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.
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.
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.