Every broker has its own binary options demo platform. Luckily, these platforms are like different cars: they might differ a little in the details, but if you can use one of them, you can use them all. This article is your driving lesson. It will teach you what each pedal does and how to handle your car safely.
How your binary options demo platform works
Every binary options demo platform consists of three main parts:
- The option type and asset selection area,
- The chart analysis area, and
- The investment area.
Let’s look at these areas one by one.
1. The option type and asset selection area
The first part of your trading platform that you need to learn is the part where you select your asset and your binary options type. Often displayed at the top or to the left of your screen, most brokers have found intuitive ways to immediately guide your attention to this part of your trading area.
In the option type and asset selection area, the first thing you have to do is select the binary options type you want to trade. Most brokers offer a variation of these binary options types:
- High / low options,
- One touch options,
- Boundary options,
- Ladder options, and
- 60 seconds options.
Depending on which options type you choose, you will see a different list of available assets. Most brokers offer the largest selection of assets for high / low options and 60 seconds options, restricting one touch options, ladder options, and boundary options to more volatile assets that make trading these option types easier.
Klick the asset you want to invest in, and your platform will open this asset’s price chart.
2. The chart analysis area
Once you have selected an asset, you can study its past price movements in the chart analysis area. All brokers allow you to display the asset’s past price movements over an adjustable time period from a few minutes to hours, days, and weeks.
Some binary options demo platforms also allow you to draw into your chart, offering tools to create lines, price channels, and trading ranges.
Finally, most binary options demo platforms use some form of graphic to display the percentage of traders who are currently investing in rising prices and the percentage of traders who are currently investing in falling prices. This information is especially important for traders who believe in contrary opinion trading.
Based on the information that your platform provides, you can easily make a trading decision.
The investment area
Once you have decided which direction to invest in, you can move on to the investment area of your demo platform. You have already selected the option type you want to invest in, but now it is time to select your investment amount the expiry of your option.
Both settings are crucially important to your trading success. With your expiry, you define when your binary option will end. Since you might lose an option that expires too late or too early, even if your general prediction was correct, the right timing is just as essential to winning your option as investing in the right direction.
Investing the right amount is essential to growing your account balance consistently. Do not invest too much – you always want to be able to come back from a lost trade.
Which are the best binary options demo platforms?
Almost every binary options broker offers a demo platform. In such a crowded market, many brokers find it difficult to select the right demo. To make things easier for you, we have tested all brokers and listed the best binary options demo platforms.
You can confidently choose any broker from our list. All demos are:
- Easy to use,
- From trustworthy brokers,
- Completely free, and
- Provide ideal conditions for your trading career.
With some brokers, the demo is a part of their regular account. This means, you have to open a regular account to get the demo, which involves depositing some money, most commonly $250. As soon as you are done with your demo, you can withdraw all your money, making the demo account free to use.