Bitfinex users can now paper trade their custom algo strategies
Honey Framework users have more than tripled, according to Bitfinex. Paper trading allows them to test their strategies without risking real capital.
Crypto exchange Bitfinex has introduced a new feature for its algorithmic trading toolkit, allowing users to test their trading strategies without putting actual funds at risk.
Bitfinex users can now deploy Honey Framework in their paper-trading sub-accounts. A paper trade is a simulated trade that allows users to practice buying and selling financial assets without risking real money.
Paolo Ardoino, Bitfinex’s CTO, says the paper trading feature is part of his company’s effort to democratize finance. He explained:
“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.”
Honey Framework allows traders and developers to create their own automated trading strategies and order types. Accessible in both NodeJS and Python, the toolkit is designed to help users customize their trading experience.
The toolkit allows Bitfinex users to customize their algo strategy to capitalize on rapid fluctuations in the price of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies. The company says Honey Framework visitors have more than tripled recently, highlighting the growth in algorithmic trading.
Based on current trading volume, Bitfinex is the world’s sixth-largest cryptocurrency exchange, according to industry data. The platform processed more than $1.1 billion worth of transactions across 513 markets in the last 24 hours.
Honey Framework is likely to grow in popularity as the crypto bull market continues to attract professional traders and retail investors. Digital assets are now valued at over $1.7 trillion.