- Bitfinex launches paper trading to allow users practice their trading strategies without risks.
- The new service will provide simulated environment for BTC and USDT among others.
A cryptocurrency trading platform Bitfinex launched a paper trading service to allow users to practice their strategies without risking their money.
Paper trading has benefits of demo accounts as it enables users to trade cryptocurrency in a simulated environment. The service will be available on newly-created sub-accounts. Users won’t need to deposit real funds to get access to this feature and explore the capabilities of the platform.
Currently, Bitfinex customers can practice their skills with such trading pairs as TESTBTC:TESTUSD, TESTBTC:TESTUSDT, TESTAAA:TESTBBB. Paper trading is also available for margin trading, funding, derivatives and over-the-counter (OTC) trading.
Paolo Ardoino, CTO at Bitfinex, 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.
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.
To enable a paper trading account, users should create a new sub-account and set it up for paper trading.
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