Bitfinex Launches Demo Account Service - The Industry Spread

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.


Bitfinex Launches Demo Account Service

July 9, 2020

Bitfinex has launched a demo account service that enables users to practice strategies without putting funds at risk in a live account. Paper Trading allows users to trade Bitcoin in a simulated market environment without the need to deposit real funds.

Trading pairs available for paper trading include: TESTBTC:TESTUSD, TESTBTC:TESTUSDT, TESTAAA:TESTBBB. In addition, paper trading is available for margin trading, funding, derivatives, and over-the-counter (OTC) trading.

Paolo Ardoino, CTO at Bitfinex, said: “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.”

Bitfinex’s paper trading service includes 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.

The cryptocurrency exchange has recently partnered with Market Synergy, a connectivity provider that enables firms to take a FIX feed or ISP link to Bitfinex’s digital asset gateway. In addition to the cloud-based VPS solution and the institutional connectivity offering, Market Synergy also offers colocation services to any Bitfinex institutional client. The service connects brokers, hedge funds, and professional traders to the Bitfinex trading platform.

Also this year, Bitfinex launched an institutionally oriented post-trade service in collaboration with London-based Koine, thus delivering a trading environment that meets the needs of institutional investors, providing fund managers with a separate custody solution while maintaining continuous ownership throughout the trade lifecycle. By delivering cross-venue operability, and real-time settlement, with cleared funds, algorithmic traders can dramatically increase capital efficiency leading to a huge growth in trading volumes. Koine is a London-based digital asset custody provider that provides customers with access to a post-trade solution from a business licensed by the UK’s Financial Conduct Authority. Koine customers who also have an account on Bitfinex will be able to obtain a line of credit on the Bitfinex trading platform using bitcoin or other cryptocurrencies held with Koine.

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