Binary Options Demo Account

The Account

Using a demo account is not a very common practice in the field of binary options trading. Surprisingly many people are not aware of this opportunity, even though it`s really accessible. It can really improve your performance and make you feel more prepared when you start trading with real money.

In case you`re not familiar with the concept, a demo account is almost the same as a regular account, but you`re not using real money. It`s happening in real time and uses an identical software platform as the regular trading. It presents you with a great opportunity to get into the world of binary trading and learn a few things before jumping in the deep.

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Why isn`t it more widely known?

The main reason why demo accounts for trading binary options are now so popular is that they aren`t advertised much. Most of the bigger websites have this option but are doing well even without any extra promotion efforts. Only a number of brokers put effort into making demo accounts known. In order to make use of one you should most likely contact customer support and make an inquiry.
Probably you will be asked to make a deposit first and will only then be granted the demo account. Even though you`re making a deposit, it`s still free. It`s not obligatory that you actually use the money from the deposit. Brokers don`t advertise this option much because it`s not always in their best interest. After all a customer that`s using real money is more profitable for the company.

Using a demo account will boost your confidence and knowledge about trading and will make you comfortable using the website`s software. This is good for the brokers, since you most likely will continue trading with them. You`ve already familiarized yourself with the website specifications and software. It won`t make much sense for you to go to a different broker and start learning their system anew.
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How to make the best out of demo accounts

Demo accounts are usually only available for a limited period of time. It can vary, but most times it`s around three days. So bear in mind that you won`t be able to try out any long term strategies. Is it even worth it then?
Yes, trading might be about the long term, but in order to get there you need to figure out some things about the short term first. The most effective approach would be to focus on achieving a good amount of market knowledge and technical expertise. The two should be well balanced of course and you should avoid focusing too much on only one aspect.

Also, if you`re familiar with the software, making a silly mistake is less probable. Making a mistake can cost you money, while on the other hand avoiding one means you`re on the tight path. With a demo account you have the opportunity to minimize the number of mistakes you make later on. Naturally, some mistakes are unavoidable, but with the right start you can avoid the big ones.

While you`re using the demo account try to understand the basics, instead of thinking about complicated strategies. If you have no experience with trading, focus on seeing how the trading platform works. Remember that your time is limited and use it wisely. It would be best to start with shorter trade intervals such as the 60 second and 15 minute ones. You`ll be able to track your progress more adequately. Try out the smaller things first and start building up your overall strategy.
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Getting a demo account

As we mentioned earlier, the most common way to get a demo account is to contact the broker`s customer support and request one. You will probably have to create an account with actual money first and only then get access to the demo one.
Have no worries. As we said before, if you decide not to use this platform you can withdraw your money after the trial period. In case you`d like to continue trading with real money, well then, you already have your account set up.

Overall, getting a demo account might require that you deposit money first but it`s a necessary step if you`re planning to trade seriously. You`re going to have to use real money anyways. At least with a trial period you can get an initial feel for trading with no risk whatsoever. Don`t waste any time and go request your demo account.
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