Digital asset exchange Bitfinex announced on Friday it is now offering over-the-counter (OTC) paper trading on its platform. According to Bitfinex, paper trading is a new feature that is available on sub-accounts and enables users to test strategies and trade Bitcoin in a simulated market environment without the need to deposit real funds.
“The Bitfinex OTC trading desk enables traders to execute large orders without having to go through the public order books and without additional fees or exchange commissions. In addition, these transactions will not directly affect the market price of the crypto assets.”
Bitfinex also reported that other features of paper trading, such as exchange trading, margin trading, and funding, are already available. Paper trading will also be available for derivatives trading, which will be added soon and announced on our social media channels. Benefits also include:
- Simulated Bitcoin trading without the need to make a deposit
- Capacity to create multiple paper trading accounts to test various 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
Bitfinex went onto add 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 that you wish to set up for paper trading.