Cryptocurrency exchange Bitfinex has announced a paper trading competition with the equivalent of $10,000 in USD Tether up for grabs.
The competition, dubbed ‘Rey del Papel’, will run from July 15 to July 19, with the top 10 traders being eligible to win prizes with first place taking home $5,000.
The top 10 traders will be assessed on trade volume as well as P&L, which will be equally weighted at 50% each.
Both volume and P&L dominance will be calculated relative to total volume and total P&L, respectively. While users can refill their paper trading accounts as many times as they like, a user’s overall P&L will be calculated by the internal rate of return.
BTSE and Bitfinex announce utility token cross-listing #onteambitfinexhttps://t.co/5FOBFrlr88
— Joe Morgan (@jjoemorgan) June 17, 2020
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.”
To be eligible for Rey del Papel, users 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 more news, guides and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.