The binary options excitement has reached the UK. To test binary options risk-free, you need to know this about binary options demo accounts UK.
Generally, binary options traders from the UK can get all demo accounts. There are, however, a few things you have to look out for. In this article, we will cover the three most important of them, leaving you in the ideal position to find a good binary options demo.
We will cover these three critical issues:
- Choose the right currency,
- Choose a broker with the right assets,
- Choose a government-regulated broker.
Binary options demo accounts UK: What UK users have to look out for
To find the ideal demo for you, make sure you get these three issues right, and you will be fine:
1. Choose the right currency
All binary options brokers allow you to run your account in your country’s currency. You can select your currency when you sign up for your account. Making the right choice here is essential because it is impossible to change your account’s currency later.
Since many brokers use the US Dollar or the Euro as their standard currency, British traders must double check that they have selected the British Pound for their account. If you open your account with any other currency, changing exchange rates might eat up all your profits.
2. Choose a broker with the right assets
British brokers know British and European assets well. Depending on your strategy, this knowledge can be a blessing or a curse.
If you employ a strategy that trades events and news, you must know an asset well. Understanding the asset’s background helps you interpret the news better and make better trading decisions. Consequently, British traders with a news-based approach should choose a demo that offers a wealth of British and European assets.
If you employ a strategy that uses technical analysis, however, it is better to know less about an asset. Technical analysis uses past price movements as the only indication for future price movements, and knowing anything else about an asset can only distract you. Consequently, British traders with a strategy based on technical analysis should choose a demo that offers a wealth of assets they know little about, for example Asian stocks and currency pairs such as the Australian Dollar vs. the New Zealand Dollar.
For traders who are unsure about which strategy is right for them, we recommend the Banc De Binary demo. Banc De Binary offers a number of assets from both the European and international markets, putting traders in the perfect position to try both types of assets and find their ideal strategy.
3. Choose a government regulated broker
The easiest way to finding a trustworthy binary options broker is using a government-regulated broker. With these brokers, a government agency watches over the broker’s business, making sure that they offer a fair, honest, and legitimate business that abides by certain security standards.
Generally, all government regulated brokers are trustworthy. To find a government-regulated broker with a good demo, we suggest you take a look at our top-list of binary options brokers. If you prefer the quick and easy approach, we recommend you choose one of these three brokers:
All three brokers offer completely free demo accounts and are regulated by multiple government agencies.
Additionally, all of these brokers have high-profile partners such as soccer giants Juventus Turin and FC Liverpool, tennis legend Boris Becker, and Formula racing teams. These high-profile partners all employ the best lawyers, making sure that they only team up with trustworthy companies. Having the trust of these partners is a sure indication that these brokers deserve your trust, too.
There are plenty of great available binary options demo accounts for UK traders. To get one of the best demos and make sure that your demo is completely free, pick a demo from our top list or take the quick and easy approach and pick IQ Option, Banc De Binary, or 24option.