A binary options demo broker is the most important tool to a successful trading career. It can help you to start a successful trading career without suffering initial losses, and it can help you to determine whether you have what it takes to become a binary options trader before you invest a lot of money in an experiment that’s doomed to fail.
There is no pure binary options demo broker, but most regular brokers offer demos as parts of their service in one of two ways:
- Stand-alone demos: Stand-alone demos are separate accounts, allowing you to get a demo without getting any other type of service from this broker.
- Feature demo accounts: Feature demos are features of a broker’s real-money account
In this article, you will learn:
- How to find the best binary options demo broker
- Which traders should get a binary options demo broker?
How to find the best binary options demo broker
Most traders aren’t satisfied with just any demo – they want the best. Unfortunately, finding the best demo is difficult. There are hundreds of binary options brokers, and most of them offer a demo. Trying them all would take years and investing so much time just to find a good demo hardly makes any sense.
To help you make an easy decision, we have tested all demos for you. On our site, we list the best binary options demos and tell you which demo is ideal for which broker. If you want to keep your decision as quick and easy as possible, you can pick any broker from our top list of the best demos. They are all free, trustworthy, and a good fit for most traders.
If you want to make an even easier decision, here is the absolute essence of all our reviews:
- The IQ Option demo is ideal for new traders and risk-averse traders: Providing a stand-alone demo in combination with an account balance of $1,000, IQ Options creates the ideal environment for traders that want to try binary options with the smallest investment possible.
- The Banc De Binary demo is ideal for experienced traders and risky traders: Offering a feature demo with an account balance of $50,000, Banc De Binary puts you in the perfect position to invest big and experience the trading environment of a professional binary options trader.
Depending on whether you are new to binary options or an experienced trader with years of experience, you can’t go wrong with the IQ Options demo or the Banc De Binary demo. Our site provides you with links to both services. Just click them, register your account, and you can start using your demo within minutes.
Which traders should get a binary options demo broker?
Binary options demo brokers are ideal for two types of traders:
1. The newcomer
Newcomers to binary options need a place to test their skills, to learn the basics of binary options trading, and to find out which type of trading they like best. A binary options demo broker is the ideal tool for this purpose.
By allowing you to take your first steps in a risk-free environment, a binary options demo broker can be your driving school for binary options. Instead of having to make all your rookie mistakes with real money, a demo allows you to make them with play money, without costing you anything.
This concept is a great advantage. Most financial investments require you to learn by doing the real thing – buying the real house or the real stock, putting new traders at the disadvantage of having to make important decisions in an environment where they know that they are the least qualified market participant to make these decisions.
Even more significantly, most new traders only have a limited amount of money, which makes every mistake more costly. Each lost trade could mean the end to a young trading career with a lot of potential.
With a binary options demo broker, you can work at your trading skills until you know that you are good enough to make money by trading. You can enter the market at no disadvantage to the other traders, and you can save a lot of money, potentially helping you to start a successful trading that would have been impossible without a demo and the risk-free practice it allowed you.
2. The experienced trader
Experienced traders have left the beginning stages of their trading career behind. Nonetheless, there is a good reason for them to keep their demo accounts.
While experienced traders know that their strategy works for them, they still need to keep improving and fine-tuning their trading skills. Market environments change and a minor modification often increases a strategy’s profitability by a high factor.
Trying these modifications with real money, however, would be foolish. While every change can increase a strategy’s profitability, it can also decrease it. This uncertainty keeps many binary options brokers stuck. Scared of losing money, they stick with a strategy that is good enough to make them some money but might be too unprofitable to help them to become financially independent and achieve great trading success.
A binary options demo broker can be these broker’s way out. Allowing them to trade their modifications in a risk-free environment, a demo enables binary options brokers to try two strategies simultaneously and compare their results, helping brokers to keep improving and make the best of their trading career.
A binary options demo makes sense for any trader. New traders can learn the basics; experienced traders can fine tune their strategy. To find the best binary options demo for you, check our list of the best demos or pick IQ Options (for new traders) or Banc De Binary (for experienced traders). Both demos are completely free – you can only win.