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ROAD TOWN, British Virgin Islands, July 13, 2020 9:00 AM UTC – Bitfinex, a state-of-the-art digital asset trading platform, has unveiled a paper trading (PT) competition, enabling users to test their trading skills against each other and win prizes of up to 5,000 Tether (USDt).
Dubbed Rey del Papel, the competition will run from July 15, 2020 to July 29, 2020. 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.
“Rey del Papel is a fun way for our users to improve their trading skills within a competitive yet safe environment,” said Paolo Ardoino, CTO at Bitfinex. “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.”
This competition is only available to users who are at least 18 years of age and are not a Prohibited Person as defined in the Bitfinex Terms of Service. The winners will be notified by email. For full competition rules, please visit the Bitfinex Help Centre.
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.
For additional information on the PT feature, please visit our knowledge base: Paper Trading – test, learn and simulate trading strategies.
About Bitfinex
Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital token traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and financed trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
Media Contact for Bitfinex
Joe Morgan
Senior Public Relations Manager
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