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.
Paper trading, which will be available on newly-created sub-accounts, 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 rich features of the platform without putting funds at risk.
Paolo Ardoino, CTO at Bitfinex stated: “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.”
In the firm’s release, it announced detailed the benefits traders can gain, including:
• 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
To enable a paper trading account, users should take the following steps: log in to your account, navigate to the Sub-Account section and create a new sub-account.