Digital Asset Exchange Bitfinex Offers 10,000 Tether Through Paper Trading Competition

Digital asset exchange Bitfinex announced on Monday it has launched a paper trading (PT) competition, dubbed Rey del Papel, to allow users to test their trading skills against each other and win prizes of up to 5,000 Tether (USDt).

According to Bitfinex, the competition will run from July 15th to July 29th, with the top 10 traders by trading volume and profit and loss (P&L) on TEST pairs during the competition period will be eligible to win prizes from a total prize pool of 10,000 USDt.

Volume and P&L will be weighted equally (50% volume and 50% P&L) in order to define the final ranking. Both volume and P&L dominance will be calculated relative to total volume and total P&L, respectively. While users can refill their PT accounts as many times as they like, a user’s overall P&L will be calculated by the internal rate of return (IRR). Bitfinex will also monitor for market abuse, such as wash trading, and ensure that users are unable to game the system to boost their P&L.”

Paolo Ardoino, CTO at Bitfinex, spoke about the competition by stating:

“Rey del Papel is a fun way for our users to improve their trading skills within a competitive yet safe environment. Our users can also take this opportunity to discover all that the Bitfinex platform has to offer. We look forward to crowning the king of paper trading.”

Bitfinex further revealed that the competition is only available to users who are at least 18 years of age. The platform added:

“To be eligible for Rey del Papel, you’ll need to enable a PT account and mark it for this competition a few hours before it starts. To enable a PT account, users should take the following steps: log in to your account, navigate to the Sub-Account section, create a new sub-account that you wish to set up for PT.”

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