The good news is, there are hundreds of binary options brokers with demo accounts. The bad news is, this abundance of demo accounts can make it difficult to find the demo that is ideal for you. To help you make a good decision, this article will teach you what to look and how to find your perfect binary options demo.
Which binary options brokers with demo accounts are there?
If you want the quick guide to finding a binary options broker with a demo account, you can confidently choose any broker from our list. We have tested all binary options demo accounts and listed the best ones for you.
All of the brokers on our list offer:
- A completely free demo account,
- A secure and trustworthy business,
- An easy to use trading environment,
- High payouts that allow you to make money, and
- A solid selection of binary options types and assets that will suit most traders.
If you want to know the details of finding the best demo account, keep reading.
What is the difference between the binary options brokers with many demo accounts?
With the abundance of brokers with demo accounts, it can be overwhelming to find the right broker for you. You can make your search easier by understanding the four main differences:
1. Deposit / no deposit
The most important difference between demo accounts is that some accounts are stand-alone accounts and some are a feature of the broker’s regular account. This makes a huge difference because getting a stand-alone demo account does not require you to make a deposit with the broker. To get a regular account that allows you access to a demo account, however, you have to deposit money with the broker, most commonly $250.
Do not worry, though – both accounts are completely free. Even if you have deposited money with a broker, you can always withdraw the entire amount once you are done with your demo, allowing you to use the demo for free. You do, however, have to be able to afford to deposit $250 somewhere where you can’t use them for your daily expenses.
Aiming to provide important services such as a demo account only to their customers, most brokers require you to deposit money to get their demo. If you want to avoid the deposit, we recommend you use the IQ Option demo, the best of the very few stand-alone demos that are out there.
2. Account balance
A demo account does not use real money but play money. How much play money your broker provides you with, however, differs greatly. Some brokers start you out with a lot of money, allowing risky traders to make big investments, while some brokers start you out slow, aiming at risk-averse traders who want to slowly grow their account balance.
Depending on which option you prefer, we recommend you choose one of these two demos:
- Banc De Binary: Offering a demo account with a balance of $50,000, Banc De Binary is the ideal demo for traders who want to invest big.
- IQ Option: With an account balance of $1,000, IQ Option is the ideal learning opportunity for traders who want to gradually grow a small investment.
Whether you are using a stand-alone demo account or a feature demo determines whether you can reset your account or not:
- Feature demo accounts are easily resettable. If you want to start over, all you need to do is write a mail to your broker’s customer support.
- Stand-alone demo accounts are mostly non-resettable. If you want to start over, you need to register a new demo account.
This difference is especially significant for risky traders. Because of the risk involved in the strategies they try, those traders will run out of money more often during the initial learning phase and should, therefore, make sure that they have an easily resettable demo account.
For risky traders, we recommend the Banc De Binary demo account. With an account balance of $50,000, this demo account provides the ideal environment for testing risky strategies, and it easily resettable.
4. Assets / binary option types
Depending on which broker you sign up with, you will be able to trade the binary options types and assets this broker offers. In this regard, the differences between brokers can be huge. Some brokers offer completely different option types than others, some specialize in a certain type of asset, and some try to offer a good selection of all asset types.
It is impossible to give you a general recommendation for which broker to sign up with. You should, however, make sure to choose a broker that offers the type of assets that suit your personality.
- Risk-averse traders should choose a broker that offers many variations of high / low options. These option types offer the highest chance for you to win a trader, allowing for secure strategies that are ideal for risk-averse brokers.
- Risky traders should choose a broker that offers one touch options, ladder options, and 60 seconds options. These option types include more risk but allow for higher earnings than high / low options, making them ideal for risky traders.