There are several ways to use Paper Trading. Paper trading is a simulation feature that enables you to test strategies and bots without financial risks by using virtual or "paper" funds. It provides an excellent opportunity to familiarize yourself with trading strategies and explore bot functionalities.
Convert an existing trading bot to a paper trading bot.
Create a new paper trading bot.
Convert an existing trading bot to a Paper Trading bot
Navigate to the Base config of your existing trading bot.
Click on the Exchange tab.
Enable the toggle for Paper Trading.
Click on Save.
All open positions with real money will be closed, and the funds will remain on your crypto exchange.
Creating a new Paper Trading bot:
Click on "My bots" in the left menu.
Then click on "View all".
Click on "Config Wizard" in the top right corner.
Select a cryptocurrency exchange.
Click on "Switch to paper trading".
Follow the remaining steps of the Config Wizard.
Your Paper Trading bot will be created.
Subscription and Feature Limitations
Some paper trading features are dependent on your subscription plan. For example, advanced functionalities might require a higher-tier subscription like the Hero plan. Check your subscription details to ensure access to desired capabilities.
Another limitation includes the number of active paper trading bots you can operate, which is determined by your subscription plan. For example, exceeding the allowed limit will result in errors that require you to disable excess hoppers.
Adding Paper Funds
Once paper trading is enabled, "paper funds" can be added to simulate actual trading. You can locate this functionality within your account settings or by referring to Cryptohopper's support documentation.
To deposit simulation funds, follow these steps:
Navigate to the Paper Trading section on your dashboard.
Click the 'Deposit' button.
Choose the currency you want to deposit.
Enter the desired amount of paper funds you wish to add.
Confirm the transaction to simulate these funds into your account.
Paper Trading Without Exchange Accounts
Cryptohopper’s paper trading feature allows you to simulate trades without requiring actual exchange accounts. This makes it versatile for testing different trading scenarios directly within the platform by enabling the feature and adding paper funds.
Troubleshooting Paper Trading Issues
'Too Many Paper Trading Hoppers' Error
This error occurs when the number of active paper trading bots on your account exceeds the allowed limit based on your subscription plan.
Resolution Steps:
Disable or remove one or more active paper trading hoppers.
Navigate to
Configuration→Exchange.Save the settings and refresh the page to remove the error.
Error Persists After Deleting a Hopper?
Occasionally, the error may not disappear immediately after reducing the number of paper bots. To resolve:
Go back to the
Configurationpage and access theExchangesettings.Re-save the settings.
Reload the page to ensure the changes take effect.