Author: Jacob Bailey
Market Analyst
Jacob Bailey

Binary Options Demos

Demo Accounts

What better way to check out that new broker and get to grips with a new trading platform.

Whilst you may understand the concept of trading, actual trading with real money can be a daunting prospect. Not only is it a good plan to start practice trading with virtual money, a demo account can also be a real benefit for those who are switching brokers and simply want to test out their features for free.

In this article, you will learn:

  • All the different types of demo platforms
  • Why traders should always practice trade
  • How to use them to maximise your profits

Recommended binary Websites Updated: February 2019

Risk Warning / Ad Disclosure

Risk Warning: The trading products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never trade money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

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The Right Practice Broker

You probably don't have the time to search through scores of brokers looking at each, the requirements that go with it and testing them all to find the one that's right for you. Are we right? Our experts have done exactly that. We have vetted the various binary options brokers to test the following when it comes to demo accounts:

Is a Demo Account Offered

It is unusual for a good broker not to offer a practice account these days. It is a critical way to attract new traders so it stands to reason that part of their package to encourage you to open an account, is to offer a demo platform.

How Easy is it to Use

Is the demo account easy to use? Because it is a simulated version of the live platform, it should represent the actual trading environment. You also need to be able to access it from a mobile device so that you can trade on the move.

The Demo Account Cost

When we say; "the demo account cost" what we mean is whether or not you need to make a deposit in order to be given access. Some brokers will allow you to simply enter your email address and start using it straight away. Others will insist on a deposit to open an account first.

Broker Terms of Use

With some brokers come certain conditions. While some will offer a one-time demo account that you have to use within a specific amount of time, others will allow you to reload your balance or open more than one.

If you choose wisely you should be able to find brokers that allow you to try before you deposit funds. This way you have nothing to lose if you decide to open an account and find that the demo platform isn't what you are looking for.

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Why Use a Demo Account

Demos or practice accounts are there to give the novice trader some "practise" before they start to risk their own money. You have heard the saying "practise makes perfect" well in this instance it certainly does help.

These accounts allow the trader to have a few "test runs" at trading with virtual funds before you actually start to use your own money. For those who have a little more experience a practice account is also a great way to test new strategies.

You may be experienced in trading a certain way but you may be looking to try out a new method. With a test account you can try out new theories without the risk. If you are looking to make the switch from another broker it is also a great way to get to grips with trading on a different platform.

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Demo Account Tips

Some accounts have limitations. There are brokers that will only allow you 72 hours of trading. That is plenty of time to get to grips with a platform and test out a few trades if used correctly but be warned, when you sign up you don't have days and days to play with. Even though a practice account uses virtual money it is still important to get the best demo account out there and gain crucial experience for when you start to trade with real money. If you plan on using automated tools like robot software, make sure the demo account allows that too.

  • Start using your account as soon as you sign up. If you only have 72 hours you need to capitalise on that time. Don't sign up and forget about it
  • Get familiar with the platform. Learn how to use their charts. If this isn't the trading site for you then you will soon discover this
  • Make sure the mobile experience is right for you. Is it easy to use and visually pleasing or does it make your head spin? Now is the time to get to grips with the functionality
  • Focus on finding the correct trading figure. When you start out it can be hard to know how much of your funds to trade. A demo account allows you to experiment with this
  • Try different assets. You may have a strength in one particular area. Don't just stick with one, when it's virtual it's important to experiment
  • Don't get impatient. If you are consistently winning whilst trading on your virtual account that is great and may boost your confidence to start trading for real
  • Make your mistakes with the demo account. Not with your real money. Also consider that you may not experience loss with your virtual account
  • Check out the educational tools on offer from that broker. Take the time to learn beforehand so that you will become more profitable when you trade for real

If you are new to binary options, demo accounts can be a great place to start.

Our Recommended Shortlist

Our reviews and recommendations give you a comprehensive shortlist of contenders but it is up to you to make the final decision. We have conducted countless reviews based on a number of points but only you will be able to know what works for you. There is no harm in choosing a few and taking advantage of all of them. Even making a small deposit in each and trialing each demo could save you losses in the long run.

Use the demo accounts on all platforms until you are satisfied that you have found the one that works for you. Then follow our tried and tested tips to make sure you maximise your practice experience. Once you have experienced successes and perhaps losses from virtual trading you will no doubt feel more comfortable and confident trading with real money. Find your strengths, know your limitations and enjoy trading.

In our experience demo accounts used correctly enhance the trading experience and make trading more comfortable, especially for the first time trader.

Risk Warning / Ad Disclosure

Risk Warning: The trading products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never trade money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

Demos FAQ

Are binary demo accounts free to use?

Generally binary options brokers require you to deposit real money before they allow you to use a demo account. There are a few selected brokers that do offer free versions.

Do all brokers offer demo accounts?

No, not all brokers offer practice accounts but the top brokers do. Some of these will require a minimum deposit before you can use the account.

Can I use a demo account with no deposit?

Most brokers require a minimum sign-up deposit when you open an account to use the features of their demo account but not all.

Are all trade types and assets available?

With many brokers you can trade as you would on the live system but a few brokers do restrict the assets that you can trade on.

Do they come with any time restrictions?

With some brokers, yes, they do come with time restrictions. When you deposit your funds some brokers may place a cap of say 48 hours on the demo account.

Meet The Author
Jacob Bailey
Jacob Bailey
Market Analyst

Jacob has been an author for Binary Options Expert since our launch in 2012. He has over 40 years’ experience in the financial sector and has held a variety of positions within financial services corporations and venture capitalist organisations. Learn more.

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