- The paper trading feature aims to improve trading skills in a friendly setup.
- Users will get multiple benefits including creating multiple accounts to test various strategies.
- The available pairs for paper trading include TESTBTC:TESTUSD and TESTBTC:TESTUSDT.
Bitfinex, a state-of-the-art crypto trading platform has introduced paper trading of live crypto markets. A press release revealed this news on July 6, noting that this feature is a demo account service that lets users practice trading strategies without the risk of losing funds in live accounts.
According to the press release, this feature will be available on newly-created sub-accounts. It will reportedly allow Bitfinex users to trade bitcoin (BTC) in a simulated environment. As such, the traders won’t have to deposit real funds into their accounts. Per Bitfinex, this launch aligns with its goal of facilitating professional trading strategies. This is because paper trading would allow traders to explore the platform’s robust features without risking the loss of funds.
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The trading pairs that will be available for paper trading include, TESTBTC:TESTUSD, TESTBTC:TESTUSDT, and TESTAAA:TESTBBB. Apart from these pairs, paper trading will also be available for margin trading, funding, derivatives, and over the counter (OTC) trading.
Sharpening trading skills in a safe environment
Outlining the perks 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
Commenting on the benefits paper trading would offer traders, Paolo Ardoino, Bitfinex’s CTO 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.”
Explaining how to access paper trading, the publication noted that a user should,
- Log in to their account
- Navigate to the Sub-Account section
- Create a new sub-account that they wish to set up for paper trading
Do you think the introduction of paper trading will help attract mainstream traders into the crypto space? Share your thoughts in the comment section below.