Digital asset exchange Bitfinex announced on it has launched paper trading for the Honey Framework. The launch enables Bitfinex users to “test drive” automated trading strategies in a simulated environment without putting real funds at risk.
“Users can use the Honey Framework to create custom order types or event-driven automated trading strategies in their paper trading sub-accounts. The framework, which integrates natively into the Bitfinex trading platform, also enables users to backtest market data to better inform their algorithmic trading strategies.”
Bitfinex further revealed that the paper trading launch on the Honey Framework serves to further democratize access to sophisticated algorithmic trading tools and data that has historically been the exclusive preserve of traders at investment funds. Speaking about the launch, Paolo Ardoino, CTO at Bitfinex, stated:
“We believe in the democratization of finance and technology. The launch of paper trading on the Honey Framework forms part of our commitment to making powerful trading tools more accessible to the wider community. This will enable our growing customer base to explore highly sophisticated algorithmic trading strategies.”
Bitfinex went on to add that traders using its platform are now deploying algorithms on the Honey Framework to exploit price fluctuations in bitcoin, Ethereum, and other cryptocurrencies.
“Recently, Bitfinex has seen visitors to the Honey Framework more than triple, further underlying the growing interest in algorithmic trading. These traders are also exchanging ideas and strategies on Bitfinex Pulse, a social network tailored to meet the needs of professional crypto traders.”