment, without the need to deposit real funds. It will also be active for margin trading, derivatives trading and over-the-counter (OTC) trading.
These following trading pairs will be available
- TESTBTC: TESTUSD
- TESTBTC: TESTUSDT
- TESTAAA: TESTBBB.
Thanks to paper trading, traders will be able to simulate bitcoin trading without the need to make a deposit of funds, they will be able to create multiple accounts to test and share different trading strategies and ideas within the Bitfinex Pulse community, and even check the account balances of all users with paper trading accounts.
Furthermore, the use of these new demo accounts in no way jeopardizes the actual funds held in the trading accounts.
To activate a paper trading demo account, users must log in to their account, enter the sub-accounts section and create a new sub-account by enabling it for paper trading.
The exchange has also made available on its support website a section called “Paper Trading – test, learn and simulate trading strategies” with additional information dedicated to this new feature.
The CTO of Bitfinex, Paolo Ardoino, commented:
“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”.
Bitfinex has recently added numerous features to its trading platform, such as the institutional custody solution, or the Bitfinex Pulse social network for the trading community.
It has also eliminated fees on USD/USDT trading for clients who generate a monthly trading volume in excess of $15 million, demonstrating constant improvement of its trading platform.
The exchange is now firmly ranked among the top 10 in the world for total daily trading volume.