Gary Wilson
Demo Accounts
Hello traders, hope you are doing well. Today we discuss the demo accounts of binary options brokers. So, what is a demo account? Let me clear it first. A demo account is a free account from the binary options brokers for the traders with virtual money to practice binary options trading and learn about the broker’s trading platform and features.
There is no real money or deposit required for having a demo account, it’s free means it’s really free. Some brokers even offer trial account where you do not need to sign up. Demo account is a great deal for the traders. You can try brokers trading platform, their mobile apps, risk management system, money management system, features, tools, customer service and so many more things. With a very simple registration process, you can have a demo account from the binary options legit brokers.
Demo Account Guide
There is a common concept among the people that you should try before buying something. It is true for both online and offline. Demo accounts are standing on this basis. This is something which gives you the opportunity to test the binary options brokers features and tools virtually. The brokers give that chance in hoping to gain the trust of yours and to get your email address.
As a trader of binary options, you can test the broker’s platform by the demo account. Does it make sense? Does it work for you? Do you feel comfortable? These are the main questions which answer you need to know before start trading. Here in this post, we take a look to the deep of demo accounts. Explore together to know how the demo accounts work, how you can be benefited from it and what you should look for to decide what account you choose, a real account or a demo account.
Let’s Get Started
Go to a binary options broker website what you want to test and click the button like “Get Access” or “Try Now” or something similar type of button to appear their features. Most of the demo accounts work in a very simple way. You will have an amount of virtual cash given by the broker. The virtual cash amount can be $1000 or more, but $1000 is the most popular figure among the brokers.
Use this virtual money to test the features and their platform. Place trades as many as your wish. In a virtual dummy balance, your gains and losses will be counted. Remember that once you run out of your virtual amount of cash you no longer will be able to place any more trades. So the question is it secure to sign up with the brokers? Regulated brokers are always safe and you have to submit at least your email address for signing up. Some broker like Ayrex offers demo account with no sign-up.
Download the App on Your Mobile
You have to download the brokers trading platform app if you want to use demo account on your mobile device. You should download the app only from the broker’s website. Remember that it is not a good idea to download an app from a third party or to give away your personal information to an unknown source. We advise you to do your homework before downloading the app. Explore the review sites and find out what people are saying about the app what you want to download.
Yes, it is a demo account but it is also important to safeguard your personal information. It is worrying if a demo account sign-up process ask you so many personal data. Do not engage with a broker who does that. It is a primary stage and in that stage, you do not need to provide them your bank information. This is pretty much uncomfortable if they ask it at this stage. Just ignore them and you will find many better platforms in the market who will not ask you this information. Search for the better one.
How can You Use a Demo Account?
Binary options demo account is just like the test drive of a car. You can search for the below facts while trying a demo account.
Compare the trading platforms without any investments
You are here to test the brokers trading platform. So if you want to use their tools for real trading it should be comfortable to you. The demo account features represent the real features of a trading platform. You should try different brokers demo account to compare them. For that, you do not have to make any investment.
Demo accounts are helpful for all type of traders who want to choose the best trading platform for them. By trying different brokers demo accounts you can also compare their payouts, payment and deposit options, assets and assets price etc.
Demo account should like the real platform
The result of your virtual trading will reflect on a virtual balance and it is one of the main features of a demo account. It should be a mirror of real trading account. So if a broker’s payout is 85% for an asset in real account it should be the same on the demo account. If the real account has the feature of return slider it should also work same on the demo account too. Overall a demo account should be a mirror account of real trading account.
Binary options trading: Is it for you?
If you are new to binary options trading then you may weigh up this trading form with the other trading forms. For you, the demo account without a deposit, learning about binary options trading and research is the best way to be successful.
Explore new assets
You may have traded a few assets in the past. The binary options demo account will give you the opportunity to trade new assets with a risk-free environment. So explore the new assets and see their performance. Try the assets from indices, commodities, and stocks. The demo account should have available all the assets of real trading account.
Demo Account as Educational Material
Some binary options broker allows the traders to access the trading education materials through the demo account. It is very useful for the traders, especially who are new in this sector. The maximum legit broker has a focus on the educational materials like webinars, seminars, videos, tutorials and several other programs.
The demo account is also the best way to implement your learning on the trading market. Likewise, if you choose a trading strategy what you want to apply for your trading then demo account will give you the chance to test your strategy. It’s a practice account for you. You can also backtest your trading strategies in the demo account of some broker like IQ Option. Some broker allows you to test their robots too for real.
Market News and Analysis: How about the Alert System?
Many binary options broker platform claims that they keep you always up to date no matter where you are. Market condition is always changing and to keep you up to date with the market they need a solid alert system. This system will alert you of the changes and news information of the trading market.
So when you testing a platform through demo account do not forget to check the performance of their alert system. You can justify how useful they are for you as well as you can test the mobile compatibility of their alert system.
Mobile Apps
The demo account app should be the same of the real trading app or brokers should have both demo account and real account feature in their mobile app. The brokers who have failed to provide this they may be not the best choice for you. Try different broker platform and test it through the demo account.
Demo Account is Free: Check is It Actually Free or Not?
Demo account is a totally free account and it will not cost you anything. But some broker has some hidden charges. Be careful with them. They said it’s free, when you want to access the demo account they require a charge or deposit. The demo accounts benefit is huge and it’s worth to charge some cash, but brokers give it to the traders for free. So the brokers who want a deposit or charge to use their demo account carefully avoid them.
Moreover, if you deposit to gain the access to a demo account it may activate the bonus feature which may cause you damage for real trading. Bonuses have the impact on the withdrawal limits. This fact is also considerable. In this case, the demo account is no longer a free account.
Legit and renowned broker platform does not require any deposit to use their demo account because they have the trust on their trading platform that you will not move anywhere else after using their demo account. The brokers who charge for demo account they may be the scam brokers or they have not enough confidence in their trading platform.
Demo Account Contests
Some binary options broker arrange trading completions and contests for the users of their demo account. This is actually to encourage the traders to use their trading platform and make the traders keen to convert their demo account into a real account. This completions come in many forms and the interesting thing is that they often offer real cash as the prize.
This is another initiative to the traders from the broker to convert their demo account into the real trading account. Honestly, for the broker, all these contests are the marketing tools. They give the traders good initiatives to become an active trader in their platform. There is no risk involve here as these contests do not require any deposit. It can be a fun trading for the traders.
Conclusion: Find the Best Demo Account for You
All the demo accounts should be risk-free and restriction free so that you can test the trading platform freely. You can also discover the legitimacy of brokers claim over the user experience. Before sign up to a demo account, it is ideal to do some homework first about the specific broker you want to join. Check the key facts like the license and regulation, assets, assets price, withdrawal and deposit methods, and payout rates.
This homework will save your time from exploring here and there. At the end, you should remember that the demo account is not for forever. It will be for a limited time period means when you running out the given virtual amount of cash you are no longer eligible to use the demo account. So before running out of virtual cash try to explore most of the trading platform. The best demo accounts are always free and just like the real trading platform of the broker.
