Bitfinex has announced the launch of the call “paper trade", What are they 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 exchange bitcoin 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.
The 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 fundsThey will be able to create multiple accounts to test and share different business strategies and ideas within the Bitfinex Pulse community, and even verify account balances of all users with paper business accounts.
Furthermore, the use of these new demo accounts in no way jeopardizes the actual funds held in the business accounts.
To activate a paper commerce demo account, users must log in to their account, enter the subaccounts section, and create a new subaccount enabling it for paper commerce.
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.
Bitfinex CTO, Paolo Ardoinohe commented:
“Paper trading will allow our users to hone their trading skills in a fun and safe environment. Trading, especially in leverage, is not a game. Paper trading allows users to test strategies before risking capital in a live account. As an exchange serving professional merchants and those who execute more sophisticated strategies, launching paper commerce is part of our commitment to ensuring that 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 removed USD / USDT trade fees for clients that generate a monthly trade volume of more than $ 15 million, demonstrating a constant improvement of its trading platform.
The exchange is now firmly ranked in the top 10 in the world for total daily transaction volume.